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CPA Practice Plus

 

Welcome to the April edition of  Practice Plus. This month we bring you news regarding the future of the Irish Auditing Framework, the Companies (Accounting) Bill 2016, PSRA regulations and an update on Anti - Money Laundering.  

 


 


  • PSRA Regulated Clients – Guide to PSRA Audit Inspections

    Apr 19, 2017
    The PSRA Guide to Conducting Audit Inspections as provided for under the Property Services (Regulation) Act 2011 document is designed to outline the requirements placed on licensees by the Property Services (Regulation) Act 2011 (the Act) and the Regulations made under that Act and how compliance with the legislation is assessed.
    Full story
  • goAML System

    Apr 19, 2017
    On 29th May 2017 the Irish Financial Intelligence Unit (FIU) of the Garda Siochana, will launch a new software system called goAML.
    Full story
  • Companies (Accounting) Bill 2016

    Apr 19, 2017
    The Companies (Accounting) Bill 2016 is currently going through the various stages within the Dail and the Seanad. It is expected to be enacted shortly and we continue to monitor the various stages of the bill. When we learn anything further, we will keep you updated via the usual channels.
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  • Future Irish Auditing Framework to be the FRC Auditing Framework

    Apr 19, 2017
    IAASA has published its feedback paper to its consultation on the future auditing framework for Ireland (‘Consultation Paper’).
    Full story
  • Deadline for Annual Renewal of CPA Practising Certificates and Authorisations

    Apr 19, 2017
    The date for the renewal of all CPA Practising and Auditing Certificates and Investment Business Authorisations has now passed. Members, affiliated partners and responsible individuals are reminded that an application for renewal must have been completed in full by 28th February in order to allow for the timely renewal of authorisations.
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  • Deadline for Annual Renewal of CPA Practising Certificates and Authorisations

    Mar 14, 2017
    CPA Practising and Auditing Certificates and Investment Business Authorisations expire annually on the 31st March.
    Full story
  • Companies (Accounting) Bill 2016

    Mar 14, 2017
    The Companies (Accounting) Bill 2016 is scheduled for Report Stage in the Dáil in the week commencing 20th March 2017. When the bill is commenced, it proposes to introduce a small companies regime and a micro companies regime which will fundamentally change the financial reporting requirements for small and micro entities.
    Full story
  • Anti-Money Laundering

    Mar 14, 2017
    As flagged in previous editions of Practice Plus and in updates to members over the past year, the 4th EU Anti-Money Laundering Directive is due to be transposed into Irish legislation by 26th June 2017 and will impact on firms’ anti-money laundering policies and procedures.
    Full story
  • Beneficial Ownership

    Mar 14, 2017
    CRO has advised that work has commenced on putting in place a central register of beneficial ownership. S.I. 560 of 2016 transposes the first sub-paragraph of Article 30(1) of the Fourth Anti-Money Laundering Directive (4AMLD) and requires corporates and other legal entities to collate beneficial ownership data.
    Full story
  • Mandatory E-filing

    Mar 14, 2017
    CRO have advised that mandatory e-filing will commence from June 1 2017. Form B1 and financial statements are required to be filed electronically from June 1st 2017
    Full story
  • Credit Unions

    Mar 14, 2017
    Members who audit credit unions are reminded that such entities are high risk clients and members should endeavour to continuously update themselves on current requirements and procedures in this regard.
    Full story
  • IAASA

    Mar 14, 2017
    IAASA, Ireland’s accounting enforcer, published its financial reporting decision arising from its examination of Pelican Mortgages No. 1 plc’s unaudited consolidated interim financial statements for the six month period ended 30 June 2016 (‘the Report’).
    Full story
  • Audit Webinar Bundle

    Mar 14, 2017
    CPA Ireland webinars are continuing to grow in popularity and now make up 30% of all CPD completed with the Institute. April’s webinar bundle focuses on the topic of statutory audit.
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  • CPD for Practitioners

    Feb 20, 2017
    Don't miss the CPA Ireland Tax Conferences 2017 or the CPA Practical Days for Accountants - Reporting Standards and Company Secretarial. Join our experts for practical updates on key issues.
    Full story
  • Companies (Accounting) Bill 2016

    Feb 15, 2017
    The much awaited Companies (Accounting) Bill 2016 is currently making its way through Dáil procedure and has a number of stages to reach before it becomes effective legislation. When commenced it proposes to introduce a small companies regime and a micro companies regime which will fundamentally change the financial reporting requirements for small and micro entities.
    Full story
  • IAASA adoption of auditing framework

    Feb 15, 2017
    On 31 January 2017, IAASA announced the adoption of the Auditing Framework for Ireland (“the Standards”). The Standards – ISAs (Ireland), ISQC (Ireland) 1 and the Ethical Standard for Auditors (Ireland) are mandatory for use in auditing financial statements of periods commencing on or after 17 June 2016, for which opinions are issued on or after 1 February 2017.
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  • Cycle of Quality Assurance Reviews

    Feb 15, 2017
    Firms are reminded that the CPA Ireland cycle of Quality Assurance Reviews continues in accordance with SI 312 of 2016 and Bye Law 7 for 2017.
    Full story
  • Deadline Date 28th February 2017 for Annual Renewal of CPA Practising Certificates and Authorisations

    Feb 15, 2017
    A reminder that 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.
    Full story
  • Disclosure of Directors’ Remuneration in Financial Statements

    Feb 15, 2017
    Section 306 of the Companies Act 2014 expands the disclosure requirements for Directors’ Remuneration with regard to amounts paid to persons “connected” with a director. Connected persons are defined in section 220 and include a director’s spouse, civil partner, parent, sibling or child including in some cases a child of a civil partner. It also extends to persons acting as a trustee of a trust, the principal beneficiaries of which are those noted above as well as a body corporate controlled by the director
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  • Accountancy Europe

    Feb 15, 2017
    Accountancy Europe the representative body of Accountants, Auditors and Advisors in Europe (formerly known as FEE) recently published their January newsletter. To access the newsletter and find out more please click here.
    Full story

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