Company Law

Dáil Éireann Debate, Tuesday - 12 October 2010

Tuesday, 12 October 2010

Questions (455)

Arthur Morgan

Question:

524 Deputy Arthur Morgan asked the Minister for Enterprise, Trade and Innovation his views on the reliability of auditing reports in terms of their content; the actions or reviews that are being taken by his Department in looking at the suitability of the content of auditing reports; the discussions that are being had at EU and international level, to which he is party, on amending the content of auditing reports to consider a broader range of factors; and if he will make a statement on the matter. [24534/10]

Written answers

Minister of State at the Department of Enterprise, Trade and Innovation (Deputy Billy Kelleher)

The content of audit reports is determined by Irish company law, which is largely based on EU legislation in this area, and by internationally-based auditing standards. In addition, auditors currently have a range of statutory reporting obligations, for example, under criminal justice legislation and taxation law.

Officials of my Department, and, as appropriate, other Departments, participate in EU meetings at which auditing matters are considered.

The European Union is scheduled to bring forward a Green Paper on auditing shortly which is likely to stimulate debate on many issues of relevance to statutory audit. Ireland will fully participate in these deliberations and EU initiatives arising therefrom.