Brussels, 15/12/2005 (Agence Europe) - The European Commission has set up a "European Group of Auditors' Oversight Bodies" (EGAOB) to 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, recently agreed by the European Parliament and the Council, requiring Member States to set up public oversight systems for statutory auditors and audit firms by early 2008. Such systems already exist in some Member States but not in others. Internal Market and Services Commissioner Charlie McCreevy said: “This group will help to make public supervision systems a reality in all 25 Member States, promoting practical day -to -day co-operation as it goes along. It is a key initiative in our drive to bring EU audit rules into the 21st century and restore faith in the profession.” The EGAOB will be composed of 8 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. Only non-practitioners can be designated as members of the EGAOB, which will provide the Commission with technical expertise on International Auditing Standards, quality assurance, cross-border inspections and relations with third countries.