L 329/38 Official Journal of the European Union 16.12.2005 COMMISSION DECISION of 14 December 2005 setting up a group of experts to advise the Commission and to facilitate cooperation between public oversight systems for statutory auditors and audit firms (2005/909/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Whereas: (1) Reinforcement of the statutory audit is essential in order to restore investors’ confidence in the financial markets. The modernised Eighth Directive on statutory audit of annual accounts and consolidated accounts and amending  Council  Directives  78/660/EEC  and 83/349[EEC (1) (hereinafter referred to as modernised Eighth Directive) introduces, inter alia, a requirement for Member States to set up a system of public oversight for statutory auditors and audit firms. The modernised Eighth Directive aims also to establish co-ordination of public oversight systems at the community level and includes a possibility for the Commission to adopt imple- menting measures. (2)  In order to reach the goals outlined in the modernised Eighth Directive, the Commission needs to call upon an expert group which would contribute to the co-ordi- nation and the development of public oversight systems within the European Union. The group could also contribute to the technical preparation of the imple- menting measures of the modernised Eighth Directive. (3)  The expert group should be composed of high level representatives drawn from the public oversight systems for statutory auditors and audit firms in Member States. If such systems are not yet established, representatives from the national ministries responsible for their estab- lishment in the future should join the group. Only non- practitioners, as defined under Article 2(11)(b) of the modernised Eighth Directive, can be designated as repre- sentatives or alternate representatives because of the potential conflicts of interest between the profession and the private sector on one side, and the public interest on the other side. Nevertheless, the work of the Commission and of the group should draw upon the knowledge and experience of practitioners. As a result, the Commission should, after discussion with the expert group, consult extensively and at an early stage with market participants, consumers, the audit profession and end-users in an open and transparent manner, on the work of the group. (4)  The expert group called the ‘European Group of Auditors’ Oversight Bodies’ therefore should be set up and its terms of reference and structures detailed, (") Not yet published in the Official Journal. HAS DECIDED AS FOLLOWS: Article 1 The expert group called the ‘European Group of Auditors’ Oversight Bodies’ hereinafter referred to as ‘the group’ is hereby set up by the Commission. Atrticle 2 Task The Commission may consult the group on any question relating to the preparation of the implementing measures of the modernised Eighth Directive. The group may also discuss any matter relating to cooperation between public oversight systems for statutory auditors and audit firms. The group’s tasks are mainly to: — facilitate cooperation between public oversight systems of Member States and to bring about an exchange of good practice concerning the establishment and ongoing coop- eration of such systems; — contribute to the technical assessment of public oversight systems of third countries and to the international coop- eration between Member States and third countries in this area; — contribute to the technical examination of international auditing standards, including the processes for their elaboration, with a view to their adoption at the community level. Attice 3 Composition — Appointment 1. The group shall be composed of high level representatives from the entities responsible for the public oversight of statutory auditors and audit firms in Member States or in their absence, of representatives from the competent national ministries. 2. Each Member State shall designate a high level represen- tative from one of the authorities mentioned in paragraph 1 to participate in the meetings of the group. The Commission can refuse the representative designated by a Member State when it does not consider the representative appropriate, particularly if there is any conflict of interest. In such a case, the Commission will quickly inform the Member State concerned which can then designate another representative.