Results 1,081-1,100 of 1,279 for speaker:Michael Ahern

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...

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

Michael Ahern: It is a technical amendment which is possibly in the wrong place. That is being considered.

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

Michael Ahern: In each of these amendments, the provision for an appeal to be lodged within a certain timeframe is being separated from its place in the original subsection and being constituted as a separate subsection. The objective is to make the Bill clearer as to the timeframe within which appeals have to be made to the court. I commend the amendment to the House. Amendment agreed to. Government...

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

Michael Ahern: I would expect that the supervisory authority would approach the accountancy bodies if there is an investigation to be carried out, and not go in immediately with a bulldozer.

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

Michael Ahern: It is felt that there is no necessity to include it in the legislation.

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

Michael Ahern: We do not want to tie its hands in particular cases by stating that it must consult.

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

Michael Ahern: There may be circumstances where it might not be appropriate to do so.

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

Michael Ahern: It is our opinion that we would not put it into the Bill and that they would have to consult. If the membership of the supervisory authority will be comprised of eminent and sensible people, it will operate in a manner that will ensure co-operation between the various accountancy bodies and themselves.

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

Michael Ahern: I expect that the supervisory authority will act reasonably.

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

Michael Ahern: It is common sense that it has to act reasonably, particularly if it wants co-operation and does not want to be stymied at every hand's turn in its work. I do not feel it is necessary to include in the Bill a stipulation that the authority will have to consult with the bodies.

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

Michael Ahern: We will give consideration to the Senator's proposal. Question put and agreed to. Section 25 agreed to. SECTION 26.

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

Michael Ahern: The existing text offers flexibility to the supervisory authority in assessing the question of compliance of company accounts with the obligations under the Companies Act. It is my view that the Senator's amendments will unduly restrict the scope of the supervisory authority in making such amendments. Accordingly, I regret that I am unable to accept these amendments.