Seanad debates

Wednesday, 28 May 2003

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

 

10:30 am

Photo of Joe O'TooleJoe O'Toole (Independent)

I cannot allow the one company issue go. The point of the discussion was that people said was it not for an unfortunate incident in Florida, we would never have realised that this could be happening in Ireland. There is no way of knowing whether it happened previously. The Committee of Public Accounts responded that the Oireachtas had a duty to ensure legislation was put in place to make sure this could not happen in the future. A number of clauses have been proposed, which Senator Quinn feels do not go far enough. However, it must be recognised that while the bar has been raised, there is an opt out clause and an opportunity to give an explanation is provided. I do not know that the provision can be diluted more than that.

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