Public oversight of audits and auditors is a relatively recent development, particularly in light of the length of time that capital markets and the audit profession have operated. This paper reflects on the rationale for public oversight of auditors, summarizes the relevant EU legislation and international benchmarks for public oversight systems, and thereafter compares and contrasts the different approaches taken by EU member states to operate their public oversight systems.

Independent audit oversight in the public interest can help direct and facilitate the development of the audit profession. Oversight works to maintain and strengthen auditing standards and practices and also acts as a focal point for policy issues which can be key to developing and promoting effective audits and improving the audit profession.