Oireachtas Joint and Select Committees
Thursday, 10 December 2015
Public Accounts Committee
Waterford Institute of Technology: Financial Statements 2013
Cork Institute of Technology: Financial Statements 2013
1:40 pm
Mr. Paul Gallagher:
We think where this may have arisen is that following an internal audit review in 2013, we changed the way we manage our fixed asset audits. Previously we did it through the summer, and criticism was expressed that there was not enough time to complete the audits, so quite often one year ran into the next. In 2014, we implemented a new system whereby we have continual rolling audits in each department. We also centrally carry out an audit, but this is limited to items which are more than €5,000 in value bought since 1 January 2008. I believe where the allegation came from was the gap between these two. There is a certain element of central audit which we do not undertake. We have devolved it to the academic and functional departments.
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