Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

While I accept the spirit of what Deputy Niall Collins has said, I ask him to withdraw his opposition to the section for now. During the debate on Second Stage I promised to consider the points made on the issue both during the debate and in representations I had received directly since the Bill had been published. Clearly, there are legitimate concerns where a company finds itself unable to file on time, but we should be able to find a way to address some of them. However, any way forward must also ensure the interests of third parties will be protected and not undermined by reduced transparency.

One aspect that strikes me is the way in which the loss of the audit exemption is applied in law. The position could be improved. In particular, the costs involved and burden imposed could be reduced by changing the years to which it applies. Currently, there is a need to go back in time, but the accounting and audit profession has made representations to the Department, as recently as this week, to the effect that making the audit more contemporary would save time and reduce costs. I intend to bring forward proposals on Report Stage for the introduction of measures to reduce the cost and lessen the impact of some of the more burdensome aspects of losing the audit exemption. I am also looking at ways by which we could further streamline the annual filing process. There may be scope to reduce or change the steps associated with filing such that there would be fewer reasons for a company to file late. I intend to consider amendments that would simplify the filing process and hope to be able to bring them forward on Report Stage.

In summary, we are looking at removing the requirement to make an application to the District Court. Companies will be allowed to file late, but they will lose their audit exemption and will have to have their accounts audited. However, audits will take place for the current and following year, which will remove the necessity to file documents for an historical audit. Companies have 28 days in which to file and a further 28 days in which to make a subsequent filing. We may change that figure and give companies 56 days in which to file their final statements and annual return. That is what I am hoping to bring forward on Report Stage, having considered what the Deputy has said. I hope that is acceptable to him.