Practice Plus April 2019




Welcome to the April edition of Practice Plus and we wish you all a Happy Easter.

This month we bring you news of the establishment of a Central Register of Beneficial Ownership in Ireland
and some guidance on the completion of Property Services Regulatory Authority’s Accountants Reports.

Beneficial Ownership Register Established

The CRO have advised that Article 30(1) of the EU’s Fourth Anti-Money Laundering Directive (4AMLD) requires all EU Member States to put into national law provisions requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal beneficial ownership register.
Read more.

Completing Property Services Regulatory Authority’s Accountants Reports: the Regulators Perspective

As part of the annual licence renewal process for Auctioneers, Estate Agents, Management Agents and Letting Agents, verification by an accountant that client moneys are managed in accordance with PSRA Client Money Regulations by a licensee is paramount. In this regard, a licence renewal application must be accompanied by a signed accountant’s report relevant to the licence(s) held.
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Procedures for Employees of Audit Firms to Report Breaches

Audit Firms should note that in accordance with Article 30e of the EU Statutory Auditor Directive, there is a requirement for firms to establish appropriate internal procedures for their employees to report potential or actual breaches of the EU Audit Directive and Regulation on statutory audit. Procedures will be reviewed through the quality assurance process.
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CPA Ireland’s SMP Committee

Would you like to join CPA Ireland’s SMP Committee and contribute to issues of importance for Members in Practice in the SMP market?
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Revenue Referrals to Professional Bodies Under Section 851A (7) TCA 1997

Revenue have recently advised through an e-brief that the Revenue Referrals to Professional Bodies Tax and Duty Manual has been updated.
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Practice Connect – Merger Opportunities

Practice Connect provides a confidential platform to allow firms to advertise practices for sale and merger opportunities. Two recent merger opportunities have been advertised for Dublin/Leinster and Cork regions.
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eRCT Bulk Rate Review

On the 6 April 2019 Revenue ran the first RCT Bulk Rate Review (BRR) of 2019. The BRR assesses the current compliance position of each subcontractor in the eRCT system and a determination of their RCT Deduction rate, of either 0%, 20% or 35%, is then made.
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Sanctions Against Baker Tilly in UK in Relation to Group Audit

Sanctions have been imposed against Baker Tilly UK Audit LLP ("Baker Tilly") and its partners Richard King and Steven Railton, following an investigation by the Financial Reporting Council (FRC), in relation to the audit of the financial statements of Tanfield Group plc ("Tanfield").
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Danish Police to Investigate Firms over Potential Breach of AML Rules

The Danish government has reported Big Four auditors EY and KPMG to the authorities to investigate whether the firms broke money laundering rules.
Read more.