S.I. No. 259/1992:

COMPANIES ACT, 1990 (AUDITORS) REGULATIONS, 1992.

COMPANIES ACT, 1990 (AUDITORS) REGULATIONS, 1992.

WHEREAS certain difficulties have arisen in regard to the implementation in Part X of the Companies Act, 1990 (No. 33 of 1990), of Council Directive No. 84/253/EEC of 10 April, 1984¹, on the approval of persons responsible for carrying out the statutory audits of accounting documents;

AND WHEREAS it appears to me to be necessary for the purpose of implementing the said Directive to modify certain provisions of the said Part X;

NOW I, DESMOND O'MALLEY, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 201 of the Companies Act, 1990 , hereby make the following Regulations:

1. (1) These Regulations may be cited as the Companies Act, 1990 (Auditors) Regulations, 1992.

(2) These Regulations shall come into operation on the 21st day of September, 1992.

2. In these Regulations, "the Act" means the Companies Act, 1990 (No. 33 of 1990).

3. Subparagraph (iii) of section 187 (1) (a) of the Act shall not be regarded as having been complied with by a person appointed to be the auditor of a company or a public auditor unless, both on the 31st day of December, 1990, and on the date of such appointment, he was a member of a body referred to in that subparagraph and on the later date he held a valid practising certificate from that body.

4. (1) Notwithstanding section 187 of the Act, a firm shall be qualified for appointment as auditor of a company or as a public auditor:

Provided that at least one member of the firm is entitled to hold a practising certificate from a body referred to in subparagraph (1), (ii) or (iii) of subsection (1) (a) of that section and is otherwise qualified under the said subparagraph (i), (ii) or (iii), as may be appropriate, and paragraph (b) of subsection (1) of that section for appointment as auditor of a company or as a public auditor.

¹O.J. No. L126, 12.5.1984 pp. 20-26.

(2) A practising certificate may be granted by a body referred to in paragraph (1) of this Regulation to a firm that complies with the proviso to that paragraph and, where such a certificate is so granted, it shall be deemed to be held by the member or members of the firm from time to time during the currency of the appointment who so complies or comply.

5. The references in sections 198, 199 and 200 of the Act to the address of a person shall be construed as references to his business address and to the name and address of the head office of any firm of which he is a partner or employee.

6. Information furnished to the registrar of companies pursuant to section 199 or 200 of the Act shall be so furnished in such form and manner as he may specify.

7. (1) sections 199 and 200 of the the Act shall be construed as--

( a ) requiring a body of accountants referred to therein, to notify the registrar of companies of any change in the particulars previously furnished to him pursuant to those sections, as soon as may be, but not later than 6 months after its occurrence, and

( b ) requiring a person referred to in subsection (3) of either of those sections to notify the registrar of companies--

(i) at least once in each year, if it be the case, that he holds an authorisation referred to in those subsections, and

(ii) as soon as may be, but not later than one month after its occurrence, of his ceasing to hold such an authorisation or of any change in the particulars delivered by him to the registrar of companies under either of those sections.

GIVEN under my Official Seal, this 15th day of September, 1992.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These Regulations modify certain provisions in Part X of the Companies Act, 1990 and are designed to facilitate the proper and effective implementation of EC Council Directive No. 84/253/EEC, provision for the implementation of which is already provided for in that Part of the Act.