Thursday 23 November 2017

Auditor's report into spending: the key findings

Leading executives got bigger bonuses than regulations allowed. Executives were aware of overspending but this information was not given to the FAS board. FAS executives booked flights worth almost €1m outside of the approved procedures. Officials approved the spending of large sums on various projects, even though they were not authorised to do so. Payments were made in the absence of supporting documentation. There were no policies governing the authorisation and use of FAS credit cards. Credit card payments were made prior to the receipt of supporting documentation or authorisation. Tens of thousands of euro was frittered away on tickets for sporting events and concerts which were "not relevant" to FAS's business. l Spouses of top executives were brought on expensive foreign trips at great cost to the taxpayer.

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Irish Independent

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