Charles Flanagan
Question:67 Mr. Flanagan asked the Minister for Industry and Commerce when it is intended to give legal effect to Part X of the Companies Act, 1990, and if he will make a statement on the matter.
Written Answers. - Companies Act, 1990.
Part X of the Companies Act, 1990, which deals with accounts and audit, contains 24 sections. Seventeen of the sections were commenced by the Companies Act, 1990 (Commencement) (No. 2) Order, S.I. No. 117 of 1991, with effect from 1 July 1991. The seven sections that have yet to be commenced deal primarily with qualifications of auditors and recognition of bodies of accountants.
Section 191 dealing with the re-recognition of accountancy bodies for auditing purposes contains a three month time limit from its commencement within which decisions must be given. Because of this time limit, and in advance of commencing the provisions, my Department have sought information from the five recognised bodies showing how they would see themselves meeting the specified requirements regarding entry and supervision. Evaluation of the material submitted by the five bodies is now at an advanced stage and, provided it proves to be satisfactory, I envisage being able to commence the provisions in the near future.