Welcome to the July edition of Practice Plus. This month we bring you an updated FAQ document from the EU which explores the ban on certain business services such as accounting and audit services, announced as part of 6th Package of Sanctions. We also highlight for audit firms a number of resources to assist with the implementation of ISQM. As the Government announce an early budget this year, we bring you details of CCAB- I’s pre-budget submission 2023, containing a range of measures to alleviate cost of living pressures and to tackle barriers to recruitment and retention across the Irish economy.

Russian Sanctions update - EU update FAQs
In June 2022, the European Commission announced its sixth package of sanctions against Russia.
One of the measures is that the provision directly or indirectly of certain business-relevant services such as accounting, auditing including statutory audit, bookkeeping and tax consulting services,
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Corporate Enforcement Authority Established
Commencement orders providing for the establishment of the Companies (Corporate Enforcement Authority) Act 2021 (the Act) and the Corporate Enforcement Authority were signed on the 5th and 6th July.
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Increase in Indictable Offence Reports from Auditors
The 2021 Annual Report for the Office of the Director of Corporate Enforcement was recently published, showing details of the activities of the office for 2021.
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CCAB-I launches Pre-Budget Submission 2023
CCAB-I has published its its Pre-Budget Submission, containing a range of measures to alleviate cost of living pressures and to tackle barriers to recruitment and retention across the Irish economy. 
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Get ready for a new approach to audit quality management – supports available
A new suite of three quality management standards will become effective for audit firms in December 2022.Firms should now become familiar with the requirements of these standards which will replace ISQC1.
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CPA Ireland signs MRA with the American Institute of CPAs
The National Association of State Boards of Accountancy (NASBA)/American Institute of CPAs (AICPA) U.S. International Qualifications Appraisal Board (IQAB) and CPA Ireland, have signed a mutual recognition agreement (MRA) that went into effect on June 1, 2022.
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Accountancy Europe: How SMPs can keep bringing value to SMEs
In a new series focusing on SMPs, Accountancy Europe talks to practitioners about the future of the profession, focusing on topics such as digitalisation and diversification.
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EU reach agreement on CSRD
The Council and European Parliament have reached a provisional political agreement on the corporate sustainability reporting directive (CSRD).
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Launch of New PSRA Licence Application Portal
The Property Services Regulatory Authority (PSRA) have announced that the new PSRA licence application portal is now live.
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Government launches further low cost COVID-19 Loan Scheme to help businesses
The Government has announced a further loan scheme to help SMEs access low-cost finance, recognising that many of them are still getting back on their feet after what has been an incredibly challenging few years.
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IAASB to continue its work on standard for Less Complex Entities
In July last year, the IAASB released its consultation on the Proposed International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities (LCE).
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IAASA publishes a report on Good Repute for Statutory Auditors and Audit Firms
The Irish Auditing and Accounting Supervisory Authority (IAASA) has  published a report on good repute for Statutory Auditors and Audit firms.
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