Welcome to November’s edition of Practice Plus. As tax filing season draws to a close, we highlight some updates on important tax issues including the tax treatment of GMS payments and a reminder of the imminent Enhanced Reporting Requirements.
We bring you additional sample financial statements to add to the resource for members and highlight some useful quality assurance tips to assist if you are preparing for a monitoring visit. We also remind auditors of the risk of long association with an audit client.
8 useful tips to succeed in your Quality Assurance Review
Does the receipt of a Quality Assurance review notification fill you with a sense of dread? Here in CPA Ireland, we have started issuing notifications for 2024. The good news is not to worry as we are here to help!
Additional sample financial statements published
CPA Ireland has expanded its resource of sample financial statements by adding the following samples to assist members and firms navigate disclosure and reporting requirements.
The risk of long association
The current IAASA Ethical Standard 2020
came into effect on the 15th July 2021.
Per section 3.1, there is a requirement to consider if partners or staff in senior positions have a long association issue or extensive and/or regular involvement with an entity relevant to the engagement.
GMS payments to medical practitioners – Update
Tax and Duty Manual Part 04-01-15
- General Medical Service (GMS) Scheme payments to medical practitioners
- has been updated to provide guidance on the correct tax treatment of income received by medical practitioners under the GMS contract entered into with the Health Service Executive (HSE).
Making changes to your firm? Let us know.
CPA practising certificate holders, affiliated partners, responsible individuals and CPA regulated firms are required by Bye Law 13
to notify CPA Ireland of changes to their details as soon as practicable, but not later than ten business days after the event.
Updated guidance on Enhanced Reporting Requirements
As previously advised, Enhanced Reporting Requirements to be introduced from 1 January 2024 will require employers to report details of certain expenses and benefits made to employees and directors to Revenue.
Do I need a practising certificate?
CPA members who intend providing public practice services are required to hold a practising certificate. Members should carefully consider the definition of public practice
which typically covers the provision of services such as tax services, accounting services, management consultancy etc.
Amendments to prescribed format of liquidators s. 682 reports
The Minister of State at the Department of Enterprise, Trade and Employment, Dara Calleary, TD, has signed into law the Companies Act 2014 (Section 682) Regulations 2023 (S.I. No 474 of 2023) (the Regulations).
IAASA launch Prescribed Accountancy Body campaign
IAASA have launched a campaign to highlight to the public the importance of choosing an accountant that is regulated by a Prescribed Accountancy Body (PAB).
Vacancies on the Technical Advisory Panel of IAASA
The Irish Auditing and Accounting Supervisory Authority is seeking applications from suitably experienced candidates for appointment to its Technical Advisory Panel (‘TAP’) for two vacancies commencing in February 2024.
Upcoming CPD events
CPA Ireland is hosting a number of events across a broad range of topics over the coming weeks. The Essential Practice Update, the Annual Audit Update and the CPD wrap up are essential events for practitioners.