Company Law

Tuesday, 28 January 2014

Questions (334)

Dara Calleary

Question:

334. Deputy Dara Calleary asked the Minister for Jobs, Enterprise and Innovation in view of the levying powers conferred on IAASA by the recent Companies (Miscellaneous Provisions) Act 2013 and the Exchequer-nature of the overall approach, if there is any further legislative impediment to IAASA taking responsibility for the supervision, audit quality and regulation of auditors of public interest entities; the other administrative obstacles which remain to permitting the resourcing of IAASA in this regard; when the IAASA can be expected to begin undertaking this function; and his views on the matter given its critical importance to the much needed enhancement of confidence in statutory audit. [3983/14]

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Written answers

Minister for Jobs, Enterprise and Innovation

Article 7 of the Companies (Miscellaneous Provisions) Act 2013, No. 46 of 2013 confers powers on the Irish Auditing and Accounting Supervisory Authority (IAASA) to impose a levy in order to defray the full costs to it of discharging the external quality assurance function with respect to statutory auditors and audit firms auditing Public Interest Entities. The intention is that this will be complemented by further powers and functions in primary and secondary legislation to enable IAASA to carry out the range of tasks and activities associated with the external quality assurance function.

Sanction has been sought for the additional posts associated with conferring these new functions on IAASA, and confirmation of this is awaited from the Department of Public Expenditure and Reform. Such sanction will enable IAASA to embark on the process of recruiting the necessary additional staff.

The conferral on IAASA of additional functions to those of discharging that of external quality assurance as regards the cohort of auditors and audit firms in question does not arise in the present context.

Question No. 335 answered with Question No. 330.