1. Identify and discuss the current regulatory framework or regulations encompassing the preparation of financial statements by reporting entities in Australia. (5 marks) (a) "Audit committees do not prepare financial reports, nor do they conduct audits. But they have an essential role to play in ensuring the integrity and transparency of corporate reporting" - explain what is the role of an audit committee in ensuring the integrity and transparency of corporate reporting? Is an audit committee mandatory in Australia? (9)