Practice Plus December 2021

 


Welcome to the final edition of Practice Plus for 2021. We would like to wish you all a very happy Christmas and peaceful and prosperous New Year. This December, we bring you lots of news and guidance to keep you updated and informed. We also round up 2021 with a look back at some of the key technical developments this year.

Technical Round Up 2021

2021 has been a busy year on the technical front, with changes to auditing standards, AML legislation and ethical requirements to highlight just some of the changes.
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CCAB-I calls for Revenue’s MyEnquiries standard for responding to queries to reduce from 20 to 10 days.
CCAB-I has called for Revenue’s customer service standard for responding to MyEnquiries communications to reduce from 20/25 days to 10 days considering the continued restriction of Revenue’s public phone lines. 
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Proposed ISA for Audits of Financial Statements of Less Complex Entities – have your say
In late August, the International Auditing and Assurance Standards Board (IAASB) opened a six-month public consultation on its landmark new proposed standard for audits of financial statements of less complex entities (LCEs).
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Updates from the TALC Collections Sub-Committee
The TALC Collections Sub-Committee have provided updates on iXBRL filings, Income Tax Filing 2020 and the debt warehousing scheme as follows;
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Small Company Administrative Rescue Process
The Companies (Rescue Process for Small and Micro Companies) Act 2021 was commenced on 7 December. The Companies (Rescue Process for Small and Micro Companies) Act 2021 inserts a new Part 10A into the Companies Act 2014 to provide for a dedicated rescue process for small and micro companies, the “Small Companies Administrative Rescue Process”.
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Register of Beneficial Ownership of Companies and Industrial and Provident Societies – Guidance for Insolvency Practitioners
A Technical Alert has been issued highlighting the features of the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (“the RBO”) which are of particular importance to insolvency practitioners (“IPs”). 
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Changes to CPD for Statutory Auditors
CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors are advised that new IAASA CPD Guidelines commence from 1st January 2022. The requirements do not allow for exemptions or waivers of CPD for statutory auditors.
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Changes to the Quality Assurance Process for 2022
The CPA Quality Assurance process continues for 2022 in accordance with the Companies Act 2014 and Bye Law 7, Quality Assurance. There are some important changes to the process for 2022.  
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Annual Renewal of Practising Certificates 2022
All CPA Practising and Auditing Certificates are renewed annually. Investment business authorisation must also be renewed. Instructions for renewal will issue to firms in early January 2022.
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IAASA paper on Data Analytics in the Irish Audit market
IAASA has recently published a thematic paper discussing the use of data analytics in Ireland’s statutory audit market. 
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 Accountancy Europe Sustainability Reporting - Why SME’s should care?
Accountancy Europe’s Johan Barros interviewed recently on why SME’s should care with regard to sustainability reporting.
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Charities Regulatory Authority Information note – Changes to the Annual Form January 2022
The Charities Regulator  has recently published an Annual Report Information Note which sets out a number of changes and additions to the Annual Report Form which will take effect from January 2022
Read more. 

Accountancy Europe publish Audit Policy Update
Accountancy Europe have recently published their Audit Policy update.
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The Central Bank’s FAQ for SME’s 
The Central Bank has published an FAQ for SME’s in respect of Covid -19.
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Department of Enterprise Trade and Employment announces extension of Companies (Miscellaneous Provisions) (Covid-19) Act 2020 to 30 April 2022.
The Minister for Trade Promotion, Company Regulation and Digital, Robert Troy TD announced recently announced the extension whereby the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended to 30 April 2022 following Government approval this week.
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The FRC Culture Conference – Collection of Perspectives
The FRC recently published a Collection of Perspectives, following the FRC Culture Conference held in June 2021 that brought together a wide range of international experts to explore the important link between culture and high-quality audit.  
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FATF publish their Annual Report
ATF (Financial Action Task Force) have recently published their comprehensive Annual Report for 2020 -2021
Read more.