George Osborne's move today is designed to allow the Bank of England to play a bigger part in generating growth, due to the government's self-enforced inability to borrow more to spend on infrastructure etc.
Until the Sarbanes-Oxley Act of 2002 was passed after Enron, the audit industry was self-regulating and established its own professional standards, enforced only via peer reviews.
Global Witness, an anti-corruption outfit, has reported that the resolution has been badly enforced, with only half-hearted efforts at self-policing by the tin industry.