- NY Credits : 1.0
- TX Credits : 1.0
Deficiencies in the auditor's risk assessment procedures is a common issue identified in peer review. In 2020, AU-C Sec. 315 on understanding the entity and assessing the risks of material misstatement made up a substantial amount of all matters for further consideration. SAS 145 supersedes the existing guidance in Sec. 315, and amends other sections related to risk assessment and assessing control risk. Jennifer Louis, CPA considers recent guidance on SAS 145 and the changes to AU-C 315 related to risk assessment.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
identify the percentage of matters for further consideration that arose from deficiencies in risk assessment procedures by the auditor in 2020;
determine the effective date of the guidance;
identify requirements to better identify and assess audit risk;
define indirect and direct controls; and
identify how the COSO internal control components match to the new definitions related to types of controls.