Transcription of Understanding the Entity and Its Environment and Assessing ...
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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.)]
SAS No. 145 includes additional guidance that addresses significant changes in, and the evolution and increasingly complex nature of, the economic, technological, and regulatory aspects of the markets and environment in which entities and audit firms operate.
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