Practice Plus February 2022
Welcome to the February edition of Practice Plus. This month we  bring you details of a CPD toolkit available to support the new CPD requirements for statutory auditors. We remind practising certificate holders of the requirement to renew their certificates by 28th February 2022


Annual Renewal of Practising Certificates – Deadline 28th February 2022
The deadline for the renewal of your practising certificate is fast approaching. Practitioners are reminded that if they wish to renew their practising certificates and other authorisations such as auditing and investment business certificates, they must do so by 28th February 2022.
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CPD Toolkit for Statutory Auditors
To assist with the achievement of these requirements please find below some supporting templates and guides;
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Changes to the Quality Assurance Process for 2022
The CPA Quality Assurance process continues for 2022 in accordance with the Companies Act 2014 and Bye Law 7, Quality Assurance. There are some important changes to the process for 2022.  If you receive a notice for a quality assurance review in 2022 you will have received a date for the review of your firm’s engagement files and also a date for the submission of advance information.
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Bye Law Changes for 2022
A recent webinar for members explored a number of changes to CPA Ireland’s Bye Laws. The changes impact on CPD for statutory auditors, Professional Indemnity Insurance, Client Monies and Anti-Money Laundering.
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Have your say -Shape Our CPD Programme
We value your feedback and appreciate you completing this survey. As priorities change, your thoughts on attendance at CPD in 2022 will help us shape the delivery of the programme, be it a face to face or hybrid model.
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Public Consultation on Co-operative Societies
The Department of Enterprise, Trade and Employment is seeking the views of stakeholders on certain aspects being considered for inclusion in forthcoming Co-operative Societies legislation.
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CPA Ireland welcomes IAASB's new proposed standard for the audit of an LCE
CPA Ireland has welcomed the proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (LCEs). In its response to the consultation, CPA Ireland notes that there is a need for a set of high-quality standards for the audits of LCEs
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CPA Ireland is delighted to announce that the Digitalisation Hub will be accessible by all
CPA members can now share this informative and useful service with their clients.
The Digitalisation Hub highlights the many digital solutions currently available in tax, payroll, audit, advisory and much more.
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New Code of Practice for Revenue Compliance Interventions
Revenue has published its new Code of Practice for Revenue Compliance Interventions which will come into effect on May 1 2022 and will apply to all compliance interventions notified on or after that date.  
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IAASA Standards Newsletter
IAASA have published the first edition of its Standards Newsletter, the aim of which is to provide latest news and information about IAASA’s auditing and assurance standards projects. This edition highlights details of recently adopted standards, including the International Standards on Quality Management 1 and 2, both of which are effective from 15 December 2022.
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The Charities Regulator publishes their third Statement of Strategy
The Charities Regulator has recently published its third Statement of Strategy with a focus on  proportionate regulation and more communication with charities and the public
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Central Bank Public Consultation on Credit Unions
The Central Bank of Ireland recently outlined details of its commencement of  a public consultation on the application of the Minimum Competency Code 2017 and the Minimum Competency Regulations 2017 to credit union core services.
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Publication of ESRI Report on SME Financial distress and the Macroeconomic Recovery
The Economic and Social Research Institute  recently published a working paper, co-authored by officials from the Department of Finance, entitled “SME Financial Distress and the Macroeconomic Recovery.”
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CRO update
We would advise Members to be aware that, the Companies Registration Office (CRO) has announced that it will introduce mandatory online filing for 18 of its Companies Office forms from 1 March 2022
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FRC issues January 2022 editions of accounting standards
The FRC very recently issued January 2022 editions of UK and Ireland accounting standards. These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard. Please click here to view.