Albert Dolan (Galway East, Fianna Fail) | Oireachtas source

I thank Ms Kennedy and Mr. Prendergast for being here. I worked in a big four audit firm for three and a half years. I finished my training about two years ago and I am currently a member of Chartered Accountants Ireland. I really appreciate having the opportunity to engage with the witnesses. I know from my time in audit that an IAASA review is not something that any auditor or partner looks forward to, but it definitely shines a light on the importance of having stringent robust procedures to ensure that an audit can be executed efficiently.

Listening to the prior engagements, something that is in the audit industry is that audit expectation gap of what people think an audit means versus what it means in reality, or what is material and what is not. If the wider public realised sometimes what is considered immaterial in a larger structure, they would be surprised. Millions of euros could be considered immaterial. For the wider public, that may seem like a huge amount but in the perspective of a multibillion euro fund or entity it is minuscule. I really appreciate the witnesses being here and giving us this opportunity. What is IAASA's vision is for audit regulation over the next five to ten years in Ireland? We have a huge funds industry here, a huge audit function behind that and spin-off as a result of that. Where do the witnesses see audit regulation going in the next few years, particularly in light of EU reforms and, as they mentioned, the likes of Wirecard and other global audit failures? How does IAASA see its role there?