Results 1,101-1,120 of 1,279 for speaker:Michael Ahern

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

Michael Ahern: Senator Quinn wishes to remove the words "may be" and "may arise", but the directors will still have to be responsible for all matters of business in a company. We are ensuring that the directors will be responsible for any matters that arise. We must also ensure that the responsibility of the directors does not disappear with the deletion of those words.

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

Michael Ahern: The officials will review the points made by Senators Maurice Hayes and Quinn. This will not be done in time for tomorrow's Report Stage debate. However, the matter will be dealt with by the time the Bill is taken in the Dáil. Amendment, by leave, withdrawn. Amendment No. 22 not moved. Government amendment No. 23: In page 27, lines 1 to 4, to delete subsection (12) and substitute the...

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

Michael Ahern: It is dealt with under section 45.

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

Michael Ahern: Senator Coghlan has put down an amendment with regard to that matter. We will be dealing with it later.

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

Michael Ahern: The fine has to be confirmed by the court.

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

Michael Ahern: It is the legal advice.

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: I am advised that the legal advice is that the decision of the authority has to be confirmed by the court. Question put and agreed to. Section 29 agreed to. SECTION 30. Government amendment No. 25: In page 29, subsection (3)(b), line 6, to delete paragraph (viii) and substitute the following new subparagraph: "(viii) the Central Bank and Financial Services Authority of Ireland;".

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

Michael Ahern: If the Freedom of Information Act is to apply, it will be applied by the Minister for Finance.

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

Michael Ahern: I am advised that, as yet, a final decision has not been made on that.

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

Michael Ahern: The FOI Act would apply to most bodies when they are set up, but in this particular case no final decision has been made as yet by the Minister for Finance.

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

Michael Ahern: I will take note of the point the Senator made. With regard to commercial information obtained under the FOI Act, there are many exceptions and conditions which would safeguard such information. We will come back to Senator McDowell when we have further information with regard to his question. Question put and agreed to. Sections 31 and 32 agreed to. SECTION 33.

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

Michael Ahern: These are technical legal drafting changes to conform to drafting norms. I commend the amendments to the House. Amendment agreed to. Government amendment No. 27: In page 31, paragraph (c), line 13, to delete "adding" and substitute "inserting". Amendment agreed to. Section 33, as amended, agreed to. Section 34 agreed to. SECTION 35. Government amendment No. 28: In page 33, line 8, to delete...

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

Michael Ahern: This is a more precise clarification of the circumstances under which an investigation can be initiated and it simply refers to the requirements of the previous subsection. I commend this technical amendment to the House. Amendment agreed to.

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

Michael Ahern: Recommendation 10.21 of the report of the review group on auditing recommended that statutory support be given to the investigation and disciplinary regimes of recognised accountancy bodies. Section 35, which inserts a new section 192A into the Companies Act 1990, is designed to achieve this. In the construction of the section the same principles were brought to bear as regards the...

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. Amendment, by leave, withdrawn. Section 35, as amended, agreed to. Sections 36 to 39, inclusive, agreed to. SECTION 40. Government amendment No. 31: In page 41, between lines 39 and 40 to insert the following: "'internal auditor' means a person who conducts an internal audit;". This amendment inserts a definition of "internal auditor", which term is used in subsection (9)(b). I commend...

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

Michael Ahern: If amendment No. 32 was accepted, Government amendments Nos. 33 to 39, inclusive, would be redundant. Amendment No. 44 is linked to amendment No. 32. I am unable to accept the Senator's amendments.

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

Michael Ahern: Is the Senator moving to the compliance statement?

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

Michael Ahern: It must be remembered that it is not mandatory for private companies to set up an audit committee. PricewaterhouseCoopers did a review for the Department of how many companies were involved. The number is up to 100.