Vol. 558 No. 6
43 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. [24869/02]
Work on the Companies (Auditing and Accounting) Bill, which is complex, is proceeding preparatory to its submission to Government in the very near future to seek approval for its publication. My intention is to proceed with the Bill as soon as possible thereafter.
As I confirmed to the House on 5 November 2002, the Companies (Auditing and Accounting) Bill includes provisions to reform the regulation of and rules governing the accounting and auditing profession. A substantial amount of work on the preparation of the Bill was carried out prior to the Enron affair and indeed addressed many of the auditing and accounting related issues which surfaced with that event. The ongoing drafting of the Bill deals with the concerns relating, for example, to auditor independence arising from Enron.
