Seanad debates
Wednesday, 16 April 2003
Companies (Auditing and Accounting) Bill 2003: Second Stage.
Self-regulation is on the basis of there being a proper balance between the accountancy bodies and the IAASA. That is the basis on which it should work. It is not a case of somebody standing over a accountancy body and telling it what to do all the time. The approach is that the body must reflect certain standards. If complaints are made to the IAASA that matters are not being dealt with properly, we will be required to look into them. That does not mean it will automatically overturn matters. Such matters must be dealt with in a structured way. Like any formal complaint, such a complaint would have to be dealt with at different levels.
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