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eFishie eFishie
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6 years ago
An individual PA sets up his or her own business as a sole practitioner. With additional practitioners, a common structure is a partnership. Why would a large firm set up its organizational structure as a limited liability partnership (LLP)? If the audit was conducted in accordance with GAAS
A) partners not on the engagement would not be liable on their personal assets.
B) improved quality control practices can be initiated using technical personnel.
C) more formal reporting requirements are in place to federal tax authorities.
D) partners are liable for only a limited portion of their personal assets when sued.
Textbook 
Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Auditing: The Art and Science of Assurance Engagements, Canadian Edition


Edition: 12th
Authors:
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victroxvictrox
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eFishie Author
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6 years ago
Love when it's right Smiling Face with Open Mouth
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