The Fiji Institute of Accountants (FIA) was established in 1972 in accordance with the FIA Act 1971. The Institute was founded with 123 members of whom 71 were Chartered Accountants with other professional accountancy bodies, and 52 were licensed accountants. Currently, a nine-member Council governs the Institute and they are elected from the FIA Annual General Meeting. The current membership of the Council include chartered accountants employed in accounting firms, insurance and banking industry, and public practice.

b) From reading the above abstract, explain if the regulator would still continue to be independent and neutral in its role. Use regulatory theory to explain your answer. [10 marks]