Companies Act, 1990

Provisions in relation to recognitions and authorisations by Minister under section 187 .

192.—(1) The Minister may, at the time it is granted or at any time during the currency of a recognition or authorisation under section 187 by notice in writing given to the body of accountants or individual concerned, attach to the recognition or authorisation, as the case may be, such terms and conditions as he thinks necessary or expedient and specified in the notice.

(2) The Minister may, at any time during the currency of a recognition or authorisation under section 187 , by notice in writing given to the body of accountants or individual concerned, amend its terms or conditions or insert into it or delete from it other terms or conditions.

(3) The Minister may, at any time during its currency, by notice in writing given to the body of accountants or individual concerned, revoke, or suspend for a specified period, a recognition or authorisation under the said section 187 .

(4) (a) The Minister may require a body of accountants recognised for the purposes of the said section 187 to prepare and, within such period as may be specified in the requirement, to submit to the Minister for his approval a code prescribing standards of professional conduct for its members and providing for sanctions for breaches of the code, and the body of accountants shall comply with the requirement.

(b) A body of accountants may, at any time, prepare and submit to the Minister a code amending or revoking a code prepared by it under this subsection.

(c) The Minister may approve of a code submitted to him under this subsection.

(d) A code approved of by the Minister under this section shall be brought into operation and enforced by the body of accountants concerned in accordance with its terms.

(e) Where the Minister approves a code under this subsection, he may direct that such provisions of the code as relate to the professional integrity of auditors shall apply, with any necessary modifications approved by the Minister, to persons individually authorised by him.

(f) The Minister may, by regulations, make provision for the function of monitoring compliance by individuals with the code in accordance with paragraph (e). Such regulations may in particular provide for this function to be performed on behalf of the Minister by any body or person specified in the regulations. The regulations may also contain such incidental, consequential, transitional or supplementary provision as may appear to be necessary or proper to ensure compliance with the specified provisions of the code by the individuals concerned.

(g) Every regulation made by the Minister under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(5) References in this section to recognitions under section 187 include references to recognitions under section 162 (inserted by the Companies (Amendment) Act, 1982 ) of the Principal Act and references in this section to an authorisation under section 187 include references to authorisations under the said section 162.