Michael Ahern (Cork East, Fianna Fail)

The purpose of these amendments is to correct the typographical error in section 37(d) of the Companies (Auditing and Accounting) Act 2003. The purpose of that provision was to remove the reporting requirement for auditors under section 194(5) of the Companies Act 1990, as inserted by section 72 of the Company Law Enforcement Act 2001 in respect of indictable offences under section 125(1) and 127(12) of the Companies Act 1963. While the reference to section 127(12) is correct, the reference to section 125(1) should have been to section 125(2). Subsection (1) of section 125 creates an obligation. Non-compliance with that obligation is a breach under subsection (2) and hence it is the latter subsection that creates the offence.