Europe and the US have different financial, legal, historical and cultural traditions. They are not identical and their regulatory action may spill over into the other’s jurisdiction.

Discuss the new measures in the EU directive (2005) on the audit of company accounts in terms of the relationship with the Public Company Accounting Oversight Board (PCAOB) in the US. To what extent does the EU directive respond to the requirements of market regulator

(SEC) in the US?