Others warn that Sunburst's requirements can be avoided by such archaic practices as talking in person or by phone rather than by e-mail.

ECONOMIST: Government transparency

Michael Mann, former director of international affairs for the SEC, said that while the decision pushes disclosure requirements into new areas, it appears broadly consistent with past practices.

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As banks in Europe and America scrabble to meet stricter capital requirements, made necessary by the failures of their own exotic lending practices, Mexico is offering some a lifeline.

ECONOMIST: Mexican banks

Agile software development comprises a set of management practices and values based on customer focus achieved through iterative and incremental development, and where requirements and solutions evolve through collaboration between self-organizing, cross-functional teams and their customers.

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The SEC puts requirements on financial institutions to retain documents, including emails, as part of their compliance practices.

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On the other, the chamber observed, Finra doesn't consider itself subject to government disclosure requirements and provides only "limited and superficial" transparency about its own budget and pay practices.

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"No one solution will achieve market correction, but rather a combination of tendering requirements, encouragement of transparency and dialogue between auditors, companies and investors, and reform of outdated exclusionary practices should provide a backdrop for a healthier FTSE 350 audit market, " said Simon Michaels, managing partner at BDO.

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