The DTI has invited views on the implementation of the Directive on the statutory audit of annual and consolidated accounts (more commonly referred to as the 8th Directive). The Directive is intended to establish a set of principles for the conduct and oversight of statutory audits across Europe. The Directive clarifies the duties of statutory auditors. It introduces a requirement for external quality assurance. Additionally, it calls for co-operation between oversight bodies in the EU and provides a basis for co-operation between the regulators of those bodies and regulators in countries outside the EU. The closing date for submissions is 1 June 2007.