Joe O'Brien (Dublin Fingal, Green Party) | Oireachtas source

I move amendment No. 12:

In page 24, between lines 16 and 17, to insert the following: “(a) by the substitution, in subsection (2), of “€1,000,000” for “€500,000”,”.

The amendment will allow for the maximum threshold that can be set out and regulations under which a charity has to conduct an audit to be increased to a maximum of €1 million. While the proposed amendment would provide for a threshold of the amount of up to €1 million, it is my intention to set the threshold in regulations at €500,000. This amendment is on the foot of observations from stakeholders, including the regulator, that increasing the amount that can be prescribed from €500,000 to €1 million is more in keeping with international levels. This amendment will allow for the threshold to be increased by ministerial order. If it were to be decided in the future that a further increase is appropriate in line with industry best practice.