Understanding the changes to significant risk is critical as you undertake audits under SAS No. 145, Remember, proper risk assessment forms the foundation of your audit. With new guidance becoming effective for calendar year 2023 financial statement audits, you need to know and be able to apply that guidance.
Paragraph .12 of SAS No. 145 defines "significant risk" as "an identified risk of material misstatement for which the assessment of inherent risk is close to the upper end of the