Question

Should major auditing firms operate as consulting firms

Answer 1

Yes, in my opinion auditing firms can operate as consulting firms. It helps to reap the benefit from the experience of an established, large, and trusted accounting and consulting firm overseeing the investment without an additional burdensome cost. It also improves the standards of accounting by the accounting firms, when the accounting firms provide accounting and internal auditing services. Furthermore, reduces the conflict of interest and also increases auditor independence