1. There are several areas of conflict between the EU Commission and audit profession similar to those that may exist in the US. Discuss briefly the positions of the EU Commission and auditors of the...

1. There are several areas of conflict between the EU Commission and audit profession similar to those that may exist in the US. Discuss briefly the positions of the EU Commission and auditors of the European companies, particularly with regard to the following topics.

(a) Ownership and management of audit firms;

(b) Corporate governance in relation to statutory auditing (appointment, dismissal, remuneration);

(c) Legal recognition of a European co-ordination of national public oversight (EGAOB);

(d) Auditor legal liability;

(e) Evaluation of possible endorsement systems for International Standards on Auditing

(ISAs) similar to the criteria used in the IFRS-regulation for endorsement of IFRS/IAS.