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.