Instead, full  2  BIS Review 30/2002  transparency is given about the issue and the risks involved for the public. At the same time, a comprehensive action plan is announced to fully take away the risks or their consequences, to compensate for damages and to explain how in the future such an event will not occur again.
Another important issue is public regulation and oversight. It is all right to make maximum use of sound self-regulation. But the auditing profession should realize that self-regulation alone does not suffice. Like for example financial services, accounting and auditing services are of great importance to society. It is all right that such services are offered on a commercial basis in competition.