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- What’s new in SAS No. 145: Enhanced definitions mean stronger audits
To bolster the risk assessment process and improve overall audit quality, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- Understanding SAS 145: New Auditing Standards Explained
Key Changes and Enhancements SAS 145 introduces several significant changes and enhancements to the auditing standards Some of the key aspects include: A more principles-based approach to evaluating audit evidence, allowing for greater flexibility and professional judgment
- AICPA Statement on Auditing Standards No. 145
SAS No 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, enhances the requirements and guidance on identifying and assessing the risks of material misstatement, in particular the areas of understanding the entity’s system of internal control and assessing control risk The SAS also includes
- SAS No. 145 – What Is Changing - Calibre CPA Group
SAS 145 incorporates a new so-called “stand-back” requirement Auditors are now required to pause and evaluate the completeness of their identification of significant classes of transactions, account balances, and disclosures
- Breaking down SAS 145: A glance at the changes
To address gaps in risk assessments and improve overall audit quality, the AICPA Auditing Standards Board (ASB) issued SAS 145, which is effective for audits of financial statements for periods ending on or after December 15, 2023
- What’s new with SAS No. 145? - Virginia Society of Certified Public . . .
Statement on Auditing Standards No 145 (SAS 145), Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, supersedes SAS 122, as amended, Section 315, of the same title, and amends various AU-C sections in AICPA Professional Standards
- SAS 145 at a glance - Tax Accounting Blog Posts by Thomson Reuters
Key changes include separate assessments of inherent and control risks, a new “stand-back” requirement to ensure thorough identification of significant transactions and balances, and revised guidelines emphasizing professional skepticism
- Lessons learned from the first year of SAS 145 - Journal of Accountancy
The AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, to bolster the risk assessment process and boost overall audit quality
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