Please help me to answer this question. TQ

Required A. Discuss why there is a need for auditing services in a free-market economy and how does this relate to the principal-agent relationship between owners and managers. B. The responsibility of ensuring proper accounting and auditing systems is not just the responsibilities of the accounting profession alone but also the corporate players; directors and management of the companies play a signicant role in ensuring a sound system of nancial reporting is present to safeguard public interest. (3) Explain and distinguish between directors' responsibility for the company's nancial statements and the auditor's responsibility for the nancial statements. {b} State TWO (2} main reporting responsibilities of an auditor under the Companies Act 1965