Annual_Report2014

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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
<strong>Annual</strong> Report 2014 Irish Auditing & Accounting Supervisory Authority 50 • the audit committee report does not address matters communicated by me to the audit committee, or • the statement on internal financial control does not reflect the Authority’s compliance with the Code of Practice for the Governance of State Bodies, or • the disclosures of directors’ remuneration and transactions as specified by the Companies Act 2014 are not made, or • I find there are other material matters relating to the manner in which public business has been conducted. I have nothing to report in regard to those other matters upon which reporting is by exception. Seamus McCarthy Comptroller and Auditor General 19 June 2015
Page 1 and 2:
Annual REPORT 2014
Page 3 and 4: Annual Report 2014 Irish Auditing &
Page 5 and 6: Chapter 1 Overview of 2014
Page 13 and 14: Chapter 2 Examination of issuers’
Page 27 and 28: Chapter 3 Supervision of the accoun
Page 35 and 36: Chapter 4 Governance and structure
Page 47 and 48: 2014 Financia l & Related Statement
Page 53: Annual Report 2014 Irish Auditing &
Page 75 and 76: Appendices
Page 93 and 94: GLOSSARY OF TERMS
Page 97 and 98: www.iaasa.ie
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Annual_Report2014

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