Understanding SAS No. 145: The New Risk Assessment Standard
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Statement on Auditing Standards No. 145: The New Risk Assessment Standard
Sep 30, 2023 · 2 min watch
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In October 2021, the AICPA Auditing Standards Board issued Statement on Auditing Standards No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.
SAS No. 145 does not fundamentally change the key concepts underpinning audit risk. Rather, it clarifies and enhances certain aspects of the identification and assessment of the risks of material misstatement to drive better risk assessments and, therefore, enhance audit quality.
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