Welcome to the March 2023 edition of Practice Plus. We wish all our readers a happy Saint Patrick’s Day. This month we highlight the EU’s 10th Package of Sanctions and a help sheet on sanctions specifically for Insolvency Practitioners. We also bring some recent IAASA publications to your attention on audit quality and financial reporting. If you have clients in the Charitable Sector, it should be noted that the Charities Regulator has commenced a targeted compliance programme for charities that have not filed their Annual Report.


Renew your practising certificates – expiry date 31st March 2023
The expiry date for CPA practising certificates and other authorisations is fast approaching and the deadline for a renewal application has passed.
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IAASA publishes its 2022 reports on audit quality assurance
IAASA has published the 2022 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities.
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10th Package of EU Sanctions
The EU has adopted the tenth package of restrictive measures imposed in light of the continuing war in Ukraine.
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Sanctions Guidance for Insolvency Practitioners
Once a person or entity has been sanctioned under EU financial sanctions, there is a legal obligation not to transfer funds or make funds or economic resources available, directly, or indirectly, to that person or entity.
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Charities Regulator commences targeted compliance programme
Every charity on the Register of Charities must file an Annual Report with the Charities Regulator within 10 months of their financial year end, as required by section 52 of the Charities Act 2009 (“the Act”).
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Serious effect on new EU pension legislation on death-in-service benefits
Readers should take note of an important issue about which the Law Society of Ireland has recently alerted the Pensions Authority and legal practitioners. It relates to the serious effect of new EU pension legislation on death-in-service benefits for former spouses.
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Outcome of examination of financial statements
IAASA has published a summary of the outcomes of its examinations of financial reports completed in 2022. This summary outlines the findings from financial statement examinations completed by IAASA’s Financial Reporting Supervision Unit in 2022.
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Meet the FRC – proposed changes to FRS 102 and FRS 105
In December of last year, the FRC released  FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs. 
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CPA Clarified Audit Programmes  -  update now available
CPA Ireland’s Clarified Audit Procedures have been updated for revisions to ISA 315 and ISA 240 that apply to the audits of financial periods commencing on or after 15th December 2021.
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Join CPA Ireland’s Quality Assurance Team
An opportunity has arisen to join CPA Ireland’s Professional Standards Team as a Quality Assurance Executive.
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Key Issues Identified in QA and other CPD events
On the 17th April, Jacinta Devins from CPA Ireland's Professional Standards Department will provide a free webinar to members in practice looking at key issues identified on QA review in 2022.
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Quality Assurance Results 2022
 The Quality Assurance results for the year 2022 can be found at the following – Click here.  Comparative results for the proceeding years can also be found here.
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