Welcome to the May edition of Practice Plus. This month we highlight the withdrawal of M14 and its replacement with ISRS 4410 for the completion of compilation engagements.
In tax we bring you details of the CCAB-I Pre-Budget Submission 2025 which focuses on supporting and sustaining Ireland’s SME sector.

 
AGM and Scheme of Arrangement meeting– Reminder
CPA Ireland’s  Annual General Meeting (AGM) will be held on Friday, 17 May 2024 at Clonmell House, 17 Harcourt Street, Dublin 2, D02 W963 at 2:30pm. Following conclusion of the AGM, an additional meeting to consider the resolution to approve a scheme of arrangements (as outlined to members in notice on 24 April) will be held.
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Withdrawal of Miscellaneous Technical Statement - M14 (Revised) 
To assist members in compiling and reporting on Financial Statements of entities not subject to audit, CPA previously issued Miscellaneous Technical Statement - M14 (Revised). The most recent version of this was in May 2019. This statement is now hereby withdrawn.
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MyWorkpapers and CPA Ireland – find out more - free webinar and demo
CPA Ireland and MyWorkpapers have joined forces, bringing together CPA Ireland’s trusted audit and audit exempt working paper content with the capabilities of MyWorkPaper’s digital cloud-based platform, enabling firms to work in a new innovative way.
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CCAB-I publishes pre-budget 2025 submission
The Consultative Committee of Accountancy Bodies-Ireland (CCAB-I) has published its pre-budget submission 2025. 
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Revenue provides further update on the Debt Warehousing Scheme
On the 9 May 2024, Revenue confirmed that almost 90% of the €1.65 billion debt that remained in the warehouse at the start of April 2024 was now either paid in full, secured under phased payment arrangements or included within a proposed phased payment arrangement which is in the process of being finalised.
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IAASA issue revised ISA (Ireland) 505
IAASA have issued a revised ISA (Ireland) 505, External Confirmations. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2024, with early adoption permitted.
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IAASA publishes Profile of the Profession 2023
IAASA has published its annual Profile of the Profession for 2023. This contains statistical data provided by the six Prescribed Accountancy Bodies (‘PABs’) within IAASA’s supervisory remit.
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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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AML Thematic Review
In Quarter 1 2024, a sample of designated persons for Anti-money laundering (AML) purposes was selected by CPA Ireland's QA team, for an AML review in order to assess their compliance with the relevant legislation, which included but was not limited to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended. 
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Revised Solicitors Accounts Regulations 2023
Practitioners are reminded that revised Solicitors Accounts Regulations came into effect from 1st July 2023. The Solicitors Accounts Regulations 2014 continue to apply in relation to the filing of the reporting accountants report where the accounting period has commenced before 1 July 2023.
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Public Consultation on Member State option to introduce Independent Assurance provider
The Department of Enterprise, Trade and Employment is seeking the views of stakeholders and interested parties on the Member State option to introduce Independent Assurance Services Providers pursuant to Directive 2022/2464/EU as regards Corporate Sustainability Reporting Directive (CSRD).
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Join us for the CPA Annual Conference 2024 and countrywide BBQ events!
The CPA Ireland Annual Conference provides a valuable learning and networking experience for accounting professionals looking to stay ahead of the curve and thrive in a rapidly changing global economy.
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