Peter Power (Limerick East, Fianna Fail)
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The content of audit reports is determined by Irish company law, which is largely based on EU legislation in this area, and by internationally-based auditing standards. In addition, auditors currently have a range of statutory reporting obligations, for example, under criminal justice legislation and taxation law.

Officials of my Department, and, as appropriate, other Departments, participate in EU meetings at which auditing matters are considered.

The European Union is scheduled to bring forward a Green Paper on auditing shortly which is likely to stimulate debate on many issues of relevance to statutory audit. Ireland will fully participate in these deliberations and EU initiatives arising therefrom.