Inquiry and Research - Improving Critical Audit Skills 2.5 CPE

Inquiry is an important procedure for gathering audit evidence. In addition, accountants need to know how to effectively and efficiently research technical accounting and financial reporting issues for the preparation and fair presentation of financial statements in accordance with an applicable financial reporting framework. This module will provide tips for improving the critical audit skills of inquiry and research.

Major Topics:

• Overview of common uses of inquiry to satisfy various professional and regulatory standards and requirements
• Potential traps and downfalls when relying on inquiry to support objectives, including options for increasing the persuasiveness of information gathered through inquiry
• Sources for researching and understanding the accounting and financial reporting requirements
• Practice exercises researching technical issues

Prerequisites

Prerequisite: Experience on basic audit engagements.
Designed For: Accountants who need to research technical accounting and financial reporting issues or perform inquiry to gather evidence.

Learning Objective

• Discover and describe best practices for effectively gathering information needed from client management, employees, and others in the audit process.
• Identify and explain how to evaluate whether information obtained through inquiry is sufficient to satisfy objectives.
• Explore and explain how to effectively and efficiently approach performing research on technical accounting and financial reporting issues.

Last updated/reviewed: June 04, 2024