Results 421-440 of 1,683 for speaker:Derek McDowell

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

Derek McDowell: Can the Minister at least provide that the authority would consult with the prescribed bodies even if it does not say that it will refer to their disciplinary procedures? That is not too onerous.

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

Derek McDowell: I can conceive of circumstances where the authority might want to—

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

Derek McDowell: Why not? It would not kill the authority.

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

Derek McDowell: If the authority still has the power to investigate, requiring it to consult with the bodies in the first instance is hardly that onerous. It can simply ignore what they say. I cannot see that any harm would come from telling them that the authority is intending to pursue a particular investigation.

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

Derek McDowell: The subsection allows the supervisory authority, on its own initiative or following a complaint, to start an investigation without any requirement that there should a prior investigation by the accountancy bodies. There is not even a requirement for the authority, based on what it believes is in the public interest, to speak to the accountancy bodies in the first instance. I can understand...

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

Derek McDowell: It does not have to act reasonably; it merely has to determine what is in the public interest and proceed from there.

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

Derek McDowell: If the Minister of State does not come any distance towards us on this point, I will signal my intention to put down a Report Stage amendment on this matter. The basic principle is that this is an oversight authority; that we are preserving the self-regulation of the accountancy bodies, but that this oversight body will ensure that this is done properly. This is a power of first instance,...

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

Derek McDowell: I am not sure if I am on the right section, but perhaps the Minister of State might be of assistance. I am aware that this section requires the High Court to confirm certain payments – fines, effectively – imposed by the authority. I understand it is also the case that fines imposed by the disciplinary process of the accountancy bodies must be confirmed by the High Court. I am not sure if...

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

Derek McDowell: Perhaps I could ask at this stage whether it is the view of the Minister of State – I presume this is done on legal advice – that the supervisory authority could not impose fines without confirmation by the High Court. Is that the advice that has been received?

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

Derek McDowell: With regard to the supervisory authority as opposed to the disciplinary procedures, is it the Minister of State's advice that it cannot impose a fine? Section 28 deals with the authority fining accountancy bodies for not keeping to its rules.

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

Derek McDowell: Is there a reason for that?

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

Derek McDowell: We are told the High Court has to do it.

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

Derek McDowell: It cannot be done by the authority.

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

Derek McDowell: Is it clear that the Freedom of Information Act does not apply to the supervisory authority? I presume it would have to be added to the list of bodies covered by the Freedom of Information Act 1997 and obviously it is not there yet. I seek confirmation from the Minister of State that he does not intend that it would be added.

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

Derek McDowell: Is it intended that it will apply?

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

Derek McDowell: While it would be reasonable for the actual operation of the authority to be subject to the FOI Act, if files dealing with individual cases were to be accessible under it this would run counter to the section and it clearly is not intended now. This is a difficult Chinese wall to define, but I thought we could try to elucidate it in some way. Individual cases, in so far as it is intended to...

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

Derek McDowell: We have a genuine problem in this respect. The accountancy bodies currently impose fines on errant members. I understand such fines are not high and are imposed in most cases following an internal disciplinary procedure. In many cases, these fines or monetary sanctions are imposed following a consensual procedure in which, I understand, the complaint is admitted and the fine paid. The risk in...

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

Derek McDowell: Will the review take place before the Bill is brought before the Dáil?

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

Derek McDowell: Are they big family businesses?

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

Derek McDowell: I endorse what Senator O'Toole said. It is always a little difficult to insert sections into Acts. My understanding of this section is that it only applies to large private companies where the balance sheet is more than €25 million or the turnover is more than €50 million. We are talking about substantial companies. There are undoubtedly family companies in this country which exceed those...