Mr. Seamus McCarthy:

The National College of Art and Design's financial statements for the year ended 30 September 2012 have been presented. In the audit certificate, as well as drawing attention to the recognition of a deferred pension funding asset, which is a standard paragraph in certificates for third level education bodies, I referred to the governance issues in NCAD, which I have reported on previously. The statement of internal financial control gives an extensive report by the college on the state of play in regard to those matters. It continues to be an unsatisfactory situation.

I have qualified the audit opinion regarding the keeping of proper books and accounts. The next set of financial statements are currently being audited. We received them just last week and the audit on that is progressing, but there will continue to be delays because of the extensive difficulties with the keeping of books of accounts in the college.