Welcome to the September edition of Practice Plus and we hope you enjoyed a break over the Summer. This month we bring you news on a new digital maturity model tool for SMP’s assessing the digitisation in your practice and CPA Ireland's response to the IAASB Discussion Paper on Audits of Less Complex Entities.
CPA Ireland Favours the Development of a Separate Standard for the Audit of LCEs
In its response to the IAASB’s discussion paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the ISAs, CPA Ireland welcomed the exploration of this critical topic.
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Charities Regulator Deadline
As advised in the Charities Regulator Summer newsletter, the deadline for reporting to the Charities Regulator is approaching on 31st October for those charities with a 31st December year end.
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UK's Charities Regulator Criticises Quality of Financial Statements
The audit of charities and charitable organisations poses high risk for auditors and it’s notable that related party transactions, revenue recognition and expenses are areas of high risk. We would advise members to be mindful of independence requirements and to exercise professional scepticism on such engagements.
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Ethics Support Service
CPA provides to Members a confidential Ethics Support Service. Please note that this support service is independent to the Professional Standards / Regulatory Department and is staffed by experienced Accountants.
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Anti–Money Laundering Reminder
As a reminder to members with regard to Anti-Money Laundering, please be aware that the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 was signed into law on the 14th November 2018. The Act (other than section 32) was commenced on 26th November 2018.
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Register of Beneficial Ownership – 22nd November Deadline
In March 2019, the Minister for Finance signed into law Statutory Instrument No 110 of 2019 to establish a Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the RBO).
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Roll-out of Digital Competency Maturity Model DCMM™
As announced at its recent 2019 International Conference – Building the Digital Practice, EFAA (European Federation of Accountants and Auditors for SME’s) has now launched a new tool, the Digital Competency Maturity Model - DCMM™, to help SMPs rate and improve their digital competency. The tool was initially developed by the Institute of Chartered Accountants of India (ICAI).
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CPD Reminder for Investment Intermediaries
Firms are reminded of CPD Requirements in respect of Category 1, 2.1 and 2.2 held authorisations, where grandfathered status was availed of in 2007.
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Auditors Refused to Give an Audit Opinion on Publicly Quoted Company
As recently reported in The Irish Times, auditors have refused to give an audit opinion on a publicly quoted company hit by an accounting scandal earlier this year.
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