Companies (Auditing and Accounting) Act 2003

SCHEDULE 1 Transfer of Functions to Supervisory Authority

Transfer of Functions to Supervisory Authority

Section 32.

PART 1 Amendment of Companies Act 1990

PART 1

Amendment of Companies Act 1990

Item No.

Item No.

Section affected

Section affected

Amendment

Amendment

1.

1.

Section 187

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.

2.

Section 189

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.

3.

Section 190

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.

4.

Section 191

Section 191

Substitute the following for section 191

Substitute the following for section 191

“Recognition of bodies of accountants.

“Recognition of bodies of accountants.

191.—The Supervisory Authority may grant recognition to a body of accountants but only if satisfied—

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

(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.”.

(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.

5.

Section 192

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

PART 2

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

Item No.

Item No.

Section affected

Section affected

Amendment

Amendment

1.

1.

Section 6

Section 6

Substitute “Supervisory Authority” for “Government”.

Substitute “Supervisory Authority” for “Government”.

SCHEDULE 2

Section 57.

Item No.

Item No.

Acts and Provisions affected

Acts and Provisions affected

Amendment

Amendment

1.

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)

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”.

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.

2.

Companies Act 1963, section 60(5)

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”.

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.

3.

Companies Act 1963, section 102(2)

Companies Act 1963, section 102(2)

Substitute for the provision specified in column 2 the following

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.”.

“(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.

4.

Companies Act 1963, sections 114(2), 131(6), 159(5), 190(9), 221(2), 234(5) and 398(3)

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.

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.

5.

Companies Act 1963, section 266(6)

Companies Act 1963, section 266(6)

Substitute for the provision specified in column 2 the following

Substitute for the provision specified in column 2 the following

“(6) If default is made—

“(6) If default is made—

(a) by the company in complying with subsections (1) and (2),

(a) by the company in complying with subsections (1) and (2),

(b) by the directors of the company in complying with subsection (3), or

(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),

(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.”.

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.

6.

Companies (Amendment) Act 1990, section 11(7)

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”.

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.

7.

Companies Act 1990, section 50(7)

Companies Act 1990, section 50(7)

Substitute for the provision specified in column 2 the following

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.”.

“(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.

8.

Companies Act 1990, section 60(10)

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.

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.

9.

Companies Act 1990, sections 80(10) and 161(6)

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.

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.