DESCRIPTION
Participants face judgments daily in their roles, but some judgments are higher-pressure than others. This module focuses on how to mitigate the impact of biases and outside influences to reach logical conclusions in these high-pressure situations. Spotlighting practical examples, including audit adjustments and substantive testing exceptions, participants will practice communicating with engagement team members and participating in high-stakes client communications. This module will also discuss the importance of high-quality, thorough audit documentation to support significant judgments.
LEARNING OBJECTIVES
- Evaluate the sufficiency and appropriateness of audit evidence under time pressure by applying professional judgment to weigh corroborating and contradictory evidence
- Recognize and mitigate common judgment traps when evaluating evidence
- Demonstrate effective, professional communication with clients in high-pressure situations
- Document decisions requiring significant levels of auditor judgment, including clearly articulating the applicable rationale and conclusion reached
