Welcome to the February edition of Practice Plus. This month we advise statutory auditors of new CPD requirements that commence for the new CPD cycle 2023-2025. We also remind statutory auditors of the CPD toolkit available to support the documentation of CPD plans and evaluation exercises.
We also bring you updates from IAASA, the Charities Regulator, the CEA and much more.
Renew your practising certificate - deadline approaching!
February 28, 2023,
the deadline for the renewal of CPA practising certificates and other authorisations is fast approaching.
ISQM – thematic review and resource
In early 2023, a sample of CPA audit firms were selected to provide the CPA Quality Assurance team with further information regarding their implementation of ISQM1, including details of their risk assessment and policies and procedures.
CPD for Statutory Auditors – new requirements and supporting toolkit
January 2023 a new three-year CPD cycle commences. Changes to Bye Law 8 now require statutory auditors to complete 20 hours of their 40-hour core competency requirement in audit, financial reporting and law and regulation..
Public Consultation on the Corporate Sustainability Directive
The Department of Enterprise, Trade and Employment is seeking the views of stakeholders and interested parties on the Member State options contained within the Corporate Sustainability Reporting Directive (EU) 2022/2464, ahead of its transposition into Irish law.
Charities Regulator Guidance – Credit card controls for charities
The Charities Regulator has issued guidance for charities on the oversight of the use of credit cards.
CEA – Trial for Company Law and Theft Offences
Arising from an investigation by the Corporate Enforcement Authority (CEA), a book of evidence has been served on a woman charged with company law and theft offences.
IAASA issue a revised version of ISA 600
Following public consultation, IAASA has issued a revised version of ISA (Ireland) 600 Special Considerations – Audits of Group Financial Statements (Including the
Work of Component Auditors) and conforming amendments.
Making changes to your firm structure in 2023?
Are you planning to make changes to your firm in 2023, 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.
Compendium of financial reporting decisions
IAASA, Ireland’s accounting enforcer, has published a compendium of financial reporting decisions. These decisions relate to accounting treatments applied by CRH plc, Flutter Entertainment plc and Tullow Oil plc in their 2021 annual financial reports.
Join CPA Ireland’s Quality Assurance Team
An opportunity has arisen to join CPA Ireland’s Professional Standards Team as a Quality Assurance Executive.
Local Enterprise Week 2023
Local Enterprise Week
is organised every year by the 31 Local Enterprise Offices across the country.
Long Association with audit engagements
Section 3 of the Ethical Standards for Auditors (Ireland) 2020
, sets out the requirements to be applied where audit partners and staff in senior positions have a long association or extensive and/or regular involvement with an audit client.
Upcoming CPD events – Review of Professional Issues 2023, tax, audit and QA
CPA Ireland is hosting a number of CPD events across a broad range of topics that are relevant to members in practice, including the annual Review of Professional Issues 2023, the Tax Conference, the Spring Audit Webinar series and a free event which focuses on the key issues identified in QA reviews 2022.