Dáil Éireann Debate, Wednesday - 30 April 2014
262. Deputy Patrick O'Donovan asked the Minister for Jobs, Enterprise and Innovation his plans to introduce measures in primary or secondary legislation to define the use of the term "accountant" in order to introduce protections for the consumer; and if he will make a statement on the matter. [19117/14]
Amharc ar fhreagraAt the moment the immediate priority in the Company Law area is to work for an early enactment of the Companies Bill 2012, which was published on the 21st December 2012 and which completed Report and Final Stages in the Dáil on the 2nd April 2014. The Seanad is due to consider the Bill shortly. Once on the statute book, the Companies Bill will introduce a modern company law code for Ireland and bring significant benefits to business. The Bill has been many years in the making and I am keen to have it in force at the earliest opportunity.
The Company Law Review Group, in its 2007 report, recommended the regulation of the title “accountant. On foot of this recommendation, the Department of Enterprise, Trade and Innovation (as it then was), considered the matter and in particular noted the views of the Office of the Director of Corporate Enforcement and the Competition Authority. The Competition Authority took the view that there was no clear public interest case which would warrant the legal protection of the term accountant.
It should be noted that the Review Group on Auditing, which reported in 2000 also concluded that there was no compelling case for recommending statutory protection for the term accountant. However, in light of concerns expressed by members of the professional accountancy bodies I have requested the Department to undertake a consultation with all interested parties on the issue and it is hoped that this consultation will take place later this year. To inform the consultation process the Irish Auditing and Accounting Supervisory Authority recently sought information from the nine Prescribed Accountancy Bodies (PABs) to establish whether the PABs have specific evidence or experience of adverse outcomes arising for members of the public from engaging the services of an unqualified person. In particular, they requested information the PABs may have in respect of individuals who are excluded from their membership for misconduct and who continue to provide services to the public.
