Welcome to the August edition of CPA Ireland’s Practice Plus. This month we bring you updated guidance following revisions to the Solicitors Accounts Regulations and we highlight some recent updates from Revenue and CRO.
Updated guide to Solicitors Accounts Regulations published
We also welcome the publication of the proposed, landmark International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, for public consultation.
We remind practitioners that they have been issued with digital practising certificates and we encourage the adoption of this new opportunity to digitally display authorisations.
Following updates to the Solicitors Accounts Regulations which became effective from 1st
July 2023, CCAB-I has issued updated guidance for Reporting Accountants.
CPA Ireland issues digital practising certificates
CPA Ireland has issued digital certificates to its practising certificate holders and audit firms for the first time. The certificates can be added to LinkedIn profiles, shared via email or social media, or downloaded and embedded to email signatures or professional websites.
Enhanced Revenue reporting requirements from 1 January 2024
The Finance Act 2022 introduced Section 897C which will require employers to report details of certain payments made to employees and directors. Reporting the details of these payments to Revenue will commence on 1 January 2024. Revenue have updated their website information.
CEA issue guidance on the acceptance of company directorships
The Corporate Enforcement Authority has published guidance to the public regarding accepting company directorships under certain circumstances.
FRC consults on revisions to Ethical Standards for Auditors
The UK’s Financial Reporting Council (FRC) has issued a consultation on revisions to the FRC’s Ethical Standard
to further enhance and clarify the principles of integrity, objectivity and independence auditors must abide by.
Proposed Sustainability Assurance Standard published
The IAASB has announced the approval of the draft International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements
, for public consultation.
CRO recommence enforcement process
The CRO have advised of the recommencement of enforcement processes, following a pause since 2020, with the issuing of 10-week warning letters for strike off.
Governance standards improve in Irish charities
Governance standards continue to improve across the charity sector, the Charities Regulator’s Annual Report for 2022 shows.
IAASA publish guidelines for Recognised Accountancy Bodies
The Irish Auditing and Accounting Supervisory Authority has published guidelines for the Recognised Accountancy Bodies to apply to their approval and registration function in respect of Statutory Auditors and Audit Firms.
Revenue publishes guidance on 2022 ROS Form 11
Revenue have published a Tax and Duty Manual which highlights further changes to the 2022 income tax return.
Irish Accountancy Conference 2023 and other events
Taking place online on 8th & 9th September 2023, the Irish Accountancy Conference combines the Practice and Industry Matters conferences to deliver a 1.5 day conference with top quality speakers and flexible subject options.
Join CPA Ireland’s Quality Assurance Team
An opportunity has arisen to join CPA Ireland’s Professional Standards Team as a Quality Assurance Executive.