1. What is the position of the EU Commission with regard to public oversight of the audit profession? 2. Would small and medium-sized firms be able to comply with the European Commission directive on...

1. What is the position of the EU Commission with regard to public oversight of the audit profession?

2. Would small and medium-sized firms be able to comply with the European Commission directive on auditor independence?

3. What does the European Commission’s directive require in terms of international standards on auditing?

4. Why does the approved EU directive (2005) remove nationality restrictions on ownership and management of audit firms?

5. Discuss the European Commission’s directive (2005) on statutory audit with regard to the following topics:

(a) Independence and ethics;

(b) Public oversight of the audit profession.