Welcome to the January edition of Practice Plus, the first of 2020. We would like to wish you all a happy and prosperous new year ahead. During this month we bring you news of an update to the Bye Law 7 Quality Assurance, details of the annual renewal of certificates, and a note regarding the auditing CPD requirements for statutory auditors.
Bye Law 7, Quality Assurance Revised
The Institute’s Bye Law 7, Quality Assurance has been revised and is effective from 1st January 2020. The revisions include updated legislative references to reflect Part 27 of the Companies Act 2014 and changes to improve the effectiveness and efficiency of the process.
Time to Renew Your Practising Certificate
All CPA Practising and Auditing Certificates expire on the 31st March and must be renewed annually. Investment business authorisation must also be renewed.
Quality Assurance in 2020
Notices are issuing to CPA audit firms who are due a Quality Assurance review in 2020, in order to meet the six year cycle as required by the Companies Act 2014.Please note that due to the legal requirement that all audit firms must be reviewed at least once in a six year cycle, we are unable to reschedule reviews beyond this six year timeframe.
A Reminder on Audit Qualification and CPD
For the attention of all CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors please note your requirements to maintain competence in audit through CPD. This is a mandatory requirement of the Companies Act 2014.
Thinking of Buying or Selling a Practice?
Practice Connect provides a confidential platform to allow firms to advertise practices for sale and merger opportunities.
CPA Ireland Audit Programmes
The CPA Ireland Clarified Audit Procedures Programme, Audit Exempt Programme and more are available for purchase.
Accountancy Europe Publish their Audit Policy Update
Accountancy Europe have recently published their Audit Policy update for 2020.
IFAC Article Regarding Key Factors for Small and Medium-Sized Entities’ Survival
IFAC have published an article regarding the importance of performance and financial management in the survival of small and medium-sized entities in a volatile environment.
IAASA's Financial Reporting Supervisory Activities
IAASA has recently published summary information of its financial reporting enforcement activities undertaken during 2019.
Investment Business and CPD
Members who hold Category 1 and above Investment Business authorisation are reminded of their CPD requirements under the Central Bank’s Minimum Competency Code, 15 hours of CPD must be completed in total each year.
Update on UK's FRC Investigations in Relation to Carillion
On 29 January 2018 the FRC announced the opening of an investigation in relation to KPMG’s audit of the financial statements of Carillion plc. FRC advise that the investigation of the audits is well advanced.
UK's FRC Revises it's Ethical and Auditing Standards
The Financial Reporting Council (‘FRC’) in the United Kingdom issued a major revision to the UK’s Ethical Standard and revised its Auditing Standards. The Auditing Framework for Ireland is based on the FRC’s Auditing Framework. IAASA advise that their policy is to have minimal amendments to the UK framework.