Question 1: How has the Financial Reporting Council (FRC) in the UK contributed to shaping the history and current regulatory environment of external auditing in the UK and in the world? Discuss key initiatives or regulatory measures implemented by the FRC and their impact on the external auditing landscape of the UK and the world.
Question 2: Critically assess specific concepts (independence, integrity, and due professional care) in both legal standards and professional obligations in external auditing. Which methodologies can be employed by external auditors to ensure adherence to these legal standards and professional obligations. Why?
Note: Harvard referencing is required - all questions must be accompanied by enough research and reference to published work.