Welcome to the May edition of Practice Plus. We hope you are all keeping well and safe during these times. This month we bring you CPA Ireland guidance on the implications of third party assurance requests, a Small Business Continuity Checklist from IFAC and notice of a PSRA extension to the licensing period.
COVID-19 Resource and Information
A reminder to you our members, that the CPA Ireland website has a dedicated repository of information, links and updates specifically related to COVID-19 related matters.
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Guidance for Insolvency Practitioners - Meetings of Creditors during the COVID-19 Pandemic
The CCAB-I Insolvency Committee has issued Technical Alert 01 2020 for Insolvency Practitioners to allow Section 587 meetings of creditors and other meetings of members and creditors to take place during the COVID-19 pandemic restriction on movement and public gatherings.
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COVID-19 – Insolvency Related Issues
The Director of Corporate Enforcement’s website advises on a number of matters relating to insolvency issues.
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Property Services Regulatory Authority Extend Licensing Period
The Property Services Regulatory Authority (PSRA) has announced the commencement of Regulations that grant a four month extension to licences due to expire between 7 May 2020 and 31 August 2020.
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Revenue Issue V11 of the Temporary Wage Subsidy Scheme FAQ Guidance
Revenue have this week released version 11 of their FAQ document - Guidance on the Operational Phase of the COVID-19: Temporary Wage Subsidy Scheme.
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Revenue Update on Measures to Support Businesses and Debt Warehousing Scheme
Revenue have announced additional measures to support both SME businesses (automatically) and larger businesses (on request) experiencing cash flow and trading difficulties arising from the impacts of COVID-19. Revenue has also provided further information in relation to the new scheme to ‘warehouse’ VAT and PAYE (Employer) debts associated with the COVID-19 crisis.
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IFAC Publish Small Business Continuity Checklist
Small businesses have been disproportionately affected by the COVID-19 pandemic. Most organizations worldwide are small in size, and the importance of small businesses to the global economy is indisputable.
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Practice Transformation Action Plan
IFAC have published a ‘Practice Transformation Action Plan – A Roadmap to the Future’, which covers four key focus areas for small- and medium-sized practices (SMPs).
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CRO Updates
CRO are providing updates on submission processing times on their social media accounts and their website.
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COVID-19 Stability Fund for Community & Voluntary, Charity & Social Enterprises
The Department of Rural and Community Development is funding a Covid-19 Stability Fund to assist Community and Voluntary, Charity and Social Enterprises who are experiencing financial difficulty as direct result of the Covid-19 pandemic.
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COVID-19 and Charities – Frequently Asked Questions
The Charities Regulatory Authority have issued useful guidance for charities on the impact of COVID-19 on various governance issues facing charities at this time.
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Managing Third Party Assurance Requests
In times of uncertainty accountants and auditors often receive an increase in requests to sign, certify, confirm or opine on a range of issues. Members are advised to carefully consider requests received from clients and third parties that require them to opine on matters that are outside of the scope of the usual statutory audit report or compilation reports (prepared in accordance with M14).
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Commission Steps Up Fight Against Money Laundering and Terrorist Financing
The European Commission has put forward a comprehensive approach to further strengthen the EU's fight against money laundering and terrorist financing.
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CPA Ireland's Classroom & Blended Further Learning Courses
Starting in September 2020, CPA Ireland's range of classroom and blended further learning courses are delivered though a mixture of classroom sessions with additional online activities, materials and resources to enrich your learning.
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Online CPD Courses and Webinars
Stay up to date with your CPD from the comfort of your own home.
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Quality Assurance Arrangements
In light of the recently issued government advice regarding COVID-19 virus emergency measures, to minimise disruption, the Professional Standards department will be implementing contingency plan arrangements regarding upcoming quality assurance onsite reviews, with a view to ensuring that reviews are conducted in a manner that does not compromise the health of the parties involved.
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Accountancy Europe Publishes Summary Document on the Future of Audit & Assurance
Accountancy Europe have recently published a summary document on their work so far on the future of audit and assurance.
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