You are a new graduate who has been appointed as a researcher for a Member of Parliament. The Member of Parliament will be making a speech to an audience of business leaders soon and, aware that you are a recent graduate from the University of Buckingham is keen to make use of your academic and research capabilities. He has heard of the audit profession and is planning to make this the subject of his forthcoming speech, but wants to ensure he has a full understanding of the profession. Therefore, he asks you.

Investigate and write him a report, including up-to-date information and insightful comment, on the following: “Much of the criticism of auditing as a profession is misplaced and irrelevant because the meaning now attached to the term ‘profession’ has changed from how it was used at the beginning of the twentieth century.”