With massive auditor liability claims on the horizon - including several well over the billion-dollar threshold - a number of efforts are now underway in Europe to strengthen auditor oversight.One was the adoption of Europe's 8th Directive on Statutory Audit, a broader adoption of a 1984 directive, which now pertains to the approval of statutory auditors in EU member states. The expanded directive, which will likely be implemented by sometime in mid-2008, will impact some 25 EU member countries.
Another was last year's creation of the European Group of Auditors' Oversight Bodies, a somewhat truncated version of the U.S. Public Company Accounting Oversight Board.
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