Practice Plus January 2020




Welcome to the January edition of Practice Plus, the first of 2020. We would like to wish you all a happy and prosperous new year ahead. During this month we bring you news of an update to the Bye Law 7 Quality Assurance, details of the annual renewal of certificates, and a note regarding the auditing CPD requirements for statutory auditors.

Bye Law 7, Quality Assurance Revised

The Institute’s Bye Law 7, Quality Assurance has been revised and is effective from 1st January 2020. The revisions include updated legislative references to reflect Part 27 of the Companies Act 2014 and changes to improve the effectiveness and efficiency of the process.
Read more.

Time to Renew Your Practising Certificate

All CPA Practising and Auditing Certificates expire on the 31st March and must be renewed annually. Investment business authorisation must also be renewed.
Read more.

Quality Assurance in 2020

Notices are issuing to CPA audit firms who are due a Quality Assurance review in 2020, in order to meet the six year cycle as required by the Companies Act 2014.Please note that due to the legal requirement that all audit firms must be reviewed at least once in a six year cycle, we are unable to reschedule reviews beyond this six year timeframe.
Read more.

A Reminder on Audit Qualification and CPD

For the attention of all CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors please note your requirements to maintain competence in audit through CPD. This is a mandatory requirement of the Companies Act 2014.
Read more.

Thinking of Buying or Selling a Practice?

Practice Connect provides a confidential platform to allow firms to advertise practices for sale and merger opportunities.
Read more.

CPA Ireland Audit Programmes

The CPA Ireland Clarified Audit Procedures Programme, Audit Exempt Programme and more are available for purchase.
Read more.

Accountancy Europe Publish their Audit Policy Update

Accountancy Europe have recently published their Audit Policy update for 2020.
Read more.

IFAC Article Regarding Key Factors for Small and Medium-Sized Entities’ Survival

IFAC have published an article regarding the importance of performance and financial management in the survival of small and medium-sized entities in a volatile environment.
Read more.

IAASA's Financial Reporting Supervisory Activities

IAASA has recently published summary information of its financial reporting enforcement activities undertaken during 2019.
Read more.

Investment Business and CPD

Members who hold Category 1 and above Investment Business authorisation are reminded of their CPD requirements under the Central Bank’s Minimum Competency Code, 15 hours of CPD must be completed in total each year.
Read more.

Update on UK's FRC Investigations in Relation to Carillion

On 29 January 2018 the FRC announced the opening of an investigation in relation to KPMG’s audit of the financial statements of Carillion plc. FRC advise that the investigation of the audits is well advanced.
Read more.

UK's FRC Revises it's Ethical and Auditing Standards

The Financial Reporting Council (‘FRC’) in the United Kingdom issued a major revision to the UK’s Ethical Standard and revised its Auditing Standards. The Auditing Framework for Ireland is based on the FRC’s Auditing Framework. IAASA advise that their policy is to have minimal amendments to the UK framework.
Read more.