Now is the time to make sure your audit practice is ready for SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, which is effective for audits of periods ending on or after December 15, 2023! The new standard supersedes existing risk assessment guidance, adding clarity to the process with updated requirements and additional application guidance, definitions, and scalability considerations. As you prepare for your year-end audit engagements, Thomson Reuters has easy-to-use resources available in our SAS 145 Resource Center, including the following:
- • Two webcasts, featuring AuditWatch and Checkpoint Editorial subject matter experts.
- • An in-depth special report.
- • A four-part blog series.
- • A helpful summary infographic.
In addition, the AuditWatch Training Solutions team has a customizable eight-hour in-person course, as well as a six-hour virtual option, to help get your firm up to speed. Reach out to your sales representative for more information on these training opportunities today!
| Practical Consideration: Check out our monthly articles on the new risk assessment standard in the January-July 2023 editions of this newsletter at checkpoint.riag.com. |
Document Title:SAS 145: Everything You Need to Know
Checkpoint Source:Accounting and Auditing Update (PPC)
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