Section 31 deals with the transfer of functions to the supervisory authority. These are set out in the Schedule to the Bill and include the recognition of a body of accountants for the purposes of its members being able to act as auditors. The section also deals with the continued recognition of the existing recognised body of accountants. In the case of the Institute of Incorporated Public Accountants, arising from judicial proceedings taken against the Minister in relation to the recognition of this institute 1996, subsections (3), (4) and (5) of this section provide that that institute must apply to the supervisory authority for recognition as soon as reasonably practicable after the commencement of the section. In the meantime, however, persons who are members of that body and who are authorised to act as auditors will be able to continue to act in this capacity.