One important step in the analytical procedures process is inquiry of management and others within the entity. This step involves asking questions and seeking information from those who are knowledgeable about the entity's operations and financial statements. The purpose of this inquiry is to gain an understanding of the entity's accounting practices, internal controls, and any unusual or complex transactions. By obtaining this information, the auditor can better identify areas where there may be a risk of material misstatement and tailor their audit procedures accordingly.