regulations on audit and assurance profession.

due to weaknesses noticed in the self regulation process by the accountancy profession through the issue of professional standards and the pitfall of IFAC to harmonize its IAASBs ISAs,and it IESBAs code of ethics and professional conducts,government has intervene in the regulations through the changes of legislation and bringing in new corporate governance requirements,and the establishment of public accountants oversight boards (in the USA,via SOX) and the public interest oversight board to regulate the action of public accountants and the activities of IFAC in general.yet high profile corporate failures still occur.
Question should self regulation or legalgovernment regulation be promoted?