This course will be an overview of:

• The AICPA has issued SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. Risk assessment has been identified as an area of focus by the Enhancing Audit Quality Initiative of the AICPA and this SAS clarifies risk assessment in hopes of improving audit quality. This course will review the updated terminology related to risk assessment as well as the performance requirements. We'll also look at the key changes from extant AU-C 315. SAS 145 is effective for audits of financial statements for periods ending on or after December 15, 2023. Early implementation is permitted.