Thursday, 9 November 2017
Department of Jobs, Enterprise and Innovation
36. To ask the Minister for Jobs, Enterprise and Innovation when Second Stage of the Companies (Statutory Audits) Bill 2017, which will transpose a 2014 EU directive, will take place in Dáil Éireann. [47585/17]
The Companies (Statutory Audits) Bill 2017 was published on 6 November 2017. The necessary requirements of the EU Audit Directive and Regulation were transposed in June 2016 to meet the EU deadline by way of statutory instrument (S.I. 312 of 2016).
The Bill elevates S.I. No. 312 of 2016 and enhances it, therefore much of the draft legislation is already on the statute book but through secondary legislation. It also avails of options not appropriate to secondary legislation.
The objectives of the Bill are:
- to provide a straightforward legal framework for statutory auditors and audited entities on the requirements for statutory audit,
- to enhance the powers of the Irish Auditing and Accounting Supervisory Authority, as the competent authority with ultimate responsibility for oversight, to ensure effective monitoring and enforcement of the new requirements,
- to update the rules relating to auditors for Industrial and Provident Societies Acts and the Friendly Societies Acts.
The Bill is one of my Department’s measures in the recently published package to enhance Ireland’s corporate, economic and regulatory framework and is therefore one of the Government’s priorities for enactment. While scheduling of second stage will be a matter for the Business Committee, I hope that this will take place early next month.