Annual Accounts for the year ending 31st December 2007

Annual Accounts for the year ending 31st December 2007
WATERWAYS IRELAND
The Certificate of the Comptrollers and Auditors General to the Houses of the
Oireachtas and the Northern Ireland Assembly
We have audited the accounts of Waterways Ireland for the year ended 31 December
2007 pursuant to the provisions of the British-Irish Agreement Act 1999 and the
North/South Co-operation (Implementation Bodies) (Northern Ireland) Order 1999
which require us to audit and certify, in co-operation, the accounts presented to us by
the Body.
The accounts, which have been prepared under the accounting policies set out therein,
comprise the Income and Expenditure Account, the Statement of Total Recognised Gains
and Losses, the Balance Sheet, the Cash Flow Statement and the related notes.
Respective Responsibilities of the Body, Chief Executive and the
Auditors
The responsibilities of the Body and the Chief Executive, including those pertaining to
the preparation of the accounts in accordance with applicable law and the regularity of
financial transactions are set out in the Statement of Responsibilities.
It is our responsibility to audit the accounts in accordance with relevant legal and
regulatory requirements and International Standards on Auditing (UK and Ireland).
We report our opinion as to whether the accounts give a true and fair view, and have
been properly prepared, in accordance with the accounts direction issued under the
governing legislation. We also report our opinion as to whether in all material respects
the expenditure and income have been applied for the purposes intended by Dáil Eireann
and the Northern Ireland Assembly and whether the financial transactions conform to
the authorities which govern them; and whether proper accounting records have been
kept by the Body. In addition, we state whether we have obtained all the information
and explanations necessary for the purposes of our audit, and whether the accounts are
in agreement with the accounting records.
We review whether the Statement on Internal Control reflects the Body’s compliance
with applicable guidance on corporate governance and report any material instance
where it does not do so, or if the statement is misleading or inconsistent with other
information we are aware of from our audit of the accounts. We are not required
to consider whether the Statement on Internal Control covers all financial risks and
controls, or to form an opinion on the effectiveness of the risk and control procedures.
We read other information contained in the Annual Report, and consider whether it
is consistent with the audited accounts. We consider the implications for our report if
we become aware of any apparent misstatements or material inconsistencies with the
accounts.
Without qualifying our opinion we draw attention to the fact that the basis of
accounting for pension costs that will be ultimately borne by the Irish Exchequer, and
which is disclosed in accounting policy 1.5, does not comply with Financial Reporting
Standard 17.
Waterways Ireland Annual Report and Accounts 2007 51