The need to implement philosophies and practices commonly referred to as "improved business practices" comes from
A)increased competition resulting in public accounting firms being concerned about keeping clients and maintaining a reasonable profit.
B)a CAS pronouncement.
C)an IFRA pronouncement.
D)a need to increase profitability on assurance type mandates.

Question

Quizplus · Accepted Answer

The increased competition in the market has driven the need for businesses to implement improved practices to remain competitive and retain clients. This is particularly true in the case of public accounting firms, where the competition for clients is intense, and profitability is a key concern.

The Need to Implement Philosophies and Practices Commonly Referred to as "Improved