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

I move amendment No. 16:

In page 45, line 15, to delete “The Director” and substitute “Subject to subsection (7), the Director”.

This is a technical amendment to insert into section 45 a cross-reference to the new subsection (7) which is inserted by amendment No. 17. Section 45 gives the Director of Corporate Enforcement the power to impose sanctions on a director of a public interest entity where the Director of Corporate Enforcement finds that a director of a public interest entity has contributed to a breach of the rules of statutory audit by a statutory auditor or audit firm. Amendment No. 17 clarifies that the Director of Corporate Enforcement must inform the IAASA immediately of any sanction imposed on a director which prohibits the director from performing functions in audit firms or public interest entities. This is because the IAASA has a corresponding obligation to inform the EU Committee of European Audit Oversight Bodies immediately of all such sanctions.