Mr. Seamus McCarthy:

No, that explanation is correct. It would be where in the course of audit the external auditor identifies any weaknesses in controls that are supposed to be in place in the organisation. It is not a qualification of the accounts, it is not a modification of the audit opinion, but it provides an opportunity for the board of an organisation to ensure the control system that it has put in place is working. An auditor is obliged to send that if he identifies such matters.