Regulation (Unit 3)- Please answer the question to what it is asking as both questions are related.

Chapter 3 of the course text discusses several approaches to setting standards. The conceptual framework provides the foundation for these standards. Hines argues that the conceptual framework has been used to legitimize the accounting profession, especially in times when the profession has come under attack.

a) Explain which theory of regulation best supports such an argument.

b) Discuss how the conceptual framework has changed in the last decade and whether these changes support or negate Hines argument above.