August 4, 2022
Are you lost in the sauce when it comes to SAS No. 145 and the 2022 OMB compliance supplement for single audits?
The latest release of SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was issued by the AICPA Auditing Standards Board. This latest update is intended to mitigate risk-based auditing and help auditors focus their time on the areas of greatest material misstatement.
Additionally, the 2022 OMB compliance supplement was created to ensure that recipients of federal awards understand and comply with program requirements, including cost principles and key provisions for federal recipients.
Join GRF audit experts for an interactive discussion on the overarching changes as a result of SAS No. 145 and the 2022 OMB compliance supplement. Attendees will explore the convergence of current federal reporting standards with an expanded description of the auditor’s responsibilities, including major compliance areas, audit-testing processes, documenting compliance and addressing common findings. We will also examine gaps in risk assessment procedures identified by practice monitoring programs and the resulting implementation of data-driven solutions.
Learning objectives:
- Key information in the 2022 OMB Compliance Supplement
- Other single audit updates and reminders
- Exploring Statement on Auditing Standards update 145 “Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement”