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Review Questions: 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 usually have one or two offices with one or a few CPA's as partners. They usually serve clients in one area. These firms' main services are include income tax, consulting, and accounting services. Regional firms are created when a local firm merges with other local firms or expand to other neighboring areas or cities. Regional firms do more auditing as well as more services than local firms. National firms are those firms with offices in most of the major cities in the United States. This firms can operate nationally as well as internationally with their own offices or through affiliation to other offices. International firms are global, that is to say they are located in major cities across the world. They can provide a complete and full range of services to usually the largest of American and non-American corporations, though they generally focus on auditing as their primary form of service provided (Whittington & Pany, 2012). Review Questions: 2-7 Evaluate the following quotation: \"If a CPA firm completes a nonpublic company audit of Adam Company's financial statements following AICPA generally accepted auditing standards and is satisfied with the results of the audit, an unmodified audit report may be issued. On the other hand, if no audit is performed of the current year's financial statements, but the CPA firm has performed satisfactory audits in prior years, has confidence in the management of the company, and makes a quick review of the current year's financial statements, a qualified report may be issued.\" AICPA is a national organization of more than 300,000 members has issued guidance to auditors requiring an explicit assessment of the risk of material misstatement in financial statements due to fraud on all audits. They have also established Generally Accepted Accounting Standards. An auditor cannot give an opinion about the previous years of audits. An auditor's job is to do a thorough review of any and all applicable and current financial documents and reports for the appropriate periods. The auditor's opinion should be based only on what he finds on his audit to the company. Giving an opinion on an audit of a current year on previous year's audit would not be adequate as an auditing process and I doubt any respectable shareholder or investor would be satisfied with one done as such (Whittington & Pany, 2012). Question 2-25 Various organizations develop standards for audits and regulate CPA firms. Compare and contrast the roles of the AICPA, the PCAOB, and the state boards of accountancy along the following dimensions: Required: 1) Standard setting. 2) Regulation of CPA firms. 3) Source of authority. PCAOB Standard Setting- Has legal authority to develop independence. Ethical quality control auditing attestation standards applicable to public company auditors and integrated audits. Regulation of CPA firm - Registers CPA firms and performs inspection to CPA firms. Source of authority - Can sanction CPA firms for non-compliance with its standards and the provision of the Sarbanes - Oxley Act. AICPA Standard setting - Develops independence, ethical quality control, auditing and attestation standards applicable to its numbers. Regulation of CPA firms - Does not regulate CPA firms. Source of authority - It enforces its standards on its numbers. State Board of Accountancy Standard setting - The board has the authority to establish its own standards, but generally adopts the standards AICPA and PCAOB. Regulation of CPA firms - The state board of accountancy regulates CPA firms in various jurisdictions. Source of authority - A state board regulates CPA firms in various jurisdictions and has the authority to revoke the right of a CPA firm or an individual CPA to practice in the state. (Whittington & Pany, 2012)