Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I move amendment No. 30:

In line 64, lines 35 to 41, to delete all words from and including "No" in line 35 down to and including line 41 and substitute the following:"No person other than an approved statutory auditor or audit firm under Part 4 of the Audits Regulations shall be eligible for appointment as auditor of an ICAV.".

Company law permits the audit of company accounts to be a public audit within the meaning of subsection (1) or (1A) of section 187 of the Companies Act 1990 which sets out primarily the class of persons who may audit friendly societies and industrial and provident societies. A feature of company law is that public auditors may also be qualified to audit company accounts. In crafting section 101 similar language was used, but on reflection I believe it is more appropriate that it only be statutory auditors or firms within the meaning of Part 4 of the audit regulations. In any case, ICAVs can only operate as UCITS and IAFs which already have to meet this requirement; therefore, the removal of the reference to public auditor in this case is purely a technical exercise to tidy up the text. The amendment to section 103 is consequential to the amendment to section 101. It is the straightforward and prudent thing to do and was overlooked in the original location.