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CPA Practice Plus

 

Welcome to the January edition of  Practice Plus and with it Happy New Year to all of you

If you have one resolution that you keep in 2017 let it be that you review your mid-monthly Practice Plus bulletin from your Professional Standards team. Each month we review the legislative changes expected in 2017 and bring you important information for insurance broker clients and an update on the FRSSE.


  • Annual Renewal of CPA Practising Certificates and Authorisations for 2017

    Jan 12, 2017
    CPA Practising and Auditing Certificates and Investment Business Authorisations expire annually on the 31st March. Members, affiliated partners and responsible individuals are reminded that an application for renewal must be completed in full each year by 28th February in order to allow for the timely renewal of authorisations.
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  • New year, new legislation

    Jan 12, 2017
    There are a number of pieces of new legislation/regulations that we expect to see commenced in 2017 that will have an impact on CPA members. This short summary will help you plan for these forthcoming changes;
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  • Acting for insurance brokers

    Jan 12, 2017
    Members are reminded that clients who are authorised by the Central Bank, such as an insurance broker as outlined in Schedule 5 of the Companies Act 2014 are not eligible to file abridged financial statements with CRO. Section 350 (11) (b) of the Companies Act 2014 excludes a company from qualifying as a small or medium company if it falls into any provision of Schedule 5, thereby making them ineligible to file abridged financial statements.
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  • FRSSE

    Jan 12, 2017
    For financial periods beginning on or after 1st January 2016 the FRSSE is no longer available. Such companies must transition to an alternative financial reporting framework such as FRS 102.
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  • The end of the transition period

    Jan 12, 2017
    Members are reminded to note that the 18 month transition period provided in the 2014 Companies Act for companies to convert to a new company type ended on 30 November.
    Full story
  • Technical Alert Section 27B

    Jan 12, 2017
    Technical Alert 05/2016 has been issued “Update on prescribed enactments for the purposes of section 27B of the Central Bank Act 1997” to alert auditors to the notification by the Central Bank of Ireland (“the Central Bank”) in recent months of additional prescribed enactments in relation to which the auditor has duties to report to the Central Bank pursuant to section 27B of the Central Bank Act 1997 (“CBA 1997”).
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  • Technical Alert for auditors of Insurance Undertakings

    Jan 12, 2017
    A Technical Release 13/2016 “Guidance for Auditors of Insurance Undertakings in Ireland” recently issued. The Technical Release provides guidance to auditors engaged by an insurance undertaking to carry out an audit of the undertaking’s financial statements and, where applicable, to provide a reasonable assurance opinion in relation to the relevant elements of the Solvency and Financial Condition Report (SFCR) of that undertaking.
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  • UK tax authorities

    Jan 12, 2017
    Members who interact with HMRC should be aware of a new development implemented in the New Year. From January 1st, accountants, bankers, lawyers and other advisors who enable offshore tax evasion will face tough new sanctions from (1 January 2017).
    Full story
  • Companies (Accounting) Bill 2016 Update

    Dec 15, 2016
    The Companies (Accounting) Bill 2016 is currently making its way through Dail procedures and has a number of stages to reach before it becomes effective legislation. This will not happen before 2017. We are monitoring it’s progress closely and will keep you updated on any developments.
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  • Top Five articles read by our Members in 2016

    Dec 14, 2016
    As we reach the end of a busy 2016, we take a look back at the news items that's members were most interested in. Here are your top five items in terms of hits.
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  • Filing statutory duty confirmations reports to the Central Bank

    Dec 14, 2016
    Members are reminded to check the status of their Insurance broker and investment intermediary clients. Section 27B of the Central Bank Act 1997 (as inserted by the CBFSAI Act 2004) places a duty on auditors to make a written report to the Central Bank, within one month of the date of the auditor’s report on the financial service provider’s financial statements.
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  • Anti-Money Laundering, Credit Unit Fined for Breaches

    Dec 14, 2016
    The Central Bank has fined Bray Credit Union €98,000 for failing to have adequate measures in place to prevent money laundering and terrorist financing.
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  • FEE celebrates its 30th Anniversary

    Dec 14, 2016
    FEE the Federation of European Accountants based in the heart of Europe, Brussels, celebrated its 30th Anniversary last week. The 7th December 2016 marked the 30th anniversary of the European organisation for accountants, auditors, and advisors.
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  • The End of the Transition Period

    Dec 14, 2016
    Members are reminded to note that the 18 month transition period provided in the 2014 Companies Act for companies to convert to a new company type ended on 30 November.
    Full story
  • FRSSE Update

    Dec 14, 2016
    For financial periods beginning on or after 1st January 2016 the FRSSE is no longer available.
    Full story
  • Quality Assurance Notice

    Dec 14, 2016
    Firms should note that in advance of a quality assurance review being conducted, the reviewer, using a firm’s ARN number, will conduct a search of Company Registration Office submissions by the firm for audit clients. Using this information, the reviewer in advance of a visit will have noted the audit reports filed by the firm, and will have studied the quality of financial statements submitted. Therefore, this information may already have determined the focus of the review.
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  • CPA Responds to IAASA’s Consultation on the Future of the Irish Auditing Framework

    Dec 14, 2016
    CPA Ireland’s Audit Practices Sub Committee has responded to the IAASA consultation paper – The Future Auditing Framework for Ireland.
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  • Annual Renewal of CPA Practising Certificates and Authorisations 2017

    Dec 14, 2016
    CPA Practising and Auditing Certificates and Investment Business Authorisations expire annually on the 31st March.
    Full story
  • CPD Reminder – end of three year cycle

    Dec 14, 2016
    Members are reminded that 2016 is the end of a three year CPD cycle. Practising certificate holders and members working in professional offices are expected to attain a total of 120 hours CPD over a 3 year period, of which 75 hours are Structured CPD and 45 hours are Unstructured. The minimum requirement is 30 hours (15 hours structured and 15 hours unstructured) of CPD in any one year.
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  • Complete the Practice and Audit Orientation course on-line

    Nov 16, 2016
    Looking to get your practising and auditing certificate requirements completed or simply achieve your CPD in a more flexible manner?
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