NAA2206. The New Risk Assessment Standard and Audit Guide - Implementation at Smaller Firms

To submit a question or participate in polling, click the link above. Risk assessment is at the core of every audit and recently issued SAS 145 introduces new and enhanced requirements related to the identification and assessment of the risks of material misstatement. Join three of the profession’s leading voices, Tom Groskopf, the technical director for the AICPA’s Center for Plain English Accounting and Director at Barnes Dennig, Chuck Landes, retired AICPA V.P. of Auditing Standards and author of the new AICPA’s Risk Assessment Guide, and Liz Gantnier, Partner at DHG Audit Innovation & Methodology, as they provide practical advice on scaling the new risk assessment requirements to smaller firms. Also, the presenters will preview what to expect in the new Guide, which the CPEA is advising on. Come learn what’s new about SAS 145 and get all your implementation questions answered by these experts.

Learning Objectives:

• Identify a deeper comprehension of the requirements of SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.
• Recognize how auditors can adapt SAS 145 and the risk assessment professional literature to typical smaller-firm engagements.
• Indicate the most common challenges auditors encounter with respect to the risk assessment professional literature.