There have been significant changes to Corporations Law which became effective from 2004.

Part (a) Summarise the changes relating specifically to auditor independence contained in CLERP 9.

Part (b) Select one of the changes relating to independence to be implemented by the profession and:

1) Comment on why the change was introduced; critically evaluate the potential impact of the change you identified in 1. above on the profession using your own personal opinions supported by relevant research

What I basically require from each part is as follows:

Part (a) Please be careful to clearly and succinctly state the nature of the law reforms in this part.

Part (b) Research the literature leading up to the changes in the law and apply your own opinions to explain why the changes were introduced and whether in your opinion the possible impact from implementation of the changes is good or bad and these opinions should be supported by your research.