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Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: We will take the opening statements of Professor Patrick O'Shea and Dr. Barry O'Connor as read. We had a late start and I understand they have commitments in the afternoon. They can refer to them, if they so wish during the session. All of the opening statements will be published, with the letter we received from Professor O'Shea on 9 May 2018.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: You will get a second chance afterwards, guaranteed.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: Deputy Kelly has 15 minutes.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: Has CIT not got a copy of that?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: Can we get that? Is there anybody here who can supply that?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: Has CIT submitted a document?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: I thought that Dr. Love said he had the answer and now Dr. O'Connor is saying something else.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: It is not the final word?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: Can we ask the Comptroller and Auditor General?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: Can someone here make a phone call back to CIT and ask for it to be emailed to the committee secretariat? What is the most convenient way to do this before lunchtime?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: It is in CIT's interest to try to conclude this matter here today in public session. That is all I would say.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: If we go away with it-----

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: It is in CIT's interest not to leave it hanging.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: It is 83 seconds.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: The Deputy is well over time.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: We will come back to Deputy Alan Kelly, if we have time. Before Deputy David Cullinane begins, I have one quick follow-through question about CIT. The witnesses said that as the board lacked the financial competence to support the finance committee, a sub-committee of the board, an outsider had to be brought in. Is that right?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: The finance committee.

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: I am going to make a comment on behalf of the Committee of Public Accounts. We are speaking specifically about CIT which has a turnover of €100 million per annum, but my comment applies to the third level sector generally. In the context of corporate governance, it is shocking that we have boards and governing bodies in place in the sector that do not have financial competence. That...

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: I understand, but the audit committee does not sign the annual financial statements on behalf of the organisation. Who is going to sign the financial statements for last year on behalf of the board?

Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)

Seán Fleming: Who is the chairman of the governing body?

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