Practice Plus August 2021

 


Welcome to the August edition of Practice Plus. We hope you are keeping well and getting a break over the Summer period. This month we bring you news of a CCAB -I survey on the term “Accountant”, we would encourage your participation, also Guidance for Firms Reporting Breaches of the revised Ethical Standard for Auditors, IAASA’s Consultation Paper on proposals to revise ISA (Ireland) 240, plus much more.

Business Resumption Support Scheme

BRSS supports businesses that were significantly impacted throughout the COVID-19 pandemic, even during periods when restrictions were eased.
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FRC Webinar: Have your say on the periodic review of FRS 102

As part of the next periodic review of UK and Ireland accounting standards, the FRC is seeking views from a wide range of stakeholders about the type of areas they would like to be considered for review.
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IAASA Consultation Paper proposes to revise ISA (Ireland) 240

IAASA has published a Consultation Paper on its proposals to issue a revised version of ISA (Ireland) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.
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Guidance for Firms Reporting Breaches of the Ethical Standard

The revised Ethical Standard for Auditors effective from 15th July 2021, includes a new requirement for audit firms to make reports of breaches of the Ethical Standard to the relevant competent authority and now explicitly prescribes reporting of breaches to those charged with governance.
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Reporting Breaches of AML Legislation

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, requires CPA Ireland to establish effective and reliable mechanisms to encourage the reporting of potential and actual breaches of the Act through a secure communication channel. Read More. 
 

Tax relief for Health Expenses

Tax and Duty Manual Part 15-01-12 -  
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Update to CPA Ireland’s Clarified Audit Procedures

CPA Ireland’s Audit Programmes (Clarified Audit Procedures) have been revised to reflect changes to IAASA’s Ethical Standard for Auditors (Ireland) 2020 which become effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted.
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Resignation from Audit Engagements

S. 400 of the Companies Act 2014 provides for the circumstances where a statutory auditor decides to resign as auditor.
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CCAB-I - your insights needed

The Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) would like your views and experiences to inform research and further work into legislating for the term ‘accountant’ as the term is not reflected in legislation in Ireland.
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Joint Outreach Event

 IASB’s agenda consultation and EFRAG’s proactive research agenda. 
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IAASA publishes its Annual Report

IAASA has published its 2020 Annual Report, detailing its activities for that year across its areas of responsibility
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Public consultation on OECD tax proposals

The Department of Finance recently launched a public consultation on the OECD’s international tax proposals. CPA Ireland under the auspices of the CCAB-I will respond to the consultation. 
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Proactively manage your AML risks

Accountancy Europe has recently published an article called Building an effective anti-money laundering ecosystem which recommends how to better implement the existing anti-money laundering (AML) legislation.
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Green Recovery after the Pandemic?

Accountancy Europe has recently issued an interesting article on how a “green recovery” could look like as economies look to recover after the pandemic. 

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Accountancy Europe SME Event online

Accountancy Europe and the Early Warning Europe Network are holding an event to address support measures for SMEs in the COVID-19 recovery period.
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Sustaining Enterprise Fund launch with Enterprise Ireland

This week sees the launch of an additional fund to help companies in their recovery from the pandemic. The new funding package will also provide liquidity, in the form of grants, capital investment, equity and loan notes to manufacturing and internationally traded services companies which have been negatively impacted by Covid-19 to support productivity improvements and enhance capacity building

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