Results 141-160 of 1,279 for speaker:Michael Ahern

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

Michael Ahern: I have been informed that she did not.

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

Michael Ahern: Senator O'Toole has explained what has happened in recent months. The Bill was drafted on foot of the report of the review group on auditing, a substantial tome. More correspondence has been received from different sectors of industry, including accountancy bodies, individual accountants, directors, associations and the company law review group. This will be considered while we are discussing...

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

Michael Ahern: The Bill's enactment will be staggered. The Minister will commence various sections on different days, as required. The board must be established. The entire Bill will not be enacted on the same day.

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

Michael Ahern: The Bill must be passed first which is not likely to happen until the autumn session.

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

Michael Ahern: Yes. Question put and agreed to. Sections 3 and 4 agreed to. NEW SECTION.

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

Michael Ahern: The purpose of the Bill is to give power to Irish Auditing and Accounting Supervisory Authority to supervise the regulatory functions of the recognised accountancy bodies as well as other prescribed accountancy bodies. It provides for the supervision of the area of auditing and auditors. Having spent too many years studying to become an accountant, I was often upset about people without such...

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

Michael Ahern: I am convinced that this matter must be addressed and, given what is happening, a definition will have to be found. This was discussed by the review group, though that group is primarily aimed at the auditing profession. There are legal questions regarding the definition of an accountant. Senator McDowell asked why people cannot become members of various bodies but they would have to go...

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

Michael Ahern: I am committed to ensuring this area is re-examined in the immediate future.

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

Michael Ahern: It is not excessively common. Question, "That the new section be there inserted," put and declared lost. Section 5 agreed to. SECTION 6.

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

Michael Ahern: To understand my opposition to amendment No. 2 it is necessary for me to explain the more substantive changes I am introducing through the amendments being discussed as part of this grouping. The combined effect of amendments Nos. 6, 8, 9 and 10 is to increase the total number of directors of the Irish Auditing and Accounting Supervisory Authority from 12 to 14. The two additional directors...

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

Michael Ahern: While I understand the amendments tabled by Senator Quinn to add nominees from the Institute of Directors, Forfás, the Small Firms Association or the Irish Small and Medium Enterprises Association as designated bodies entitled to nominate directors to the supervisory authority in substitution for certain bodies set out in the Bill, I confirm to the Senator that arising from representations...

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.