Practice Plus December 2019




Welcome to the December edition of Practice Plus, the final edition for 2019. We would like to wish you all a Happy Christmas and a peaceful New Year ahead.

This month we look back at a busy 2019 and highlight the ten most popular Practice Plus stories. We bring you an interesting piece on liquidators and the courts and a reminder that 2019 is the final year of a three-year CPD cycle.

2019 Round Up

Here’s a look back at the most popular topics from Practice Plus in 2019.
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AML Update - European Union (Money Laundering and Terrorist Financing) Regulations 2019

The European Union (Money Laundering and Terrorist Financing) Regulations 2019 were signed by the Minister and became effective from 18th November 2019. The regulations amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the Act).
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Liquidators and the Courts

In a recently published piece by law firm Fieldfisher, the High Court recently considered an application by creditors for directions calling upon a liquidator to reconsider advice he had provided in a report to the ODCE and to carry out further and more forensic investigation into the circumstances which led to the liquidation of the company.
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Making Changes to the Beneficial Ownership Register

In situations where a company understands or has reasonable cause to believe that there has been a change to the particulars of a beneficial owner, it should issue a notice under Regulation 11- to the natural person to confirm occurrence of the change.
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Annual Returns 2020

All CPA Practising and Auditing Certificates are renewed annually. Investment business authorisation must also be renewed. Instructions for renewal will issue to firms in early January 2020.
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Quality Assurance 2020

Notices are issuing to CPA audit firms who are due a quality assurance review in 2020 to meet the six year cycle required by the Companies Act 2014.
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Audit Qualification and CPD

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. This is a requirement of the Companies Act 2014.
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2019 – Final Year of a CPD Cycle

Members are reminded that 2019 is the final year of the three-year CPD Cycle 2017-2019. The CPA Registration Committee will review members’ compliance with the cycle when considering the renewal of practising certificates in 2020.
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Sanctions Against Grant Thornton

The Financial Reporting Council (FRC) has announced sanctions against Grant Thornton UK LLP (Grant Thornton) and one of its Audit Engagement Partners in relation to the statutory audit of the 2016 financial statements of a publicly listed company (Company).
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CCAB-I Publishes Responses to OECD Secretariat Consultations

CCAB-I has responded to the OECD Secretariat Proposals for a “Unified Approach” under Pillar One and the Global Anti-Base Erosion (GloBE) Proposal under Pillar Two. These proposals pose a substantial change to international tax architecture. For details of the responses please click below.
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Final Audit Webinar of 2019

"Audit Webinar 4; Quality control standards (ISQC1, ISA 220, ISA 320)" is the final CPA Ireland Skillnet audit webinar of 2019. It is scheduled to take place Tuesday 17th December 2019, 1-2pm.
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CPA Ireland's Leadership Programme Running in January 2020

CPA Ireland's Leadership Programme helps you to identify and build on your own personal leadership strengths. Developed in conjunction with CPA Ireland Skillnet and Bob Semple, the programme generates meaningful and tangible value for you and your organisation.
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