Eoin Hayes (Dublin Bay South, Social Democrats)
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I thank Ms Kennedy and Mr. Prendergast for attending today. I really appreciate their time. I know it takes some time to even prepare for these sessions so I appreciate them doing that. I am also delighted to have people who are numerate before the committee. It is unusual that I am in a place where I am talking to witnesses who have such extensive numerary qualifications. I want to take this to some high level to start. When we think about the purpose of the accounting and auditing professions, the witnesses referred to public confidence. I would reframe it slightly. I think there is a public confidence thing, particularly for the public interest entities and for public entities as well, but there is also a question around competence for shareholders and investors. I have received some reports from foreign shareholders and foreign investors that they do not have a huge amount of confidence in the regulatory environment in Ireland and that has been why they have not invested here or have not done certain things here. Do the witnesses think we have given sufficient confidence to investors and shareholders in the regulatory environment in Ireland and does IAASA play a role in that?