Cessation of your Practice, Auditing Certificate or Investment Business Certificate

Ceasing a Firm’s Auditing Certificate

A firm may decide that they no longer wish to offer statutory audit services and may decide to surrender their firm’s auditing certificate.

To do so the firm should complete a cessation form and return to swarren@cpaireland.ie in the Professional Standards Department of CPA Ireland in advance of the intended cessation.

The firm must ensure that the following matters are attended to allowing for the orderly wind down of audit engagements and activities;

  • Resigning from audit engagements and following the necessary resignation procedures in accordance with the Companies Act 2014 

  • Ensuring that clients are appropriately advised on a timely basis and that there are continuity of service arrangement in place to source an alternative auditor where necessary

  • Updating of website, stationery and signage to remove references to audit

  • Advising any parties to whom continuity of practice arrangements agreements are in place with to advise them of the change in your firm’s authorisation

  • Ensure that revised engagement letters issue to clients where appropriate

Ceasing a Firm’s Investment Business Certificate

A firm may decide that they no longer wish to offer investment business services to their clients and may decide to surrender their firm’s investment business certificate.

To do so the firm should complete a cessation form and return to swarren@cpaireland.ie in the Professional Standards Department of CPA Ireland.

In such circumstances Bye Law 14, Investment Business Regulations requires that the firm;

  • Notify the Institute forthwith;

  • Provide at least two months’ notice to affected clients to enable them to make alternative arrangements;

  • Ensure all outstanding business is properly completed prior to the transfer, merger or cessation of operations or, alternatively in the case of a transfer or merger, inform the client of how the continuity of service will be provided following the transfer or merger; and

  • In the case of a merger or transfer of regulated activities, inform the client that their details are being transferred to the other regulated entity,  if that is the case.

The firm should also

  • Provide for the referral arrangements/agencies with third parties

  • Update website, stationery and signage to remove references to investment business services

  • Advise any parties to whom you provide continuity of practice arrangements to of the change in your firm’s authorisations

  • Ensure that revised engagement letters issue to clients where appropriate

Ceasing to Practice

A member may decide to cease their public practice activities and surrender their practising certificate and other certificates held.

To do so the firm should complete a cessation form and return to swarren@cpaireland.ie in the Professional Standards Department of CPA Ireland in advance of the surrender.

To ensure compliance with the CPA Bye Laws the following matters must be considered and advised;
 

1. Professional Indemnity Insurance
In accordance with Bye Law 9, PII members who cease to engage in public practice entirely shall ensure that they have run-off professional indemnity insurance for at least twenty-four months after they cease to practice. This is the minimum period required. 

2. Continuity of Practice agreements
Members who cease to engage in public practice entirely shall ensure that adequate arrangements are in place to afford clients with adequate time to source services elsewhere to allow for an orderly wind down or handover of clients to an incoming firm. 

Firms should also advise other firms to whom they provide continuity of practice arrangements of the cessation of activities.