Joe O'Toole (Independent)

It ill behoves any politician to refuse words of credit and praise, whether or not they are entitled to them. While I put much effort into chairing the audit review group and co-ordinating its activities, credit is due to those who have produced the goods. The report was published some time ago and the work of converting it into legislation has been done effectively by the interim Irish Auditing and Accounting Supervisory Authority, which has been established and of which I am a director. The work of co-ordinating and leading that authority is being done by Ms Karen Irwin who is present in the Chamber. She has done tremendous work and has had an extraordinary input to ensure that the report's findings are reflected in the legislation.

Members should recognise that the Bill is not a negotiating document; it is a compromise document. It is not what the politicians or the general public wanted, it is a compromise that was arrived at in the aftermath of listening to the views of all the different groups to see how we could meet their needs. It is not exactly what anybody wants. If I was asked to draft the Bill, I would take a much stronger view on some of the issues than that which is reflected in it.

Accountancy bodies and business groups have a view and, like us, they held the same view two years ago. If people want to reopen the issue, we will resume the ball game. However, I remind Senators that the legislation arose from a report to the Committee of Public Accounts. That committee gave us certain instructions and its views were very clear and represented those of Members on all sides, including Deputies Ardagh, Durkan and Rabbitte who made a strong input into the proceedings. The late Jim Mitchell was the Chairman and a former Deputy, Seán Doherty, was also a member of the committee. All of them had a major input into the process.

When we produced the report of the audit review group, which has been warmly accepted by Members, the Committee of Public Accounts was less than enthusiastic and had real difficulties because it felt it did not meet its demands. The committee believed that the report did not go far enough and was described by the Chairman as being "more like a pussycat than a tiger". It was only after absolute assurances were given by me, as chairman of the committee, and the Tánaiste, as the appropriate Minister, that we believed this would work, that Deputies Rabbitte and Jim Mitchell said they were prepared, on that basis, to see if that would be the case. I wish to underline that because it is how we came to our current position. If people want to start raising the bar, it can be raised in all sorts of ways.