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.

Financial oversight deficits found in NCAD

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”.

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