Arts Council writes off €110k over ‘missing’ works
The Arts Council Annual Report 2016, which has been laid before the Oireachtas, admits that “weaknesses in control over the art collection”, first highlighted in an internal audit in December 2013, were reaffirmed last year during a process involving a physical inventory and using a professional valuer to procure an open market valuation for a substantial proportion of the art collection.
“Both exercises identified that a number of pieces of art cannot now be physically located and the circumstantial evidence strongly suggests that this may have been the case going back many years,” states the report’s financial statements section.
