The AICPA has issued attestation standards in recognition that attestation services can be much broader than audits of an entity's financial statements. One type of an attestation is a "fairness letter" on a proposed merger or acquisitions. Investment bankers have usually issued these letters as a source of comfort to boards of directors and others involved in making decisions on mergers. Essentially, the board of directors asks the investment banker to develop a report to the board assessing the fairness of a proposed acquisition (or an offer to be acquired by another company).

Required
a. Could the public accounting profession have performed such an attestation service? Why or why not? Specifically identify factors that might have allowed or prohibited the performance of such services by the public accounting profession.
b. In what ways would the public accounting profession have a competitive advantage/disadvantage vis-à-vis the investment banking profession in performing such a service?