Welcome to the September edition of Practice Plus. In this edition we invite you take part in a Service Innovation Survey. The survey is being conducted nationwide and across the profession and seeks to investigate how small and medium accountancy practices are responding to challenges and addressing opportunities through service innovation. This month we also bring you details of a new resource launched to assist audit firms implement the new quality management standards which are effective from December 2022.
SMP Service Innovation Survey
You are invited to participate in a study which investigates how Small Medium Accountancy Practices (SMPs), on the Island of Ireland, are responding to challenges and addressing opportunities through service innovation. As you are aware, practices are facing several challenges (e.g., attracting/retaining/meeting the needs of clients; attracting staff; changing regulations; technology developments).
Launch of new Quality Management Resource
CPA Ireland have launched a Quality Management Resource to assist audit firms with the implementation of three new quality management standards. The standards will become effective for audit firms later this year and will replace the current quality standard upon which the processes and procedures of Irish audit firms are based – ISQC1.
Information Note on rights of access to the Register of Members
The Corporate Enforcement Authority has published an Information Note
on rights of access to companies' Registers of Members. While the primary purpose of the document is to clarify issues relating to data protection, the document also provides a general overview of companies' obligation to maintain a Register of Members, the associated rights of inspection and the related offence provisions.
Going into Practice - free webinar
Establishing your own accountancy practice can provide a rewarding career. If you think this could be the move for you whether it’s now or in the longer term, you will need to consider the eligibility criteria for a CPA Practising Certificate. An upcoming free webinar will explore the criteria and requirements for practising and auditing certificates.
Updated AML Red Flags Document
The Anti-money Laundering and Counter Terrorism Financing, Example Red Flag Training Material, issued in May 2022 is a publication by a Joint Practice Group with GNECB and the Garda Financial Intelligence Unit, and the Irish accountancy bodies including CPA Ireland. A second update has been made to this document in September 2022.
Final Year of 3-year CPD Cycle
CPA members are reminded that 2022 is the final year of a three-year CPD cycle. The annual renewal of practising certificates is reliant on compliance with CPD requirements.
To refresh your memory on CPA Ireland’s CPD requirements for practitioners please visit the CPA website here.
Changes to your firm in 2022?
Have you made any changes to your firm in 2022, 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. If you have made any such changes, please ensure that you have advised the Professional Standards Dept
. of CPA Ireland.
Decision Support Service
The Decision Support Service is a new service established under the Assisted Decision-Making (Capacity) Act 2015.
Updated Civil Service Travel and Subsistence Rates
Revenue have updated its Travel and Subsistence Civil Service Rates to reflect the revised rates effective from 1 September 2022. For details click here
CPD Events for September 2022 Practice Plus
We are looking forward to meeting our members in person this September at our upcoming Breakfast Briefing events with AIB. These sessions will provide insights into local, sectoral, and macroeconomic developments for your region.
Financial Reporting Sub-Committee - You Can Get Involved!
Some vacancies have arisen on the Financial Reporting Sub-Committee. This committee gives members the opportunity to contribute at the consultation stage on issues affecting members.
Winning the war on Trainee Talent
The war for accountancy talent has intensified over the last few years. Globally organisations are struggling to attract and retain trainee talent. In Ireland, a decline in student registrations across all professional accountancy bodies exacerbated the situation and in 2018 the number of new accountancy students stood at -27% below pre- recession levels making it extremely challenging for members and employers to source accountancy trainees. If your organisation has trainee recruitment plans now or in the future, please reach out to CPA Ireland's Trainee Placement Service.