The auditing profession has been criticized recently for its role in monitoring potential corporate failure. Radical reforms have been called for in the way audits are regulated. For example, politicians have stated that there should be a change of legislation in the following ways: (i) Non-audit services (ii) Non-audit services supplied to an audit client should be stopped.

Required:

(a) Critique the current regulatory and professional requirements relating to each of the main headings listed above in no more than 300 words. It must contain at least 3 - 4 core ideas from those requirements.

(b) Post your responses in the discussion forum and respond to the posts of at least two of your peers.