Mr. Brendan Lenihan:

We are celebrating 125 years as an institute. At the beginning of our existence we were given a charter. Clearly, there were accountants in place before that charter was bestowed upon us and these individuals were unregistered and unregulated. Our charter is important and the Government of the day stated in respect of it that the business with which we deal is difficult and important and should, therefore, be properly organised. Some 125 years later, we are at a different stage but the issue remains the same. What we do is difficult enough and important enough and should be properly regulated, structured and organised as a result. We wanted to highlight these matters for the committee because we are faced with a number of very pressing public interest issues. Our organisation was established 125 years ago not for the individual or collective benefit of accountants but rather in the public interest in order to ensure the economy had a supply of people to do what is important and difficult. Now we have the supply, there are issues relating to properly structuring, describing and regulating those people which must be dealt with. We have all the machinery but there is a need for legislative change in order to ensure that everyone will be supervised in an appropriate manner.

I thank the committee for the opportunity to make a presentation to it. If there is any other way in which we can assist its work on the Companies Bill, members may rest assured that we will do so.