Business Regulation

Dáil Éireann Debate, Wednesday - 11 December 2013

Wednesday, 11 December 2013

Questions (68)

Patrick O'Donovan

Question:

68. Deputy Patrick O'Donovan asked the Minister for Jobs, Enterprise and Innovation his plans to introduce legislative or regulatory measures to make provision for mandatory audit rotation in the instance of public interest entities, including but not exclusively banks and other financial institutions in which the State has a financial interest; his views on whether the introduction of these mandatory measures would be in the public interest; and if he will make a statement on the matter. [53254/13]

Written answers

Minister for Jobs, Enterprise and Innovation

Audit proposals adopted by the EU Commission at the end of 2011 contain draft provisions relating to auditor and audit firm rotation in respect of the audit of public interest entities. These audit proposals are currently the subject of Trilogue negotiations between the European Council, the European Commission and the Parliament. The audit provisions arising from this process, including any pertaining to auditor and audit firm rotation of public interest entities, will be implemented in Ireland in the context of the transposition of these audit measures.