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IDA IRELAND ANNUAL REPORT AND ACCOUNTS 2010 • 28In today’s extremely competitiveworld, business people are agreedthat innovation is the primary sourceof sustainable competitive advantage.This search has led companiesincluding Warner Chilcott, IBM,EA, and Webroot to locate theirEuropean headquarters or othermajor operations centres in Ireland.
IDA IRELAND ANNUAL REPORT AND ACCOUNTS 2010 • 29STATEMENT OF BOARDMEMBERS’ RESPONSIBilitiESThe Industrial Development Agency Ireland (IDA) was established on 1 January 1994 as anagency of Forfás (the policy and advisory board for industrial development in Ireland) underthe provisions of the Industrial Development Act, 1993.Paragraph 7(2) of the First Schedule to the IndustrialDevelopment Act, 1993 requires the Agency to keep,in such form as may be approved of by the Minister forEnterprise, Trade and Innovation with the consent of theMinister for Finance, all proper and usual accounts ofmoney received and expended by it. In preparing thoseaccounts, the Board is required to:• select suitable accounting policies and applythem consistently;• make judgements and estimates that are reasonableand prudent;• prepare the Financial Statements on a going concernbasis unless it is inappropriate to presume that theAgency will continue in operation;• disclose and explain any material departures fromapplicable accounting standards.The Board is responsible for keeping proper books ofaccount which disclose with reasonable accuracy atany time the financial position of the Agency and whichenables it to ensure that the Financial Statements complywith Paragraph 7(2) of the First Schedule to the IndustrialDevelopment Act, 1993. The Board is also responsible forsafeguarding all the assets of the Agency and hence fortaking reasonable steps for the prevention and detectionof fraud and other irregularities.On behalf of the Board:Liam O’MahonyChairmanBarry O’LearyChief ExecutiveBernard CollinsChairmanAudit, Finance & Risk Committee
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