John Delaney at the FAI Thread - (Mod Notes in OP)

Zebra3 · 06-12-2019 08:52PM

salmocab wrote: »

I know nothing about this stuff but presumably they can only audit what they’re shown.

Correct, but they should be noticing discrepancies.

kippy · 06-12-2019 09:11PM

Oat23 wrote: »

:pac:

Thanks Oat23, there are posts from Dots and a couple others from earlier this year that need to be repeated on a regular basis, just like JDs comments from last year of the FAI being debt free in 2020.

irishgeo · 06-12-2019 09:16PM

kippy wrote: »

Thanks Oat23, there are posts from Dots and a couple others from earlier this year that need to be repeated on a regular basis, just like JDs comments from last year of the FAI being debt free in 2020.

the FAI could well be, it might not exist in 2020.:D

Oat23 · 06-12-2019 09:19PM

kippy wrote: »

Thanks Oat23, there are posts from Dots and a couple others from earlier this year that need to be repeated on a regular basis, just like JDs comments from last year of the FAI being debt free in 2020.

He has over 140 posts in this thread. That selection are from the first 20 only. He has spouted some amount of b*llocks in here over the past 8 months.

Idbatterim · 06-12-2019 09:39PM

how much was the taxpayer funding this farce every year? Its like RTE, they are blackholes. they would spend a billion a year if you gave it to them. They should be self financing... No way should the taxpayer be funding john delaneys ridiculous spending, salary, pay off, pension etc..

Zebra3 · 06-12-2019 10:13PM

Idbatterim wrote: »

how much was the taxpayer funding this farce every year? Its like RTE, they are blackholes. they would spend a billion a year if you gave it to them. They should be self financing... No way should the taxpayer be funding john delaneys ridiculous spending, salary, pay off, pension etc..

There is nothing wrong with the state giving some money to the FAI each year as a lot of it goes on, or should go on, community work/projects.

But too much of what is handed out by the state goes without checks and balances.

If the FAI gets money off the state, then the state sets a limit on the CEO's and men's senior team salary etc.

If the FAI objects, then it doesn't get the money.

But as we've seen politicians are on their own gravy train and can't be very critical about others.

Beechwoodspark · 06-12-2019 10:14PM

CrowdedHouse wrote: »

FAI to be renamed Allied Irish Football

Or

Fcuk All Income

secman · 06-12-2019 10:17PM

Kingp35 wrote: »

Well the FAI made a voluntary disclosure of underpaid taxes. As per the Irish Times:

As it was a voluntary disclosure, this does not mean that they are in the clear with Revenue, there could very easily be more taxes owed.

Especially with the qualified Auditors report and also stating inadequate records were kept.

stampydmonkey · 06-12-2019 10:18PM

irishgeo wrote: »

since 1997 and made a million while doing it. surely they should be reported for this too.

Absol-f#ukn-utley... Deloitte are as culpable as anyone. Yeah they didn't make the mistakes but clearly asleep or turning a blind eye. Makes an actual joke of the auditing process...also refer to auditors of the banks prior to the recession...crooks the lot of them

NIMAN · 06-12-2019 10:22PM

Let's remember that it wasn't a few thousand or a few hundred thousand that auditors etc weren't seeing.

It was tens of millions.

secman · 06-12-2019 10:26PM

Seth Brundle wrote: »

https://twitter.com/LarsBiscuits/status/1202958324448276481?s=19

Thats a typo.. said run but meant to say ruin

theoneeyedman · 06-12-2019 10:33PM

Well, this news is very surprising...... Not!

The dogs in the street know the FAI was being ran into the ground for years, and the people who should have called halt, especially OSCE and the Auditors (Deloite?), not to mention the likes of UEFA and FIFA. Lots of people though with a vested interest to say nothing, including the likes of auditors, politicians, and indeed media organisations who are all now bleating 'ain't it awful'. Too many enjoyed the gravy and the access to the likes of corporate hospitality and the consensus among those in power seemed to be 'good old John, he's a bit of a card, ha ha', but glad to take the fringe benefits of access/free tickets/free pints...... I'm sure a lot of the supporters that had the free pints on the train and at the Euros on the FAI dollar are complaining now, but were happy to swallow the free pints, sure John is sound.

Where to now, well let FIFA sort it out IMHO. They are always the first to threaten all sorts of any government 'interferes' in the affairs of national organisations, sp leave it to them and see what's done, they have lots of money salted away in Switzerland and other shady places, so let them bail the FAI out. Government should not pay a penny.
However, it's gonna be the ordinary, relatively low paid staff that will suffer. There is lots of experience in a soccer circles though in this country of running one entity into the ground, shutting or down, leaving debt behind, and starting up again with a minor name change.

secman · 06-12-2019 10:42PM

Deise Vu wrote: »

I’m a Charteted Accountant (former classmate of Paul Cooke’s !) and I’m baffled by the figures quoted. We were told the 2016 and 2017 directors emoluments were restated because BIK and JDs pension and bonus scheme of €1m and €2m due in 2021 were excluded. The restatements were from €430k to €1.1m and nearly €1m. That’s an uplift of about €1.25m.

We were also told that JD got a settlement of €460k to cover off pension and other entitlements this year. So what did JD really get? Was the restatement because he was actually receiving these payments in those years and they were declared under another heading (which would be unbelievable incompetence on behalf of even the board of the FAI not to mention the auditors). Or, was the true settlement JD received buried in the previous years restatement PLUS the €460k received this year.
In my view it can only be one or the other, or am I missing something? The BIK can’t have been that huge. As far as I know that was the free house worth about €36k pa.
If anyone has any more detail, I would love to hear it. Also, I would love to hear if Conway told us who were the Directors who were “authorized “ to deal with JD and what form this authorization took and if he could show us the board minutes recording the decision.

They also had to include a provision for the pension pay off which was due to be realised in 2021 or 2022 to the tune of €3m. But as the eventual liability ended up as a definite €370k, not sure how they treated this in the 2016 and 2017 restated Financials. They also redirected a lot of the credit card expenses to be personal to JD and not as FAI . A cold review of the 2016 and 2017 audit files would be very embarrassing to Deloitte I'd say. With the KOSI inspection also running it really put the pressure on Deloitte. It would appear that a lot of nods and winks were going on, sure look at the adjustment of €1m Sponsorship money that was restated as a Liiability as the small print on the contract was not read and noted.

Soulsun · 06-12-2019 11:15PM

How likely is it for the Fai to fold?

From my perspective the organisation appears quite dysfunctional and corrupt and a job for the boys club.

As a GAA man I find it quite remarkable that an organisation of such stature and Revenue allows this carry on. Cleary the controls are not in place from a governance perspective. As for Deloitte....they’ll take the audit fees morning noon and night

John Delaney’s legacy is that he may have folded The FAI ... but who else is implicated?

NIMAN · 06-12-2019 11:20PM

I hope he is remembered really badly. His legacy should be muck.

" THE MAN WHO RUINED IRISH FOOTBALL "

irishgeo · 06-12-2019 11:31PM

NIMAN wrote: »

I hope he is remembered really badly. His legacy should be muck.

" THE MAN WHO RUINED IRISH FOOTBALL "

i doubt he cares.

kippy · 06-12-2019 11:34PM

irishgeo wrote: »

i doubt he cares.

Yeah, it's unlikely he does.

NewRed2 · 06-12-2019 11:36PM

irishgeo wrote: »

i doubt he cares.

Yeah of course he doesn't care. The guy did MASSIVE damage to Irish football and toddles off into the sunset with a fortune in his pocket.
The mess he left behind isn't his problem.
But the scrutiny should be on how he was allowed to do so much damage and profit so much from it.
How it was allowed to happen is the issue.

irishgeo · 06-12-2019 11:45PM

NewRed2 wrote: »

Yeah of course he doesn't care. The guy did MASSIVE damage to Irish football and toddles off into the sunset with a fortune in his pocket.
The mess he left behind isn't his problem.
But the scrutiny should be on how he was allowed to do so much damage and profit so much from it.
How it was allowed to happen is the issue.

its wasnt just his own nest he was feathering. when you have the treasurer not knowing how many accounts they have. it makes you wonder. :rolleyes:

I think there is a lot more to come out yet but it cant be released yet for legal reasons.

fryup · 06-12-2019 11:56PM

Denis o brien will bail them out

irishgeo · 06-12-2019 11:58PM

fryup wrote: »

Denis o brien will bail them out

he aint that stupid, having a few issues of his own with refinancing digicel

Seth Brundle · 07-12-2019 12:29AM

NIMAN wrote: »

I hope he is remembered really badly. His legacy should be muck.

" THE MAN WHO RUINED IRISH FOOTBALL "

Given how he neglected all forms of soccer bar (possibly) the men's international, one could argue that Delaney had no interest in the sport!
You can't look after something you have no interest in!

Umaro · 07-12-2019 12:34AM

I can't believe Deloitte have been the sole auditors for the past 20 years. I know listed companies are supposed to change auditors every 5 years to prevent a 'cosy' relationship developing. You can see that's exactly what happened here.

I saw some people in the thread asking how auditors can miss stuff like this. I used to work as a Big 4 auditor (I hated it and was crap at it I'll willingly admit) and it's a mix of hubris and a lack of experience and scepticism. Deloitte will send in junior staff who are just starting out in accountancy with maybe 1-2 years of experience. The easiest way to complete the audit was to do exactly what was done the previous year, so if you trust last year's documentation then its easy for mistruths to be taken as fact. Then the company's experienced employees will misdirect or dodge you, or delay giving you something so that you've almost run out of time and you slap it in the file without looking at it thoroughly.

Honestly, there was times as well when I just couldn't be bothered doing my job right, crap pay and you're working 12-15 hours a day at the height of audit season and sometimes you just want to get it over the line. Nobody wants to ask tough questions and make the job take longer, and the firm partners want to stay buddy-buddy with the client. You just have to hope that the CEO isn't some soft of dodgy John Delaney character thats built a house of cards...

Seth Brundle · 07-12-2019 12:37AM

Umaro wrote: »

I can't believe Deloitte have been the sole auditors for the past 20 years. I know listed companies are supposed to change auditors every 5 years to prevent a 'cosy' relationship developing. You can see that's exactly what happened here.

Jesus H! I hadn't known that.
Are you for real?

Seth Brundle · 07-12-2019 12:38AM

John Delaney paid almost €3 million over three years by FAI...
https://www.irishtimes.com/sport/soccer/international/john-delaney-paid-almost-3-million-over-three-years-by-fai-1.4107442

osarusan · 07-12-2019 12:45AM

sugarman wrote: »

Did you not read your own link? He was due to be paid €3m over the next 3 years had he stayed on.

Did you read the link? Beyond the first paragraph?

In a presentation made at FAI headquarters, executive lead Paul Cooke said revised accounts for 2016 and 2017 showed emoluments - or pay - for Delaney was a total of €1.945 million, whereas original accounts showed emoluments totalling €860,000 for the two years. New accounts for 2018 show emoluments were €997,043.

Umaro · 07-12-2019 01:10AM

Seth Brundle wrote: »

Jesus H! I hadn't known that.
Are you for real?

Here's an article about it:

[url="Deloitte earned more than €1m in FAI audit fees since 1997"
]https://www.businesspost.ie/more-business/deloitte-earned-more-than-1m-in-fai-audit-fees-since-1997-f5aff1fa[/url]

FixdePitchmark · 07-12-2019 01:57AM

His wages are just hard to get the head around, like he didn't seem that daft. Daft, but he seemed cuter ?

Does anyone know where he is ?

I'd love a camera on him.

In fairness , likes of Fitzpatrick (Anglo) just rode it out. I don't think Delaney has the balls to ride it out.

I'd say he will emigrate. Take a job at an African national team.

FixdePitchmark · 07-12-2019 02:00AM

By the way , whoever posts this answer could they be 100 % accurate.

But whoever previously audited the FAI , should not be able to audit again in Ireland ? , is that possible ?

They certainly should never work for any agency of the state or group with state money.

Umaro · 07-12-2019 02:25AM

There's an audit watchdog for Ireland called the IAASI. They could fine Deloitte or prohibit them from auditing if they were found to be negligent.

I'm not sure if that would actually happen though, it depends how badly they screwed up their audit process or were they complicit (which would be jawdroppingly stupid). The FAI are on the brink of collapse, and football in Ireland is going to enter a very dark period of austerity. People will start to ask wtf Deloitte have been doing over the past 20 years to allow this to happen, and I could see some politician getting the bit between their teeth to take them to task.

The collapse of Enron brought down its auditors when they were found to be complicit in the dodgy stuff. (There used to be a "Big 5" of accountancy firms, now its a Big 4). Deloitte would have to be caught red-handed for something similar to happen here. They're definitely getting some reputational damage out of this.

John Delaney at the FAI Thread - (Mod Notes in OP)

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