You are an audit trainee at Musk Group Co. One of the audit partners has informed that there is an ongoing debate on the future of auditing and the skills required to meet varied needs of society. Commentators have suggested that the following specific areas will require significant attention if the capabilities of auditors are to live up to future requirements: (i) Structure of audit practices (ii) Increased competition (iii) Information technology (iv) Need for specialization (v) The role of internal audit (vi) Wider assurance (vii) Globally regulated environment (viii) The need to warn of corporate collapse Required: (a) In light of the above, discuss the future of auditing, including the knowledge and skills needs of those currently entering the profession. (20 marks) (b) How might an academic and training programme best meet the future requirements as outlined above? (7 marks)