Sport Ireland appoint KOSI as the firm to carry out 'extensive' audit of the FAI
Sport Ireland have confirmed the appointment of KOSI Corporation Ltd as the firm that will carry out an independent audit of the Football Association of Ireland (FAI).
Three seperate reports are being conducted into the FAI's affairs over finance and governance following revelations that former CEO John Delaney gave the association a €100,000 bridging loan in 2017.
Sport Ireland, who last month suspended funding to the FAI pending the results of those reports, issued a statement today to say that KOSI, a Northern Ireland accountancy firm, would conduct the audit and a forensic accountant would be involved in the probe.
The statement read: "Sport Ireland today confirmed that KOSI Corporation Ltd has been appointed to carry out an extensive independent audit of the Football Association of Ireland (FAI).
"The KOSI team will be made up of senior auditors, including a forensic accountant.
"The audit will independently assess the expenditure of all Sport Ireland grant funding in accordance with the FAI’s approved submissions. It will also examine in detail the FAI’s wider financial administration & internal control environment, including an assessment of the FAI’s fitness to handle public funds.
"The audit will commence in the coming days."
Sport Ireland chairman Kieran Mulvey previously said that they were having trouble finding a firm to conduct the audit.
"We put out a procurement for auditors to assist us in the exercise in reviewing the finances of the FAI. We got no response from any firm of auditors in the country. Now isn't that saying something?" he asked.
"As I said the other day in the Oireachtas, who audits the auditors?
"At this stage, I'd say most reputable firms - and they're all reputable, I've no reason to think otherwise - don't want to put themselves into this scenario for reputational and other reasons."