The auditing profession has been criticized recently for its role in monitoring potential corporate failure. Radical reforms have been called for in the way audits are regulated. For example, politicians have stated that there should be a change of legislation in the following ways: (i) Non-audit services (ii) Non-audit services supplied to an audit client should be stopped.

(i)Discuss the current regulatory and professional requirements relating to Non-audit services.

(ii)Discuss the current regulatory and professional requirements relating to Non-audit services supplied to an audit client should be stopped.