Results 1,041-1,060 of 1,279 for speaker:Michael Ahern

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: The Senator has referred to regulatory impact analysis on a number of occasions. A number of initiatives have been taken as a result of the OECD report on regulation. These involved, inter alia, the establishment of a high level group to co-ordinate the implementation of the regulatory reform agenda. The group will develop regulatory impact analysis guidelines. This work has not been...

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: Because of uncertainty, I was reluctant to accept the amendment yesterday and the same applies today. The amendment should refer to section 35 rather than to section 23, as the Senator appears to have done. I am prepared to give further consideration to the points raised. If convinced of them, I will table an appropriate amendment to address the issue in the Dáil. However, I will need to...

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: I undertook to reflect on the amendments tabled by the Senator. In yesterday's discussions various options to address the issue were proposed. I am not sure that simple deletion is the best course of action. Accordingly, I will reflect on the matter and explore the possibility of substituting some other approach to address the Senator's concerns. As I said yesterday, I could not envisage a...

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: In our consideration of the amendment yesterday, I gave a commitment to the Senator to review my position on his proposal. This will necessitate discussions with the relevant accountancy bodies. Until these are completed, I am reluctant to make a final decision on the Senator's proposal.

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: To deal with Senator Quinn's concerns, I make it quite clear that section 40(11) applies to companies coming under the mandatory regime. In order to ensure that is clear we will look at the wording of this subsection.

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: The independence of the audit committee is the fundamental principle we are trying to achieve through this provision. However, I have asked my officials to reconsider the exclusion term of five years. Perhaps it is a bit excessive. The new section 205B, inserted into the 1990 Act by section 40 of the Bill, states that: The requirement that all members of the audit committee qualify under...

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: I will attribute the results to the Senator.

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: Amendment No. 11 would effectively remove paragraph (c) of the definition "relevant obligations" in the new section 205E(1), which is being inserted into the principal Act by section 43 of the Bill. We had a long debate on the merits of this proposal on Committee Stage. I explained that this decision implements the recommendation 14.1 of the report of the review group on auditing and it...

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: As I explained to Senator Coghlan yesterday, the drafting of the provision in question was based on legal advice and done in such a way as to avoid such issues as self-incrimination or as otherwise contravening the requirements of the European Convention on Human Rights. The effect of the amendment would be to require directors to report to the regulatory authorities, a more onerous...

Seanad: Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages. (29 May 2003)

Michael Ahern: I thank Senators for their contributions on all Stages. The debates on 16 April, yesterday and today have been useful. I was struck by the number of Senators who had contributed and the quality of the interventions and views as well as their grasp of this technical and complicated legislation. I appreciate the input Senators have made thus far. I have listened attentively to their...

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

Michael Ahern: Senator O'Toole has explained what has happened in recent months. The Bill was drafted on foot of the report of the review group on auditing, a substantial tome. More correspondence has been received from different sectors of industry, including accountancy bodies, individual accountants, directors, associations and the company law review group. This will be considered while we are discussing...

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

Michael Ahern: The Bill's enactment will be staggered. The Minister will commence various sections on different days, as required. The board must be established. The entire Bill will not be enacted on the same day.

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

Michael Ahern: The Bill must be passed first which is not likely to happen until the autumn session.

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

Michael Ahern: Yes. Question put and agreed to. Sections 3 and 4 agreed to. NEW SECTION.

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

Michael Ahern: The purpose of the Bill is to give power to Irish Auditing and Accounting Supervisory Authority to supervise the regulatory functions of the recognised accountancy bodies as well as other prescribed accountancy bodies. It provides for the supervision of the area of auditing and auditors. Having spent too many years studying to become an accountant, I was often upset about people without such...

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

Michael Ahern: I am convinced that this matter must be addressed and, given what is happening, a definition will have to be found. This was discussed by the review group, though that group is primarily aimed at the auditing profession. There are legal questions regarding the definition of an accountant. Senator McDowell asked why people cannot become members of various bodies but they would have to go...

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

Michael Ahern: I am committed to ensuring this area is re-examined in the immediate future.

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

Michael Ahern: It is not excessively common. Question, "That the new section be there inserted," put and declared lost. Section 5 agreed to. SECTION 6.

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

Michael Ahern: To understand my opposition to amendment No. 2 it is necessary for me to explain the more substantive changes I am introducing through the amendments being discussed as part of this grouping. The combined effect of amendments Nos. 6, 8, 9 and 10 is to increase the total number of directors of the Irish Auditing and Accounting Supervisory Authority from 12 to 14. The two additional directors...

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

Michael Ahern: While I understand the amendments tabled by Senator Quinn to add nominees from the Institute of Directors, Forfás, the Small Firms Association or the Irish Small and Medium Enterprises Association as designated bodies entitled to nominate directors to the supervisory authority in substitution for certain bodies set out in the Bill, I confirm to the Senator that arising from representations...