Ms Madeleine Delaney:

Yes, it is something we have been reflecting on, even before the extent of it has come to light. It goes back to what we have said about needing to be more proactive. We need to try to use some of our resources to be more proactive in our monitoring. The nature of the financial statements that companies and charities have to file now is such that they can tell us little or nothing. Even if we were looking, we might not see it. The idea of the amendments in the amendment Act is that they will introduce, by ministerial regulation, certain requirements in relation to those accounts and they will be akin to the standard required in the UK, which is the charities statements of recommended practice, SORP. That gives much more information. Our ability to act and for the public to see it will be better.