Michael Ahern (Cork East, Fianna Fail)

I would like first to declare an interest and at this stage a non-interest, in that I am retired from my auditing and accountancy profession – just in case anyone would attack me afterwards.

I am very pleased to bring this Bill before the House. The origins of the Bill can be traced back to the report of the Committee of Public Accounts of Dáil Eireann of December 1999 which recommended, among other things, that the Minister of Enterprise, Trade and Employment establish a review group to examine in detail a number of matters, including auditor independence, the auditing of financial institutions and the role of the external auditor in ensuring statutory compliance.

That same month, having considered the recommendations of the Committee of Public Accounts the then Tánaiste and Minister for Enterprise, Trade and Employment, Deputy Harney, decided to establish a review group on auditing with 12 terms of reference. Besides dealing with all of the issues suggested by the Committee of Public Accounts, two of the terms of reference were new and dealt with self-regulation in the auditing profession.