Seanad debates

Wednesday, 28 May 2003

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

 

Amendment No. 34 makes it clear that the directors of a holding company have no responsibility for determining whether subsidiary companies have kept proper books of account. This obligation is for the directors of the subsidiary companies. Amendment No. 35 clarifies that the recommendation of the audit committee as to who should be appointed as auditor is made to the main board of directors which, in turn, makes the recommendation to shareholders in the matter.

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