Practice Plus September 2021

 


Welcome to the September edition of Practice Plus, we hope you are all keeping well as we enter the final quarter of this year. This month we bring you lots of news and guidance to keep you updated during this busy season. Thank you for your participation and feedback in the recent CRO survey issued.

 

Advice for accountants under extreme tax deadline pressure

The CCAB-I have recently written to Revenue to highlight the pressures facing a number of accountancy firms in meeting the corporation tax and income tax deadlines
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Have your say - CPA Ireland wants to hear your views on a proposed new auditing standard!

Join us on the 4th October for a free webinar to explore this important new proposed auditing standard for less complex entities.
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CPD Requirements for Statutory Auditors and New IAASA Guidelines

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. In addition, new IAASA CPD Guidelines which commence from 1st January 2022 require statutory auditors to retain CPD records for a period of 6 years, sufficient to demonstrate CPD planning, completion and evaluation.
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CPD Reminder for 2021.

As we come to the final quarter of 2021, CPA Ireland practising certificate holders are reminded of their obligation under Bye Law 8, CPD, to complete sufficient structured and unstructured CPD. Ongoing CPD compliance is a requirement for members who wish to renew their practising certificates for 2022/23. 
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Have your say on the FRC's next periodic review of FRS 102. 

Ireland’s accounting standards are subject to periodic reviews, at least every five years, to ensure they remain up-to-date and continue to require high-quality and cost-effective financial reporting from entities within their scope. The FRC is starting the next periodic review of FRS 102 (and other UK and Ireland accounting standards. 
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Financial Reporting Sub-Committee - You Can Get Involved

Some vacancies have arisen on the Financial Reporting Sub-Committee. This committee gives members the opportunity to contribute at the consultation stage on issues affecting members. If you are interested in getting involved, please contact Cath Matthews, Secretary to this committee -  cmatthews@cpaireland.ie . The purpose/role of this committee is to represent the views of the CPA Institute to the Financial Reporting Council (FRC) and the International Accounting Standards Board (IASB).
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Quality Assurance 2021/2022
 Notices will continue to issue to CPA firms who are due a quality assurance review in 2021 to meet the six year cycle required by the Companies Act 2014. 
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The Irish Accountancy Conference October 2021
This exciting (virtual) event includes a number of keynote speakers as well as a variety of breakout sessions covering topics relevant to accountants working in practice. 
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CRO survey response

CPA Ireland had a strong response from practitioners to its survey on the CRO Core portal performance.
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Book a Virtual CPA Career Chat for Your Trainees

Is your practice ready to face the future of accounting? The accounting industry is rapidly evolving, and your practice will need dedicated professionals who are ready to evolve alongside the industry. 

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IAASA event online
(IAASA) will host its annual audit committee briefing on 13 October 2021. Topics this year will focus on auditor reporting, developments in corporate reporting as well as regulatory updates from IAASA. 
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Accountancy Europe article on SME’s digital future

Accountancy Europe has recently published a paper that is intended to help policymakers and others understand how accountants can help SMEs to digitalise. 
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ODCE

The Companies (Corporate Enforcement Authority) Bill 2021 establishes the Office of the Director of Corporate Enforcement (ODCE).
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Changes to your firm in 2021?

Have you made any changes to your firm in 2021, such as the retirement or addition of a partner, director or shareholder? 
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