TDs ready to grill FAI hierarchy as KOSI audit nears completion

It is understood that the work of KOSI, a Northern Ireland firm, is nearing completion and will be presented to the relevant parties before the end of this month

The document will initially go to Minister for Transport, Tourism & Sport Shane Ross and will then be passed on to the Dáil committee.

Sport Ireland were encouraged by TDs to seek an independent audit of the FAI during a series of appearances at government buildings in March and April earlier this year.

That came after the FAI was plunged into the crisis following the emergence of John Delaney’s bridging loan to his employer and subsequent revelations.

Sport Ireland admitted they were finding it difficult to source a company to carry out the work before eventually hiring KOSI.

Oireachtas chair Fergus O’Dowd is believed to be in favour of bringing the FAI hierarchy in when the KOSI audit has been digested, and that view is shared by colleagues. Either way, it’s likely that Sport Ireland will be invited back in front of the committee to discuss their views with the first week in October a likely timeline.

When KOSI’s appointment was confirmed in May, the scope was to assess the use of Sport Ireland grant funds and to examine in detail the “FAI’s wider financial administration & internal control environment”.

A freeze on state funding to football is still in place pending the outcome of ongoing reviews. The KOSI team, which included a forensic accountant, sought matching bank statements to income/expenditure primary documents, and looked for the minutes of all board meetings, finance committee meetings, audit committee meetings and remuneration committees between 2015 and 2018.

They also wanted a “schedule of all bank accounts including credit card accounts in operation in the FAI for the years 2015-’18”.

Where FAI Reviews stand

Governance Review Group: The reforms for the FAI’s board and committee structure were adopted at an EGM and are being gradually implemented with four independent directors set to be finalised.

UEFA: European football’s governing body have looked into FAI finances with a view to finalising the terms of a financial rescue package which essentially involves drawing down funds in advance. The FAI are tight-lipped on the size of this bailout but figures ranging from €15m to €25m have been floated.

KOSI: The Sport Ireland-commissioned audit is nearing completion and the findings are due this month.

Mazars: The FAI hired the professional services firm to ‘conduct an independent and in-depth external review of all matters.’ It was due to be released in stages with news expected this month.

Grant Thornton: They were appointed by the FAI “to conduct an internal review of the Association’s books, records and ledgers” – with specific transactions to be investigated. The details of this may become clearer when the FAI AGM resumes with updated accounts later this year.

ODCE: The Office of the Director of Corporate Enforcement became involved when Deloitte, the FAI’s auditors, expressed concerns, issuing a H4 notice. The scope for the inquiry is limitless and it could take years. They have already been to the High Court to determine if parts of documents held by Deloitte are privileged.