Mr. Seamus McCarthy:

I remind the committee that we produced a report on the operation of audit committees in State bodies. I understand the Chairman's request that every body be examined but it would be a huge undertaking. The report on audit committees was an effort to provide them with a template to allow them assess their own performances. In this context they are key allies of ours in ensuring a more timely presentation of financial statements. I envisage that we will have a conference day with interested chairpersons and members of audit committees to discuss how they can better perform their functions. I will address these committees and express the Chairman's interest in ensuring that things are done on a timely basis.