Terence Flanagan (Dublin North East, Independent)
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83. To ask the Minister for Jobs, Enterprise and Innovation his plans to increase regulation of the auditing profession in view of the financial crisis; and if he will make a statement on the matter. [2022/15]

Richard Bruton (Dublin North Central, Fine Gael)
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In the wake of the international financial crisis the European Commission brought forward an extensive set of proposals for an Audit Regulation and a Directive in December 2011, inter alia, to provide for a strengthened and more coordinated approach to the supervision of auditors in the EU and to enhance the independence of auditors. Following intensive negotiations at Council Working Party level, the Audit Directive (2014/56/EU), amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts, and the Audit Regulation (EU) No. 537/2014 on specific requirements regarding the statutory audit of public-interest entities, were adopted on 16 April, 2014.

The Audit Regulation introduces stricter requirements on the statutory audits of public-interest entities, such as listed companies, credit institutions, and insurance undertakings.

My Department is currently in the process of transposing the Audit measures into national law. In that connection, a public consultation was undertaken by my Department towards the end of last year which will help to inform the process of transposing these Audit measures into Irish law.

The Audit measures are required to be given effect by 17 June 2016.