Welcome to April’s Practice Plus. We hope you are all keeping well and safe during these times. This month we bring you CPA Ireland guidance on the implications of COVID 19 on financial reporting and auditing, an IAASA consultation paper on the revision of the Ethical Standard for Auditors (Ire) and an FRC bulletin on audit considerations during the current climate.
COVID-19 Current Situation Resource and Information
A reminder to you our members, that the CPA Ireland website has a dedicated repository of information, links and updates specifically related to COVID-19 related matters.
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COVID-19 Impact on Financial Reporting and Audit
CPA Ireland has issued guidance on the impact of the COVID-19 pandemic on financial reporting and on audit.
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Update to Temporary Wages Subsidy Scheme
Minister Donohoe announces update to the Temporary Wage Subsidy Scheme to ensure greater staff retention and links between employer and employee.
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FATF and Interpol Warn of Increase in Financial Crime
Institutions such as Interpol and the Financial Action Task Force (FATF) have warned individuals to be vigilant at this time, as increases in financial fraud and exploitation scams have been identified.
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Guidance on Impact of COVID-19 on Anti-Money Laundering Compliance
During these challenging times members are reminded of their obligations under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2018. The current work restrictions and consequences of the COVID-19 pandemic pose additional challenges for accounting firms in many aspects of their work including the requirements of the AML legislation.
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IAASA Consultation Paper on proposal to revise the Ethical Standard for Auditors
IAASA has issued a Consultation Paper on its proposals to revise the Ethical Standard for Auditors (Ireland), International Standards on Auditing (Ireland) and Glossary of Terms.
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Online CPD Courses and Webinars
Stay up to date with your CPD from the comfort of your own home.
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Quality Assurance Arrangements
In light of the recently issued government advice regarding COVID-19 virus emergency measures, to minimise disruption, the Professional Standards department will be implementing contingency plan arrangements regarding upcoming quality assurance onsite reviews, with a view to ensuring that reviews are conducted in a manner that does not compromise the health of the parties involved.
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FRC Bulletin: Guidance for Auditors where Engagements are affected by COVID-19
The FRC has issued a bulletin guidance for auditors and matters to consider where engagements are affected by coronavirus (COVID-19).
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Applying for a Practising Certificate
Establishing a practice can provide a rewarding career, allowing you to run your own business whilst providing vital support services to Irish business.
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EU - The Committee of European Auditing Oversight Bodies
The Committee of European Audit Oversight Bodies has issued a statement regarding the impact of COVID-19 on the audits of financial statements. The statement highlights certain areas of particular importance for audits in the current crisis.
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CRO - Annual Returns Update
The CRO via their website has said that all annual returns due to be filed by companies between now and 30 June 2020 will be deemed to have been filed on time if all elements of the annual return are completed and filed by that date.
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Charities Regulator - COVID-19 Update
The Charities Regulator has an updated FAQ section on their website for matters relating to Charities during the current situation.
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Challenging Times, a Time to Self Care
In the current situation the normal day to day life of practice, can be busy and stressful. Therefore, in these unprecedented challenging times, it really is important to look after your well-being and health.
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