Welcome to the March edition of Practice Plus, we hope you are all keeping well and safe during this time. This month we bring you details of recent representations to Revenue and remind Practising Certificate holders of the requirement to renew their Certificates if you haven’t already done so. As we mark St. Patrick’s day we also bring your information on Enterprise Ireland’s Green Future campaign.
Expiration of Practising Certs - Renew Now
All CPA Practising Certificates and Auditing Certificates are to be renewed annually. Investment business authorisation must also be renewed. If you have not completed your renewal, please ensure to do so urgently.
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TWSS Feedback Provided to Revenue
CPA Ireland via CCAB-I recently wrote to Revenue setting out the issues being encountered by taxpayers as they try to settle their TWSS liabilities.
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Green Future Campaign - Marking St. Patrick’s Day
Enterprise Ireland will host over 50 virtual trade events across the world this week to engage international partners and support the growth of Irish enterprise internationally.
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Accountancy Europe - NFI for SME's
Accountancy Europe and the European Association of Cooperative Banks (EACB) are inviting members to join them as they debate how new rules on reporting non-financial information (NFI) might affect small and medium-sized enterprises (SMEs).
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Commitment to 12.5% CT Rate Welcomed
CPA Ireland via CCAB-I has welcomed the Government’s continued commitment to Ireland’s 12.5% corporation tax rate.
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IAASA Publishes Reports on the QA Reviews of PIE Audit Firms
IAASA has published a quality assurance review report in respect of each of Ireland’s seven audit firms that perform statutory audits of public interest entities (PIE audit firms). Each of the reports summarise IAASA’s findings arising from the quality assurance reviews of the PIE audit firms that took place in 2020.
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Quality Assurance 2021
Notices continue to issue to CPA audit firms who are due a Quality Assurance Review in 2021 to meet the six year cycle required by the Companies Act 2014. In accordance with government guidelines the reviews will be conducted remotely and your firm will be contacted by the Professional Standards staff of the Institute to make arrangements.
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Audit Qualification and your CPD Requirements
CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors are reminded of their requirements to maintain their competence in audit through CPD. This is a requirement of the Companies Act 2014 and Audit hours completed for a cycle will be reviewed as part of your Quality Assurance Review.
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Central Bank Consultation Paper
The Central Bank of Ireland has issued a Consultation Paper on enhancing engagement with stakeholders.
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Accountancy Europe Publications
With recent fraud cases, corporate failures and the pandemic’s impact have led to Accountancy Europe issuing two publications with recommendations to strengthen the financial reporting ecosystem. Accountancy Europe has also published its SME update for March.
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CRO Updates and Tutorials
We would continue to advise members to regularly check the CRO site and the CRO Twitter page for updates and notices.
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Credit Union Sector Examined
Patrick Casey, the Registrar of Credit Unions at the Central Bank, addressed delegates at the Credit Union Managers’ Association Spring Conference. He highlighted that credit unions at a sector level have maintained a strong reserve position and managed to generate a surplus in the year to 30 September 2020.
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Financial Reporting Lab – March 2021 Newsletter
The FRC’s Financial Reporting Lab has issued their March 2021 newsletter. The topics explored in the bulletin include COVID-19 related reporting guidance, sustainability reporting and more.
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Charities Regulator Corporate Governance Training Videos
The Charities Regulator has made available on their website; some corporate governance training videos recorded in 2020.
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Advanced VAT for Accountants
Due to the success of the first running of the Advanced VAT for Accountants course in 2020, we are delighted to once again be offering this course, commencing in April 2021.
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