Willie O'Dea (Limerick City, Fianna Fail)

-----the person who pays the piper seems to determine the tune. I urge the Minister of State and his colleague, the Minister for Jobs, Enterprise and Innovation, Deputy Bruton, to take this on board. I know there are certain movements within the profession to deal with this sort of situation. It is difficult, for the reasons I stated, but the Government should use the opportunity of the new companies legislation to deal with the duties and responsibilities of auditors. This was brought to my attention in respect of a certain company that collapsed recently because of a major hole in its accounts, an event that was newsworthy all over the country. When I looked at the accounts and was satisfied as to what had been done, it is bewildering how it was passed by the auditors. I will not be more specific.

My party supports this legislation and we wish it a speedy passage. We know representations were made to the Minister and we know why they were made. The Minister was right to accede to those representations but in regard to the particular topic of accounting, accounting standards and measurement of profits the Government should deal as comprehensively as it can with the responsibility of auditors in the new companies legislation.

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