FINAL ACCOUNTS 2010 - National Transport Authority

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COMMISSION FOR TAXI REGULATIONStatement of the Commission’sResponsibilitiesSection 29 (1) of the Taxi Regulation Act 2003 obligesthe Commission to keep in a form approved by theMinister for Transport with the consent of the Ministerfor Finance, all proper and usual accounts of allmonies received or expended including an income andexpenditure account and balance sheet.The Commission is responsible for keeping properaccounting records that disclose with reasonableaccuracy at any time its financial position and toensure that the financial statements comply with theTaxi Regulation Act 2003. The Commission is alsoresponsible for safeguarding its assets and hence fortaking reasonable steps for the prevention and thedetection of fraud and other irregularities.On behalf of the Commission:In preparing those statements, the Commission isrequired to:• Select suitable accounting policies andapply them consistently.Kathleen DoyleCommissioner for Taxi Regulation14 December 2011• Make judgments and estimates that arereasonable and prudent.• Disclose and explain any material departuresfrom applicable accounting standards, and• Prepare the financial statements on a going concernbasis unless it is inappropriate to presume that theCommission will continue in existence.4
COMMISSION FOR TAXI REGULATIONStatement of InternalFinancial ControlsResponsibility for the System of Internal FinancialControlsGiven the dissolution of the Commission for TaxiRegulation and the incorporation of its staff andfunctions into the National Transport Authority on 1January 2011, this will be the final statement providedon behalf of the Commission. From that date onwardsresponsibility for the system of internal financialcontrols rests with the National Transport Authority.This integration involved the transfer of approximately€20M from the Commission to the National TransportAuthority.On behalf of the Commission for Taxi Regulation,I acknowledge our responsibility for ensuring themaintenance and operation of an effective system ofinternal financial control.Since its date of establishment in September 2004,the Commission took steps to develop an appropriatesystem, which provided reasonable, but not anabsolute, assurance that assets were safeguarded,transactions authorised and properly recorded, and thatmaterial errors or irregularities were either preventedor detected in a timely manner. The year in question,2010, saw a number of significant steps being taken tomeet this overall objective.• Identifying and categorising risks facing theCommission, in order to determine acceptable levelsof risk for those risks identified;• Assessing the likelihood and impact of identifiedrisks occurring and initiating a programme formanaging those risks;• Working closely with Government and variousstakeholders to ensure that there is a clearunderstanding of the Commission’s goals andsupport for the Commission’s strategies to achievethese goals.The Commission’s risk register was reviewedperiodically by the management team in 2010 insupport of the above. An assessment of specificoperational and regulatory risks in a key business area -vehicle licensing - was also conducted in the year.The Commission continued in 2010 to review thestaffing and system supports required to provide arobust system of internal financial controls to enable theroll-out of its key regulatory, licensing and enforcementactivities as listed in its current strategy statement andsupporting action plan. Over the course of this period,processes were maintained to support a frameworkof regular management information, administrativeprocedures including segregation of duties wherepossible, and a system of delegation and accountability.The work of internal audit was informed by analysis ofthe risks to which the Commission was exposed andannual internal audit plans were based on this analysis.The Commission established processes, includingformal business risk assessment, contingencyplanning, and mechanisms such as regulatory impactassessment and broad stakeholder consultation, toidentify and evaluate business risks by:5
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FINAL ACCOUNTS 2010 - National Transport Authority

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