The European Commission has set up a ‘European Group of Auditors’ Oversight Bodies’(EGAOB). The Group will ensure effective coordination of new public oversight systems of statutory auditors and audit firms within the European Union. It may also provide technical input to the preparation of possible measures of the Commission implementing the 8th Company Law Directive, such as endorsement of the International Standards on Auditing or assessment of third countries’ public oversight systems. The EGAOB will be composed of high-level representatives from the entities responsible for public oversight of statutory auditors and audit firms in member states or, in their absence, of representatives from the competent national ministries.
European Commission – Press Release