Results 201-220 of 1,279 for speaker:Michael Ahern

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: I am advised that, as yet, a final decision has not been made on that.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: The FOI Act would apply to most bodies when they are set up, but in this particular case no final decision has been made as yet by the Minister for Finance.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: I will take note of the point the Senator made. With regard to commercial information obtained under the FOI Act, there are many exceptions and conditions which would safeguard such information. We will come back to Senator McDowell when we have further information with regard to his question. Question put and agreed to. Sections 31 and 32 agreed to. SECTION 33.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: These are technical legal drafting changes to conform to drafting norms. I commend the amendments to the House. Amendment agreed to. Government amendment No. 27: In page 31, paragraph (c), line 13, to delete "adding" and substitute "inserting". Amendment agreed to. Section 33, as amended, agreed to. Section 34 agreed to. SECTION 35. Government amendment No. 28: In page 33, line 8, to delete...

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: This is a more precise clarification of the circumstances under which an investigation can be initiated and it simply refers to the requirements of the previous subsection. I commend this technical amendment to the House. Amendment agreed to.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: Recommendation 10.21 of the report of the review group on auditing recommended that statutory support be given to the investigation and disciplinary regimes of recognised accountancy bodies. Section 35, which inserts a new section 192A into the Companies Act 1990, is designed to achieve this. In the construction of the section the same principles were brought to bear as regards the...

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: Yes.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: Yes. Amendment, by leave, withdrawn. Section 35, as amended, agreed to. Sections 36 to 39, inclusive, agreed to. SECTION 40. Government amendment No. 31: In page 41, between lines 39 and 40 to insert the following: "'internal auditor' means a person who conducts an internal audit;". This amendment inserts a definition of "internal auditor", which term is used in subsection (9)(b). I commend...

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: If amendment No. 32 was accepted, Government amendments Nos. 33 to 39, inclusive, would be redundant. Amendment No. 44 is linked to amendment No. 32. I am unable to accept the Senator's amendments.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: Is the Senator moving to the compliance statement?

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: It must be remembered that it is not mandatory for private companies to set up an audit committee. PricewaterhouseCoopers did a review for the Department of how many companies were involved. The number is up to 100.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: Yes. Private companies of public interest.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: It is not mandatory for private companies to set up an audit committee.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: Private companies do not have to set up audit committees and it would not be best practice to amend the composition and terms of reference for the membership of an audit committee. The effect of Senator Quinn's amendment would be to allow an employee to be appointed to an audit committee one year after ceasing to be employed by the company and it would only debar an executive chairman from...

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: The amendment is designed to offer a mechanism under which three specific obligations must be met. However, on reflection, the present text could be seen to be ambiguous in that the requirement under paragraph (b) could in certain circumstances be construed to be in conflict with section 40(5)(a). I propose to replace paragraph (b) with the ability to prescribe additional conditions by...

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage. (28 May 2003)

Michael Ahern: The amendment is designed to clarify that the written terms of reference of the audit committee are to be submitted for the information of shareholders rather than requiring their agreement. The terms of reference are required to be approved by the board of directors. I commend the amendment to the House. Amendment agreed to. Amendment No. 44 not moved. Section 40, as amended, agreed to.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage (Resumed). (28 May 2003)

Michael Ahern: I will deal first with amendment No. 45. Recommendation 14.1 of the report of the review group on auditing recommended that not only should the director's compliance statement cover obligations under company law and taxation law, it should also cover other relevant statutory or regulatory requirements. In translating this recommendation into law, section 43(1)(c) – in the definition of...

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage (Resumed). (28 May 2003)

Michael Ahern: They come under different legislation, not company law.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage (Resumed). (28 May 2003)

Michael Ahern: It is something that could be considered in due course. Senator O'Toole could perhaps look at this again.

Seanad: Companies (Auditing and Accounting) Bill 2003: Committee Stage (Resumed). (28 May 2003)

Michael Ahern: Senator White raised a number of questions. It is not intended to exempt non-profit companies. We set out to list enactments but dropped the list as it depends on the circumstances of individual companies as to what Acts apply. We are considering the threshold issue and will probably bring forward amendments in the Dáil. There is a distinction between audit exemption and small company...