As a partner of a small accounting firm, and drawing on the above commentary, you are required to write a memo including critical assessment of the proposed audit and corporate governance reforms. You should clearly discuss the likely impact of the proposed reforms in curtailing problems previously witnessed in the UK's audit sector. You answer should also explain the potential implications of the reforms on other capital market players including investors and regulators. As a partner of a small accounting firm, and drawing on the above commentary, you are required to write a memo including critical assessment of the proposed audit and corporate governance reforms. You should clearly discuss the likely impact of the proposed reforms in curtailing problems previously witnessed in the UK's audit sector. You answer should also explain the potential implications of the reforms on other capital market players including investors and regulators