Bussines owners are the most common users of financial statements because of the fact that they base the decisions on the credibility of the information in the financial statements in order to avoid wrong decisions. Furthermore, above mentioned information must be credible and authentic so that the main goal of the audit could be acomplished. Another closely related term which is mentioned and explored in this paper is the oversight system for statutory auditors. It is of great importance to point out the following factors describing the aforementioned system: structure, financing system, transparency, quality controle, conducted inspections and imposed sanctions. Throught this paper, the Member States of the European Union (including the UK despite BREXIT) were compared in order to gain conclusions on their compliance with 2014 Directive. In addition, paper provided a comparative overview of the public oversight system of individual Member States and identified their differences and similarities between them. According to the collected dana, each Member States was assigned points based on six criteria which resuted in the final assessment of their public oversight system. The aim of this paper, despite the differences that exist between the above mantioned countries, was to establish that all Member States have fairly harmonized their public oversight systems under the rules adopted by the 2014 Directive.