Identify and explain factors that should keep the quality of audits high even though advertising and competitive bidding are allowed.

Factors that should keep the quality of audits high even though advertising and competitive bidding are allowed include the following: (Select all that apply.)

A.

The Code of Professional Conduct requires a high quality of performance.

B.

The quality of audits should remain high regardless of the advertising and competitive bidding because this ensures that audit firms can inflate their fees on any work they perform.

C.

The quality of audits should remain high even though advertising and competitive bidding are allowed because the Code of Ethics for Professional Accountants requires a high quality of performance or the audit firm is required to discontinue all advertising and competitive bidding.

D.

The quality of audits should remain high regardless of the advertising and competitive bidding because professional advertisements compete greatly against each other, allowing the audit firm to brag about their accomplishments.

E.

A reputation of doing high quality work usually pays off in more clients and a more profitable practice.

F.

Professionals do high quality work because it is a characteristic of being a professional.

G.

Potential legal liability is also a deterrent to substandard work.