The four categories for describing the size of audit firms include: the Big Four international firms; national firms; regional and local firms; and small firms.Which of the following is not a characteristic of a small firm?
A)Most have fewer than 25 professionals.
B)They perform audits on small and not-for-profit businesses.
C)Tax services are more important to their practice than auditing.
D)They do not audit publicly traded companies.

Question

Quizplus · Accepted Answer

Small firms may audit publicly traded companies, but they typically have a smaller market share in this area compared to larger firms.

The Four Categories for Describing the Size of Audit Firms