Ms Aisling Kennedy:

The standards are continuing to evolve and become more onerous for auditors. It is important to recognise that we only supervise statutory audit. There are internal audit and internal controls within organisations that are beyond our remit but are also very important in ensuring the stability of organisations, not just financial organisations. We would all like to hope that a failure on that scale would not reoccur. I imagine, and Mr. Prendergast may amplify this, that if I were sitting in an audit firm, I would say there is always the possibility that information is not disclosed or is hidden from an audit firm. Is there anything Mr. Prendergast wishes to add to that? It is getting harder and harder to hide information from statutory auditors because they are looking deeper and deeper.