Introduction and history of audit should be in 2 papers.

Reasons of European audit reforms: How are auditors relevant to the financial crisis ? Audit quality, it’s hard to measure. Auditors are able to take error financial reports and that he ends up to the management and he talks about the those errors Independent. Auditors have to be _____ enough to detect errors, he should be independent enough to talk about errors. Problem in the financial crisis was auditors usually issued clean audit opinion therefore capital market participants trust in those financial reports, there were _______ and auditors had looked at them therefore I can trust the numbers. But later, although not all of them but some of the numbers are still _______ , EU published agreed papers in 2010, and they are thought(?) about questions. And 1 question was how auditors contribute to the financial crisis and figured that there was dominance of the Big 4 in the audit market. __________________________________. Move on the regulate of reform. Going to the detail of the reform. The most importance aspect of the EU market reform is retendering after 10 years. You have to go to the market and ask who wants to be my auditor, and then the auditors make proposes and then you have 1 more time and now to select a previous auditor as yours but after 20 years you cannot select the previous auditor any more, you have to select a new one. So basically, the maximum is 20 years but after 10 years you have to check the market

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