THE IRISH HORSERACING Regulatory Board (IHRB) will tell the Oireachtas Agriculture committee today that a “grave financial issue” within the organisation “does not appear” to be related to the misappropriation of funds or personal gain. 

The regulator, which first disclosed the matter to the Public Accounts Committee on 29 June, has engaged the services of auditors Mazars to conduct an independent review of its finances, following a recommendation by Horse Racing Ireland.

The board’s solicitors have drawn up draft frames of reference for the review, and it is determined that this will commence “urgently”. 

IHRB officials are expected to be questioned on the issue by members of the committee today. 

The revelation that a financial matter of “grave concern” had come to light within the organisation first emerged at a sitting of the Public Accounts Committee recently. 

Chief Executive Darragh O’Loughlin told the committee that he was made aware of the financial issue two days before the committee, and that it occurred in early 2022. 

However, said he didn’t want to “prejudice” the outcome of any review “or investigation” into the matter in the future. 

The regulator was established in 2018 to carry out regulatory and licensing functions assigned to the Racing Regulatory body under the Horse Racing Ireland Act. 

It is solely responsible for the making and enforcing of the rules of racing, licencing participants, and regulating horse racing, including equine anti-doping control. 

The board will also tell the committee that it needs more staff to fully carry out its anti-doping regulation strategy. 

Horse Racing Ireland is responsible for funding the IHRB. 

The board set about a programme of “modernisation” in 2020, including the implementation of a voluntary redundancy and early retirement scheme, which saw a number of people leave the organisation in early 2021.