KPMG and PwC have taken steps to address ethics lapses that resulted in millions of dollars in SEC fines, Bloomberg reported. The changes are seen by some as improved assurance that financial reports are reliable, but critics believe a fundamental conflict still exists - the need to keep valuable audit clients while consolidation reduces the number of those clients. KPMG, reeling from a so called 'steal the exam'' scandal in which senior staff conspired with the PCAOB, made changes detailed in its most recent audit quality report. The scandal resulted in prison time for for former staffers and a record$50 million settlement for extensive misconduct, as determined by the SEC.KPMG worked to find out which of its clients would be reviewed by PCAOB. httops://insidepublicationaccounting.com/

Public company audit partners are trusted as watchdogs of the capital markets.

a) In relation to Botswana company law, describe the procedure for appointment of auditors.

b) Identify 5 principal rights of auditors.