What Technical Accounting does a new audit manager absolutely need to be familiar with/ be able to answer client questions without needing to research? I was thinking ASC 606, ASC 842, and ASC 805 would be good to refresh myself on/self study a bit.

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The answer to any client question should be “let me get back to you on that [in a bit, this afternoon, tomorrow, etc]”.

You never want to shoot from the hip when it comes to client questions. They’ll take your word as gospel (since you’re a manager), which could lead to all kinds of problems.

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Why would you need to answer client questions on the spot without having time to research?

No one is an encyclopedia of accounting codification. Just have a basic understanding of those ASCs and do more research as transactions arise.

Any significant transaction would require a memo or some sort of documentation from the client anyways, the audit manager isn’t being put on the spot to verbally approve accounting conclusions.

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