Seanad debates
Wednesday, 16 April 2003
Companies (Auditing and Accounting) Bill 2003: Second Stage.
Perhaps by creating a pressure point and explicitly saying this is the responsibility of directors and requiring them to sign off a statement once a year stating, "These are our practices and as far as we can see, they are working well", we would give the regulations more effect. Perhaps that would bring it to the attention of directors on an annual basis that these are legislative responsibilities imposed by the Oireachtas which have to be taken seriously. If it did that, it would be no bad thing. My sympathy is very much with the review group and the recommendation that it has made. My concern would be whether a once-a-year statement, perhaps a practice statement to be made even less often, would be sufficient to create the pressure point about which I was talking.
No comments