Comment on the following statements:

A. In most countries audits are legally required for every type of company.

B. The PCAOB sanctions firms but not individuals for violations of laws, regulations and rules.

C. The European eighth Directive objective is to register all auditors and audit firms and make such information accessible to the public.

D. Three areas of audit regulation that are essential are (1) the independence of the profession; (2) opening up the audit market; and (3) creating a more integrated European market and stepping up its supervision.