Mr. Brendan Walsh:

I think what will change there is that the regulation and the supervisory role will be much more alert and much more hands-on. A reassuring statistic was given about how few of the 30,000 plus professionals in the field have had complaints made against them over the years. The problem may have been that some of the outrageous faults were in very prominent companies and in very prominent situations. They also involved a certain amount of innovation on the part of the people involved which probably took regulators and the general public unawares. There is need for continuing vigilance on behalf of financial positions in companies to innovate to their own benefit and to the detriment of the public good and of the shareholders in the company. That is a very general statement but I have confidence in the professionalism of the body and its vigilance. It is a co-operative venture between the prescribed accounting bodies and this authority - the authority making sure that the prescribed accounting bodies are following their procedures as stated - the authority also having powers to vet, comment and, if necessary, to change the rules of those prescribed accounting bodies. I see it as a process that will bear fruit over the difficult period that we are going through and that this authority has come through.