Seanad debates
Wednesday, 28 May 2003
Companies (Auditing and Accounting) Bill 2003: Committee Stage (Resumed).
10:30 am
Michael Ahern (Cork East, Fianna Fail)
Senator O'Toole asked whether proper structures were in place. Having spent a number of years auditing, I know that an auditor does not go through every piece of paper. One does a test to see whether financial and other controls are in place and working. I would not expect directors, executive or non-executive, to act as auditors or as management, although I know that in family owned companies, directors may work from the top to the bottom of the business and know everything about it.
Senators have raised many interesting questions which will give my officials and me much food for thought between now and the time the Bill is brought to the Dáil. Questions have been raised to which we must give consideration. Members can be assured that will be case.
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