Comptroller and Auditor General
Report for presentation to the Houses of the Oireachtas
Ireland Strategic Investment Fund
I have audited the financial statements of the Ireland Strategic Investment Fund for the year ended 31 December 2015 under the National Treasury Management Agency Act 1990 (as amended). The financial statements comprise the statement of financial position, the statement of comprehensive income, the statement of changes in net assets, the statement of cash flows and the related notes. The financial statements have been prepared in the form prescribed under section 12 of the National Treasury Management Agency Act 1990 (as amended), and in accordance with generally accepted accounting practice in Ireland.
Responsibilities of the National Treasury Management Agency
The National Treasury Management Agency (the Agency) 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 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 the Fund’s circumstances, and have been consistently applied and adequately disclosed
- the reasonableness of signifi cant 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 addition, I read the information about the Fund in the Agency’s annual report to identify if there are any material inconsistencies with the audited financial statements and to identify if there is any information that is apparently materially incorrect or inconsistent based on 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 fair view of the results of the Fund’s operations for the year ended 31 December 2015 and of its balances at that date
- have been properly prepared in accordance with generally accepted accounting practice.
In my opinion, the accounting records of the Agency in relation to the Fund were suffi cient 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 public money has not been applied for the purposes intended or where the transactions did not conform to the authorities governing them, or
- the information about the Fund in the Agency’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 the Agency’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 on which reporting is by exception.
Comptroller and Auditor General
26 May 2016