National Treasury Management Agency - Administration Account

I have audited the administration account of the National Treasury Management Agency for the year ended 31 December 2015 under the National Treasury Management Agency Act, 1990 (as amended). The administration account comprises the statement of income and expenditure and other comprehensive income, the statement of financial position, the statement of changes in equity, 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 Agency

The Agency is responsible for the preparation of the administration account, for ensuring that it gives 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 administration account and report on it 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 administration account

An audit involves obtaining evidence about the amounts and disclosures in the administration account, sufficient to give reasonable assurance that the administration account is free from material misstatement, whether caused by fraud or error. This includes an assessment of

• whether the accounting policies are appropriate to the Agency’s circumstances, and have been consistently applied and adequately disclosed
• the reasonableness of significant accounting estimates made in the preparation of the account, and
• the overall presentation of the account.

I also seek to obtain evidence about the regularity of financial transactions in the course of audit.

In addition, I read the Agency’s annual report to identify if there are any material inconsistencies with the audited administration account 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 administration account

In my opinion, the administration account

• gives a true and fair view of the assets, liabilities and financial position of the Agency as at 31 December 2015 and of its income and expenditure for 2015, and
• has been properly prepared in accordance with generally accepted accounting practice.

In my opinion, the accounting records of the Agency were sufficient to permit the administration account to be readily and properly audited. The administration account is 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 given in the Agency’s annual report is not consistent with the related administration account 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.