SCIENCE FOUNDATION IRELAND ANNUAL REPORT 2015
47
Report of Comptroller & Auditor General
Report for presentation to the Houses of the Oireachtas
Science Foundation Ireland
I have audited the financial statements of Science
Foundation Ireland for the year ended 31 December
2015 under the Industrial Development (Science
Foundation Ireland) Act 2003. The financial
statements comprise the statement of income and
expenditure and retained revenue reserves, the
statement of comprehensive income, the statement
of financial position, the statement of cash flows and
the related notes. The financial statements have been
prepared in the form prescribed under Section 24 of
the Act, and in accordance with generally accepted
accounting practice.
In addition, I read Science Foundation Ireland’s annual
report to identify material inconsistencies with the
audited financial statements and to identify any
information that is apparently materially incorrect
based on, or materially inconsistent with, the knowledge
acquired by me in the course of performing the audit. If I
become aware of any apparent material misstatements
or inconsistencies, I consider the implications for my
report.
Opinion on the financial statements
In my opinion, the financial statements:
give a true and fa r view of the assets, liabilities and
financial position of Science Foundation Ireland as at
31 December 2015 and of its income and expenditure
for 2015; and
have been properly prepared in accordance with
generally accepted accounting practice.
Responsibilities of the Members of the Board
The Board is responsible for the preparation of the
financial statements, for ensuring that they give a
true and fair view and for ensuring the regularity of
transactions.
Responsibilities of the Comptroller and Auditor
General
My responsibility is to audit the financial statements
and to report on them in accordance with applicable
law.
My audit is conducted by reference to the special
considerations which attach to State bodies in
relation to their management and operation.
My audit is carried out in accordance with the
International Standards on Auditing (UK and Ireland)
and in compliance with the Auditing Practices Board’s
Ethical Standards for Auditors.
Scope of audit of the financial statements
An audit involves obtaining evidence about the
amounts and disclosures in the financial statements,
sufficient to give reasonable assurance that
the financial statements are free from material
misstatement, whether caused by fraud or error. This
includes an assessment of
whether the accounting policies are appropriate
to Science Foundation Ireland’s circumstances,
and have been consistently applied and
adequately disclosed
the reasonableness of significant accounting
estimates made in the preparation of the financial
statements, and
the overall presentation of the financial
statements.
I also seek to obtain evidence about the regularity of
financial transactions in the course of audit.
In my opinion, the accounting records of Science
Foundation Ireland were sufficient to permit the
financial statements to be readily and properly audited.
The financial statements are in agreement with the
accounting records.
Matters on which I report by exception
I report by exception if I have not received all the
information and explanations I required for my audit, or
if I find
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 Science Foundation Ireland’s
annual report is not consistent with the related
financial statements or with the knowledge acquired
by me in the course of performing the audit, or
the statement on internal financial control does not
reflect Science Foundation Ireland’s compliance
with the Code of Practice for the Governance of State
Bodies, or
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 matters upon
which reporting is by exception.
Seamus McCarthy
Comptroller and Auditor General
27th May2016