Webinar

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

Wednesday, July 16, 2025
10:30 a.m.-12:30 p.m. Central
2 CPE (2 technical)

Course code: 25WX-1671
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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.

Major subjects

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

Learning objectives

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

Who should take this program?

Practitioners who perform audit engagements

Pricing

Standard Member Fee	$89.00
Standard Nonmember Fee	$89.00

Our records indicate you are a nonmember. If you register, you will be charged $89.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

Firm administrators: Please log in before starting the employee registration process.