Mr. Dewey, a Senior Partner of the CPA firm Dewey, Cheatem, & Howe, after noting that many positivist-accounting theorists and rightwing economists recommend that general purpose financial statements (GPFS) be deregulated and let market forces control the quality of GPFS, has expressed concern that the role (and revenues) of independent external auditors will be dramatically reduced.

Required: After carefully researching this important issue and a sampling of the key associated literature (economics, accounting, business, etc.), please explain to Mr Tu Dewey, in a ½ to 1½ page memo, why/(why not) it should be an important consideration for his firm.