What is meant by “the public interest” in relation to the (accounting and) audit profession?
What is the “current regulatory environment”?
Is audit quality of a sufficient standard to serve the public interest?
Do audit reports provide information which serves the needs of the public?
Conclusion: does the current regulatory environment for auditing ensure that external auditors’ reports provide information to investors which serves the public interest?

In very general terms:
Something is true if it is (Aristotle)
Something is fair if it is unbiased
When applied in the context of financial statements:
Truth and fairness implies: compliance with accounting standards reasonable assurance
Reasonable assurance is a high, but not absolute, level of assurance that the financial statements are free from material misstatement
Information is material if its omission or misstatement could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements (ISA 320)

在很一般的条件：
东西是真实的，如果是（亚里士多德）
令狐冲说“有些事情本身是公正公平的，如果它
当应用的背景下的财务报表：
真理和公正性意味着：
遵守会计准则
合理的保证
合理的保证是水平高，但也不是绝对的，保证财务报表是否不存在重大错报
信息的遗漏或错误陈述的材料，如果可以合理地预期影响用户的财务报表的基础上，采取的经济决策，（ISA320）

An auditor should: obtain sufficient, appropriate audit evidence to reduce audit risk to an acceptably low level, comply with relevant ethical requirements, plan and perform an audit with an attitude of professional scepticism, exercise professional judgement, conduct an audit in accordance with ISAs, provide reasonable assurance that the financial statements are free from material misstatement.

核数师应：
获取充分，适当的审计证据，审计风险降低到可接受的低水平，
遵守相关的道德要求，
计划和执行审计的职业怀疑的态度，
运用专业判断，
按照国际审计准则进行审核，
提供合理保证财务报表是否不存在重大错报。

* Various financial scandals have spurred governments into further statutory intervention in the audit market (eg: Enron 2002;Financial crisis