In this work we formulate the reaction theory of parity violation in compound nuclear states using Feshbach s projection operator formalism. We derive in this framework a complete set of terms that contribute to the longitudinal asymmetry measured in experiments with polarized epithermal neutrons. We also discuss the parity violating spreading width resulting from this formalism. We then use the above formalism to derive expressions which hold in the case when the doorway state approximation is introduced. In applying the theory we limit ourselves in this work to the case when the parity violating (PV) potential and the strong interaction are one body. In this approximation, using as the doorway the giant spin-dipole resonance and employing well-known optical potentials and a time-reversal even, parity odd one-body interaction we calculate or estimate the terms we derived. Among others, we evaluate numerically a new "direct" term and the channel coupling term first derived by Lewenkopf and Weidenmiiller, this in addition to the evaluation of the main "compound" term. In our calculations we explicitly orthogonalize the continuum and bound wave functions. We find the effects of orthogonalization to be very important. Our conclusion is that the present one-body theory cannot explain the average longitudinal asymmetry found in the recent polarized neutron experiments. We also confirm the discrepancy, first pointed out by Auerbach and Bowman, that emerges, between the calculated average asymmetry and the parity violating spreading width, when distant doorways are used in the theory.PACS number(s): 24.80. Dc, 24.60.Dr, 25.40. Ny, 24.10.i