Results 381-400 of 1,683 for speaker:Derek McDowell

Seanad: Redundancy Payments Bill 2003: Second Stage. (14 May 2003)

Derek McDowell: The line certainly had not been drawn before 12 December last when the Minister made a commitment to the 160 workers in Castlecomer, County Kilkenny and that must be met. I welcome the provision that a number of factors that meant one broke service are no longer reckonable provided they took place more than three years previously. Most of the causes of breaching reckonable service should not...

Seanad: Redundancy Payments Bill 2003: Second Stage. (14 May 2003)

Derek McDowell: We must go back to the point where the Tánaiste told the people concerned they would be looked after. That was about six months ago.

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

Derek McDowell: When is it intended to enact the Bill? Will the entire Bill come into force at the same time?

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

Derek McDowell: When will the audit requirements take effect?

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

Derek McDowell: I appreciate that. Is it intended to enact the legislation within a matter of months rather than years?

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

Derek McDowell: I do not agree with Senator Leyden; this is a critical point in the Bill. As it is about regulating accountants, if we do not define the term "accountant", at the very least the Bill can be evaded simply by erecting a plaque declaring a person to be an accountant without being a member of one of the prescribed bodies in the Bill. There are several ways to do this. The most difficult, as...

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

Derek McDowell: Unlike Senator O'Toole and not having been a member of the audit review group, I still do not understand the cogent argument against simply requiring a person to be a member of one of the groups in order to be called an accountant. Can the Minister of State indicate the number calling themselves accountants who are not qualified in what we consider to be the normal way? I know of some myself...

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

Derek McDowell: How commonplace is this?

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

Derek McDowell: How commonplace is it?

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

Derek McDowell: On a point of clarification, section 6 sets out the membership of the company, because this is a company limited by guarantee. There are a dozen or so bodies, mostly commercial bodies or State bodies, which are members of the company.

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

Derek McDowell: I am genuinely confused about the relationship between sections 6 and 11. Section 6 sets out the eight designated bodies and then there is a catch-all which refers to the prescribed bodies which are basically the accountancy bodies. Section 11 sets out the composition of the board, which is two persons nominated jointly by agreement by the prescribed accountancy bodies, two persons nominated...

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

Derek McDowell: It sets out the membership of the company.

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

Derek McDowell: Section 11 sets out the membership of the board. The membership of the board includes a representative of each of the designated bodies referred to in section 6, of which there are currently eight, plus the prescribed bodies which are the accountancy profession representatives. It totals eight plus two nominated by the Minister and two nominated by the prescribed bodies.

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

Derek McDowell: Is the Minister of State increasing it by one?

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

Derek McDowell: I wish to reiterate the earlier point I made. The consumer protection element of the Irish Financial Services Regulatory Authority, IFRSA, should be represented on the board. While it is right to say that most clients of accountancy are likely to be corporate bodies and represented by one of the designated bodies in section 6, there are also individuals who might require separate...

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

Derek McDowell: I do not see why it does not. If we are looking to regulate the accountancy bodies effectively and to ensure their disciplinary procedures are operated in the interests of consumers—

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

Derek McDowell: We are giving a specific power to the supervisory body to investigate whether a member of the public or a company was properly treated by an accountant. There is clearly a strong consumer protection element in the Bill which should be reflected on the board.

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

Derek McDowell: Is one not still stuck with the cap of 15 members?

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

Derek McDowell: A later amendment, which we have already discussed, states that the prescribed bodies must agree among themselves who should be their representatives. If they do not do so, it would be wise to provide that the Minister will make the appointments instead. It would not surprise me if there was a failure to agree on the representatives. I am trying to be helpful.

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

Derek McDowell: What if they do not agree? It It seems that a default mechanism appointment is required if there is no agreement among the six bodies that exist at present.