Results 1,121-1,140 of 1,279 for speaker:Michael Ahern

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

Michael Ahern: Yes. Private companies of public interest.

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

Michael Ahern: It is not mandatory for private companies to set up an audit committee.

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

Michael Ahern: Private companies do not have to set up audit committees and it would not be best practice to amend the composition and terms of reference for the membership of an audit committee. The effect of Senator Quinn's amendment would be to allow an employee to be appointed to an audit committee one year after ceasing to be employed by the company and it would only debar an executive chairman from...

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

Michael Ahern: The amendment is designed to offer a mechanism under which three specific obligations must be met. However, on reflection, the present text could be seen to be ambiguous in that the requirement under paragraph (b) could in certain circumstances be construed to be in conflict with section 40(5)(a). I propose to replace paragraph (b) with the ability to prescribe additional conditions by...

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

Michael Ahern: The amendment is designed to clarify that the written terms of reference of the audit committee are to be submitted for the information of shareholders rather than requiring their agreement. The terms of reference are required to be approved by the board of directors. I commend the amendment to the House. Amendment agreed to. Amendment No. 44 not moved. Section 40, as amended, agreed to.

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

Michael Ahern: I will deal first with amendment No. 45. Recommendation 14.1 of the report of the review group on auditing recommended that not only should the director's compliance statement cover obligations under company law and taxation law, it should also cover other relevant statutory or regulatory requirements. In translating this recommendation into law, section 43(1)(c) – in the definition of...

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

Michael Ahern: They come under different legislation, not company law.

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

Michael Ahern: It is something that could be considered in due course. Senator O'Toole could perhaps look at this again.

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

Michael Ahern: Senator White raised a number of questions. It is not intended to exempt non-profit companies. We set out to list enactments but dropped the list as it depends on the circumstances of individual companies as to what Acts apply. We are considering the threshold issue and will probably bring forward amendments in the Dáil. There is a distinction between audit exemption and small company...

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

Michael Ahern: Senator O'Toole asked whether proper structures were in place. Having spent a number of years auditing, I know that an auditor does not go through every piece of paper. One does a test to see whether financial and other controls are in place and working. I would not expect directors, executive or non-executive, to act as auditors or as management, although I know that in family owned...

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

Michael Ahern: Yes.

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

Michael Ahern: I wish to make it clear that if semi-State and State-sponsored bodies are limited companies, this company law will apply to them.

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

Michael Ahern: Senator Mooney asked me a number of questions. I can tell the Senator that I have had many discussions with former colleagues of mine in the auditing and accounting profession. I cannot say I got a common view but some of them want to get rid of the practice of auditing while others want to keep it.

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

Michael Ahern: As Senator O'Toole asked earlier if it is appropriate that people should have a privilege of limited liability. That is the question that must be considered when deciding whether to extend the audit exemption limit. Confidence is vitally important to the continuing growth of the economy. If people did not have confidence in accounts and information being presented, it would have a more...

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

Michael Ahern: It was in the context of Report Stage being taken tomorrow that I stated we would raise in the Dáil the various issues arising from the debate. If amendments are made during the Dáil debate, they will have to be discussed in the Seanad.

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

Michael Ahern: It is hoped to bring the Bill before the Dáil before the end of this session. It is not likely to be concluded before the recess.

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

Michael Ahern: It might be.

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

Michael Ahern: Everything is under review.

Seanad: Redundancy Payments Bill, 2003: Committee and Remaining Stages. (14 May 2003)

Michael Ahern: The reason for this amendment is that the current wording in the Bill could be interpreted to mean that the person must be currently practising as a barrister or solicitor, and this would be more onerous than the requirements for the chairman of the tribunal. The amendment exactly mirrors the wording which applies to the chairman, with the exception that the experience required is five rather...

Seanad: Redundancy Payments Bill, 2003: Committee and Remaining Stages. (14 May 2003)

Michael Ahern: Section 13 is amended so that continuity of service is not broken by sickness. The omission of sickness from the Bill was an oversight. Amendment No. 2a is consequential. Amendment agreed to. Government amendment No. 2a: In page 7, line 40, to delete 3 and substitute 4. Amendment agreed to. Section 13, as amended, agreed to. SECTION 14. Government amendment No. 3: In page 9, line 12, to...