Mr. Kevin Morris:

The firm rotation requirement is as follows. A firm, as such, would need to retire as auditor of a credit union if it has audited its financial statements for six years and there is a further cooling off period of four years. We believe that is not in the best interests of the movement for the various reasons outlined in our submission. However, returning to the Chairman's original point, I believe it is also in conflict with statutory audit directives that relate to public interest entities. I know there is some confusion as to whether a credit union sits in that particular paddock or not. However, even in that regime the statutory audit directive, SAD, requires auditor - that is, individual - rotation every seven years. We feel that to introduce this - to use Deputy Pearse Doherty's phrase - one-size-fits-all mandatory approach to auditor rotation is not in the best interest of the movement.