I will attempt a very brief summary of the draft legislation which I am bringing before the Seanad today to try to convey an overall sense of what is proposed. One of the key features of the Bill is the proposed establishment of the Irish Auditing and Accounting Supervisory Authority, or IAASA as abbreviated. The authority will have a wide range of oversight functions in relation to accountancy representative bodies as well as, for example, examining the accounts of defined companies for compliance with the Companies Acts.