Annual Accounts for the year ending 31st December 2007

Chapter 7
Developing an Organisation of Excellence
7.8 Corporate Governance
7.8.1 Internal Audit
Internal Audit forms part of the governance and control environment by exercising
an independent appraisal function charged with reviewing activities across all areas
within the Body. The role of Internal Audit is to objectively examine, evaluate and
report on whether the systems, procedures and controls which management operate
in the pursuance of the Body’s objectives are being complied with in the most
economic, efficient and effective manner and in accordance with applicable laws
and regulations. It assists all levels of management in exercising its responsibility
of ensuring that sound systems of internal controls are introduced and maintained.
Internal Audit carries out its remit by completing an annual programme of audits
and reports to the Audit Committee on the results of these audits. It also monitors
and reports to management and the Audit Committee on progress towards the
implementation of agreed audit recommendations. During 2007, Internal Audit
continued to audit the effectiveness of the internal control environment in
Waterways Ireland. Areas audited included; Purchasing, Fixed Assets, Compliance
with the Financial Memorandum, IT Project Management, Risk Management and a
Follow-Up Review of previous internal audit reports.
7.8.2 Audit Committee
Waterways Ireland has an Audit Committee which has two external members. The
Audit Committee has unrestricted access to the internal and external auditors. The
Audit Committee assesses the work of Internal Audit and receives reports on various
aspects of internal control. During 2007 the Audit Committee met 3 times to
review Internal Audit reports and to ensure that appropriate action is being taken by
management to implement agreed internal audit recommendations.
7.9 Developing our IT systems to support
delivery of our goals
7.9.1 Financial and Management Systems
The Finance section provides the core of the organisation’s financial functions and
provides the financial policies and procedures under which the organisation operates.
During 2007, the first phase of the design of a fleet management system was
completed. This database will amalgamate all information of a financial nature
and technical information for managing the fleet of Waterways Ireland including
small items of plant and lifting equipment. The travel and subsistence software
implementation is ongoing and will be operational in 2008.
38
Waterways Ireland Annual Report and Accounts 2007