Results 1,061-1,080 of 1,279 for speaker:Michael Ahern

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

Michael Ahern: Section 6 sets out the membership of the board.

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. Two are nominated by the accountancy bodies, two by the Minister and eight by the nominating bodies and a chief executive officer. We are increasing it.

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

Michael Ahern: We are increasing it by two, that is, the designated bodies by one, which is the Law Society of Ireland, and the accountancy bodies by one.

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

Michael Ahern: Chapter 15 of the report deals with the prudential regulation. That would come under the audit of financial institutions, not under this Bill.

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

Michael Ahern: The Bill does not deal with consumer protection.

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

Michael Ahern: Amendment No. 24 gives the power to the Minister to look at how matters are developing and at the need to bring in additional bodies. The Minister may do so under regulation rather than introduce legislation.

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

Michael Ahern: Amendment No. 24 will allow directors of companies to be made members of audit review groups, which will be sub-committees of the board. If necessary, the board can bring in experts from any area to serve on these sub-committees.

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

Michael Ahern: The Minister can do that. If he decides to designate any body, that body will be able to recommend a person for the board.

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...