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islandgurl islandgurl
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List and describe the three factors that influence the organizational structure of all CPA firms. What are the most common forms of CPA firm organization?
Textbook 

Auditing and Assurance Services


Edition: 17th
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dioxy186dioxy186
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More questions for this book are available here
The three factors that influence the organization of a CPA firm include:
1.The need for independence from clients. Independence permits auditors to remain unbiased in drawing conclusions about the financial statements.
2.The importance of a structure to encourage competence. Competency permits auditors to conduct audits and perform other services effectively and efficiently.
3.The increased litigation risk faced by auditors. Audit firms continue to experience increases in litigation-related costs. Some organizational structures afford a degree of protection to individual firm members.

Common forms of audit firm organization include:

Proprietorship
General Partnership
General Corporation
Professional Corporation
Limited Liability Company
Limited Liability Partnership


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