S.I. No. 56 of 2006

Companies (Auditing and Accounting) Act 2003 (Commencement) Order 2006

I, Michael Ahern, Minister of State at the Department of Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 2 of the Companies (Auditing and Accounting) Act 2003 (No. 44 of 2003) and the Enterprise, Trade and Employment (Delegation of Ministerial Functions) (No. 2) Order 2004 ( S.I. No. 808 of 2004 ), hereby order as follows:

1.        This Order may be cited as the Companies (Auditing and Accounting) Act 2003 (Commencement) Order 2006.

2.        The 3^rd day of February 2006 is appointed as the day on which the following provisions of the Companies (Auditing and Accounting) Act 2003 (No. 44 of 2003) come into operation:

(a)      section 9 (other than paragraph (1) of subsection (2));

(b)      section 10;

(c)      sections 23 to 25;

(d)      sections 27 and 28;

(e)      section 29 (other than subsection (5));

(f)       section 32;

(g)      Schedule 1.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order fixes the 3^rd February, 2006 as the date on which the various provisions now being commenced come into operation. These provisions bring into effect many of the powers and functions of the Irish Auditing and Accounting Supervisory Authority (IAASA) provided for in the Companies (Auditing and Accounting) Act, 2003 and in particular transfers the powers of the Minister for Enterprise, Trade and Employment in relation to the recognition of accountancy bodies under the Companies Acts to IAASA.