Brian Walsh (Galway West, Fine Gael)
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Question 165: To ask the Minister for Finance if he will consider a legislative amendment of the Investment Intermediaries Act 1995 to exempt unincorporated business firms with turnovers below a prescribed limit from the obligation to appoint an auditor to make a report of their accounts, as is the case for small and medium enterprises operating in other sectors; and if he will make a statement on the matter. [14246/12]

Michael Noonan (Limerick City, Fine Gael)
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Under the Investment Intermediaries Act 1995, all investment firms must have their accounts audited. It is also a requirement that their auditors submit a Statutory Duty Confirmation. At least six weeks before the firm's return is due, the Central Bank sends an email to the firm requesting the auditor's details and the firm must provide these details. While there are sound reasons for this requirement to provide audited accounts, I am mindful of the need to reduce unnecessary overheads, in particular for small firms. I am aware that small, non-financial services firms are not required to submit audited accounts and I have asked my officials to review the current situation, in conjunction with the Department of Jobs, Enterprise & Innovation, and the Central Bank of Ireland.