Practice Plus April 2021

PLEASE NOTE

THIS IS AN OLD EDITION OF PRACTICE PLUS. ARTICLES MAY NOT BE CURRENT OR UP TO DATE.

 


Welcome to the April edition of Practice Plus, we hope you are all keeping well and safe during this time. This month we draw your attention to some recently published TWSS statistics and an imminent commencement of new AML legislation. We also advise you of some upcoming webinars and bring you details of a new cooperation agreement between Charities Regulator and Revenue.


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.
Read more.


CPD Requirements for Statutory Auditors and New IAASA Guidelines

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.
Read more.


Obstacles to Digitalisation for the SME & SMP

Accountancy Europe has just published an article on digitalisation and SMEs and SMPs. The report examines the main challenges for SME digitalisation and also highlights the potential benefits of digitalisation.
Read more.


Fraud and Going Concern Article

When a company collapses, all stakeholders are affected, from employees to investors, and it eventually erodes the public’s trust in financial markets. The COVID-19 crisis has further increased the pressure and made companies more vulnerable to fraud and corporate failures.
Read more.


Upcoming Webinars on Going Concern & the Auditor, AML and Accounting Standards

CPA Ireland will explore ISA 570 (Ireland), Going Concern & the Auditor, an Anti Money Laundering Update and Investments & Pensions / Accounting Standards Update in upcoming webinars in April and May 2021.
Read more.


Charities Regulator and Revenue Commissioners New Cooperation Agreement

The Charites Regulator and the Revenue Commissioners have agreed an updated cooperation arrangement. The Memorandum of Understanding, recently published, supports cooperation and collaboration in the interest of ensuring appropriate sharing and assessment of information by both parties.
Read more.


Department of Finance to Host Virtual Seminar on International Taxation

2021 will be a critical year for International Tax as Ireland seeks agreement at the OECD on addressing the tax challenges of digitalisation. The Department of Finance are holding a seminar, focusing on international discussions, discussing the general direction of travel and highlighting particular issues of concern for Irish stakeholders in the context of an agreement and then implementation.
Read more.


Annual Central Bank Report on SME Lending

The Central Bank of Ireland has recently published its SME Market Report for 2021. The Report aims to provide a timely overview of developments in the provision of credit to Irish Small and Medium Enterprises (SMEs) by financial intermediaries, including the challenges posed by COVID-19.
Read more.


Company Law Offences Case Heard in the District Court

Following directions to charge issued by the Director of Corporate Enforcement, a man pleaded guilty to 7 counts of furnishing false information contrary to section 242 of the Companies Act 1990. The charges relate to the unauthorised use of a bona fide auditor’s ARN (Auditor Registration Number).
Read more.


IAS 36 Impairment of Assets - Information Requests from IAASA

IAASA has published an Information Note IAS 36 Impairment of Assets - information requests from IAASA. The objective of IAS 36 is to prescribe the procedures that an issuer applies to ensure that its assets are carried at no more than their recoverable amount.
Read more.


Provisional TWSS Statistics from Revenue

Revenue have recently published provisional statistics which provide key insights into the TWSS reconciliation position for employers who availed of the scheme.
Read more.

 

Audit Resource Update

Visit CPA Ireland’s Audit Resource to access sample audit engagement letters, current wording for audit reports and relevant articles on the impact of COVID-19 on the audit process.
Read more.

 

New AML Legislation

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 was signed into law by the President on 18 March 2021. It is expected that the legislation will commence shortly.
Read more.

 

CPA Ireland Member Survey April 2021

It is almost a year since CPA Ireland first surveyed members to identify the challenges you were experiencing as a result of the COVID-19 pandemic. It would be very helpful if you could take just a few minutes to complete the survey below so that we can take account of your perspective on the challenges you are currently experiencing.
Read more.