The auditing profession has been criticised recently for its role in monitoring potential corporate failure. Radical reforms have been called for in the way audits are regulated. For example: (i) Auditing standards Auditing standards should be set and enforced independently from the accounting profession. (ii) Fraud Auditors should have a duty to detect and report fraud. (iii) Non-audit services to audit clients Non-auditing services supplied to an audit client should be stopped. (iv) The duration of the appointment of auditors The appointment of auditors should be for a finite term. (v) Competition in the audit market The Big 4 accountancy firms should break off their audit divisions to increase competition. Required: (a) Describe the current status of the profession in relation to each of the main headings listed above and discuss the reasons why the profession has faced criticism in these areas.