It seems to me, based on my experience with the Dryden inquiry, that the most effective way of assuring aviation safety is to have pilot proficiency checks conducted by inspectors in-flight, to have aviation inspectors checking on maintenance procedures of airlines, etc., not relying on the airlines themselves to carry out these functions with minor auditing, which certainly seems to be the direction this program is taking.
On February 28th, 2007. See this statement in context.