Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Bill already moves into the space where the Senator indicates it should go while, at the same time, allowing the Irish Auditing and Accounting Supervisory Authority to be the primary regulator of auditors and accountants. Amendments Nos. 15 and 19 seek to make the Central Bank responsible for setting standards for auditors or financial service providers. As I stated in response to an earlier group of amendments from the Senator, the Irish Auditing and Accounting Supervisory Authority was established under the Companies (Auditing and Accounting) Act 2003 and holds responsibility for the supervision of the auditing and accountancy professions in accordance with national and EU requirements. Given that these professions have a role beyond financial services and across the corporate sector, it is appropriate that they are regulated under company law.

As I mentioned, the Bill includes provisions under Part 4 and section 58 in respect of auditor assurance and sharing of information with the Central Bank. Amendment No. 15 relates to section 35 in auditor assurance. While it would not be appropriate for the Central Bank to set standards for auditors generally, it is being made responsible for setting the standards of assurance expected of auditors under Part 4. Amendment No. 19 seeks to extend the role of the Central Bank to making regulations for auditors under section 48. The regulations in this section relate to the responsibilities of regulated financial service providers regarding auditing arrangements. The standards that apply to auditors themselves are set in accordance with Irish and international standards, including IFRS and GAAP under Irish and European company law. Therefore, I do not propose to accept these amendments.