Michael Ahern (Cork East, Fianna Fail)

The purpose of the Bill is to give power to Irish Auditing and Accounting Supervisory Authority to supervise the regulatory functions of the recognised accountancy bodies as well as other prescribed accountancy bodies. It provides for the supervision of the area of auditing and auditors. Having spent too many years studying to become an accountant, I was often upset about people without such qualifications sticking up the name "accountant" and perhaps taking business away from me.

The effect of Senator Coghlan's amendment would be to give statutory protection to the term "accountant". This was considered in some detail in the audit review group report which forms the basis for the Bill and of which paragraph 11.4 sets out the arguments for and against protecting the title by statute. The review group concluded that, on balance, there was no compelling case in favour of recommending statutory protection for the title at the time. It went on to recommend that the matter be kept under review and that the supervisory authority should make recommendations, if appropriate, to the Minister in the light of such a review.

Arising from submissions received from a number of accountancy bodies late last year, I sought the views of the interim board of the Irish Auditing and Accounting Supervisory Authority which was of the opinion that it would be premature to re-examine the question of statutory protection for the title "accountant". However, it stated that when the new supervisory regime had been fully introduced and its effects measured, this could be revisited. It must be revisited. This will happen if I have anything to do with it when that body is established. I will be unable to accept the amendment.