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Understanding the Entity and Its Environment and Assessing ...

Statement on October 2021 auditing Standards 145 Issued by the auditing Standards Board Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (Supersedes Statement on auditing Standards (SAS) No. 122, Statements on auditing Standards: Clarification and Recodification, as amended, section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement [AICPA, Professional Standards, AU-C sec. 315]; Amends SAS No. 122, as amended Section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted auditing Standards [AICPA, Professional Standards, AU-C sec. 200] Section 210, Terms of Engagement [AICPA, Professional Standards, AU-C sec. 210] Section 230, Audit Documentation [AICPA, Professional Standards, AU-C sec. 230] Section 240, Consideration of Fraud in a Financial Statement Audit [AICPA, Professional Standards, AU-C sec.)]

The Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No. 145, supersede SAS No. 122, as amended, section 315 of the same title, and to amend various AU-C sections in AICPA Professional Standards .

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