Results 161-180 of 1,279 for speaker:Michael Ahern

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

Michael Ahern: That can be varied under section 46, but I will have to check that for the Senator.

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

Michael Ahern: The number can be varied under section 46(1)(d).

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

Michael Ahern: We discussed what the Senator has suggested, but we decided to leave the decision up to the prescribed bodies.

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

Michael Ahern: The bodies will just have to agree. It is as simple as that. We will not direct them. Question put and agreed to. Section 7 agreed to. SECTION 8. Question proposed: "That section 8 stand part of the Bill."

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

Michael Ahern: The statutory body will have to set up the details of regulation to which the accountancy bodies will have to comply. It is not up to the Minister. We are setting up the supervisory authority and it is up to it to go through the details.

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

Michael Ahern: As Minister, one does not anticipate anything—

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

Michael Ahern: —and I do not either.

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

Michael Ahern: The functions are set out in section 9 which states: (1) The Supervisory Authority shall do all things necessary and reasonable to further its objects. (2) Without limiting its responsibilities under subsection (1), the functions of the Supervisory Authority are as follows: (a) to grant recognition to bodies of accountants for the purposes of section 187 of the Act of 1990; (b) to attach...

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

Michael Ahern: From a practical point of view, it is not going to do that.

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

Michael Ahern: I cannot see the supervisory authority going into each of the accountancy bodies with the intention of changing its regulatory systems.

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

Michael Ahern: In section 23 there is a list of what is meant by "standards" in relation to prescribed accountancy bodies. The section lists ethics, codes of conduct and practices, independence, professional integrity and auditing and accounting standards. We will be looking at this again because concerns are being expressed by the accountancy bodies with regard to this area and submissions have been made...

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

Michael Ahern: The change involved here has the effect of committing the Minister to a consultation process with the prescribed accountancy bodies in relation to the imposition of the levy provided for in this section. I commend the amendment to the House. Amendment agreed to. Question proposed: "That section 14, as amended, stand part of the Bill."

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

Michael Ahern: Under section 15(1)(a) the supervisory authority shall, subject to any limit that the Minister may specify, establish and maintain a reserve fund to be used only for the purposes of performing its functions and exercising its powers under sections 24 and 26. Section 24 refers to the investigation of possible breaches of standards of prescribed accountancy bodies and section 26 to a review of...

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

Michael Ahern: The funding can be used both for sections 24 and 26, not section 23.

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

Michael Ahern: It will be funded out of the normal budget. Senator Maurice Hayes asked what size of fund would be considered. The fund for the equivalent UK body is over €2 million. We are considering a fund of €1 million.

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

Michael Ahern: We will have no figure until the board has been set up and a chief executive appointed.

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

Michael Ahern: Yes. That is simply the sum to start it off. Question put and agreed to. Section 15 agreed to. SECTION 16. Question proposed: "That section 16 stand part of the Bill."

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

Michael Ahern: This is a purely technical amendment to correct the mistitled draft Bill as published. I commend the amendment to the House. Amendment agreed to.

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

Michael Ahern: The amendment to section 17 is tabled to allow the supervisory authority to constitute the mechanism it considers most suitable to undertake reviews of accounts pursuant to section 26 in the most appropriate manner, and with a membership possessing the requisite expertise to discharge those functions. Bodies such as the Institute of Directors, the Boardroom Centre, the SFA or ISME may have a...

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

Michael Ahern: I had some difficulty in understanding what the Senator was seeking to achieve with the amendment as tabled. The substitution of the words of the amendment has no logical bearing either in the immediate context of section 23 or as regards the paragraph for which he proposed it in substitution. In the circumstances, I am unable to accept this amendment. However, having listened to the...