Welcome to the August edition of Practice Plus. In this edition we bring you an important information note on the appointment of auditors by the Corporate Enforcement Authority which has come into focus in the context of compliance with the EU sanctioning of Russia. We also bring you the published minutes from the June meeting of TALC and the latest in CPD compliance and events.
Information Note on Appointment of Auditors by the CEA
The CEA has issued an Information Note on s.385 of the Companies Act 2014 (the 2014 Act), which relates to the appointment of statutory auditors by the CEA.
Minutes of Main TALC meeting June 2022
Revenue has published the minutes of the Main TALC meeting held on 28 June 2022. Matters for discussion included Revenue’s plans for digitalisation of tax administration with a particular emphasis on Capital Taxes/CAT modernisation.
FRC publishes snapshots of current practice in auditor reporting
The Financial Reporting Council (FRC) has published research into the state of auditor reporting in the UK.
A series of six infographic ‘snapshots’ provide an in-depth look at the length and readability of auditors’ reports, as well as how auditors communicate how the audit was performed, the risks they identified, and the responses to those risks.
Final Year of 3-year CPD Cycle
CPA members are reminded that 2022 is the final year of three-year CPD cycle. The annual renewal of practising certificates is reliant on compliance with CPD requirements.
CPD for Statutory Auditors – document your 2022 plan
Statutory Auditors are reminded that with effect from 1st January 2022 they are required to document the planning, evaluation, and completion of their CPD activities. The records should be maintained for a period of six years.
Upcoming CPD Events
For details of upcoming CPD events for practitioners including the Irish Accountancy Conference and a Credit Union update please click here.
FRC publishes latest audit quality review results
The Financial Reporting Council (FRC) has published its annual inspection and supervision results of the largest audit firms (BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars and PwC). Overall, 75% of audits inspected were good or required limited improvement (compared to 71% in 2021 and 67% in 2020).
Charities Regulator urges sector to improve compliance
The Charities Regulator has urged all charities across Ireland to comply with their legal requirements in order to boost overall public confidence in the sector.
Prepare for new quality management standards
A new suite of three new quality management standards will become effective for audit firms later this year. These new standards will replace the current quality standard upon which the processes and procedures of Irish audit firms are based – ISQC1.
Changes to your firm in 2022?
Have you made any changes to your firm in 2022, such as the retirement or addition of a partner, director, or shareholder? Or perhaps you have incorporated your practice and are now practising through a corporate entity.