Practice Plus January 2019

Welcome to the January 2019 edition of Practice Plus.




As we progress through the month of January, we would like to wish you all a very happy and prosperous New Year.

This month we bring you some important reminders as we start the year afresh. The Annual Renewal process is in operation. Please ensure to check your email for correspondence.

Also, the Quality Assurance Review Schedule for 2019 has commenced so please be aware that notices of reviews are issued by email only.

In addition, there have been some recent changes to AML legislation to update you on.

Annual Returns 2019 Deadline 28th February 2019

All CPA Practising and Auditing Certificates are renewed annually. Investment business authorisation must also be renewed.
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Ethics Research Report Launch

The eagerly awaited report on “Ethical and Effective Decision Making for Professional Accountants in Ireland” will be launched on 31 January 2019 and we are delighted to announce that Heather Humphreys TD; Minister for Business, Enterprise and Innovation will attend the launch and deliver a keynote opening address.  Members are invited to attend this evening event.
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Important Notice for Firms Holding CPA Investment Business Authorisation

CPA Investment Intermediaries are reminded that since the 1st October 2018, firms that are involved actively in advising on or arranging insurance products, including insurance-based life and pension products, must be registered for such activities directly by the Central Bank of Ireland.
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Preparing for a Quality Assurance Review in 2019

Quality Assurance reviews continue into 2019 and if your firm is due a review you will receive notice of an upcoming quality assurance review by email.
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ISQC1 Guidance Issued

Guidance issued in 2018 highlighted the changes made to ISQC (Ireland) 1, from ISQC (UK and Ireland) 1.
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CPA Ireland launched its Brexit Resource, gathering together useful guidance and information on the topic.
Read more.

Changes to Anti-Money Laundering Legislation

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 was signed into law on the 14th November 2018.  The Act amends the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to give effect to certain provisions of the 4th AML Directive.
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Resigning/Removed as Statutory Auditor – What To Do?

S. 400 of the Companies Act 2014 provides for the circumstances where the statutory auditor decides to resign as auditor, S.399 relates to the circumstances whereby the company has terminated the appointment of the auditor due to the audit exemption and S.394 where the auditor has been removed.
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GDPR Implications for Auditors

Statutory auditors regularly process personal data obtained from their clients. They are therefore directly impacted by the General Data Protection Regulation that entered into force in May 2018.
Read more.

VAT Could be the Ultimate Cost of Brexit for Irish Traders

The Consultative Committee of Accountancy Bodies Ireland (CCAB-I) is calling for the introduction of rules to allow Irish traders extra time to pay the VAT due on goods arriving from the UK.
Read more.