Mr. Dewey, a Senior Partner of the CPA firmDewey, Cheatem, & Howe, after noting thatmany positivist-accounting theorists and rightwing economists recommend that generalpurpose financial statements (GPFS) bederegulated and let market forces control thequality of GPFS, has expressed concern that therole (and revenues) of independent externalauditors will be dramatically reduced.Required:After carefully researching this important issueand a sampling of the key associated literature(economics, accounting, business, etc.), pleaseexplain to Mr Tu Dewey, in a ½ to 1½ pagememo, why/(why not) it should be an importantconsideration for his firm