Mr. Paul Dobey:

Yes. CARB reviewed our AIB audit for 2007, and that was completed in early 2009 with no negative findings. You may also be aware that there was a review carried out by CARB in relation to the 2008 audit for all the covered banks, and that work is not complete but we ... we have spoken to CARB and have asked them what we can say to the committee.

And if I may just read out some of what CARB have said we can say. Our firm is registered as a statutory audit firm by CARB. CARB is subject to oversight by IAASA. CARB, as part of its regulatory responsibilities, carried out inspections of the firm's compliance with auditing standards. CARB, as part of its ongoing regulatory responsibilities, is reviewing the audits of the covered institutions for the financial years ending 2008 and, where relevant, 2009. The purpose of these reviews was to determine whether the auditors applied appropriate procedures and complied with relevant standards in the audit work carried out on the provisions for impairment as part of the firm's audit of the financial statements as a whole. CARB's review is not yet concluded. On their conclusion, CARB will prepare and issue a public report, in accordance with its governance procedures, which will outline the overall results of the reviews conducted without naming specific firms. Conclusion has been reached in relation to our firm and we have received a report on AIB. And I note what CARB have said is, audit work of the firm in relation to all of its financial institution audits complied with relevant auditing standards. While there are a number of instances where improvements were recommended, these are not material. Should further questions arise, for example, regarding improvements required, these are set out in detail in the firm's responses to the quality assurance committee. The report arising from the review could be sought by the committee but it should be sought directly through CARB.