It is common for firms to use the same accounting firms to audit their books as they use for bookkeeping, financial system consulting, and so on since these firms are familiar with the details of their systems.

Question

Quizplus · Accepted Answer

Using the same firm for both auditing and non-audit services (like bookkeeping or consulting) can lead to conflicts of interest and impair the auditor's independence. Regulations in many jurisdictions limit this practice to ensure audits are objective and independent.

It Is Common for Firms to Use the Same Accounting