The secretary of state for trade and industry, Patricia Hewitt, hase government's review of the regulation of the audit and accounting professions. The review is a response to the corporate failures of Enron and WorldCom in the US. It will address questions such as:
* Which regulatory functions are needed, who should carry them out and how should they be funded?
* Should there be a statutory basis for regulation, or is the existing balance between professional self-regulation and independent regulation the right one?