independent

Saturday 19 April 2014

What the 12 charges mean

SEAN FitzPatrick is facing 12 charges under section 197 of the Companies Act 1990.

Under that section of the act, it is a criminal offence for an officer or employee of a company to knowingly or recklessly make a statement that is misleading, false or deceptive in a material way to an auditor of a company.

It is also an offence to fail to provide the auditor – within two days of the auditor's request – with any information or explanation that is within the knowledge of or can be obtained by the officer/employee.

Such breaches usually come to the attention of an auditor during routine audits, when there is a Revenue settlement or if there is legal action.

If convicted following a jury trial, offenders face a fine of up to €12,697 and/or a maximum sentence of up to five years in prison.

Irish Independent

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