– Order a similar paper from Good rated) Global Audit Environment)

Q​‌‍‍‍‌‍‍‍‌‍‍‍‌‌‌‌‌‌‍‍​question 1 (1,000 words, weight 50%): 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.
 . Do you agree with this statement. 
. Critically evaluate the regulatory framework for audit quality in the UK, comparing it with the requirements of the Sarbanes-Oxley Act in the USA. 
 Question 2 (1,000 words, weight 50%): Materiality is a fundamental concept in the risk-based approach to auditing financial statements.
 . Describe the concept of materiality in auditing and how it can be measured quantitively and qualitatively. 2. Identify how materiality can be used to form an overall audit strategy within the risk-based approach to auditing
. Criticize the risk-based approach to auditing and identify how its shortcomings can be minimized. 
Discussion must be of a good standard and demonstrates clear understanding of the role of materiality in the risk-based approach to auditing and audit strategy.