Question 1 (1,000 words, weight 45%): Some believe that audit regulation by the state and profession is not necessary, they believe that the market will automatically result in good audits being performed. 1. Do you agree with this statement. 2. Critically evaluate the regulatory framework for audit quality in the UK, comparing it with the requirements of the Sarbanes-Oxley Act in the USA. 3. Which of the previous two frameworks is better? and why?