Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

We are trying to indicate some level of regulation with regard to auditing on an EU-wide basis. There is no doubt that either the auditing by those individual auditors was wrong, or the system was wrong. We are in the aftermath of what occurred. Mr. Moynihan stated that it is impossible for people to see into the future, but we need to create a system whereby auditors and the State have some understanding of the health of these organisations and of their future health. That is what we are trying to do today.