Brian Lenihan Jnr (Dublin West, Fianna Fail)

Section 27F implements a recommendation of the review group on auditing that audit papers should be available on request to the Central Bank, which is provided for. Under the provisions of section 27, the bank may require an auditor or an affiliate of the auditor to provide it with a copy of any record relating to work carried out for the service provider that is in the possession of the auditor or the affiliate. The Minister is satisfied that the thrust and provisions of this part make it clear that the regulator will only use the powers being provided when there is an express need to do so. Adding the qualifier "and that is reasonably required by the Bank for a specific purpose" would unnecessarily create the potential for obstructive behaviour by auditors.