Mr. Dargan Fitzgerald:

Perhaps I might have more connection with this item and I hope these comments will be helpful. You're quite right in your comment that it's not the domain of the auditor to question management on their commercial strategy and I think I mentioned that in my opening comment ... in my opening remarks. However, to be an effective auditor, an understanding of the financial reporting risks involves understanding the business risks. So, an understanding of the business risks can be obtained, typically, through a conversation with senior management and other procedures such as reviewing board minutes, which is also carried out. I think, in practical terms ... I can understand the thrust of your question ... in practical terms, an audit partner is often dealing with a finance director in terms of understanding the financial reporting details. However, it's absolutely appropriate that in terms of understanding the commercial strategy that the audit partner would have a conversation with the chief executive and, as you can see from this note, it touches on a number of background factors. I'd more characterise it as a background briefing rather than one central to the actual conduct of the audit.