Companies (Auditing and Accounting) Act 2003

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Number 44 of 2003


COMPANIES (AUDITING AND ACCOUNTING) ACT 2003


ARRANGEMENT OF SECTIONS

PART 1

Preliminary Matters

Section

1.

Short title, collective citation and construction.

2.

Commencement.

3.

Interpretation.

PART 2

Irish Auditing and Accounting Supervisory Authority

4.

Interpretation of this Part.

5.

Establishment of Supervisory Authority.

6.

Membership.

7.

Alterations in memorandum and articles of association.

8.

Objects.

9.

Functions.

10.

General powers.

11.

Board of directors.

12.

Chief executive officer.

13.

Work programme.

14.

Funding.

15.

Reserve fund and levy.

16.

Excess revenue.

17.

Staff.

18.

Disclosure of interests by directors.

19.

Disclosure of interests by staff.

20.

Superannuation.

21.

Accounts and audit.

22.

Accountability mechanisms.

23.

Intervention in disciplinary process of prescribed accountancy bodies.

24.

Investigation of possible breaches of standards of prescribed accountancy bodies.

25.

Review of members of recognised accountancy bodies.

26.

Review of whether accounts comply with Companies Acts.

27.

Delegation of Supervisory Authority's functions and powers.

28.

Hearings, privileges and procedural rules.

29.

Appeals to and orders of High Court, including orders confirming decisions of Supervisory Authority.

30.

Supervisory Authority's seal and instruments.

31.

Confidentiality of information.

32.

Transfer of certain functions to Supervisory Authority and related transitional provisions.

33.

Liability of Supervisory Authority for acts, omissions, etc.

PART 3

Other Measures to Strengthen the Regulation of Auditors

34.

Amendment of section 182 of Act of 1990 (interpretation of Part X).

35.

Amendment of section 187 of Act of 1990 (qualifications for appointment as auditor).

36.

Amendment of Act of 1990 — new section 192A.

37.

Amendment of section 194 of Act of 1990 (duty of auditors).

38.

Amendment of section 198 of Act of 1990 (register of auditors).

39.

Amendment of section 199 of Act of 1990 (provisions concerning register of auditors).

40.

Amendment of section 200 of Act of 1990 (duty to keep registrar informed).

41.

Amendment of Act of 1990 — new section 205A.

42.

Amendment of Act of 1990 — new section 205B.

43.

Amendment of Act of 1990 — new section 205C.

44.

Amendment of Act of 1990 — new section 205D.

45.

Amendment of Act of 1990 — new sections 205E and 205F.

46.

Amendment of section 127 of Act of 1963 (annual return date).

47.

Amendment of section 128 of Act of 1963 (documents to be annexed to annual return).

PART 4

Regulations and Miscellaneous Matters

48.

Minister's power to make regulations.

49.

Prior approval by Oireachtas required for certain regulations.

50.

Laying of other regulations before Oireachtas.

51.

Amendment of Company Law Enforcement Act 2001.

52.

Amendment of Company Law Enforcement Act 2001 (certificate evidence).

53.

Amendment of Companies (Amendment) (No. 2) Act 1999 (exemption from requirement to have accounts audited).

54.

Amendment of section 43 of Companies (Amendment) (No. 2) Act 1999 (Company to have director resident in State).

55.

Amendment of section 13 of Companies (Amendment) Act 1982.

56.

Amendment of section 200 of Act of 1963 (avoidance of provisions exempting officers and auditors from liability).

57.

Amendment of Companies Acts (default provisions).

58.

Amendment of Defamation Act 1961.

59.

Revocation of regulations.

SCHEDULE 1

Transfer of Functions to Supervisory Authority

PART 1

PART 2

SCHEDULE 2


Acts Referred to

Capital Acquisitions Tax Act 1976

1976, No. 8

Capital Gains Tax Acts

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Companies Acts 1963 to 2001

Companies (Amendment) Act 1982

1982, No. 10

Companies (Amendment) Act 1986

1986, No. 25

Companies (Amendment) Act 1990

1990, No. 27

Companies (Amendment) (No. 2) Act 1999

1999, No. 30

Company Law Enforcement Act 2001

2001, No. 28

Comptroller and Auditor General (Amendment) Act 1993

1993, No. 8

Defamation Act 1961

1961, No. 40

Ethics in Public Office Act 1995

1995, No. 25

Finance Act 2003

2003, No. 3

Institute of Chartered Accountants in Ireland (Charter Amendment) Act 1966

1966, No. 2 (Private)

Taxes Consolidation Act 1997

1997, No. 39

Value-Added Tax Act 1972

1972, No. 22

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Number 44 of 2003


COMPANIES (AUDITING AND ACCOUNTING) ACT 2003


AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF A BODY TO BE KNOWN AS THE IRISH AUDITING AND ACCOUNTING SUPERVISORY AUTHORITY OR, IN THE IRISH LANGUAGE, ÚDAR?S MAOIRSEACHTA INIÚCHTA AGUS CUNTASA?OCHTA NA hÉIREANN, TO GIVE POWER TO IT TO SUPERVISE THE REGULATORY FUNCTIONS OF THE RECOGNISED ACCOUNTANCY BODIES AND OTHER PRESCRIBED ACCOUNTANCY BODIES, TO AMEND COMPANY LAW TO TRANSFER TO THE SUPERVISORY AUTHORITY EXISTING FUNCTIONS RELATING TO THE RECOGNITION OF ACCOUNTANCY BODIES AND TO OTHERWISE AMEND COMPANY LAW IN RELATION TO AUDITING, ACCOUNTING AND OTHER MATTERS.

[23rd December, 2003]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: