Mr. Ian Drennan:

If what I said was construed as being suggestive of the merits of an overall agency for those particular issues, that is absolutely not what I meant. I want to be clear on that. What I mean by that is what we do is enforcement, that is non-compliance with the law. The issues that the Senator speaks to are about performance, so the performance of auditors in this particular instance. That is like apples and oranges. If one follows the logic of that through, there would be one entity that prosecutes company law but also invigilates the performance of solicitors, for example, because the performance of solicitors, of doctors, of auditors is a performance issue. There would be no logic to that because their natures are so completely different. What auditors do is highly specialised but is also a performance issue. It is not a wrong-doing issue but one of performance, the same way as a doctor, lawyer or whatever acts in a way that is substandard vis-à-vishis or her obligations to their professions, that there are mechanisms there. IAASA does accounting, the Law Society or the Legal Services Regulatory Board does solicitors and barristers and so on. They do that for a reason, because they are two very different things. That is not what I was suggesting and with the greatest respect, I do not think that what I said necessarily brings one to that conclusion. I hope that is helpful.