Welcome to October’s edition of Practice Plus. With annual deadlines fast approaching for tax and CRO filings, we remind you of the new 22nd November deadline for companies to file their beneficial ownership data with the RBO. If you have used the RBO online filing system we would like to hear feedback on your experiences via a very short survey. We also bring you new guidance on the audit of Credit Unions and details of revisions to CPA Ireland's Investment Business Regulations.
Revision of CPA Ireland’s Investment Business Regulations
Members are advised that a revised Bye Law 14, Investment Business Regulations, became effective from 14th October 2019. The regulations have been updated to reflect the transposition of the Insurance Distribution Directive. The key change is the removal of references to “insurance products” throughout the regulations.
Register of Beneficial Ownership – Short Survey
The Registrar of Companies has been appointed as the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO). The RBO is now open to accept filings. Companies and societies have until 22 November to file their data with the RBO without being in breach of their statutory duty to file. If you have used the RBO system we would welcome feedback on your experience.
CPD Requirements – End of CPD Cycle 2017-2019
Members are reminded that this is the final year of the three year CPD cycle 2017-2019.
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.
Guidance on Control Requirements for Statutory Audit Firms
CPA Ireland’s Registration Committee have issued guidance for the purposes of assisting CPA members and firms who wish to apply for or already hold audit registration regarding the structure of the firm.
IAASA Issues Guidance Note on the Audit of Credit Unions
IAASA has issued a Guidance Note 02/2019 on The Audit of Credit Unions. It provides guidance to auditors on the application of International Standards on Auditing (Ireland) to the audit of the financial statements of credit unions in the Republic of Ireland.
CRO Annual Returns – October Peak
There are over 52,700 companies with an annual return date of 30th September and a filing deadline of 29th October. CRO have advised that if you are filing an annual return in respect of one of these companies, that your correctly completed annual return is delivered to the CRO on-time. The only way of doing this is by filing online.
FRC Strengthens Going Concern Audit Standard for UK
The Financial Reporting Council (FRC) has issued a revised going concern standard in response to recent Enforcement cases and well-publicised corporate failures where the auditor’s report failed to highlight concerns about the prospects of entities which collapsed shortly after.
Investigation in Connection with Financial Statements of Thomas Cook Group plc
The UK’s Financial Reporting Council (FRC) has commenced an investigation into the audit by EY of the financial statements of Thomas Cook Group Plc (Thomas Cook) for the year ended 30 September 2018.
Meet the Accounting Standard Setters
This event will be a unique opportunity for accountants in industry and practice to hear representatives of both the FRC and the IASB present an update on developments in their respective accounting standards, UK/Irish GAAP and IFRS.
Budget Response from CPA Ireland
CPA Ireland has broadly welcomed Budget 2020 which it has said is “the SME and Entrepreneurship Budget which Ireland has required for the last number of years."