Billy Kelleher (Cork North Central, Fianna Fail)
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Question 69: To ask the Minister for Finance if the reference to audited accounts in accordance with generally accepted accounting principles in page 24 of the programme for Government is intended to replace existing auditing procedures; and the extent to which this is intended to mark a departure from past Exchequer practice. [5378/11]

Michael Noonan (Limerick City, Fine Gael)
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The Comptroller and Auditor General (C&AG) has a wide audit remit covering the Central government area, Third level education bodies, non-commercial Semi State and Health sector bodies. Commercial State bodies are audited by private sector firms. The accounts of all bodies disclose the basis on which the accounts have been prepared whether cash or accrual. The C&AG conducts his audits in accordance with the most recent update of the International Audit standards including consideration of compliance with the disclosed basis of accounting. Private sector firms follow the same principle of auditing the accounting base in line with international standards.

In this context, the reference to 'audited accounts in accordance with generally accepted accounting principles' will not impact on the principles underlying the current approach to audit of public bodies.