Welcome to the December edition of Practice Plus, the final edition for 2020. We would like to wish you all a happy, restful Christmas and a peaceful New Year ahead. We thank you for your engagement with CPA Ireland during 2020, your feedback has been invaluable. This month we look back at a tumultuous year that was 2020. We highlight the ten most popular Practice Plus stories. We also update you on the most recent CCAB-I and CPA Ireland representations and highlight useful guidance from the FRC on audit engagements impacted by COVID-19. In the meantime, take care and we look forward to working with you in 2021.
The Year 2020 Round Up
In what has been a challenging year for all, we look back at the most popular topics from Practice Plus in 2020. Not surprisingly, COVID-19 supports and guidance feature heavily.
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Revenue Announces Extension to Pay and File Deadline to 11th December 2020
CCAB-I made representations at Main TALC on Tuesday emphasising how difficult Monday’s ROS technical issues were for accountants under pressure filing tax returns. Revenue announced an extension of the 2019 Pay and File deadline until 6pm, 11th December 2020. Please see the "Revenue Announces Extension to Pay and File Deadline to 11th December 2020" update at the link below for further details.
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Representations on Tax Warehousing Scheme
CCAB-I representations have been made to the Collector General on the tax warehousing scheme.
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Minister Donohoe Encourages Eligible Businesses to Claim CRSS
The Minister for Finance, Paschal Donohoe TD, has encouraged eligible businesses to make their claim for the COVID Restrictions Support Scheme (CRSS) for the period of restrictions up to 1st December 2021.
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CPA Annual Returns 2021
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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IAASA Issues Paper on the Audit of Accounting Estimates
IAASA has issued a paper discussing the audit of accounting estimates. Accounting and auditing standards have evolved to reflect the ever increasing complexity of accounting estimates and a new standard on auditing accounting estimates comes into effect for periods beginning on or after 15th December 2019.
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Prepare for Brexit
With the Brexit transition period coming to an end on the 1st January 2021, Enterprise Ireland has a dedicated website which may be of assistance to clients.
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Managing Cashflow during the Pandemic
In an article in December’s Accountancy Plus, Mark Butler provides useful advice on the management of cashflow, including the importance of the investment in technology.
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CPA Ireland Welcomes Changes to the Proposals for Ethical Standards
Earlier this year, CPA Ireland responded to the IAASA consultation on the proposals to revise the Ethical Standard for Auditors. CPA Ireland is pleased to note that much of our feedback is reflected in the final standard.
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CRO Digital Transformation
As per the CRO website and Twitter feed, 16th December is the date that the new CRO CORE portal goes live. We would encourage members to visit the CRO website to familiarise themselves with the new portal and the key dates to note as outlined by CRO.
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Accountancy Europe SME Update
Accountancy Europe last week published its SME update, containing short interesting pieces on SMEs in context against the backdrop of Brexit and COVID-19.
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Sustainability in Accounting
Accountancy Europe has recently issued a "Sustainable finance – an inside look" podcast online, an exclusive discussion with the Chair of their Sustainable Finance Group.
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FRC Issues Audit Guidance for Engagements Affected by COVID-19
The FRC has published updated and useful guidance on audit engagements impacted by COVID-19. Some companies and auditors are continuing to face practical difficulties in preparing accounts and carrying out audits.
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Quality Assurance Reviews 2021
Notices are issuing to CPA audit firms who are due a Quality Assurance review in 2021 to meet the six year cycle required by the Companies Act 2014. In accordance with Government guidelines the reviews will be conducted remotely.
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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.
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