Pa Daly (Kerry, Sinn Fein)
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121. To ask the Minister for Enterprise, Trade and Employment further to Parliamentary Question No. 241 of 11 February 2025, if he will consider introducing the Co-operative Societies Bill 2022 as a priority, such that eligible smaller co-ops could avoid an audit fee for the 2025 financial year. [8570/25]

Niamh Smyth (Cavan-Monaghan, Fianna Fail)
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The Co-operative Societies Bill is categorised as priority legislation for drafting in the recently published Spring legislative programme. As previously advised, it is expected that the Bill will be brought to Government by mid year. Once the Bill is published, I look forward to the support of Members of both Houses with a view to facilitating early enactment. However, at this stage, it is not possible to provide an expected date for the legislation coming into effect.

The legislation will provide for a transition period to allow existing societies to either register as co-operative societies, adopt an alternative corporate structure or wind up and be dissolved. For those societies whose members take the decision to register as co-operatives, changes to the rules of such societies will be required to ensure that they operate in accordance with the new legislation.

Audited accounts enhance transparency and provide certainty and reassurance to both members and external stakeholders regarding the state of affairs of a co-operative. However, it is acknowledged that the cost of an audit can put a considerable financial burden on smaller co-operatives. It will be a matter for the members of the smaller societies to decide whether it is in the best interests of their co-operatives to maintain the status quo of having their accounts audited or avail of the option provided by the co-operative legislation of availing of an audit exemption.