Sean Barrett (Independent) | Oireachtas source

I move amendment No. 13:

In page 10, between lines 35 and 36, to insert the following:“(9) The Irish Auditing and Accounting Supervisory Authority shall report annually to the Oireachtas on oversight and compliance in the audit sector and shall be empowered to report more frequently. The Authority shall have the power to suspend and disbar auditors and accountants in breach of its quality assurance standards.”.

Frequently, I find the IAASA reports to be behind the times and there has been more information in 2011 than in 2012. I tabled my amendment because things may develop again and there may be another Anglo Irish Bank.

There could be another case of money being moved into a firm at 11.50 p.m., being moved out at 12.10 a.m. and of people being persuaded that, for the accounting period, it was in it all the time. Perhaps we need an IAASA which draws the Minister's attention and that of the Oireachtas to it when these problems arise and not wait until the end of an accounting period and the annual report period because these fellows will have made off with the money long before then. That is the purpose of this amendment. Perhaps the Minister of State could do this informally.

I note Professor Brendan Walsh has taken over the chairmanship. If he sees something, he should tell us because this is one repeat show we never want to see again, given the damage it did. Perhaps it is something we can talk about on Report Stage, so I will not push the amendment. However, that was the thinking behind it. These things can move so quickly that we need the IAASA to be equally quick in its response.