Seanad debates
Wednesday, 16 April 2003
Companies (Auditing and Accounting) Bill 2003: Second Stage.
In fairness to all concerned in producing the Bill and those who conducted the various consultations which preceded it, the structure which we have got is not a bad one. The notion that self-regulation is effectively maintained, put on a statutory basis and that an oversight system should be put in place is a good one. I share what I understood to be the general understanding of what was intended, namely, that the oversight was intended as just exactly that, not as daily involvement in disciplinary procedures against accountants. I would like to hear the Minister of State's assurance that that is the intention. I see it as an appeal mechanism and background safeguard rather than the IAASA as having day-to-day involvement in disciplinary procedures, or for that matter setting down the rules for such procedures to be operated by the accountancy bodies. I see it as a safeguard, certainly as a body which will deal with the accountancy profession in agreeing a method by which they should go about their procedures, occasionally coming into play when need be as a sort of court of appeal.
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