Annual_Report2014

49 2014 Financial and Related Statements
Comptroller and Auditor General
commentary
The Authority voluntarily adopted the UK
Corporate Governance Code (UK Code) and the
Irish Corporate Governance Annex to the UK code
(Irish Annex) as promulgated by the Irish Stock
Exchange.
Without modifying my opinion, I highlight the
following matters that are, in my judgment,
likely to be most important to stakeholders’
understanding of my audit. My audit procedures
relating to these matters were designed in the
context of my audit of the financial statements
as a whole, and not to express an opinion on
individual account headings or disclosures.
Assessment of significant risks
In relation to the Authority, I did not identify any
specific risks of material misstatement which had
an impact on my audit strategy and scope.
Materiality
Materiality provides the benchmark for
determining the tolerable level of misstatement in
the financial statements and, in conjunction with
audit risk assessment, determines the extent and
direction of audit work.
Audit materiality is defined in value terms,
although the nature and context of matters are
also considered when determining whether an
item is material.
I apply the concept of materiality both in planning
and performing my audit, and in evaluating the
effect of misstatements on my audit and on the
financial statements.
I determined the following materiality values
• statement of financial position — €19,000 (2%
of total assets at 31 December 2014)
• statement of comprehensive income —
€25,000 (1.25% of expenditure in 2014)
Because special considerations apply to the
administration of public money, any matters
noted in the course of audit that are considered
material by nature or context will also be publicly
reported.
Matters on which I am required to
report by the Companies Act 2014
I have obtained all the information and
explanations that I consider necessary for
the purpose of my audit. In my opinion, the
accounting records of the Authority were
sufficient to permit the financial statements to
be readily and properly audited. The financial
statements are in agreement with the accounting
records.
In my opinion, the information given in the
directors’ report is consistent with the financial
statements.
Matters on which I report by exception
I report by exception if
• my audit noted any material instance where
money has not been applied for the purposes
intended or where the transactions did not
conform to the authorities governing them, or
• the information given in the Authority’s
annual report is not consistent with the
related financial statements, or
• the directors have not provided a statement
that they consider the annual report and
accounts taken as a whole are fair, balanced
and understandable and provide the
information necessary for stakeholders to
assess the Authority’s performance, business
model and strategy, or if the statement made
is inconsistent with the knowledge acquired
in the course of performing the audit, or