Canoeing Ireland EGM - Financial Accounts 2013 Ratification

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Adrians
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Joined: Sat Nov 03, 2007 1:22 pm

Canoeing Ireland EGM - Financial Accounts 2013 Ratification

Post by Adrians » Thu Oct 16, 2014 8:45 pm

This was just posted on the Canoeing Ireland Facebook page

The official notice can be found here

http://www.canoe.ie/Portals/0/NOTICE%20 ... 9Oct14.pdf
Financial Accounts 2013 Ratification
Dear Member
As I am sure you are aware at a previous EDM convened on Wed 8th Oct last to pass the above accounts the motion proposing the adoption of the accounts was not passed.
The board of Canoeing Ireland have taken the points raised during the meeting on board and are working to present a re-drafted set of accounts to a meeting on 29th October in the Clarion hotel at 7:30pm.
Since the last meeting substantial progress has been made in verifying the assets which were subject to the auditor’s qualified accounts. A new revised fixed asset register is currently under construction for presentation to the auditors in time for the meeting on 29th with a view to addressing the issues which led to the audit qualification. We will publish the redrafted accounts as soon as they come available from the auditors.
On the lead up to the last meeting there was some confusion about proxy voting. A Proxy Vote is a method designed to enable a delegate who cannot attend a delegate meeting to express their vote through a third party. If you are unable to attend the meeting consider contacting someone who will be in attendance and ask them if they will act on your behalf and vote for you in accordance with your wishes. All proxy votes must be registered with the Canoeing Ireland Office at least 48 hours before the meeting. These can be sent in by email with an attached scanned image of the proxy form, by post or fax.
Kind Regards.
The Board
Canoeing Ireland.
No doubt some of you will know I am a member of the board of CI, I'm somewhat limited in what I can say about the back ground stuff. Since the EGM some weeks ago substantial work has been done by board members to address the issues raised at the previous meeting.

I've been personally have been very involved in addressing the issues raised and I'm satisfied the revised accounts will be acceptable to CI members.

As I said I'm somewhat limited in what I can say but if you (CI Member) have any questions I will do my very best to answer them. You can email me [email protected] or 087 3545042

The passing of these accounts by the membership is imperative to the continuing operation of CI . Once the revised and audited accounts are available to me and ratified by the board I will post them online.

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Seanie
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Re: Canoeing Ireland EGM - Financial Accounts 2013 Ratificat

Post by Seanie » Fri Oct 17, 2014 5:47 am

Adrian, are they aiming to have a set of accounts that aren't qualified at all? (that would be great!) or are there more qualifications that previous years?

Adrians
Posts: 212
Joined: Sat Nov 03, 2007 1:22 pm

Re: Canoeing Ireland EGM - Financial Accounts 2013 Ratificat

Post by Adrians » Fri Oct 17, 2014 12:20 pm

Hey Seanie,

As you know I'm not an accountant but I'll try explain to you as best I can the situation in so far as I can.
BASIS FOR QUALIFIED OPINION ON THE FINANCIAL STATEMENTS
With respect to the canoeing equipment of €75,998 included in fixed assets in the financial statements the
audit evidence available to us was limited because we were unable to verify the physical existence of all of the
canoeing equipment because the unique tag reference on each piece of equipment was not recorded on the
fixed asset register. Also the equipment was held at numerous locations which were not recorded on the fixed
asset register. Owing to the company’s records, we were unable to obtain sufficient appropriate audit evidence
regarding the existence of all of the canoeing equipment by using other audit evidence.
From page 3 of this

http://adrianshanahan.com/wordpress/wp- ... ements.pdf


That was the auditors note aka the qualification.

That's what lead to most of the issues at the EGM and ultimately a large part of why the accounts were not adopted by the members. It's my opinion that the the wording of the auditors note lead to some miss understanding. Since the EGM I've met with OSK the current auditors of Canoeing Ireland and with some other board members we are in the process of addressing the issues.

In short of the €76,000 of assets mentioned in the qualification approximately €17,000 worth of assets are not correctly up to date on the the Canoeing Ireland Fixed Asset Registrar. They were listed but in some instances the location for an asset was vague. For example a boat on loan to a club might have said 'Kilkenny' as opposed to Kilkenny Aqua Canoe Club.

When the auditors carried out their sample tests on the FAR there were some items they did not have enough details to accurately locate.

That was the reason for the qualified accounts.

Since the EGM My self and other board members with the cooperation of Canoeing Ireland staff and the technical disciplines have carried out substantial work to address the short comings of the FAR. We are not finished our work yet but I am hopeful that by the middle of next week we will present our auditors a revised FAR and set of accounts. It's my understand that if the work we are doing now is satisfactory to OSK they will be in a position following their audit to allow Canoeing Ireland present a set of unqualified set of accounts to it's members at the upcoming EGM.

Along with the amended and hopefully unqualified accounts it's my aim to present the CI members with an action plan of what will be done to prevent such a situation arising in the future.

Adrians
Posts: 212
Joined: Sat Nov 03, 2007 1:22 pm

Re: Canoeing Ireland EGM - Financial Accounts 2013 Ratificat

Post by Adrians » Tue Oct 28, 2014 8:41 pm

As a follow up to what I posted above Canoeing Ireland are now in a position to present a set of unqualified set of accounts.

I will try answer any questions I can.
Dear Members
As you are aware we have convened a special EDM to consider the ratification of the 2013 accounts. A successful passing of these accounts is necessary to ensure continued funding from the Sports Council and the Dept of Sport. We would ask that as many clubs and individual members attend to ensure the membership is adequately represented and that a quorum of 20 delegate voters are present in order to allow the meeting to commence.

At the previous EDM on 8th October the motion to pass the accounts was not carried.

Having taken the meeting feedback into consideration the board appointed a group of members to take on the task of producing an updated fixed asset register to address the concerns of our auditor and membership.

This task is now complete and our auditors have confirmed that the updated fixed asset register submitted to them is sufficiently detailed and verified to enable them to lift their original qualification on the 2013 accounts. Our auditors are working on producing an updated set of accounts which incorporate the changes made to the fixed asset register but we will not receive these until tomorrow. On receipt, we will be able to publish these revised accounts by email. In the meantime, we are attaching a report from our Board members who carried out the work on the fixed asset register for your information.

We do regret that the updated accounts could not be circulated earlier but this was a result of the necessity to ensure that sufficient work was carried out by the Board to enable our auditors to re-examine the asset register in a level of detail which would be acceptable.

We hope the membership understands the need to work towards a final set of accounts without need for qualification by the auditors, who will be present at the meeting.


Yours Sincerely,

The Board.
Canoeing Ireland
As soon as the accounts are available in the morning I will post them here, you can download the report from the link below.

http://adrianshanahan.com/wordpress/wp- ... gister.pdf

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Seanie
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Re: Canoeing Ireland EGM - Financial Accounts 2013 Ratificat

Post by Seanie » Wed Oct 29, 2014 4:20 pm

Thanks Adrian.

With limited context my overall feeling is that I'm happy that the members of CI had enough insight and the ability to demand that certain standards are kept. And I'm happy we have people in CI that will honor this and carry out an investigation and draft a report in a very short timeframe. From the sounds of it there wasn't any indications of "irregularities". This is lightyears ahead of where we were a few years back. Well done all.

A special thanks to you Adrian and Ike Jacob for putting in this effort to put CI back on a better footing again. It's an organization that has tons of potential and volunteers like you guys are key.

Seanie

Adrians
Posts: 212
Joined: Sat Nov 03, 2007 1:22 pm

Re: Canoeing Ireland EGM - Financial Accounts 2013 Ratificat

Post by Adrians » Wed Oct 29, 2014 4:33 pm

Update


Here are the the revised Draft Financial Statements for year end 31.12.13 these are hit off the presses and as I had hoped these revised accounts are now normal 'unqualified' accounts.

http://adrianshanahan.com/wordpress/wp- ... .12.13.pdf

Adrians
Posts: 212
Joined: Sat Nov 03, 2007 1:22 pm

Re: Canoeing Ireland EGM - Financial Accounts 2013 Ratificat

Post by Adrians » Wed Oct 29, 2014 11:48 pm

The accounts were passed unanimously this evening at the EGM.

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