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Maynooth College was established by an Act of Parliament in 1795, a period during which the philosophy of “laissez faire” prevailed throughout Europe. This was particularly true in the case of accounting and the control of government over business. However those organisations which had received public funding were subject to some degree of government control. Such bodies were required by law to prepare accounts which would then be audited by an official from the Office of the Commissioners of Imprest Accounts. A law was enacted to give the Commissioners power to examine those who prepared the accounts and any other relevant individuals on oath. They were also entitled to call for the underlying books and records. In the case of Maynooth College a grant was allotted to the college each year by Parliament. On the establishment of the college there were no regulations as to how the trustees might spend these allotted grant monies. The only reference to finances and accounting in the Act setting up the college was that the trustees were to account for the expenditure of the grant to the Commissioners of Imprest Accounts. There was no Companies legislation governing the preparation of accounts during this period. Essentially those in charge of the preparation of the accounts of business enterprises could use whatever format they liked in presenting financial information.
房地产公司置业顾问实习报告Each year’s accounts had to undergo an annual review by the Commissioners of Imprest Accounts. This function was carried out in later years by the Department for Preparing and Engrossing Civil Accounts. The officials from this office were referred to as auditors of the accounts in the college minutes.The auditors had the right in law to reject from the accounts “items not agreeable to the intent of the grant or power of the grantees”. This power resulted in a number of items being added back to the “balance in favour of the public” in many year’s accounts. For example in the accounts for the year ended 5 January 1832, a sum of £452 which had been spent on sports facilities was disallowed. The auditors stated in their report of that year that this expenditure was not allowable under the terms of the legislation, their argument being that sports facilities were not strictly speaking necessary for the running of the college.
It appears from a review of the legislation and the accounts of the college that the auditors imposed whatever disclosure requirements there were and that there were no such requirements laid down in legislation. All adjustments to the accounts are stated as having been made at the request of the auditors.There was no legislation backing up these amendments but the auditors and the Commissioners of Imprest Accounts had a powerful weapon to ensure that the college trustees would agree to any proposed amendments. Accounts had to be passed (or using the term in the legislation, declared) before they could be presented to Parliament in making the request for the following year’s grant. A number of disclosure requirements were introduced in the period under review beginning with the year ended 5 January 1812. In that year’s accounts the trustees were required to show the amounts owed to and by the college on the face of the accounts. This was done by means of a Statement of debts and credits. However this listing was not a complete one in that while the trustees might have known that an amount was due to or from another party, they did not know the exact amount. Thus only the name of the party would be listed and not the amount. Also while this statement was prepared in most years it was not prepared every year.
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