Enterprise Ireland Annual Report and Accounts 2009

Board Members' Report
For the year ended 31 December 2009

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Board Members' Responsibilities

Financial Statements

Section 22 of the Industrial Development (Enterprise Ireland) Act, 1998, requires Enterprise Ireland to keep, in such form as may be approved of by the Minister for Enterprise, Trade and Innovation with the consent of the Minister for Finance, all proper and usual accounts of money received and expended by it.

In preparing those financial statements, Enterprise Ireland is required to:

  • Select suitable accounting policies and apply them consistently
  • Make judgements and estimates that are reasonable and prudent
  • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that it will continue in operation
  • State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

The Board is responsible for keeping proper books of account which disclose, with reasonable accuracy at any time, its financial position and which enables it to ensure that the financial statements comply with Section 22 of the Industrial Development (Enterprise Ireland) Act, 1998.

Prompt Payment of Accounts Act, 1997

The Board has overall responsibility for the organisation's compliance with the Prompt Payment of Accounts Act, 1997, which came into effect on 2 January 1998, and the European Communities (Late Payment in Commercial Transactions) Regulations 2002, which came into effect on 7 August 2002. The Board has delegated this responsibility to management.

The system of internal control incorporates such controls and procedures that are considered necessary to ensure compliance with the Act. The organisation's system of internal control includes accounting and computer controls designed to ensure the identification of invoices and contracts for payment within the prescribed payment dates as defined by the Act. These controls are designed to provide reasonable, though not absolute, assurance against non-compliance with the Act.

The Board is satisfied that Enterprise Ireland complied with the provisions of the Act in all material respects.

On behalf of the Board of Enterprise Ireland:

Hugh Cooney Signature

Hugh Cooney,
Chairman

Frank Ryan Signature

Frank Ryan,
Chief Executive Officer