Chair of the RTÉ Board Siún Ní Raghallaigh has said the RTÉ Board is happy to attend Oireachtas committees to discuss the findings set out in the Grant Thornton Report into Toy Show The Musical.
The report found that the recording of the show's sponsorship money was "not in line with generally accepted accounting practices".
In a statement, Ms Ní Raghallaigh said board members are happy to attend the Public Accounts Committee and the Joint Oireachtas Committee on Tourism, Culture, Arts, Sport and Media, and has "formally notified both Committees to that effect".
Earlier, Chair of the Public Accounts Committee Brian Stanley said that the musical "was a disaster before it even started".
The RTÉ Board is a body made up of 12 people that make policy for the broadcaster, while the Executive Board is a committee composed of senior management responsible for its day-to-day running.
Ms Ní Raghallaigh said: "The report published earlier today confirmed a significant lapse in oversight of Toy Show The Musical.
"The Board acknowledges this and has since taken the necessary steps to ensure there is no repeat of these failures.
"We would welcome an opportunity to discuss this in more detail with the Committees in order to provide the assurance needed that governance structures have been appropriately reformed and strengthened."
Earlier, Ms Ní Raghallaigh expressed confidence in members of the current RTÉ Board who sat on the board when corporate governance failings occurred in relation to Toy Show The Musical.
The report found that there was no record of board approval being sought for the venture.
Speaking on RTÉ's News At One, Ms Ní Raghallaigh also reiterated her apology to the public and RTÉ staff for what happened and denied that the members involved would resign.
"I have every confidence in the board members," she said.
"There is collective responsibility here not just on the part of the board but also on the Executive, and we accept the collective responsibility.
"These board members were there at the time, but I have every confidence in them.
"I want to assure everyone of the work that we have been doing to make sure that something like this never happens again, and I think we have done that," she said.
Ms Ní Raghallaigh said the Grant Thornton report was a factual and independent report asking "basic, simple questions".
The report stated that it found no evidence in the minutes of meetings of the RTÉ Board recording the approval of Toy Show the Musical whether by way of the outcome of a vote, or a consensus reached.
The report found that board approval was required for the show but that there is "a diversity of views" among members about whether approval was provided by the RTÉ Board.
"That is just not acceptable. The processes...there were no processes engaged and the governance was not even there, so this was just not acceptable how this happened," Ms Ní Raghallaigh said.
Elements of report 'shocking' - Bakhurst
Current RTÉ Director General Kevin Bakhurst said there were elements in the report which were "shocking to anyone who reads it".
"It should never have happened. I am very confident that we have put in place now the measures that make sure this sort of thing could never happen again in this organisation and I'd like to reassure people about that and we work very closely with the board to do that and to drive change," he added.
Asked if he thinks board members who were there are the time and are still on board should go, Mr Bakhurst said the current board have been "wholly supportive of the changes I have been trying to bring in".
He added: "I also feel they were not given the full facts on the board.
"This is not a question for me, however all I can say about the board is that they have been hugely supportive in bringing in the changes and new relationship to ensure this doesn't happen again."
Informal 'combo meeting'
When asked about an informal "combo meeting" that took place about the project, Ms Ní Raghallaigh told RTÉ's News at One that only certain board members were invited.
"In the context of this, the combo meeting and such events as that kind of points to the dysfunctionality of the relationship between what was then called the executive board and the board, and this is how it is manifesting itself in the selection of certain members of the board to attend what I think was termed as a presentation...," she said.
Ms Ní Raghallaigh said only certain people were invited to the meeting, adding: "I think there were six people invited and only five attended."
"There were no documents supplied beforehand so that those attending would understand what it was that they were looking at and people did not know anything about this."
She said the previous chair would have been aware of the project before this point.
The people who spoke with the Grant Thornton team are anonymized in the report. "There are reasons behind it," she said, "and that is set out in the report itself."
She said the musical did come to the audit and risk committee, but it was after the event.
"I go back to the level of information that was shared, how things were presented... nobody is not owning that things should have been done differently, and this is why we have put certain things in place to ensure that such an event will not happen again, projects getting commenced without proper authorisation."
There are still members of the RTÉ Board who were active during this period.
Sponsorship money
The report also found that the recording of the show's sponsorship money was "not in line with generally accepted accounting practices".
It found that there was "no objective justification" for the way a figure of €75,000 was recorded which led to an overstating of sponsorship revenue.
Concerning money being transferred from RTÉ advertising income to make up sponsorship funds for the project, Ms Ní Raghallaigh confirmed that money was moved from spot advertising into sponsorship revenue.
The musical was said to have €120,000 in sponsorship funds when it was a mere €45,000.
Ms Ní Raghallaigh added that the audit and risk committee ensured this was corrected when they discovered what had happened.
She said: "I cannot tell you how inappropriate that is. Just in general, this whole debacle, this whole lack of assessment of the commerciality of a project.
"I find it... I was not there at the time, so I'm reading it like you, I’m reading it and trying to understand it.
"It will never happen again - take my word for it. This is not going to happen again in this way."
When asked about the accountancy issues surrounding the sponsorship money, Mr Bakhurst said he was "very surprised" and that he did not "think it is appropriate".
He said: "I have never seen that done before, there was no loss to RTÉ but that does not excuse it. It's extremely surprising to see it."
Additional reporting Brian O'Donovan
