Description
SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was written to improve the quality to risk-based audits. The concepts apply to financial statements audits, including those performed in accordance with Government Auditing Standards (also referred to as Yellow Book). This course discusses the important clarifications and enhancements intended to improve audit quality.
Major Topics
- New definitions and requirements related to identifying and evaluating risks of material misstatement per SAS No. 145
- Improved application of risk-based audit concepts for a higher-quality audit
Who Should Attend: Anyone who provides Yellow Book audit services on financial statements.
