Practice Plus May 2019




Welcome to the May edition of Practice Plus.

This month we bring you news on Beneficial Ownership, a reminder on the CPD cycle and a consultation on audit of less complex entities.

Procedures for Employees of Audit Firms to Report Breaches

Audit Firms should note that in accordance with Article 30e of the EU Statutory Auditor Directive, there is a requirement for firms to establish appropriate internal procedures for their employees to report potential or actual breaches of the EU Audit Directive and Regulation on statutory audit. Procedures will be reviewed through the quality assurance process.
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New AML Guidance Issued for Accountancy Firms

The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 was amended in November 2018 by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018, giving effect to certain provisions of the Fourth Money Laundering Directive. Technical Release 01/2019, Anti Money Laundering Guidance, has been prepared to help accountancy firms to fulfil their obligations under the updated Irish legislation to prevent, recognise and report money laundering.
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GDPR Guidance for Insolvency Practitioners

CCAB-I have today published a technical release which highlights features of the General Data Protection Regulation which are of particular importance to insolvency practitioners.
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IAASA updates its Statement on Scope and Authority of Audit Assurance Pronouncements

IAASA has updated its Statement on Scope and Authority of Audit and Assurance Pronouncements, which provides details on the Auditing Framework for Ireland, as adopted by IAASA.
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Consultation Paper - Proposal to Issue a Guidance Note on Audit of Credit Unions

IAASA has issued a consultation paper seeking stakeholders’ views regarding IAASA’s proposal to issue a Guidance Note on the Audit of Credit Unions.
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CPA Annual Conference

This years CPA Annual Conference is on next Friday, 24th May in the Radisson, Little Island. The theme this year is ‘On the Frontier of Accounting.’ The CPA Annual Conference 2019 celebrates the growing tradition of entrepreneurship in Ireland and is an ideal opportunity to network with fellow CPAs and some of Ireland’s leading entrepreneurs.
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Less Complex Entities Consultation

The International Auditing and Assurance Standards Board (IAASB) has published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs).
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Reminder to Members - Final Year of CPD Cycle 2017-2019

Members are reminded that 2019 is the final year of the current three year CPD cycle, 2017-2019. Members are reminded to review and plan their CPD activities with this in mind.
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Central Register Of Beneficial Ownership Of Companies and Industrial & Provident Societies (RBO)

A Statutory Instrument, No 110 of 2019, to establish a Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) was recently signed into law by the Minister for Finance.
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FRC in the U.K. Sanctions Issued in Relation to Audits

The Financial Reporting Council (FRC) has imposed sanctions against KPMG Audit Plc (KPMG) and its audit partner Andrew Walker. The Financial Reporting Council (FRC) also issued a Final Decision Notice under the Audit Enforcement Procedure and imposed sanctions against MSR Partners LLP (formerly Moore Stephens LLP) and Stephen Corrall, Audit Engagement Partner.
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SME Quick Poll

As accountants representing SMEs in Ireland, we are looking for your assistance on establishing whether or not government is supporting SMEs in Ireland.
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#BusinessBeyondBrexit - Supporting Business in a post-Brexit World

The British Irish Chamber of Commerce and sponsor Ulster Bank have come together to address the various challenges and opportunities that Brexit has brought about for business interests in the UK and Ireland.
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