Dáil Éireann debate -
Thursday, 21 Mar 2002

Vol. 550 No. 5

Written Answers. - Legislative Programme.

Brian O'Shea

Question:

23 Mr. O'Shea asked the Tánaiste and Minister for Enterprise, Trade and Employment when she expects to introduce the promised legislation governing the auditing and accounting profession; if the legislation will deal with the concerns expressed regarding the role of auditors arising from the Enron affair in the United States; and if she will make a statement on the matter. [9463/02]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney):

Last December the Government approved the draft scheme of a Companies (Audit and Accountancy) (Amendment) Bill, which is currently being drafted by the parliamentary counsel. The new legislation will provide for the establishment of a new independent regulatory body, the enforcing of accounting standards and the imposition of more detailed rules governing auditor independence including the imposition of additional disclosure requirements on companies in regard to non-audit fees paid by a company to their audit firm and the nature of the services provided.

In the light of recent developments, particularly in relation to Enron and Élan, I published and laid before the Houses of the Oireachtas, the draft scheme of Companies (Audit and Accountancy) (Amendment) Bill in advance of the actual text being finalised by the parliamentary counsel. While I cannot give a definitive date for the introduction of the Bill at this stage I do hope to be in a position to publish its official text during the lifetime of this Dáil.