Third-level sector risks penalties for audit and salary breaches

Colleges and universities will face significantly increased financial penalties from this autumn if they fail to produce audited accounts, ignore salary rules, or breach strict spin-off company laws.

Education Minister Richard Bruton also announced greater inspection powers just a week after the Public Accounts Committee report revealed serious concerns over how the facilities are spending €1.5bn in taxpayers’ money every year.

In its report published last week, the committee highlighted serious financial issues at seven colleges, ITs, and universities it examined on foot of whistleblower concerns.