Mr. Dewey, a Senior Partner of the CPA firm Dewey, Cheatem, & Howe, after noting that many positivist-accounting theorists and right-wing 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:
Use the events and outcomes surrounding the collapse of Enron and Arthur Andersen to give insight on this issue in a ½ to 1½ page Memo that is addressed to Mr. Tu Dewie and resolves his concerns.