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 positivist-accounting 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: 400 words 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: Must discus about why accounting hand book is useful for this memo. Memo 2: Mr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH), wants you to combine and discuss the following issues into a single coherent 1½ page training memo for new audit assistants: 1)Audit risk is a key consideration and guide to planning an audit – explain why? (150 words) 2)List the key components of the Audit Risk Model (ARM) and discuss how they interact?(150 words) 3)How can well-structured or judicious statistical sampling cost-effectively assist with estimating the components of the Audit Risk Model and/or resolve an unsatisfactory outcome of that model? (150 words) 4)Discuss the key strengths of and key differences between random sampling, haphazard sampling, and judgement sampling and how those differences might affect the discussion in part 3 (above).(200 words)