Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Again, control weaknesses were identified. The finance committee met just once during the year and there was no review by the board of the effectiveness of the system of internal financial control.

The 2016 account for Dundalk Institute of Technology received a qualified audit opinion. The financial statements give a true and fair view except that the group income for 2015-2016 has been materially overstated. Contrary to accounting standards, the institute has recognised €812,000 that should be treated as a prior period adjustment as current income but the end of August 2016 financial position is not affected. Attention is also drawn to non-recognition of pension costs and liabilities and a material level of non-compliance with public procurement rules. The issue with the €812,000 relates to whether it should have been accounted for in one year or another. It is in there now-----