Leo Varadkar (Dublin West, Fine Gael)
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Question 663: To ask the Minister for Enterprise, Trade and Employment the action a person can take where they are not satisfied that an accountant or auditor has discharged their responsibilities fully and ethically; and if he will make a statement on the matter. [2221/08]

Leo Varadkar (Dublin West, Fine Gael)
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Question 664: To ask the Minister for Enterprise, Trade and Employment the reason the Irish Auditing and Accounting Supervisory Authority cannot inform a complainant of the outcome of their complaint against a registered body; and if he will make a statement on the matter. [2222/08]

Leo Varadkar (Dublin West, Fine Gael)
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Question 665: To ask the Minister for Enterprise, Trade and Employment the role the Irish Auditing and Accounting Supervisory Authority has in assessing whether the standards and procedures used by the registered bodies are valid and fair; and if he will make a statement on the matter. [2223/08]

Leo Varadkar (Dublin West, Fine Gael)
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Question 666: To ask the Minister for Enterprise, Trade and Employment the role of the Irish Auditing and Accounting Supervisory Authority in investigating complaints against accountants and auditors; the sanctions the authority can impose; and if he will make a statement on the matter. [2224/08]

Leo Varadkar (Dublin West, Fine Gael)
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Question 667: To ask the Minister for Enterprise, Trade and Employment his views on the self-regulation of accountants and auditors; and if he will make a statement on the matter. [2225/08]

John McGuinness (Carlow-Kilkenny, Fianna Fail)
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I propose to take Questions Nos. 663 to 667, inclusive, together.

The system governing the regulation and supervision of the accountancy and auditing profession has undergone considerable change as a result of the enactment and coming into operation of the Companies (Auditing and Accounting) Act 2003. A major feature of the new system is the establishment of the Irish Auditing and Accounting Supervisory Authority (IAASA), one of whose key functions is "to supervise how the prescribed accountancy bodies regulate and monitor their members" (Section 8 of the Act). This function includes approving and requiring changes to these bodies' constitution and bye-laws including their investigation and disciplinary procedures and standards, as well as amendments to these.

A person who is not satisfied that an accountant or auditor, having membership of a prescribed accountancy body, has properly discharged their responsibilities can lodge a complaint with the body in question, which must then apply its investigation and disciplinary procedures to the complaint.

Where these procedures have been exhausted, that person, if still not satisfied, can make a complaint to IAASA. If IAASA has reason to believe that the body's Investigation and Disciplinary Procedures have not been complied with, it may initiate an enquiry under the provisions of Section 23 of the Act. Having completed such an enquiry, if IAASA is not satisfied that the body has complied with its approved investigation and disciplinary procedures, IAASA may:

annul all or part of a decision of that body relating to the matter

direct the body to conduct an investigation or a fresh investigation into the matter

require that body to pay to the Supervisory Authority an amount not exceeding €125,000

Under Section 24 of the 2003 Act, following a complaint or on its own initiative, where, in its opinion, it is appropriate or in the public interest, IAASA can undertake an investigation into a possible breach of a prescribed accountancy body's standards by a member. If such a breach is found by IAASA, it may impose any sanction to which the member is liable under the rules of the body and an amount towards the costs incurred by it investigating and determining the case.

A person who is alleging a breach of the criminal law in respect of accounting services received from someone acting as an accountant, can make a complaint to the Garda Síochána or, in where an infringement of company law is being alleged, to the Office of the Director of Corporate Enforcement.

Section 31 of the 2003 Act prohibits disclosure, except in accordance with law, of information that:

(a) is obtained in performing the functions or exercising the powers of IAASA, and

(b) has not otherwise come to the attention of the public.

The circumstances where disclosure of information by IAASA is not prohibited are set out at Section 31(3) of the 2003 Act. These include, where the disclosure is, in its opinion, necessary to enable it to state the grounds on which it made a decision under Section 23 or 24 of the Act.

It is for IAASA to determine, in accordance with the provisions of the Act, whether and to what extent, it may disclose information in relation to any particular case.

Leo Varadkar (Dublin West, Fine Gael)
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Question 668: To ask the Minister for Enterprise, Trade and Employment if he will legislate to give legal protection to the term "accountant"; and if he will make a statement on the matter. [2226/08]

John McGuinness (Carlow-Kilkenny, Fianna Fail)
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The then Minister for Trade and Commerce Michael Ahern T.D. received a report from the Irish Auditing and Accounting Supervisory Authority in March 2007 containing its considerations and recommendations concerning the issue of legal protection for the use of the term "accountant". That report was referred to the Company Law Review Group for consideration and evaluation, as part of their 2007 Work Programme, and I am awaiting their response.