Companies (Auditing and Accounting) Act 2003


Irish Auditing and Accounting Supervisory Authority

Interpretation of this Part.

4.—(1) In this Part, except where the context otherwise requires—

“amount of turnover” and “balance sheet total” have the same meanings as in section 8 of the Act of 1986;

“board” means the board of directors of the Supervisory Authority;

“chief executive officer” means the Chief Executive Officer of the Supervisory Authority;

“designated body” means a body that, under section 6 (2), is a designated body at the relevant time;

“disciplinary committee” means any disciplinary committee or tribunal (however called) of a prescribed accountancy body;

“enactment” means a statute or an instrument made under a power conferred by a statute;

“functions” includes duties and responsibilities;

“member”, in relation to a prescribed accountancy body, means—

(a) a person, or

(b) a firm,

that is, or was at the relevant time, subject to the investigation and disciplinary procedures approved under section 9 (2)(c) for that body;

“Minister” means the Minister for Enterprise, Trade and Employment;

“parent undertaking” has the same meaning as in the 1992 Regulations;

“prescribed accountancy body” means—

(a) a recognised accountancy body, or

(b) any other body of accountants that is prescribed under section 48 (1)(a) for the purposes of this Act;

“recognised accountancy body” means a body of accountants recognised for the purposes of section 187 of the Act of 1990;

“reserve fund” means the fund established under section 15 ;

“standards”, in relation to a prescribed accountancy body, means the rules, regulations and standards that body applies to its members and to which, by virtue of their membership, they are obliged to adhere;

“subsidiary undertaking” has the same meaning as in the 1992 Regulations;

“superannuation benefits” means pensions, gratuities and other allowances payable on resignation, retirement or death;

“Supervisory Authority” means the company designated by the Minister under section 5 (1);

“the 1992 Regulations” means the European Communities (Companies Group Accounts) Regulations 1992 ( S.I. No. 201 of 1992 );

“the 1993 Regulations” means the European Communities (Accounts) Regulations 1993 ( S.I. No. 396 of 1993 ).

(2) In this Part “material interest” is to be construed in accordance with section 2 (3) of the Ethics in Public Office Act 1995 .