Dáil Éireann Debate, Thursday - 23 November 2017
31. Deputy Maurice Quinlivan asked the Tánaiste and Minister for Business, Enterprise and Innovation her plans to increase the staffing and budget allocations for the Office of the Director of Corporate Enforcement and the Irish Auditing and Accounting Supervisory Authority in preparation for the new functions they will assume under the Companies (Statutory Audits) Bill 2017. [49575/17]
Amharc ar fhreagraThe Companies (Statutory Audits) Bill 2017, published on 6 November 2017, aims to enhance the oversight of statutory audits.
The Bill strengthens the statutory powers of the Irish Auditing and Accounting Supervisory Authority (IAASA). This will include enhanced investigation powers and oversight powers such as the power to impose a greater pecuniary sanction on statutory audit firms.
IAASA currently (November 2017) has an approved staff complement of 43. At present, 24 staff are in place, with recruitment of additional staff underway and plans to commence a further recruitment campaign.
IAASA’s agreed Annual Programme of Expenditure for 2018 is in respect of IAASA’s total budget for its running costs, including pay for staffing and all costs associated with the functions conferred on IAASA.
The new Bill does not provide for any new functions for the Office of the Director of Corporate Enforcement (ODCE). As such, the Companies (Statutory Audits) Bill does not affect the staffing and budget allocations for the ODCE.
