Audit of IHRB over financial governance issue, PAC told

An audit is being conducted of the Irish Horseracing Regulatory Board (IHRB) after an issue relating "to governance around financial transactions" emerged, the Public Accounts Committee has heard.

IHRB Chief Executive Darragh O'Loughlin told the committee that it will be a "very thorough and extensive review", after which a report will be published.

"I expect the review will take a number of months", he said.

It will be carried out by "an independent firm who currently doesn't do any work with the IHRB", he added.

The IHRB made significant late changes to its opening statement at PAC, something which deputy chairperson Social Democrat Catherine Murphy noted that it was "very, very, very unusual".

PAC chairperson Sinn Féin TD Brian Stanley asked what was the general nature of "the hitherto unknown issue that emerged that gave rise to great concern".

Mr O'Loughlin said only that it was "financial in nature", but emphasised that he did not want to "prejudice the review that is going to take place."

IHRB Chief Financial Officer Donal O'Shea had been included on the list of witnesses who were to attend today's PAC session.

However, "since yesterday", he "is currently on a period of voluntary leave", Mr O'Loughlin said.

"The issue came to my attention in the course of preparing for today's meeting", he added, "on Tuesday morning".

He had been reviewing the 2021 accounts and "post-balance sheet events", and "became aware of an issue that had occurred in early 2022 - so doesn't form part of these financial statements" but which is potentially relevant, he told the committee.

"It related to governance around financial transactions", he said.

Mr O'Loughlin immediately alerted "the independent chair of our Audit and Risk Committee so as to