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The article examines the necessity of a credible licensing system for auditors to ensure quality and reliability.

REPLY The Demand for 150-Hours: Let the Market Decide.

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The article examines the necessity of a credible licensing system for auditors to ensure quality and reliability.
Discussion of competition among audit firms and its effects on audit costs.
Analysis of challenges faced by small firms in the audit market.
Overview of survey data from CPA candidates in 1994.
Lack of a licensing system may lead to inflated audit costs for small entities.
Qualified small firms struggle against unqualified competitors due to ineffective market regulation.
Survey data reveals that one-third of CPA candidates had completed 150 semester hours, indicating a need for educational standards.

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Article discusses auditor qualification issues in the U.S., highlighting the need for a licensing system.

Rick Elam (1996) studied this question.

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