What is Public Accounting?

Public accounting firms, regardless of size, offer a range of services including audit, tax, business advisory, and forensic accounting. These firms can be sole proprietorships or large entities like the big four. They are often referred to as CPA or professional services firms, reflecting their expanded service offerings. To deliver these services, they employ CPAs and other professionals.

What is the range of firm sizes that can provide public accounting services?

• From sole proprietorships to the largest global firms

• Only small local firms

• Only large multinational firms

• Only medium-sized regional firms

What are public accounting firms sometimes called to reflect their broader service offerings?

• Tax advisory firms

• Audit-only firms

• Professional services firms

• Financial planning firms

Which of the following is NOT a service typically provided by public accounting firms?

• Tax

• Business advisory

• Real estate brokerage

• Audit

Why do public accounting firms employ professionals other than CPAs?

• To specialize in only one type of service

• To focus solely on tax services

• To reduce costs

• To provide a wider range of services

Which of the following is a type of forensic service offered by public accounting firms?

• Fraud investigation

• Real estate appraisal

• Insurance underwriting

• Financial planning