Seanad debates

Wednesday, 15 December 2021

Companies (Corporate Enforcement Authority) Bill: Committee and Remaining Stages

 

10:30 am

Photo of Robert TroyRobert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

To reiterate, we considered this proposal. It was raised during pre-legislative scrutiny, on Second Stage and Committee Stage in the Dáil and on Second Stage in this House last week. The proposal has been considered, therefore, but there is no flexibility here because we are simply transposing EU regulations. These regulations were brought in as a result of the financial crash and concern audit requirements. We are transposing those aspects via this legislation. As I said already, this legislation is only concerned with EU audit rules.

This body, the new corporate enforcement authority, will have its annual report published. It will be a requirement for the new organisation to do that. Therefore, any irregularities which are found will be published as part of that report. In addition, a similar body with a supervisory role and that carries out investigations, the IAASA, has enacted two such sanctions under its similar powers. In both cases, information on those sanctions and the details of the auditors and the audit firms were published. It was not just information concerning the audit firms that was provided, but also details concerning the auditors who conducted the audits. While I can appreciate where the Senator is coming from, I do not think she has anything to fear regarding people trying to withhold information just for the sake of it.

Comments

No comments

Log in or join to post a public comment.