The Department of Enterprise, Trade and Employment is seeking the views of stakeholders and interested parties on specific proposals to enhance the Companies Act 2014. Views from stakeholders and interested parties are requested no later than 5pm on 9 June 2023.
Proposals include changes to the audit exemption regime, to provide for a two-step graduated regime to deal with late filing, rather than automatic loss of audit exemption for two years. The two-step regime would operate as follows:
-On the occasion of the first instance of late filing, filing fees would be incurred and there would be no loss of audit exemption;
-If there was a further instance of late filing within the following five- year period, late filing fees would be incurred and the entitlement to audit exemption would be lost for the following two financial years with the company required to file audited financial statements for these years.
Other areas where changes are proposed are as follows;
- providing companies and industrial and provident societies with the option, in addition to the option to hold physical and hybrid meetings, to hold fully virtual AGMs and general meetings on a permanent basis
- delivering on Programme for Government commitment in relation to the regulation of receivers
- extending certain reporting obligations to examiners, interim examiners and process advisors
- certain enhanced powers for the Corporate Enforcement Authority, the Auditing and Accounting Supervisory Authority and the Companies Registration Office to strengthen the State’s capability to meet the challenges faced in investigating and prosecuting alleged breaches of company law.
CPA Ireland is considering the proposals and will make a submission shortly. Members are encouraged to respond also.
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