All professions have standards to which members of that profession are expected to adhere. These may encompass standards of both professional practice and personal conduct. Auditing in the UK is subject to a regulatory framework which includes a process for setting audit standards impacting directly upon the scope and powers of both external and internal auditors. Auditors are further required to exercise due care in the context of relevant case law and auditor liability.

Required:

(a) Document the current regulatory framework for UK auditing.
(b) Describe the key roles of the Financial Reporting Council (FRC) and the Audit Quality Review Team.
(c) Detail the objectives by which the FRC intends to achieve its aims.