The watchdog said that it would take industry views on whether the new laws had improved auditor independence and prevented conflicts of interest.

What about cases of aggressive accounting or threats to auditor independence?

Auditor independence in a private firm and low litigation risk setting.

The stricter standards included more explicit financial reporting, stronger internal controls to prevent and identify fraud, and auditor independence.

The code establishes standards for auditor independence, integrity and objectivity, responsibilities to clients and colleagues and acts discreditable to the accounting profession.