Mr. Seamus McCarthy:

There is a requirement in the code that the audit committee should report on its proceedings but it felt it was not in a position to do that and did not submit the report on the year 2012–13 until more than a year later. I believe the date was in September 2014. Obviously, there is reliance in the governance of an institution on the audit committee and, therefore, it is important that internal auditing processes and audit committees be functioning. The college has disclosed that this was a problem in the SIFC. I drew attention to it because it is a significant matter.