Companies (Auditing and Accounting) Act 2003

• Permanent Page URL

Funding.

14.—(1) For the purposes specified in subsection (3), in each financial year, a grant not exceeding 40 per cent of the programme of expenditure approved for that year under section 13 , shall, subject to the conditions, if any, that the Minister thinks proper, be paid to the Supervisory Authority out of money provided by the Oireachtas.

(2) For the purposes specified in subsection (3), the Supervisory Authority may impose, with the Minister's consent and subject to subsections (4) to (6), one or more levies in each financial year of the Supervisory Authority on each prescribed accountancy body.

(3) Money received by the Supervisory Authority under this section may be used only for the purposes of meeting expenses properly incurred by it in performing its functions and exercising its powers under—

(a) sections 24 and 26, in the case of money set aside for, or paid into, the reserve fund in accordance with section 15 , or

(b) any provision of this Act, other than sections 24 and 26, in the case of money not so set aside for, or paid into, that fund.

(4) The total amount levied in any financial year of the Supervisory Authority on all prescribed accountancy bodies—

(a) may not exceed 60 per cent of the programme of expenditure approved for that year under section 13 , and

(b) requires the Minister's approval before consent is given to the imposition of any levy in that year.

(5) The Supervisory Authority shall—

(a) establish criteria for apportioning a levy among the classes of prescribed accountancy bodies,

(b) submit the criteria to the Minister for approval before imposing the levy, and

(c) specify the date on which the levy is due to be paid by those bodies.

(6) As a consequence of the apportionment of a levy under subsection (5), different classes of prescribed accountancy bodies may be required to pay different amounts of the levy.

(7) Before consenting to the imposition of a levy under this section, the Minister shall consult with the prescribed accountancy bodies and may consult with any other persons who, in the Minister's opinion, are interested in the matter.

(8) The Supervisory Authority may recover, as a simple contract debt in any court of competent jurisdiction, from a prescribed accountancy body from which the levy is due, a levy imposed under this section.

(9) For the purpose of providing for activities specified in its work programme, the Supervisory Authority may, from time to time, borrow money subject to the consent of the Minister and the Minister for Finance and to such conditions as they may specify.