Practice Plus January 2021

PLEASE NOTE

THIS IS AN OLD EDITION OF PRACTICE PLUS. ARTICLES MAY NOT BE CURRENT OR UP TO DATE.

 


Welcome to the January edition of Practice Plus, the first edition for 2021. We would like to wish you all a happy and peaceful New Year. We thank you for your engagement with CPA Ireland during the past year, as we look forward to the months ahead.

This month we advise you of some key changes to a number of auditing standards that will impact on December 2020 year end audits, bring you some Revenue updates and remind practising certificate holders of the requirement to renew their certificates by 28th February 2021. We are aware that some members have experienced difficulties with the new CRO portal and we are engaging with CCAB-I in this regard.


CPA Annual Returns 2021

All CPA Practising and Auditing Certificates are renewed annually. Investment business authorisation must also be renewed. Instructions for renewal will issue to members and firms shortly. Please note that Practising Members must make sure that all their returns are complete by the end of February to ensure their timely renewal.
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Brexit is here – Readiness Checker Tool and Revenue Information Update

The Brexit transition period ended on 1st January 2021. We would remind members that Enterprise Ireland has a dedicated website which may be of assistance to clients. See www.prepareforbrexit.com for information and the Brexit readiness checker tool. Government has also made available a range of business supports, including advisory and financial support.
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Revenue Confirms Continuing Availability of Debt Warehousing Scheme

Revenue confirmed that the Debt Warehousing Scheme remains available to support businesses experiencing tax payment difficulties arising from the current COVID-19 Level 5 public health restrictions, which are to remain in place until at least 31 January 2021.
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CRO Digital Transformation

As reported in last month’s edition, the new digital CRO portal went live on the 16th of December. We would strongly encourage members to visit the CRO website and their Twitter account to familiarise themselves with the new portal and the key dates to note as outlined by CRO.
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December 2020 Audits - Important Updates

Recent revisions to ISA (Ireland) 540, Auditing Accounting Estimates and Related Disclosures and ISA (Ireland) 570, Going Concern, will have significant impacts on the audit process for the audits of financial statements with a 31st December 2020 year end.
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Quality Assurance Reviews 2021

Notices are issuing 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. Please note that we are unable to reschedule reviews or grant postponements beyond the statutory six year timeframe.
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Managing Cashflow during the Pandemic

In an article in December’s Accountancy Plus, Mark Butler provides useful advice on the management of cashflow, including the importance of the investment in technology.
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Accountancy Europe SME Update

Accountancy Europe has just published its SME update for January 2021.
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Future Opportunities for Sole Practitioners

During a recent meeting of IFAC’s Small and Medium Sized Practices Advisory Group, the group provided tips and advice for Sole Practitioners.
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Audit Qualification and CPD

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.
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Solutions for Staff Onboarding under Remote Work

A recent IFAC article explores the difficult process of hiring and training staff in a remote environment.
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Central Bank Provides Update on the Financial Health of Credit Unions

The Central Bank has recently provided an update on the financial health of Credit Unions.
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Accounting For Now Online Programme - 21% Off Until 28th February!

We are offering members 21% off the Accounting for Now programme, until 28th February! Accounting for Now from CPA Ireland Skillnet is a digital first programme covering topics of particular relevance to accountants in both industry and practice. This course was created specifically for accountants in an online environment and is comprised of highly effective strategies for engaging our learners.
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