Results 1,281-1,300 of 1,683 for speaker:Derek McDowell

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

Derek McDowell: If the Minister of State does not come any distance towards us on this point, I will signal my intention to put down a Report Stage amendment on this matter. The basic principle is that this is an oversight authority; that we are preserving the self-regulation of the accountancy bodies, but that this oversight body will ensure that this is done properly. This is a power of first instance,...

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

Derek McDowell: I am not sure if I am on the right section, but perhaps the Minister of State might be of assistance. I am aware that this section requires the High Court to confirm certain payments – fines, effectively – imposed by the authority. I understand it is also the case that fines imposed by the disciplinary process of the accountancy bodies must be confirmed by the High Court. I am not sure if...

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

Derek McDowell: Perhaps I could ask at this stage whether it is the view of the Minister of State – I presume this is done on legal advice – that the supervisory authority could not impose fines without confirmation by the High Court. Is that the advice that has been received?

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

Derek McDowell: With regard to the supervisory authority as opposed to the disciplinary procedures, is it the Minister of State's advice that it cannot impose a fine? Section 28 deals with the authority fining accountancy bodies for not keeping to its rules.

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

Derek McDowell: Is there a reason for that?

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

Derek McDowell: We are told the High Court has to do it.

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

Derek McDowell: It cannot be done by the authority.

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

Derek McDowell: Is it clear that the Freedom of Information Act does not apply to the supervisory authority? I presume it would have to be added to the list of bodies covered by the Freedom of Information Act 1997 and obviously it is not there yet. I seek confirmation from the Minister of State that he does not intend that it would be added.

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

Derek McDowell: Is it intended that it will apply?

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

Derek McDowell: While it would be reasonable for the actual operation of the authority to be subject to the FOI Act, if files dealing with individual cases were to be accessible under it this would run counter to the section and it clearly is not intended now. This is a difficult Chinese wall to define, but I thought we could try to elucidate it in some way. Individual cases, in so far as it is intended to...

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

Derek McDowell: We have a genuine problem in this respect. The accountancy bodies currently impose fines on errant members. I understand such fines are not high and are imposed in most cases following an internal disciplinary procedure. In many cases, these fines or monetary sanctions are imposed following a consensual procedure in which, I understand, the complaint is admitted and the fine paid. The risk in...

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

Derek McDowell: Will the review take place before the Bill is brought before the Dáil?

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

Derek McDowell: Are they big family businesses?

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

Derek McDowell: I endorse what Senator O'Toole said. It is always a little difficult to insert sections into Acts. My understanding of this section is that it only applies to large private companies where the balance sheet is more than €25 million or the turnover is more than €50 million. We are talking about substantial companies. There are undoubtedly family companies in this country which exceed those...

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

Derek McDowell: I know the committee is in place to protect the public and shareholders. However, private companies deal and trade and the people with whom they deal and trade need some protection. I know the committee provides at least one of the elements of protection this Bill is looking to put in place. I am inclined to agree with Senator O'Toole. I would have lowered the bar rather than eliminating it...

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

Derek McDowell: Are they large companies?

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

Derek McDowell: The Senator will not get any now.

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

Derek McDowell: I could hardly have put it better myself.

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

Derek McDowell: I would not disagree with anything Senator Leyden said which was all perfectly fair and reasonable. On the face of it, the requirement in the Bill is very simple. It simply states directors must sign off on a statement that the company has complied with the law, or at least some of it, that is, those elements which could impact on its accounts.

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

Derek McDowell: On face value, one would be inclined to say, "Maybe so." Although I do not have any evidence, I suspect that in smaller companies and family business the board, as such, works less effectively in that there may not be many meetings, the directors do not ask any questions or, in the case of a family company, are likely to be members of the same family and simply do not ask questions. I am not...