LegalizeCompanies (Auditing and Accounting) Act 2003
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
18 amending acts · 2015-06-01, effective-IE-2014-act-38@2015-06-01
Act to provide for the establishment of a body to known as the Irish Auditing and Accounting Supervisory Authority or, in the Irish language, Údarás Maoirseachta Iniúchta agus Cuntasaíochta 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
“7. (1) A copy or fair and accurate report or summary of any decision, direction, report, investigation, statement or notice made, given, prepared, published or served by the Irish Auditing and Accounting Supervisory Authority.
(2) In this paragraph, ‘statement’ includes the following:
(a) any advice, admonition or censure given or administered by the Irish Auditing and Accounting Supervisory Authority under section 23 of the Companies (Auditing and Accounting) Act 2003;
(b) any certificate of refusal issued by that Authority in connection with an investigation under section 24 of the Companies (Auditing and Accounting) Act 2003;
(c) any notice given or statement made by that Authority under section 26 of the Companies (Auditing and Accounting) Act 2003 respecting whether a company's accounts comply with the Companies Acts.
(3) Nothing in this paragraph or any other provision of this Act limits section 33 of the Companies (Auditing and Accounting) Act 2003.”.
59 Revocation of regulations.
59.—The Companies Act 1990 (Auditors) Regulations 1992 (S.I. No. 259 of 1992) are revoked.
SCHEDULE 1 Transfer of Functions to Supervisory Authority
PART 1 Amendment of Companies Act 1990
| Item No. | Section affected | Amendment | Amendment |
| 1. | Section 187 | (a) In subsection (1)(a)(i), (ii) and (vi), substitute “Supervisory Authority” for “Minister” wherever it appears. | (a) In subsection (1)(a)(i), (ii) and (vi), substitute “Supervisory Authority” for “Minister” wherever it appears. |
| (b) In subsection (1)(a), substitute the following for subparagraph (iv): | (b) In subsection (1)(a), substitute the following for subparagraph (iv): | ||
| “(iv) he was authorised by the Minister before the 3rd day of February, 1983, and is for the time being authorised by the Supervisory Authority to be so appointed, or”. | “(iv) he was authorised by the Minister before the 3rd day of February, 1983, and is for the time being authorised by the Supervisory Authority to be so appointed, or”. | ||
| 2. | Section 189 | In subsections (1), (2) and (4), substitute “Supervisory Authority” for “Minister” wherever it appears. | In subsections (1), (2) and (4), substitute “Supervisory Authority” for “Minister” wherever it appears. |
| 3. | Section 190 | In subsections (1), and (2), substitute “Supervisory Authority” for “Minister” wherever it appears. | In subsections (1), and (2), substitute “Supervisory Authority” for “Minister” wherever it appears. |
| 4. | Section 191 | Substitute the following for section 191: | Substitute the following for section 191: |
| “Recognition of bodies of accountants. | 191.—The Supervisory Authority may grant recognition to a body of accountants but only if satisfied— | ||
| (a) that the standards relating to training, qualifications and repute required by that body for the awarding of a practising certificate to a person are not less than those specified in Articles 3 to 6, 8 and 19 of the Council Directive, and | |||
| (b) as to the standards that body applies to its members in the areas of ethics, codes of conduct and practice, independence, professional integrity, auditing and accounting standards and investigation and disciplinary procedures.”. | |||
| 5. | Section 192 | (a) In subsections (1) and (2) substitute “Supervisory Authority” for “Minister” and substitute “under or for the purposes of section 187” for “under section 187”. | (a) In subsections (1) and (2) substitute “Supervisory Authority” for “Minister” and substitute “under or for the purposes of section 187” for “under section 187”. |
| (b) In subsection (3) substitute “Supervisory Authority” for “Minister” and substitute “under or for the purposes of section 187” for “under the said section 187”. | (b) In subsection (3) substitute “Supervisory Authority” for “Minister” and substitute “under or for the purposes of section 187” for “under the said section 187”. | ||
| (c) In subsection (4)(a) to (d) substitute “Supervisory Authority” for “Minister” wherever it appears. | (c) In subsection (4)(a) to (d) substitute “Supervisory Authority” for “Minister” wherever it appears. | ||
| (d) In subsection (4), repeal paragraphs (e), (f) and (g). | (d) In subsection (4), repeal paragraphs (e), (f) and (g). |
PART 2 Amendment of the Institute of Chartered Accountants in Ireland (Charter Amendment) Act 1966
| Item No. | Section affected | Amendment |
| 1. | Section 6 | Substitute “Supervisory Authority” for “Government”. |
SCHEDULE 2
| Item No. | Acts and Provisions affected | Amendment |
| 1. | Companies Act 1963, sections 10(10), 12(3), 44(8), 46(2), 47(4), 57(3), 58(3), 59(5), 69(2), 70(3), 78(5), 84(2), 86(2), 91(5), 92(4), 100(3), 101(2), 107(3), 110(2), 113(5), 114(3), 114(4), 115(6), 116(9), 117(4), 128(4), 136(3), 136(5), 143(5), 143(6), 145(4), 156(3), 157(2), 179(4), 180(5), 188(2), 193(4), 194(5)(b), 194(6), 195(12), 197(3), 201(6), 202(4), 202(6), 203(3), 205(5), 224(5), 227(2), 249(3), 252(2), 256(7), 261(7), 262(2), 263(3), 263(6), 263(7), 272(2), 273(3), 273(6), 273(7), 276A(3), 278(2), 280(4), 300, 301, 301A(5), 303(2), 305(2), 306(2), 310(2), 314, 317(2), 321(2), 322C(3), 358, 377(7) and 378(2) | Substitute, in each of the provisions specified in column 2, “shall be guilty of an offence and liable to a fine” for “shall be liable to a fine”. |
| 2. | Companies Act 1963, section 60(5) | Substitute, in the provision specified in column 2, “shall be guilty of an offence and liable to imprisonment for a period not exceeding 6 months or to a fine not exceeding €1,904.61 or to both” for “shall be liable to imprisonment for a period not exceeding 6 months or to a fine not exceeding £500 or to both”. |
| 3. | Companies Act 1963, section 102(2) | Substitute for the provision specified in column 2 the following: |
| “(2) If a judgment creditor makes default in complying with subsection (1) he shall be guilty of an offence and liable to a fine not exceeding €1,904.61, and if a company makes default in complying with that subsection, the company and every officer who is in default shall be guilty of an offence and liable to a fine not exceeding €1,904.61.”. | ||
| 4. | Companies Act 1963, sections 114(2), 131(6), 159(5), 190(9), 221(2), 234(5) and 398(3) | Substitute, in each of the provisions specified in column 2, “shall be guilty of an offence and liable to a fine” for the words “shall be liable to a fine” in both instances in which those words occur within that provision. |
| 5. | Companies Act 1963, section 266(6) | Substitute for the provision specified in column 2 the following: |
| “(6) If default is made— | ||
| (a) by the company in complying with subsections (1) and (2), | ||
| (b) by the directors of the company in complying with subsection (3), or | ||
| (c) by any director of the company in complying with subsection (4), | ||
| the company, directors or director, as the case may be, shall be guilty of an offence and liable to a fine not exceeding €1,904.61, and in case of default by the company, every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding €1,904.61.”. | ||
| 6. | Companies (Amendment) Act 1990, section 11(7) | Substitute, in the provision specified in column 2, “shall be guilty of an offence and liable to a fine” for “shall be liable to a fine”. |
| 7. | Companies Act 1990, section 50(7) | Substitute for the provision specified in column 2 the following: |
| “(7) If default is made in complying with subsection (1) or (5) or if an inspection required under subsection (6) is refused, the company and every officer of the company who is in default shall be guilty of an offence and liable on summary conviction to a fine not exceeding €1,904.61 and, for continued contravention, to a daily default fine not exceeding €63.49 and, if default is made for 14 days in complying with subsection (4), the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding €1,904.61 and, for continued contravention, to a daily default fine not exceeding €63.49.”. | ||
| 8. | Companies Act 1990, section 60(10) | Substitute, in the provision specified in column 2, “shall be guilty of an offence and liable to a fine” for “shall be liable to a fine” in both instances in which those words occur within that provision. |
| 9. | Companies Act 1990, sections 80(10) and 161(6) | Substitute, in each provision specified in column 2, “shall be guilty of an offence and liable to a fine” for the words “shall be liable to a fine” in both instances in which those words occur within that provision. |
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