This episode focuses on what auditors need to know about the AICPA’s new standard on risk-based auditing: SAS 145 – Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. Other topics include the tightening up of remote auditing procedures; highlights of recent FASB and Financial Accounting Standards Advisory Council meetings; and PCAOB’s preview of 2020 inspection observations. 

Additional resources:

• SAS 145
• 2021 FASB Investor Outreach Report
• PCAOB Staff Update and Preview of 2020 Inspection Observations
• Accounting & Auditing Conference, Nov. 9
• Auditing Standards Update with Renee Rampulla, Dec. 1
• Join the NJCPA Accounting & Auditing Standards Interest Group