Seanad debates

Wednesday, 16 April 2003

Companies (Auditing and Accounting) Bill 2003: Second Stage.

 

When this blueprint was developed, these concepts and solutions were particularly novel and pioneering and, depending on the perspective of the commentator, some might have said audacious and unwarranted. The latter comments would arise from the fact that the thinking behind them and the proposals was not in vogue elsewhere at the time. However, some time after the present set of propositions had been put into the public domain, a number of financial crashes occurred, most notably Enron and Worldcom, because of issues which included compliance failure and supervision. These collapses focused attention in jurisdictions worldwide on these subjects.

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