Audit regulation, as with many other forms of regulation, consists of five general elements: the setting of standards, their formal adoption, their implementation in practice, the monitoring of compliance, and enforcement procedures. The regulation of audit is centrally concerned with the issue of ensuring that auditors follow best practice standards in conducting the audit, and are competent and independent; all of this being seen as essential in terms of auditors' capability to detect significant errors/omissions in financial statements and to report faithfully on them.

(Humphrey and Loft, 2013)

Critically discuss the above quote.

Requirements:

-should be 8-9 pg, spacing 1.5

-exclude list of references and appendices (if any)