You recently attended your five year college reunion. At the main reception, you encountered an old friend, Dashawn Beagle, who recently graduated from law school and is now practicing with a large law firm in town. When you told him that you were a CPA and employed by a regional CPA firm, he made the following statement: "You know, if the securities acts had not been passed by Congress in the 1930s, no one would be interested in having a audit performed." Required: Draft a memo that highlights your thoughts about Dashawn's statement that audits only take place ecause they are required by law.
You recently attended your five year college reunion. At the main reception, you encountered an old friend, Dashawn Beagle, who recently graduated from law school and is now practicing with a large law firm in town. When you told him that you were a CPA and employed by a regional CPA firm, he made the following statement: "You know, if the securities acts had not been passed by Congress in the 1930s, no one would be interested in having a audit performed." Required: Draft a memo that highlights your thoughts about Dashawn's statement that audits only take place ecause they are required by law.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You recently attended your five year college reunion. At the main reception, you encountered an old friend, Dashawn Beagle, who recently graduated from law school and is now practicing with a large law firm in town. When you told him that you were a CPA and employed by a regional CPA firm, he made the following statement: "You know, if the securities acts had not been passed by Congress in the 1930s, no one would be interested in having a audit performed."
Required:
Draft a memo that highlights your thoughts about Dashawn's statement that audits only take place ecause they are required by law.
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