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Audit
Assurance - Channuntapipat, 2020
| Question | Answer |
|---|---|
| accounting providers do not hold monopoly because | of lack of regulations |
| large accountancy firms appointed | in majority of engagements - dominant brand position |
| non accounts are creating their | own brand recognition as assurance providers |
| risk assessments influenced | - nature of the client operations - reporting practices - location |
| big 4 differing hiring requirements | - one side: hiring based on expertise of niche areas rather than audit knowledge - other point: blend of staff better for relevant expertise and ability to gather relevant audit evidence |
| non accountants approach to practice (as a market) | diverse |
| why a positive outlook by non-accountants | giving clients options |
| what are boutiques | small, non-consultant, non-accountants perceived to be inferior by both consultants and accountants |
| accountant assurors place greater emphasis | on assurance side and credibility and robustness of their methodologies |
| non accountant assurors focus on | subject matter expertise |
| variation in practice | prominent |
| significant obstacle to convergence | unregulated status, no single professional group holds unchallenged monopoly on market |
Created by:
amyperston
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