The Entity, Its Environment and Internal Controls

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Description: This course addresses the requirements of SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, respecting the required understandng necessary to support the identification and assessment of risks. Too often, auditors fail to obtain and document the required understanding and the results can be disastrous.

Experience/Prerequisites: Minimum to advanced level.

Who should attend:  Partners and managers responsible for planning and supervision of engagements, as well as staff persons conducting those engagements.

Recommended CPE credit:  8 hours

Acronym: EEIC

Topics covered include:

  • Introduction
  • An overview of relevent portions of the revised standard
  • Understanding the Entity and Its Environment and Internal Controls
  • Getting the Documentation Right