Welcome to the February edition of Practice Plus, we hope you are all keeping well and safe during this time. This month we advise you of some AML information and guidance and we remind practising certificate holders of the requirement to renew their certificates by 28th February 2021.
Important Information for Making your CPA Annual Return 2021 – Please Read
Practising Certificate holders are reminded that their returns to renew their authorisations must be complete by the end of February to ensure their timely renewal. To ensure the smooth return of your firm’s income details, members are advised that using the “back button” on your browser can result in loss of data – please use the “next” and “back” buttons on the fee income return instead.
FRC Approves CPA Ireland Qualification as a Third Country Qualification in UK
The FRC (Financial Reporting Council) in the UK has made a declaration approving the audit qualification of CPA Ireland which is a recognised accountancy body (RAB) in the Republic of Ireland.
CCAB-I Responds to Consultation on EIIS
CCAB-I contributed to the latest public consultation on the Enterprise Investment Incentive Scheme (EIIS). The CCAB-I highlights that restrictions at EU level, and consequently under Irish law, have reduced the effectiveness of the scheme to attract investors to support start-up businesses and SMEs in expansion cycles.
Issues Arising from the Taxation of the TWSS
CCAB-I have tabled issues for discussion with Revenue at TALC this week regarding the taxation of TWSS.
Government Support Boost to COVID Grants
New Scheme announcement targets businesses currently ineligible for CRSS & other sector specific grants. Wholesalers, suppliers, caterers & events companies down 75% or more in turnover expected to benefit.
CRO Digital Transformation & Returns Extension
CPA Ireland has welcomed the CRO announcement to extend the current filing arrangements for companies with an annual return date of 30th of September or later until 28th May 2021.
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.
Audit Qualification and your CPD Requirements
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.
The Property Services Regulatory Authority (PSRA) has notified their licence holders that from 22 February 2021 it will be strictly implementing the renewal rules. All licence renewal applications must be received 6 weeks prior to the expiration of a licence.
FRC and the Memorandum of Understanding of Reciprocal Arrangements
The UK is now a third country under statutory audit legislation, post the end of the Brexit transition period on 31 December 2020. UK registered auditors who wish to audit entities incorporated in the Republic of Ireland (ROI) will now need to register as third country auditors under the process set out in ROI law.
Accountancy Europe and SME Risk Management Project Series
In the latest part of Accountancy Europe’s SME Risk Management Project series, Insolvency is considered with the backdrop of the global pandemic.
The Criminal Justice (Money Laundering/Terrorist Financing) Act 2010 as amended, sets out the obligations on designated persons in relation to suspicious transaction reporting. In order to make a report to the FIU, designated persons must first register with Go AML.
GoAML Registration Encouraged
Six-Part Anti-Money Laundering Educational Series - Focus on Asset Transfers
Together with ICAEW, The International Federation of Accountants (IFAC) have released the fourth instalment in its Anti-Money Laundering: The Basics educational series: Instalment 4: Asset Transfers.
Save 21% on Accounting for Now for a limited time only
CPA Ireland's bespoke new online programme, Accounting for Now, is designed using highly effective strategies for engaging our learners. To help you kick start on your 2021 CPD, we are offering members 21% off this exciting new programme until 28th February – sign up now and complete the modules at a time and pace that suits you.
CPA Trainee Remote – Free Online Course for All CPA Students
CPA Ireland Skillnet is delighted to announce the official launch of Trainee Remote, a free online course that has been designed to support the development of remote working & core accountancy skills among your CPA trainee workforce.