Mr. Kevin Prendergast:

If the Deputy is directing the question to me, there is no getting away from it because of the nature of the laws that underpin audit. Most of our laws come from Europe, but much of the standards by which audits are carried out are developed globally. In Europe, efforts seeking to reduce the administrative burden have been led at Commission level. There is still a focus on audit needing to do a good job. You only need go back a few years to Wirecard, which was probably one of the most significant audit failures that took place in the EU. As a result, there is a focus on the need for audit to do its job. Similarly, international standards for auditing will apply to a corner shop or to the largest multinational. International standards in auditing are more or less the same. They can manage to scale, but the fundamental standards are the same. It makes life difficult. What we would hope to see, as I said, is a competition on quality rather than price.