dto annual report 06.indd - National Transport Authority

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Dublin Transportation Office Annual Report & Accounts 2006Statement on the System of Internal Financial ControlOn behalf of the Steering Committee members of the Dublin Transportation Office, I acknowledge ourresponsibility for ensuring that an effective system of internal financial control is maintained and operated.The system can only provide reasonable and not absolute assurance that assets are safeguarded, transactionsauthorised and properly recorded, and that material errors or irregularities are either prevented or would bedetected in a timely period.Key Control ProceduresThe Steering Committee has taken steps to ensure an appropriate control environment by:< clearly defining management responsibilities;< establishing formal procedures for reporting significant control failures and< ensuring appropriate corrective action.The system of internal financial control is based on a framework of regular management information,administrative procedures including segregation of duties, and a system of delegation and accountability.In particular it includes:< comprehensive budgeting system with an annual budget which is reviewed and agreed by the Steering Committee< regular reviews by the Steering Committee of periodic and annual financial reports which indicate financialperformance against forecasts;< setting targets to measure financial and other performance;< clearly defined capital investment control guidelines;< formal project management disciplines.The Dublin Transportation Office has outsourced the preparation of its quarterly management and annualstatutory accounts to an approved firm of auditors and accountants. The Steering Committee appointed anInternal Auditor in March 2005. In May 2005 the Internal Auditor presented a programme of work for the nextthree years. The Internal Auditor presented their first report to the Finance Committee in June 2005.The Steering Committee, at its June 2005 meeting, requested the DTO executive to propose a Risk ManagementPolicy and Risk Register to the October 2005 meeting. At its April 2006 meeting, the Committee approved thePolicy and Register that had been drafted. The Dublin Transportation Office established an Audit Committee in2005 and it held its first meeting in February 2006.Annual Review of ControlsA review of internal controls was not carried out in 2006. It is intended that a review will be carried out in 2007.Signed on behalf of the Steering CommitteeChairmanDatepage 34
Dublin Transportation Office Financial Statements for year ended 31 December 2006Statement of ResponsibilitiesThe Dublin Transportation Office (DTO) was established on 9 November 1995 by the Dublin TransportationOffice (Establishment) order 1995 (S.I. No. of 289 of 1995) made under section 3 of the Local GovernmentServices (Corporate Bodies) Act, 1971 (No.6 of 1971). Ministerial responsibility for the Office has beentransferred to the Minister for Transport by the National Roads and Road Traffic (Transfer of DepartmentalAdministration and Ministerial Functions) Order 2002 (S.I. No. 298 of 2002) (as adapted by the PublicEnterprise (Alteration of Name of Department and Title of Minister) order 2002 (S.I. No. 305 of 2002)).Article 11 (ii) of the Establishment Order requires the DTO to keep accounts in the form approvedby the Minister for Transport with the consent of the Minister for Finance, and to submit theseto the Comptroller and Auditor General for audit and immediately after such audit a copy ofthe accounts and a copy of the auditors' report on the accounts shall be presented to theMinister for Transport. In preparing these financial statements, the DTO is required to:< Select suitable accounting policies and then apply them consistently;< State whether applicable accounting standards have been followed, subjectto any material departures disclosed in the financial statements;< Make judgements and estimates that are reasonable and prudent;< Prepare the financial statements on the going concern basis unless it isinappropriate to presume that the DTO will continue in operation.The DTO is responsible for keeping proper books of account which disclose with reasonable accuracy atany time the financial position of the DTO and which enable it to ensure that the financial statements complywith Article 11 (ii) of the Establishment Order. The DTO is also responsible for safeguarding its assetsand for taking reasonable steps for the prevention and detection of fraud and other irregularities.ChairmanDateDirectorDatepage 35
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