Welcome to the October edition of Practice Plus. This month we bring you news of the extension of CRO filing deadlines, CPA Ireland’s response to the Budget and news on IAASA's feedback paper on revised ISA (Ireland) 315. We also highlight an interesting article on the digitisation of your practice and a Brexit readiness checklist. In addition, we provide details of upcoming CPD in Audit Implications of COVID-19 and details of our Annual Conference next month “Looking to the future and recovery”.
CRO Announces Extension of Filing Deadline
CPA Ireland has welcomed the decision by CRO to extend the filing deadline for companies with an Annual Return Date falling on 30 September 2020 or later. Any company with an Annual Return Date of 30 September 2020 or later will be deemed to have filed on time if all elements of the annual return are completed and filed by 26 February 2021.
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Budget 2021 - CPA Ireland Response
CPA Ireland has broadly welcomed Budget 2021. However, it is essential that new supports for SMEs are designed to be easily accessed and with a minimum of red tape.
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CPA Ireland Representing Members 2020
2020 has been an incredibly busy year in terms of making representations and lobbying on behalf of members. We thank you our members for your valued feedback on the many issues that have arisen to date this year and we ask that you continue to do so.
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CRO Digital Transformation Update
CRO have advised that they have postponed the go-live date of their digital transformation system switch until December.
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IAASA publishes its annual Observations paper
IAASA recently published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2020. IAASA’s paper highlights some key areas that warrant close scrutiny by those preparing, approving and auditing 2020 financial statements in the upcoming reporting season.
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ISA (Ireland) 315 Identifying & Assessing the Risks of Material Misstatement
Last week, IAASA published its feedback paper and revised ISA (Ireland) 315 Identifying & Assessing the Risks of Material Misstatement.
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Digitising Your Practice - Ensure the Survival of Your Business
An article in the most recent edition of Accountancy Plus by practitioner Paul Redmond FCPA explores his journey to digitise his practice.
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Brexit Readiness Checklist
The Brexit Readiness Checklist highlights some of the key actions that businesses can take to get ready for the changes Brexit will bring from 1 January 2021.
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FRC Thematic Review of Company Reporting Since COVID-19
The Financial Reporting Council (FRC) has completed its first thematic review of company reporting since the onset of COVID-19 pandemic. The review itself has information which members may find beneficial for forthcoming engagements.
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IAASB Public Consultation
The International Auditing and Assurance Standards Board (IAASB) recently opened a public consultation, Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit.
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EUIPO and Accountancy Europe Guidance and Benefits of IP Registration for SMEs
The European Intellectual Property Office (EUIPO) and Accountancy Europe have come together to provide guidance and promote the benefits of Intellectual Property registration to SMEs.
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Certification Report - Temporary Assistance Payment Scheme for Nursing Homes
Following concerns from accountants about the certification report which is required to be submitted with the application form for this Scheme, the National Treatment Purchase Fund (NTPF) who are administering the application process, have issued a revised form.
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Cybersecurity and the Firm
We would like to remind members to be vigilant and hyperaware of cyber threats and data security at this time. The increasing levels of cyber security breaches and data incidents are occurring in the real economy and impacting firms and clients.
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Practice Management - Auditing Implications of COVID-19 Online Event
Taking place on Monday 20th October from 10am to 12pm, this session with Kathryn Burns, Mercia Ireland, will explore the potential effects on the audits of financial statements for year ends 31 December 2019 and beyond and any practical matters that should be considered for auditors. Please click "Read more" for further information and to book a place on this online event.
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CPA Annual Conference 2020 - Online Conference
CPA Ireland's Annual Conference 2020, Looking to the future & recovery, takes place on the 19th November 2020. Please click "Read more" for further information and to book a place on this online conference.
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