Amendment of Act of 1990 — new sections 205E and 205F.
Directors' compliance statement and related statement.
(h) any instruments made under an enactment referred to in any of paragraphs (a) to (g) or made under any other enactment and relating to tax.
but it does not apply to a company referred to in paragraph (a) or (b) that is of a class exempted under section 48 (1)(j) of the Act of 2003 from this section or to a company referred to in paragraph (b) while that company qualifies for an exemption under subsection (9).
(c) its arrangements for implementing and reviewing the effectiveness of the policies and procedures referred to in paragraphs (a) and (b).
(d) be included in the directors' report under section 158 of the Principal Act.
(c) confirming that the directors have reviewed the effectiveness of the procedures referred to in paragraph (b) during the financial year to which the report relates, and, if this is not the case, specifying the reasons.
(b) if they are not of that opinion, specify the reasons.
(7) For the purposes of this section, a company's internal financial and other procedures are considered to be designed to secure compliance with its relevant obligations and to be effective for that purpose if they provide a reasonable assurance of compliance in all material respects with those obligations.
each director to whom the failure is attributable is guilty of an offence.
(ii) if an amount is prescribed under section 48 (1)(l) of the Act of 2003 for the purpose of this provision, the prescribed amount.
Auditor's review of compliance statement and related statements.
to determine whether, in the auditor's opinion, each statement is fair and reasonable having regard to information obtained by the auditor, or by an affiliate of the auditor within the meaning of section 205D, in the course of and by virtue of having carried out audit work, audit-related work or non-audit work for the company.
(ii) include that report in the auditor's report appended to the annual accounts.
(c) to comply with section 205E(5) and (6), the auditor shall report that opinion and the reasons for forming that opinion to the Director of Corporate Enforcement.
(4) Section 194(6) applies, with the necessary modifications, in relation to an auditor's compliance with an obligation imposed on him by or under this section as it applies in relation to an obligation imposed by or under section 194.
(5) A person who contravenes this section is guilty of an offence.".