Mr. Seamus McCarthy:

That is obviously an issue. The issues that are raised are probably bigger than would be central to the audit of the financial statements. In order to finish the audit of the financial statements in a timely way, I may have to consider parking it or moving it over and commencing a value-for-money report. I would have to alert the college to that if I was moving in that direction. In terms of a special report, it is worth noting that spin-out companies and the interests of colleges across the sector are listed in their annual financial statements anyway.

If one looks at the financial statements, one will see a list of all the spin-outs. That information is included. Perhaps the committee might consider communicating with the HEA if it is not satisfied with the sufficiency of the information-----