Mr. Martin Sisk:

Under the structure of IAASA, there are the nine prescribed accountancy bodies. They conduct the general regulation of their individual professions. Six of those are described as recognised accountancy bodies and they also oversee the firms that carry out auditing. That is the way it has been for some time. The important change thanks to EU legislation - the EU aspect of this is important as we go forward - is that the eight big firms, which up to now were subject to simply regulation by their own bodies, from now on will be subject to direct regulation, inspection and investigation by IAASA. That is an important and significant development. That should much more confidence to the Government, to the Oireachtas and to the public in general that those large firms are carrying out the job they are supposed to be doing. I hope that as time goes by, it will become more apparent that the work of IAASA will ensure that this is what will happen.