tailieunhanh - An Audit of Irish Debt

The Commissioner may confirm the fact that an audit report has issued in the intervening period between an audit being conducted and the publication of the annual report. Detailed queries regarding the findings are generally referred to the organisation audited. Many organisations within the public sector are subject to Freedom of Information legislation and a complete copy of an audit report may be sought by interested parties using this mechanism. In a recent example of transparency, the Irish Department of Social and Family Affairs, in anticipation of a substantial number of FOI requests, took the decision to publish the. | i iiiiii iiiii iiiii iiiii iiiii iiiii iiiii iiiiii iiiii i An Audit of Irish Debt Dr Sheila Killian Dr John Garvey Frances Shaw University of Limerick September2011 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllli A note on scope This audit sets out to quantify the scale of the Irish national debt in the first half of 2011. In doing so it examines all debt for which the Irish state has direct or indirect liability. This extends the scope beyond what is normally understood as Sovereign Debt to include debt issued by private banks but underpinned by a state guarantee. It also examines some other market activity which impacts on the value or perception of bonds issued or guaranteed by the Irish government. Specifically in this context some time is spent on Credit Default Swaps and on short selling. By definition the scope of an audit is limited to a particular time period in this case the first half of 2011. Since all sources of data are not available for all dates we have clearly indicated the date and source of all figures included here. Every effort has been made to independently verify material amounts and to account in a consistent way for currency translations. Despite this because of variances in currency translations and some date differences some inconsistencies remain. Nevertheless we are happy that this audit presents a thorough examination of the debt question at this time and adds to the public store of knowledge on the issue. We hope that this work can be extended and built upon by others. To facilitate this we have detailed oursources of information and included URLs where there is an online link. More detail on the terms of reference is included in the body of the report.