Holmes Institute HI6026 Memo 01 – T02, 2015
Background:
Mr. Dewey, a Senior Partner of the CPA firm
Dewey, Cheatem, & Howe (DCH), after noting
that many of the large businesses who are
asking for substantial discounts in their audit
fees often refer to the many positivistaccounting
theorists and right-wing economists
who recommend that general purpose financial
statements (GPFS) be deregulated because
market forces can control the quality of GPFS.
Required:
Mr Tu Dewey wants you to research this vital
issue and, after referring to a sampling of the
key associated literature, to provide a diplomatic
response that DCH can use to discourage its
clients from demanding discounts on the basis
of their expectation of deregulation of GPFS.
NB: the response needs to be very polite and
should not discourage DCH clients from being
clients.
Please address your answer to Mr Tu Dewey, in
a ½ to 1½ page memo.
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