Unit 1 Assignment #2 and Rubric Assignment: Self-Regulation in the Accounting Industry In this Assignment, you will research recent important accounting industry events that have shaped the profession as we know it today.Due to several events, the public and legislators began to doubt the ability of theaccounting profession to self-regulate. As a result, Congress reformed the accountingprofessions system used for regulating itself.Checklist:1. Visit the Kaplan Library (access in the course home area) to research theaccounting system of self-regulation. Describe at least one major historical event thatoccurred in the business world in the past 20 years and discuss how this affectedtodays accounting system of self-regulation.2. Describe the legislation that altered the self-regulation process of the accounting profession. 3. Describe the regulation process for accounting firms that audit (A) public companies and (B) non-public companies .4. Describe how this new self-regulation process would affect you as an auditorworking for a large public accounting firm today. Discuss the strengths and weaknesses of self-regulation in the accounting profession as a result of the historical events you described.Respond in a minimum of a 2-page, APA-formatted, and citation-styled paper]