Financial oversight deficits found in NCAD

Severe financial oversight deficits at the National College of Art & Design have been highlighted in its latest accounts — that are already more than three years old.

NCAD’s financial statements for the year to the end of September 2014 show that it had an accumulated deficit of €1.4m, more than half of which was incurred in the year examined, when it had more than 2,000 students.

In an accompanying report, State spending watchdog, Comptroller & Auditor General Seamus McCarthy said the college’s statement on internal financial control systems disclosed a number of governance issues for the period concerned, which include “failures in relation to the fixed asset register, procurement, documentation of procedures, recording of risks and the internal audit function”.