Mr. Seamus McCarthy:

It is largely, yes. Effectively, things like pensions are missing, the subsidiaries are missing and so on. My audit certificate is solely in relation to the GAAP accounting - full accrual accounting - for the universities, including all of their subsidiaries.

Separately, the colleges had traditionally hired commercial auditors to audit the draft financial statements produced by their finance units and to give a report to the governing authority and what happened was that that process was gone through, the result was given to the authority and then the authority released that set of financial statements to me for me to carry out an audit, and we were in second place in relation to it.