Mr. Seamus McCarthy:

Certainly, we obviously try to complete an audit and get the certificate to everybody as soon as possible. Once the accounts have been signed off on, there is an obligation to have them submitted – within three months is the standard – to the Oireachtas Library so they will be available to the committee. There was a bit of a delay, I think, over the summer in the submission of the audited accounts.

The point of draft unaudited accounts going to the Department is that the Department will be aware of the broad financial position of a State body at the earliest possible time. It is obviously subject to confirmation by the audit process. The delay we had was in relation to the accounting for the investment in Curragh Racecourse Limited. The loss, I think, was recognised in the draft financial statements. That information would have been available to the Department from the draft but we were not happy that it was properly accounted for. The technical advice had to be received by HRI to complete that process.