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Large Accounting Firms Are Often Limited Liability Partnerships (LLPs)because If

Question 5

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Large accounting firms are often limited liability partnerships (LLPs)because if their audits are conducted in accordance with CAS (Canadian Auditing Standards),

Large accounting firms are often limited liability partnerships (LLPs) because if their audits are conducted in accordance with CAS (Canadian Auditing Standards) ,


A) partners not on the engagement would not be liable to pay with their personal assets when the LLP is sued.
B) improved quality control practices can be initiated using technical personnel.
C) more formal requirements are in place when reporting to federal tax authorities.
D) partners are liable to pay with only a limited portion of their personal assets when the LLP is sued.

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