Simon Harris (Wicklow, Fine Gael) | Oireachtas source

The point stands that my most recent inquiry established that it had not submitted the 2012 accounts to the Companies Registration Office. I will talk Dr. Smith through this. Page 6 of the healthcare group’s accounts contains a report from the independent auditors, PricewaterhouseCoopers. This seems to be a confusing and complex area. Somebody might guide me on it. There is an adverse opinion on the financial statements. St. Vincent’s has publicly explained why this adverse opinion arose. I would like to address it with you, Dr. Smith.

It states that as more fully explained in note 20 to the financial statements, the financial statements do not include pension costs, pension liabilities and pension assets of those staff who are members of the voluntary hospital superannuation scheme as required by financial reporting standard 17, retirement benefits. In the auditor's opinion, because of the significance of the matter described and the basis for the adverse opinion paragraph, the financial statements do not give a true and fair view in accordance with generally accepted accounting practice in Ireland of the state of the group’s and the parent company’s affairs as of 31 December 2011 and of the group’s loss and cash flows for the year then ended. It concludes that because of the potential impact of the matter described and the basis for the adverse opinion paragraph, they were unable to form an opinion as to whether the net assets of the parent company as stated in the company balance sheet after taking account of this matter are more than half of the amount of its so-called share capital.

When I see an adverse opinion in group accounts that have been filed significantly late it raises a red flag. Could you please give me your opinion of it?