AnnuAL REPORT OF BORD SCAnnÁn nA ... - Irish Film Board
AnnuAL REPORT OF BORD SCAnnÁn nA ... - Irish Film Board
AnnuAL REPORT OF BORD SCAnnÁn nA ... - Irish Film Board
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12<br />
MISS REMARKABLE AND HER CAREER<br />
STATEMEnT On InTER<strong>nA</strong>L<br />
FI<strong>nA</strong>nCIAL COnTROLS<br />
On behalf of Bord Scannán na hÉireann/the <strong>Irish</strong> <strong>Film</strong> <strong>Board</strong>,<br />
I acknowledge our responsibility for ensuring that an effective<br />
system of internal financial control is maintained and operated.<br />
The system can only provide reasonable and not absolute<br />
assurance that assets are safeguarded, transactions authorised<br />
and properly recorded, and that material errors or irregularities<br />
are either prevented or would be detected in a timely period.<br />
Key Control Procedures:<br />
The <strong>Board</strong> has put in place the following key internal<br />
financial control procedures to ensure an appropriate control<br />
environment exists:<br />
• An organisation plan exists which defines and<br />
allocates responsibilities to staff and identifies lines of<br />
reporting for all aspects of the <strong>Board</strong>’s operations.<br />
• Procedures and security measures exist to ensure the<br />
safe custody of the <strong>Board</strong>’s assets and assurance<br />
against unauthorised use or disposition.<br />
• A strong culture of openness and accountability is<br />
encouraged throughout the organisation.<br />
The <strong>Board</strong> has also established processes to identify and<br />
evaluate business risks:<br />
• Identifying the nature, extent and financial<br />
implication of risk facing the body including<br />
the extent which it regards as acceptable in<br />
different functions.<br />
• Assessing the likelihood of identified risks occurring<br />
and assessing the <strong>Board</strong>’s ability to manage and<br />
mitigate the risks that do occur.<br />
• Carrying out regular reviews of the <strong>Board</strong>’s strategic<br />
plans to ensure that these plans address the current<br />
business environment.<br />
• Setting short and long term targets for each unit<br />
within the <strong>Board</strong> and reviewing progress against same.<br />
• Establishing and enforcing standard procedures<br />
under which financial assistance may be made<br />
available to projects and reviewing these procedures<br />
where necessary.<br />
The <strong>Board</strong> reviewed its business risks in 2009 and is currently<br />
addressing any identified weaknesses.<br />
The system of financial controls is based on a framework of<br />
regular management information, administrative procedures<br />
including segregation of duties, authorisation, and a system of<br />
delegation and accountability. In particular it includes:<br />
• A comprehensive budgeting system with an annual<br />
budget which is reviewed and agreed by the <strong>Board</strong>.<br />
• Regular reviews of periodic and annual financial<br />
reports which indicate expenditure against forecasts.<br />
• Setting targets to measure financial and<br />
other performances.<br />
The <strong>Board</strong> has also established an Audit Committee which<br />
consists of representatives of the <strong>Board</strong> and the Executive with a<br />
view to furtherance of internal controls.<br />
Review of Internal Financial Control:<br />
The <strong>Board</strong> monitors the effectiveness of the system of internal<br />
financial controls by regular management review and periodic<br />
inspection and review studies by external consultants.<br />
The <strong>Board</strong> carried out a review of its internal financial controls<br />
for 2009.<br />
On behalf of the <strong>Board</strong><br />
James Morris<br />
Chair<br />
A SuBTLE MOvEMENT <strong>OF</strong> AIR<br />
<strong>REPORT</strong> <strong>OF</strong> THE COMPTROLLER AnD<br />
AuDITOR GEnERAL FOR PRESEnTATIOn TO<br />
THE HOuSES <strong>OF</strong> THE OIREACHTAS<br />
I have audited the financial statements of the <strong>Irish</strong> <strong>Film</strong> <strong>Board</strong><br />
for the year ended 31 December 2009 under the <strong>Irish</strong> <strong>Film</strong><br />
<strong>Board</strong> Act 1980.<br />
The financial statements, which have been prepared under the<br />
accounting policies set out therein, comprise the Accounting<br />
Policies, the Capital Income and Expenditure Account, the<br />
Administration Income and Expenditure Account, the Statement<br />
of Total Recognised Gains and Liabilities, the Balance Sheet, the<br />
Cash Flow Statement and the related notes.<br />
Respective Responsibilities of the <strong>Board</strong> and the<br />
Comptroller and Auditor General<br />
The <strong>Irish</strong> <strong>Film</strong> <strong>Board</strong> is responsible for preparing the financial<br />
statements in accordance with the <strong>Irish</strong> <strong>Film</strong> <strong>Board</strong> Act 1980 and<br />
for ensuring the regularity of transactions. The <strong>Irish</strong> <strong>Film</strong> <strong>Board</strong><br />
prepares the financial statements in accordance with Generally<br />
Accepted Accounting Practice in Ireland. The accounting<br />
responsibilities of the Members of the <strong>Board</strong> are set out in the<br />
Statement of <strong>Board</strong> Members’ Responsibilities.<br />
My responsibility is to audit the financial statements in<br />
accordance with relevant legal and regulatory requirements and<br />
International Standards on Auditing (uK and Ireland).<br />
I report my opinion as to whether the financial statements give<br />
a true and fair view, in accordance with Generally Accepted<br />
Accounting Practice in Ireland. I also report whether in my<br />
opinion proper books of account have been kept. In addition, I<br />
state whether the financial statements are in agreement with the<br />
books of account.<br />
I report any material instance where moneys have not been<br />
applied for the purposes intended or where the transactions do<br />
not conform to the authorities governing them.<br />
I also report if I have not obtained all the information and<br />
explanations necessary for the purposes of my audit.<br />
I review whether the Statement on Internal Financial Control<br />
reflects the <strong>Board</strong>’s compliance with the Code of Practice for the<br />
Governance of State Bodies and report any material instance<br />
where it does not do so, or if the statement is misleading or<br />
inconsistent with other information of which I am aware from my<br />
audit of the financial statements. I am not required to consider<br />
whether the Statement on Internal Financial Control covers<br />
all financial risks and controls, or to form an opinion on the<br />
effectiveness of the risk and control procedures.<br />
Basis of Opinion<br />
In the exercise of my function as Comptroller and Auditor<br />
General, I conducted my audit of the financial statements in<br />
accordance with International Standards on Auditing (uK and<br />
Ireland) issued by the Auditing Practices <strong>Board</strong> and by reference<br />
to the special considerations which attach to State bodies in<br />
relation to their management and operation. An audit includes<br />
examination, on a test basis, of evidence relevant to the amounts<br />
and disclosures and regularity of the financial transactions<br />
included in the financial statements. It also includes an<br />
assessment of the significant estimates and judgements made in<br />
the preparation of the financial statements, and of whether the<br />
accounting policies are appropriate to the <strong>Board</strong>’s circumstances,<br />
consistently applied and adequately disclosed.<br />
I planned and performed my audit so as to obtain all the<br />
information and explanations that I considered necessary<br />
in order to provide me with sufficient evidence to give reasonable<br />
assurance that the financial statements are free from material<br />
misstatement, whether caused by fraud or other irregularity or<br />
error. In forming my opinion I also evaluated the overall adequacy<br />
of the presentation of information in the financial statements.<br />
Opinion<br />
In my opinion, the financial statements give a true and fair view,<br />
in accordance with Generally Accepted Accounting Practice in<br />
Ireland, of the state of the <strong>Board</strong>’s affairs at 31 December 2009<br />
and of its income and expenditure for the year then ended.<br />
In my opinion, proper books of account have been kept by the<br />
<strong>Board</strong>. The financial statements are in agreement with the books<br />
of account.<br />
________________________<br />
Andrew Harkness<br />
For and on behalf of the Comptroller and Auditor General<br />
23 December 2010<br />
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