Not-for-Profit: Risk Assessment – SAS 145 Updates

PYA was pleased to present the second annual Summer CPE Symposium on June 22 & 23, 2023. During two complimentary half-day virtual sessions, PYA's team of thought leaders and guest speakers offered in-depth and timely information focused on a variety of trending healthcare financial and compliance topics. The AICPA's Auditing Standards Board issued Statement on Auditing Standards (SAS) 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, in October 2021. The new SAS supersedes previously existing audit guidance on assessing risk. SAS 145 is effective for audits of financial statements for periods ending on or after December 15, 2023. During the webinar, "Not-for-Profit: Risk Assessment – SAS 145 Updates," PYA Principal Matt Stuart and Manager Connor Fitzgerald discussed the details of the new audit standard and how it will change the way audits will be conducted. The webinar focused on how the new standard will affect the audit process going forward, with an emphasis on what an auditee organization can do now to best prepare for future audits. This session covered: ​​General Introduction to SAS 145 and Changes to the Risk Assessment Process  Risks Arising From the Use of IT: General IT Controls Under SAS 145 Covering What Healthcare Entities Can Do Now To Prepare for the Changes and to Be Ready for Financial Statement Audits Under SAS 145