Welcome to the June 2023 edition of Practice Plus. This month we bring you the CCAB-I response to an important public consultation on Company Law, with proposals being made to change the audit exemption regime. We remind members that the changes to CRO filing that require a director’s PPS number went live from 11th June 2023 and we bring you a useful Q&A document on the topic.
CPA Ireland conducted a thematic review of the implementation of ISQM1 by a sample of CPA audit firms and we bring you insights from this review.
We also remind audit firms to check the public register of auditors to ensure that their firm details are correct.
Proposal to amend the audit exemption regime welcomed
CPA Ireland via CCAB-I has responded to the public consultation on proposals to enhance the Companies Act 2014. The response considers that the current regime which results in the loss of audit exemption for two years for a late filing is an overly punitive sanction and a misuse of the statutory audit process.
International Standard on Quality Management 1 - Thematic Review 2023
In early 2023 a sample of CPA audit firms were selected to provide the Quality Assurance team with further information regarding their implementation of ISQM1, including details of their risk assessment and policies and procedures.
PPS numbers and CRO filing – your questions answered!
From June 11 2023, company directors are required to supply their PPS number when submitting Forms A1, B1, B10 and B69. CCAB – I has prepared a useful Questions and Answers document to answer the most commonly asked questions on the matter.
Audit Firm Notification Requirements – check the register!
Audit firms are reminded that S.1487 of the Companies Act 2014 requires that an auditor or an audit firm notify their Recognised Accountancy Body of any change in the information contained in the public register relating to them.
New Solicitors Accounts Regulations
The Law Society have published new Solicitors Accounts Regulations which will come into effect on the 1st July 2023.
Updated Guidance on Reporting to the CEA
IAASA previously published a guidance note on Reporting to the Director of Corporate Enforcement in 2019.
Arrest made by CEA on suspicion of company law offences
As part of an ongoing investigation, Corporate Enforcement Authority officers have arrested two individuals on suspicion of company law and other theft & fraud-related offences.
CEA seek members for its Audit & Risk Committee
The Corporate Enforcement Authority is seeking expressions of interest from suitably qualified and experienced persons interested in becoming members of its Audit & Risk Committee.
FRC propose revisions to ISA 505
The Financial Reporting Council in the UK has published revisions to proposed International Standard on Auditing (UK) 505 - External Confirmations.
Join CPA Ireland’s Quality Assurance Team
An opportunity has arisen to join CPA Ireland’s Professional Standards Team as a Quality Assurance Executive.
Main trends affecting SMPs and SMEs
A recently published article by IFAC explores the susceptibility of SMPs to disruptive changes caused by global trends. The article notes that the main trends affecting SMPs and SMEs in the EU can be divided into four broad categories.
Notice for Charities – VAT Compensation Scheme
The Charities Regulator reminds charities that 30 June 2023 is the closing date for submission of claims for the Charities VAT Compensation Scheme in respect of eligible VAT paid by charities in 2022.
Public Consultation – European Sustainability Reporting Standards
The EU Commission has published their amendments to the mandatory European Sustainability Reporting Standards (ESRS’s) and draft delegated Act that will be used to adopt them into law.