Welcome to the November edition of Practice Plus. During this busy month we bring you news of important changes to the eligibility criteria for audit qualification, revisions to ISA 570 Going Concern, and an RBO reminder.
Important Notice - Changes to Eligibility Criteria for Audit Qualification
Members and students are advised of changes being made to CPA Ireland’s Bye Law 13, Practice and Audit Regulations. The changes are generally being made to provide for the commencement of the Companies (Statutory Audits) Act 2018. It is expected that these revised Bye Laws will become effective in January 2020.
ROS Extension Sunday 17th November 2019
Revenue have advised that the ROS filing deadline has been extended to midnight Sunday 17th November in light of the difficulties with the ROS system during the week.
Charities Regulator Seeks Committee Members
The Irish and UK Charities Regulators are seeking to recruit new members to the committee which oversees how charities should prepare their annual accounts and report on their finances.
ISA 570 Going Concern
IAASA has published ISA (Ireland) 570 (Revised October 2019) – Going Concern, this follows changes to the UK's equivalent standard.
Register of Beneficial Ownership Filing
As advised by CRO, the deadline for filing is approaching. Companies and societies have until Friday 22 NOVEMBER 2019 to file their data with the RBO.
Limited Liability Partnerships for Solicitors
The Law Society recently announced that solicitor partnerships will be able to register as Limited Liability Partnerships from Friday 1 November 2019.
CPD for Statutory Auditors
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.
Annual Returns 2020
All CPA Practising and Auditing Certificates are renewed annually. Investment business authorisation must also be renewed. Instructions for renewal will issue to firms in early January 2020.
Quality Assurance 2020
Notices will issue to CPA audit firms who are due a quality assurance review in 2020 to meet the six year cycle required by the Companies Act 2014.
Anti-Money Laundering Update
Members are advised that the European Union (Money Laundering and Terrorist Financing) Regulations 2019 are expected to become effective from Tuesday, 19th November 2019. The regulation places the supervision of designated persons (which includes Accountancy Firms) by their competent authority on a statutory footing.
IAASA Consultation Paper
IAASA issued a consultation paper seeking views with regard to its proposal to issue Companies Act 2014 (Procedures Governing the Conduct of Section 934 Investigations) Regulations 2019.
CPA Ireland's Leadership Programme Running in January 2020
Following the success of the last running of this course, we are delighted to announce that this course will run again commencing in January 2020. Developed in conjunction with CPA Ireland Skillnet and Bob Semple, the CPA Ireland Leadership Programme takes you on a journey of personal and professional transformation and helps you identify and build on your own personal leadership strengths.