Unit 1 Assigment 1.docx - 1 Review Question 1-20 Public accounting firms are sometimes grouped into categories of local firms regional firms national

Unit 1 Assigment 1.docx - 1 Review Question 1-20 Public...

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1 Review Question 1-20: Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group. Local firms typically have one or two offices, include only one CPA or a few CPAs as partners, and serve clients in a single city or area. These firms often emphasize income tax, consulting, and accounting services. Auditing is usually only a small part of the practice and tends to involve small business concerns that find a need for audited financial statements to support applications for bank loans. Many local firms have become regional firms by opening additional offices in neighboring cities or states and increasing the number of professional staff. Merging with other local firms is often a route to regional status. This growth is often accompanied by an increase in the amount of auditing as compared to other services. Public accounting firms with offices in most major cities in the United States are called national firms. These firms may operate internationally as well, either with their own offices or
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