Understanding SAS 145 and Its Impact on Audits of Smaller Nonprofits
In 2021, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 145, titled “Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.” This standard, effective for audits of financial statements for periods ending on or after December 15, 2023, […]