Mr. Kevin Prendergast:

It is important to recognise what the purpose of audit is. Audit is always an after-the-event review of the financial statements of the company, including its internal controls. An audit will look at things such as the business model and the risks associated with that business model. What it probably will not do, and maybe this is what the Senator is asking, is get involved before a business decision is taken. It will assess the risk to the business model, perhaps after a very significant decision is taken.