Press Release: Internal Market: ‘European Group of Auditors’ Oversight Bodies’ created

The European Commission on 14 December 2005 set up a 'European Group of Auditors' Oversight Bodies' (EGAOB). The Group was to ensure effective co-ordination of new public oversight systems of statutory auditors and audit firms within the European Union. It was also expected to 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.