Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

It does say "extremely rare circumstances". My question is ... is really asking you to confirm ... it isn't necessarily specific to the audits you did, but that, and you mentioned it earlier on, the IAS 39, no more than any other accounting standard, is not absolutist in nature and that, while the discretion is extremely narrow, the auditor does have some discretion to depart from a standard in the event that rigidly sticking to it would be misleading in that it would conflict with the objective of the financial statements set out in the framework. So I am just asking you to confirm that ... that that is correct. Is that the case?