Holmes Institute HI6026 Memo 01 – T02, 2015
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.
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
Please address your answer to Mr Tu Dewey, in
a ½ to 1½ page memo.
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