DESCRIPTION
This module focuses on techniques for effective accounting research in the modern audit landscape using AI and automation tools through the lens of ASC 606: Revenue from Contracts with Customers. Participants will learn about the functionality and organization of the FASB codification, as well as techniques for conducting and documenting research. The module then focuses on the use of AI tools in performing accounting research, discussing the risks of over-relying on these tools and proper techniques for mitigating these risks. Finally, participants will receive hands-on practice in accounting research by working in small groups and applying AI tools to research and conclude on a series of technical issues and questions related to revenue recognition.
LEARNING OBJECTIVES
- List key questions auditors should ask to understand how an AI or automation tool is trained, how it sources information, and how those factors affect the reliability and appropriate use of its outputs
- Explain best practices for performing accounting research using AI and automation tools, including prompting and corroborating conclusions with primary sources and professional judgment
- Analyze common revenue recognition issues by applying research to fact patterns to reach the appropriate accounting conclusion
- Document and communicate research conclusions clearly, including key assumptions and judgments
