Lecture Accounting and auditing research: Tools and strategies - Chapter 1: Introduction to applied professional research

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Chapter 1 Introduction to Applied Professional Research importance Changes in law, new services, technologies, professional standards.  Accounting, attestation, tax compliance, forensic accounting, fraud examinations, tax planning.  Research Importance (contd.) Must have a clear definition of the problem, using professional databases to search for relevant authorities, reviewing authoritative literature, evaluating alternatives, drawing conclusions, and communicating results.  Develop critical thinking skills  What is Research?  The act of conducting research is a systematic investigation of an issue or problem utilizing the researcher’s professional judgment. Accounting & Auditing Research:  The act of a systematic and logical approach and documenting evidence underlying a conclusion relating to an accounting or auditing issue or problem currently confronting the accountant or auditor. Accounting & Auditing Research  Theoretical research:   Attempt to create new knowledge or add to a body of knowledge Applied research: Investigates an issue of immediate practical importance  A priori – before the fact – should a client open a store at a certain location  A posteriori – after the fact – tax     Attributes of Accounting and Auditing Research Design Efficiency- Research should be structured so that the fewest number of sources are reviewed in developing a conclusion. General Applicability- Research design should apply to a wide variety of problems or issues. Conclusive- Research design should result in a defensible conclusion. Critical Thinking and Effective Communication  Critical Thinking  Must know how to think  Be able to identify a problem, gather relevant facts, analyze the issue, synthesize and evaluate alternatives, and develop appropriate alternatives. Critical Thinking and Effective Communication (contd.)  Effective Communication  Coherence, conciseness, good use of standard English, and achievement of the purpose for the intended reader (memo if internal, report if external) Exam Each part except for BEC currently has a research component consisting of a simulation.  Must be able to research a database and to identify the exact citation/answer to a posed problem.  The Research Process Step 1 Identify the issue Step 2 Collect Evidence Step 3 Evaluate results and identify alternatives Step 4 Develop conclusion Step 5 Communicate results } Document the research process 1. Identify Relevant Facts Must define the problem!!!!!!  Why and what  At first, it is better to gather too many facts than too little as you are learning the research process.  Exact source of the issue, justification for the issue, and  2. Collect the evidence Review relevant authoritative accounting or auditing literature and survey present practice.  Be familiar with available resources  You may have to develop your own resolution based on a series of facts, if a clear cut answer does not exist  and Identify the Alternatives Support each alternative with authoritative literature or theoretical justification with concise documentation.  Properly document alternatives from organized, collected information.  4. Develop Conclusion  After analyzing alternatives, including economic consequences, develop conclusion.  Often, only the final conclusion will be presented to the client (alternatives may be in the appendix) 5. Communicate the Results  Often in the form of a research memo  Statement of facts; clear, precise statement of the issue; brief straightforward conclusion; discussion of authoritative literature; explanation of how it applies to Research Navigation Guide Functional Areas Financial Accounting & Reporting SEC Issues Taxation Managerial Accounting Audit/ Attestation Governmental/ Not-for-profit Accounting Other Areas Topic (Issue) Assets Liabilities Equity Revenues Expense Sub-Topics Cost of Sales Compensation R&D Etc. Section Recognition Measurement Disclosure
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