Describe at least one major historical event that occurred in the business world in the past 20 years and discuss how this affected todays 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 auditor working 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.