Michael Ahern (Cork East, Fianna Fail)
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The main purpose of the Companies (Auditing and Accounting) Act 2003, which was signed by the President on 23 December 2003, is to provide for the establishment and functions of a new supervisory body, the Irish Auditing and Accounting Supervisory Authority, but a number of other amendments and additions to company law are also provided for in the Act. These include the provisions of section 53, which increase the turnover threshold below which certain private companies which otherwise meet the requirements in section 32 of the Companies (Amendment) (No.2) Act 1999 are eligible for exemption from the statutory requirement to have their accounts audited.

While I hope to be in a position to commence most of the substantive provisions of the Companies Act 2003 in the near future, if there is likely to be any significant delay in this regard, I will give consideration to early commencement of individual sections, including section 53.