Practice Plus October 2021


Welcome to the October edition of Practice Plus, we hope you are all keeping well during Tax season. This month we bring you lots of news and guidance to keep you updated. 

Explore the new CPA Ireland Digitalisation Hub now!

The Digitalisation Hub is an outstanding benefit for our members & students. CPAs provide an essential service to the Irish economy & this hub will provide a roadmap for digital transformation and guide you to the software of most relevance to your business.
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Expanded tax debt warehousing – important update

Minister for Finance Paschal Donohoe announced the expansion of the tax debt warehousing scheme in the Budget. The Collector General’s Division has provided the following update:

I refer to your representations at TALC regarding the section 997A Taxes Consolidation Act 1997 (TCA) issues impacting certain directors / employees who have a “material interest” in the company that pay their emoluments,
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Budget 2022 – Pro SME Measures will support recovery and employment

CPA Ireland has broadly welcomed measures announced in Budget 2022 which it says “will boost the confidence of SMEs and support their recovery and renewal after a harrowing two years.”
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Central Register of Beneficial Ownership of Trusts – deadline 23rd October 2021

Trustees should be aware of their obligations to register details of the beneficial ownership of their trust with the Central Register of Beneficial Ownership of Trusts (CRBOT) on or before the 23rd October. That deadline is fast approaching and trustees should be reviewing their internal registers and preparing to register if they have not already done so.
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IAASA issues revised ISA (Ireland) 240

Following public consultation, IAASA has issued a revised version of ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2021, with early adoption permitted.
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IAASA publish their Annual Observations paper

IAASA has recently published this paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2021.
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Quality Assurance Process

Notices have continued to issue to CPA firms who are due a quality assurance review in 2021 and 2022 to meet the six year cycle required by the Companies Act 2014. 
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From January 01 2022;New CPD Requirements for Statutory Auditors and New IAASA Guidelines change

CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors are reminded of their requirements to maintain their competence in audit through CPD.
It’s important to note that, in addition, new IAASA CPD Guidelines which commence from 1st January 2022 require statutory auditors to retain CPD records for a period of 6 years
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For the remainder of 2021, remember your CPD!

We are now in the final quarter of 2021, CPA Ireland practising certificate holders are reminded of their obligation under Bye Law 8, CPD, to complete sufficient structured and unstructured CPD. 
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The Institute’s Financial Reporting Sub-Committee - You Can Be Involved!

Some vacancies have arisen on the CPA Ireland Financial Reporting Sub-Committee. This committee gives members the opportunity to contribute at the consultation stage on issues affecting members. If you are interested in getting involved, please contact Cath Matthews, Secretary to this committee - .
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Have your say on the FRC's next periodic review of FRS 102

Ireland’s accounting standards are subject to periodic reviews, at least every five years, to ensure they remain up-to-date and continue to require high-quality and cost-effective financial reporting from entities within their scope. The FRC is starting the next periodic review of FRS 102 (and other UK and Ireland accounting standards. Through this process, the FRC is seeking views from stakeholders on areas that might be considered as part of the review.
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Book a Virtual CPA Career Chat for Your Trainees

Is your practice ready to face the future of accounting? The accounting industry is rapidly evolving, and your practice will need dedicated professionals who are ready to evolve alongside the industry. 
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Complimentary Trainee Recruitment Service

The accountancy jobs market is now very much candidate driven and the existing skills shortage has been magnified by the after-effects of the pandemic.
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IAASA has issued a Consultation Paper on its proposal to issue revised ISQMs

IAASA has published a Consultation Paper on its proposals to issue  revised versions of

International Standard on Quality Management (‘ISQM’) (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
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Central Bank publishes its fourth Quarterly Bulletin for the year

The Central Bank recently published its fourth Quarterly Bulletin for 2021. To read this in full, please click here.

Pay and File 2021: Extended phoneline opening hours

Revenue has confirmed the extended opening hours for the ROS Technical Helpdesk and Collector General’s Division (including ROS Payment Support) for the days leading up to the ROS Pay and File deadline of 17 November 2021.
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Changes to your firm in 2021?

Have you made any changes to your firm in 2021, such as the retirement or addition of a partner, director or shareholder? Or perhaps you have incorporated your practice and are now practising through a corporate entity.
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