Mr. Seamus McCarthy:

As you said, Chairman, there are five sets of financial statements. Three of them relate to education and training boards. No. 1 is the 2020 annual financial statements for Tipperary Education and Training Board. It received a clear audit opinion, but I draw attention to its disclosure of non-compliance with procurement rules.

No. 2 is the accounts of the University of Limerick, UL, for 2019-20. Again, it is a clear audit opinion on its financial statements. However, I am drawing attention to an emphasis of matter paragraph that I have included in the certificate with regard to the recognition of a deferred pension funding asset for one of the university's pension schemes. This is a standard inclusion in the audit certificate so it does not result in a qualification. However, I am also drawing attention to four other matters and some of these were responsible for some of the delay in completion of the audit process in respect of these financial statements. The first is a significant level of procurement non-compliance and detail in that regard is given in the statement of governance. The second one, and the committee is aware of this, is that I am drawing attention to the ongoing investigation of concerns raised about the purchase in 2019 of a site for a city centre campus. When I signed off in December on these financial statements that process was ongoing and, as we have heard more recently, the process is still in train and has not yet completed. Third, I am drawing attention to a disclosure by the university in the statement of governance with regard to the findings of an investigation that there was an override of internal controls by a senior manager of the university in respect of HR and procurement issues. The members, if they wish, will get the information relating to that by clicking on the link in the schedule. Finally, I am drawing attention to the existence of an agreement with the former president in respect of his resignation. In my view, this had the typical characteristics of a severance agreement, but it was not submitted for sanction to the Department of Public Expenditure and Reform, as is required for any severance agreement with a departing chief officer of a public body.

Financial statement No. 3 relates to the Insolvency Service of Ireland 2020. It is a clear audit opinion-----