Welcome to the December Edition of Practice Plus. As we approach the end of 2022, we wish all of our readers a happy and safe Christmas this year. We remind audit firms, that from today, 15th December 2022, IAASA’s quality management standards become effective. CPA Ireland’s QM Resource has lots of information to help audit firms transition to the new standard. We also bring you details of an opportunity to join CPA Ireland’s Professional Standards Team.
New Quality Management Standards effective from today!
A new suite of quality management standards become effective for all audit firms from 15th December 2022.
The suite of three standards replaces ISQC 1 and are as follows;
ISQM – making the transition
CPA Ireland’s Quality Management Resource
acts as a central point bringing together articles, guidance, IAASA Explainer Videos and IAASB Implementation Guides in a single location, to assist firms with their transition.
CPA Ireland’s ISQM Thematic Review 2023
To assess the compliance of CPA firms, a thematic review will be undertaken in Quarter 1 of 2023 by the CPA Ireland’s Quality Assurance (QA) team.
Join CPA Ireland’s Quality Assurance Team
An opportunity has arisen to join CPA Ireland’s Professional Standards Team as a Quality Assurance Executive.
Continuation of Virtual General Meetings
The interim period of two measures of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been further extended to 31 December 2023 following government approval.
Quality Assurance 2023
Is your firm ready for your upcoming Quality Assurance review? CPA Ireland’s Quality Assurance resource acts as a central point bringing together guidance, templates, helpful links and FAQs. It is a live resource which is regularly updated with additional guidance.
Update of IAASA website
IAASA have updated their website. The statement of auditors’ responsibilities can be found here
while the auditing standards are located here
Money mules arrested in worldwide crackdown against money laundering
Law enforcement from 25 countries, including Ireland, supported by Europol, Eurojust, INTERPOL and the European Banking Federation (EBF) have joined forces to crack down on one of the most important enablers of money laundering: money mules and their recruiters.
Making your Annual Return 2023
In January 2023, CPA Practitioners and statutory auditors will receive instructions on the renewal of their practising certificates, auditing certificates and statutory audit status where relevant. There are a number of changes to the process as follows;
December Year Ends – Changes to Auditing Standards
Changes to auditing standards ISA 315 and ISA 240 will impact on the audits of December 2022 year ends. CPA Ireland’s audit programmes are being updated to reflect these changes and are expected to be available in the coming weeks.
TCSP Services - are you registered?
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended (the Act), places obligations on designated persons to guard against their businesses being used for money laundering or terrorist financing purposes and provides for the supervision of all “designated persons”.
Law and Regulation Day - 16th December 2022
Attendees at this Friday's Law & Regulation Day will get indispensable insights on key areas of Employment Law and Company Law. The morning session will be facilitated by experienced employment law barrister, Deirdre McHugh and will focus on Employment Law Updates.
Need a few more CPD hours this year?
Add up your CPD hours this winter! 2022 is the final year of the current CPD cycle, but there is still time to make sure that you do not fall behind on your CPD requirement
for 2022. If you still have a few more hours to fit in this year, CPA Ireland's online self-paced CPD options are a flexible way for you to develop your skills and professional knowledge modules.