Internal Control: Understanding the Requirements of SAS 145

Deficiencies in auditor’s risk assessment procedures is a common issue identified by practice monitoring programs in the United States and worldwide. Peer reviews in the U.S. noted that AU-C Section 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement was the leading source of matters for further consideration (MFCs), constituting 25% of all MFCs noted. As a result, the Auditing Standards Board issued SAS 145 which is amends AU-C Section 315.

Although SAS 145 does not fundamentally change the key concepts underpinning audit risk, its clarifications and enhancements codified within AU-C Section 315 are a big change for many accounting firms conducting audits in accordance with U.S. generally accepted auditing standards (U.S. GAAS), especially those performing purely substantive audits.

We’ve got you covered! We’ve bundled together two eLearning courses (eligible for 3.0 CPE), covering the essential requirements of SAS 145 to make sure you comply with the guidance and avoid comments in peer review. Conduct audits in accordance with PCAOB auditing standards of International Standards on Auditing (ISAs)? The guidance is this course is applicable to you too! While you can purchase each of these courses separately, buying this eLearning course collection will save you over 25%!