Sean Barrett (Independent) | Oireachtas source

I move amendment No. 5:

In page 13, line 17, after “regulations” to insert “notified to the Oireachtas”.

I again welcome the Minister of State, Deputy Sherlock. We referred to the matter before the last 28 seconds of the match on Sunday. The Bill states that: ""third-country auditor” has the same meaning as in Regulation 3 of the Regulations of 2010." I wish the words "notified to the Oireachtas" to be added. The Minister of State might recall that two of the countries on the black list were New Zealand and Bermuda. We briefly discussed New Zealand. The New Zealand Institute of Chartered Accountants has mutual recognition agreements with Canada, Australia, England, Wales, Hong Kong, Ireland, Scotland, South Africa and the United States. The Bermudans are trained by the Canadians who have some of the highest financial standards to which we seriously aspire and envy. I do not know how those two countries got on the black list. I did not know it until the Minister of State, Deputy Kathleen Lynch, told me when she was before the House.

There is wisdom in the Oireachtas which could help the decision-making process and notify people that as far as Members of the Oireachtas are concerned – certainly this one – there appears to be an anomaly in the classification of a third country auditor as being in some way inferior. The list that was read out by the Minister of State, Deputy Kathleen Lynch, included New Zealand and Bermuda, which was somewhat of a surprise for both those countries. There is wisdom in these Houses, between the 60 Members in the Seanad and the 166 Members in the other House. We would never have found it out had it not been for the Minister of State, Deputy Kathleen Lynch. It does not do any harm for the Oireachtas to ponder how country X got on the list. Ireland has links in many countries due to this being the most internationalised economy in the world. We might have some information that is useful in the discussion. Otherwise, New Zealand and Bermuda could still be on a list of countries in which we judge the procedures to be unsatisfactory. I have asked some accountants and they did not know of any reason for the two countries to be on such a list. These things happen and if the Oireachtas were notified it might do nothing or it could make the arguments I have made. That is the purpose of the amendment. The more people who are in the loop, the more feedback one will get. I raise the issue following my surprise to find those two countries were on the list.