The profession’s peer review program has faced new challenges in the pandemic environment, changing work methods and more.
“Continued from prior years, noncompliance with SAS No. 145 and its changes to AU-C 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, remains a priority, particularly due to increasing fraud risks in the current environment,” writes Laura Hay, CPA, CAE, executive vice president of OSCPA.
Hay writes that SAS No. 145 introduced inherent risk factors and new requirements to consider those factors that affect an assertion’s susceptibility to material misstatement.
“A common misconception is that sufficient procedures can be performed to support the audit opinion, particularly for a smaller entity, without a consideration of risks or how audit procedures are linked to those risks,” she writes.
Read the entire article available now.
Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even when your internet is on the fritz – you can gain CPE credit with each issue.
Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.
Best of all, you can take the exam when and where it’s convenient for you. Exams are available online – and may be completed for CPE – through the same month of the following year.