Welcome to the June edition of Practice Plus. This month we highlight a CPA information hub focusing on ISQM and some useful resources to assist audit firms meet the requirements of the quality management standards.

We also highlight revisions to the Solicitors Accounts Regulations and bring you details of an updated work programme to assist you with the implementation of these changes.

We remind practices that M14 has been withdrawn from 1 June 2024 and replaced with International Standard on Related Services 4410 (Revised) Compilation Engagements, (ISRS 4410).

CPA Ireland wins Innovation of the Year Award
CPA Ireland was crowned the winner of the Innovation of the Year award for the CPA Ireland metaverse at the 2024 Association and Institute Awards.
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Solicitors Accounts Regulations – Accountant’s Work Programme 2024
The Solicitors Accounts Regulations 2023 are bringing about significant changes to how solicitors handle and record clients’ money, and the work required by accountants to report to the Law Society. 
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Miscellaneous Technical Statements - M14 (Revised)- Withdrawn
To assist members in compiling and reporting on Financial Statements of entities not subject to Audit, CPA previously issued the Miscellaneous Technical Statement - M14 (Revised). This statement is now hereby withdrawn.
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EU adopt new package of AML rules
The EU Council have adopted a package of new anti-money-laundering rules that will protect EU citizens and the EU's financial system against money laundering and the financing of terrorism.
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Revenue publishes Statistical Report on the Debt Warehouse Scheme
Revenue have published its detailed statistical report on the Debt Warehouse Scheme. The report shows that just over 93% of the €3.2 billion debt included in the warehouse at its peak in January 2022 has now been either paid in full, secured under a phased payment arrangement (PPA) or is subject to ongoing PPA negotiations or refunds/credit claims awaiting approval for offset.
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IAASA publish Annual Audit Programme and Activity Report
The Irish Auditing and Accounting Supervisory Authority (IAASA) has published its 2023 Annual Audit Programme and Activity Report.
This report provides a summary of the activities performed by IAASA during 2023 to oversee the audit profession in Ireland and further includes regulatory engagement work proposed for 2024.
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Take the Survey – SMP survey on decarbonisation
The development of a clear and concise programme of sustainable practice is no longer seen as an optional extra but rather as a fundamental necessity.
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Childcare Funding Applications
The Department of Children, Equality, Disability, Integration and Youth (the Department) has recently issued a document “Guidance Note for Core Funding Reporting Requirements Transitional Arrangements Year 1 and 2” (“the Department Guidance Note”) to entities providing childcare and early education services regarding the transitional arrangements for the application for funding under a new funding model called ‘Together for Better’. 
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Upcoming CPD events
Join us this month as we continue our series of Topical Tax Updates and the Summer Social BBQs at a host of venues around the country. 
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