I am pleased that the supervisory authority will be given the responsibility of promoting adherence to high professional standards in the auditing and accountancy professions. On the whole, they have very high standards and have, through their excellent work, contributed greatly to the development of Ireland's economy. While I do not necessarily believe these professions are particularly corrupt or inefficient, in light of certain events concerning offshore accounts and fraud exposed at the various tribunals – together with the Enron scandal and, in particular, the trouble AIB had with its American subsidiary, Allfirst – it is fitting that the Government is making a firm move to encourage compliance with our tax regime and laws. This legislation will be very positive for the profession, in general, and for its reputation, in particular, because it will protect the industry as a whole from damage caused by any non-compliant members.