What are the differences between structured processes and dynamic processes?
What will be an ideal response?
Structured processes are formally defined processes, whereas dynamic processes are informal processes. Unlike in the case of dynamic processes, changes to structured processes are slow, made with deliberation, and are difficult to implement. Control is critical in structured processes, whereas adaptation is critical in dynamic processes. Both efficiency and effectiveness are important in structured processes, whereas effectiveness is more important in dynamic processes. Information systems are prescriptive in structured processes, whereas they are supportive in dynamic processes. Innovation is not expected in structured processes, whereas, innovation is required in dynamic processes.
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Indicate whether the statement is true or false
Magnus Enterprises engaged a CPA firm to prepare its annual federal income tax return. Which of the following is a true statement with respect to the CPA firm's liability to Magnus for common law negligence?
A. Such liability cannot be varied by agreement of the parties. B. The CPA firm will be liable for any fraudulent scheme it does not detect. C. The CPA firm will not be liable if it can show that it exercised the ordinary care and skill of a reasonable person in the conduct of his or her own affairs. D. The CPA firm must not only exercise reasonable care in what it does but also must possess at least that degree of accounting knowledge and skill expected of a CPA.