Given the corporate scandals of recent years, the audit profession is now in the forefront of the minds of investors, businesses, regulators and others. Financial reporting, corporate governance and accounting and auditing practices must keep up with the needs of these groups. Effective regulation of the audit profession is one means of ensuring that the profession and the private sector keep pace with these challenges. The purpose of this essay is to discuss the need to strike a right balance between self-regulation and government regulation.
Broadly defined, regulation refers to the making and implementing of rules which direct or constrain the behaviour of a person or group of people being... [continues]
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