Welcome to the July edition of Practice Plus. This month we invite you to complete a short survey exploring the challenges in applying the International Standards on Auditing in audits of less complex entities, we bring you news on a postponement of the CRO Registry of Beneficial Ownership, and a date for your diaries - a reminder of the Essential Practice Update coming up in September.
Audits of Less Complex Entities: 5-Minute Survey
Members are invited to complete a short survey exploring the challenges in applying the International Standards on Auditing (ISAs) in audits of less complex entities and the possible actions to address these challenges. Make sure your voice is heard by September 12.
Temporary Postponement of the Central Register of Beneficial Ownership
The opening of the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies has been postponed temporarily.
IAASA Publishes its Annual Report for 2018
IAASA has recently published its Annual Report for 2018 on its activity for 2018. It also published the Annual Audit Programme & Activity Report 2018.
Consultation on Guidance for Auditors Reporting to ODCE
IAASA has issued a consultation paper seeking stakeholders’ views regarding its proposal to issue a Guidance Note on The Duty of Auditors to Report to the Director of Corporate Enforcement.
Call for Tax Supports for Domestic Entrepreneurs
CCAB-I (the Consultative Committee of Accountancy Bodies in Ireland) have launched their Pre-Budget Submission 2020 - Tax Supports for Domestic Entrepreneurs.
FRC Issue a Consultation on Proposed Changes to the UK’s Ethical and Auditing Standards
The UK’s Financial Reporting Council have issued a consultation on proposed changes to the UK’s Ethical and Auditing Standards. The Auditing Framework for Ireland is based on the FRC’s Auditing Framework. IAASA’s policy is to make minimal amendments to the UK framework.
Sanctions Against Deloitte in Relation to Audit
The Financial Reporting Council (“FRC”) has imposed sanctions against Deloitte LLP (“Deloitte”) in relation to the audit of the financial statements of Serco Geografix Limited for the years ended 31 December 2011 and 2012.
ODCE Publishes its 2018 Annual Report
The Director of Corporate Enforcement has published the ODCE’s Annual Report in respect of 2018.
Companies Registration Office Report 2018
The CRO’s latest Annual Report advises that at the end of 2018 there were 223,013 Irish companies in existence on the register resulting in over 505,000 submissions being filed in 2018.
CPA Ireland’s SMP Committee
Would you like to join CPA Ireland’s SMP Committee and contribute to issues of importance for Members in Practice in the SMP market?
Essential Practice Update
The Essential Practice Update event will run in Dublin on the 12th September 2019 and Cork on the 13th September 2019. The event is to cover the following topics - Automation & Accounting, AML, Governance & Ethics and Tax for Practitioners.
Practice Connect provides a confidential platform to allow firms to advertise practices for sale and merger opportunities.
New AML Guidance Issued for Accountancy Firms
The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was amended in November 2018 by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018, giving effect to certain provisions of the Fourth Money Laundering Directive. Technical Release 01/2019, Anti Money Laundering Guidance, has been prepared to help accountancy firms to fulfil their obligations.