Top tax firm Mazars to review matters of ‘grave financial concern’ at horseracing watchdog

On Friday evening, an IHRB spokesman confirmed that investigation will be carried out by Mazars, a leading international audit, tax, and advisory firm with over 600 staff across offices in Dublin, Galway and Limerick.Mr O’Loughlin said on Friday that he doesn’t believe the issue involves “anything in the nature of personal gain.” He also told RTÉ’s Morning Ireland it didn’t involve public money being misappropriated.

An uncomfortable appearance before the PAC on Thursday was also notable for Mr O’Loughlin admitting that governance around a €384,870 termination payment to his predecessor, Denis Egan, was “clearly not” what it should have been. Mr O’Loughlin admitted the IHRB board ignored an instruction from Minister for Agriculture Charlie McConalogue to include Mr Egan’s 2021 remuneration in its financial accounts for that year.Mr O’Loughlin, who stepped into the role as chief executive last year, said that request had put the IHRB in a difficult legal position as Egan’s employment conditions didn’t provide for the publication of his salary.

That situation led to the Comptroller and Auditor General Séamus McCarthy reporting that the IHRB was “not compliant” with the code of practice for the governance of State bodies.

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