Webinar: Risk Assessment Under SAS No. 145: The Key to Audit Quality?

WC556 | Course | Basic | Scheduled

Description

The AICPA has identified risk assessment as an area of focus for its Enhancing Audit Quality Initiative as deficiencies in auditor's risk assessment procedures continue to be a common issue identified in peer review. SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was written to improve the quality of risk-based audits. While key concepts do not fundamentally change, the standard works to clarify and enhance certain aspects of the identification and assessment of the risks of material misstatement to drive better risk assessments and hopefully overall enhance audit quality.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Credits

Number of Credits	Type of Credits
2.00	Auditing

Designed For

Practitioners who perform audit engagements

Prerequisites

General knowledge of the risk assessment standards.

Highlights

The topics that will be covered in this class include:

New concepts due to the issuance of SAS No. 145
Revised requirement to separately assess inherent risk and control risk
A new definition of significant risk
New emphasis on IT controls and risk of material misstatement
New guidance on maintaining professional skepticism
Revised requirements to evaluate the design of certain controls
Revised requirements regarding audit documentation
New guidance on scalability

Objectives

After attending this presentation you will be able to...

Recognize key risk assessment concepts applying to SAS No. 145 in identifying and assessing risks of material misstatement
Determine the impact to the risk assessment process and the work to be performed
Identify risk assessment procedures related to the various components of the entity’s system of internal control
Recall how to scale risk assessment requirements to be effective and efficient, particularly for less complex entities
Recall when and how to evaluate design and determine the implementation of controls
Recognize risk assessment requirements to appropriately identify risks arising from the use of information technology (IT) and related general IT controls
Identify potential risk assessment and related audit documentation traps

Preparation

None

Notes

Webinar Day - HELP and Assistance Instructions

The session will open 30 minutes prior to the start time. At that time, you will receive a reminder email bringing you to your Attendee Dashboard and a link to join the webinar.
We recommend you log in early to ensure you are ready to go when the presentation begins.
IF YOU ARE HAVING TROUBLE LOGGING INTO THE WEBINAR, please call the CPA Crossings Customer Service Team at (877)-370-2220 Ext. #1.

Prices

Member (Early Bird): $89.00
Non-Member (Early Bird): $89.00

Member: $89.00
Non-Member: $89.00

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