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A public accounting firm (PAF) is set up by a public accountant for the purpose of providing public accountancy services (audit and reporting on financial statements and performing acts that are required by law to be performed by a public accountant). The other types of entities that public accountants can set up to provide public accountancy services are public accounting corporation and accounting limited liability partnership.
A public accountant can apply to cease (revoke) his public accounting firm if he does not wish to continue providing public accountancy services (audit and reporting on financial statements and performing acts that are required by law to be performed by a public accountant) under the entity.