Annual_Report2014

69 2014 Financial and Related Statements
Irish Auditing & Accounting Supervisory Authority
Notes to Financial Statements
23 Related Party Transactions
23.1 Directors
Details of all payments made to IAASA non-executive directors and the Chief Executive are set out in Notes
14 and 22 respectively. There were no other transactions with directors during the year [2013: nil], and no
balances outstanding at the reporting date [balance at 31 December 2013: nil].
23.2 Key management personnel
The responsibility for planning, directing and controlling the activities of IAASA rests exclusively with the
Board of directors and the Chief Executive, who is also a director. As alluded to above, all payments made
to these key management personnel are set out in Notes 14 and 22 respectively.
23.3 Other related parties
There were no other related party transactions during 2014 or 2013 and there were no amounts outstanding
at either year end.
24 Board Members – Disclosure of Transactions
In accordance with the Code of Practice for the Governance of State Bodies, IAASA has in place a Code of
Business Conduct for Board members. The Code of Business Conduct includes guidance in relation to the
disclosure of interests by Board members and these procedures have been adhered to by the Board during
the year covered by these financial statements. During the year under review, there were no financial
transactions with directors other than the payment of Board fees and expenses detailed in Note 14. There
were no occasions whereby a Board Member disclosed a financial interest during 2014.
25 Approval of the Financial Statements
The Financial Statements were approved and authorised for issue by the Board of directors on 9 June 2015.