A common factor identified as an issue in both the HIH and Enron collapses was: Oa. Lack of board independence Ob Deficiencies in the audit process . None of the above Od Over reliance on complex financial instruments Following a number of corporate failures in 2001 legislative changes in Australia: O a. Required disclosure of the nature and value of non-audit services provided byauditors to be disclosed Ob. Forced the Australian government to enact the Sarbanes-Oxley Act c. Prohibited audit firms from providing other services to clients d. Required the rotation of audit firms every 5 years The corporate collapse in Australia that happened in the 1980's were thought to be a result of: a. Economic downtum b. Audit failures c. Poor corporate governance Od Inadequate accounting disclosures