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Latest News

News

The International Auditing and Assurance Standards Board (IAASB) seeks public comment by 1 July 2019 on three interrelated standards that address quality management. The proposals bring important changes to the way professional accountancy firms are expected to manage quality - for audits, reviews, and other assurance and related services engagements. The proposed standards include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality. The new approach improves the scalability of the standards because it promotes a system tailored to the nature and circumstances of the firm and its engagements. The IAASB proposals are intended to improve engagement quality through:   Modernising the standards for an evolving and increasingly complex environment, including addressing the impact of technology, networks, and use of external service providers; Increasing firm leadership responsibilities and accountability, and improving firm governance; More rigorous monitoring of quality management systems and remediating deficiencies; Enhancing the engagement partner’s responsibility for audit engagement leadership and audit quality; and Addressing the robustness of engagement quality reviews, including engagement selection, documentation, and performance. Given the significance of the changes and the need for firms to adjust how they manage quality, the IAASB has also developed draft guidance and tools, such as examples and frequently asked questions. These materials will help firms understand the proposals, including how to apply them in different circumstances. Exposure drafts Overall Explanatory Memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews  Proposed International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously ISQC 1)  Proposed International Standard on Quality Management 2, Engagement Quality Reviews  Proposed International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements  Comments on the exposure drafts are requested by 1 July 2019. Source: The International Auditing and Assurance Standards Board.

Feb 15, 2019
Press release

Chartered Accountants Ireland is warning businesses that they are facing a collision course of VAT changes which begin today, 1 April 2019, and which could result in unexpected penalties for those who are not prepared for the digitisation of VAT, the first phase of HMRC’s overall ‘Making Tax Digital’ programme. Director of Public Policy and Taxation at Chartered Accountants Ireland, Brian Keegan said: “HMRC’s digital transformation fits with the modern world and the 21st century. ‘Making Tax Digital’ for VAT is the first step in that programme. “From 1 April 2019, it applies to any VAT-registered business with a turnover exceeding the current VAT registration threshold of £85,000 which has not received confirmation from HMRC they have either a deferral to 1 October 2019, or an exemption. “Essentially the first VAT return period beginning on or after commencement (either 1 April 2019 or 1 October 2019) must be made in accordance with Making Tax Digital. “At the heart of ‘Making Tax Digital’ for VAT are two core digital requirements:- •          Digital record keeping – businesses are required to keep and preserve digital records for the first time; and •          Electronic filing of VAT returns – to submit a VAT return, businesses must use information stored in their digital records which, for the first time, must be combined with “functional compatible software” to submit VAT returns directly to HMRC.” Alan Gourley, Chairman of Chartered Accountants Ireland’s NI Tax Committee commented: “Coupled with potential changes to the UK VAT rules this month as a result of Brexit, some businesses are facing significant change. “The start date of ‘Making Tax Digital’ for VAT has been known for some time but its introduction also coincides with Brexit which could mean businesses are also facing changes to well-established and long understood VAT rules.” “HMRC have announced details of the ‘soft landing’ which will apply for the first year of ‘Making Tax Digital’ for VAT. But that doesn’t mean that businesses are not facing penalties or surcharges if they get their VAT calculation wrong or file late. “The ‘light touch’ approach recently announced by HMRC only applies if a business does their best to comply with the two core requirements of ‘Making Tax Digital’ for VAT; in that instance only will no filing or record keeping penalties be issued. “Businesses will really notice the change when their first VAT return under ‘Making Tax Digital’ is due, and so we are encouraging them to sign-up for Making Tax Digital for VAT as soon as possible, as registration can take up to 7 days.”

Apr 01, 2019
Press release

Chartered Accountants Ireland has recognised one of its most distinguished members, Sir Desmond Lorimer, for his significant contribution to the profession and to public life in Northern Ireland. Sir Desmond Lorimer was invited to address the Institute’s Council members on the occasion of the 50th Anniversary of his Presidency of the Institute.  Sir Desmond is acknowledged as one of the most influential Chartered Accountants of his time, and a leading light in the business world. As well as a successful career in practice, then in manufacturing, Sir Desmond played a key role in public life in Northern Ireland. He became the first ever Chairman of the Northern Ireland Housing Executive, then the first ever Chairman of the Industrial Development Board, before then taking on the task of privatising the electricity industry in Northern Ireland. Addressing the Institute Council Meeting in Belfast, Sir Desmond reflected upon the significant changes in the Institute and profession since his formative years as a Chartered Accountant. Sir Desmond said that when he first became involved, there were only two District Societies (Dublin and Belfast) and the head office in Fitzwilliam Square had only six staff. It’s only functions were to run exams and exercise disciplinary functions. In the mid-1950s the Institute had around 1000 members, 300 in practice and 700 around the world in industry and commerce. Sir Desmond became one of a small number of young members who began to develop stronger organisation of the Institute’s education and training, encouraging the creation of classes for students and the employment of lecturers. Under Sir Desmond’s leadership, the Institute became more outward looking with a renewed focus on openness, transparency and engagement both with members and with other business and governmental organisations. Sir Desmond was pleased to observe the recent evolution of the Institute, with great growth in member and student numbers. He was particularly pleased to note the strong growth of female members and that the profession was much more diverse than his day. Sir Desmond commented that changes in the profession would continue, particularly with regard to evolution in technology and changes in corporate governance and regulation. He concluded his address by wishing the Institute every success and encouraging Council to continue to push for progress in the profession. Feargal McCormack, President of Chartered Accountants Ireland said: “Sir Desmond is one of the pillars of the community whose contribution to the Northern Ireland economy has been immense.  As a young Chartered Accountant, he was certainly one of people who I very much looked up to. He is a great ambassador for our Institute and a fantastic example of the lasting impact that our members can make in their career”. Following Sir Desmond’s address, Feargal McCormack and Institute Chief Executive Barry Dempsey marked Sir Desmond’s substantial contribution to the profession and public life with the presentation of Galway Crystal in Belfast’s Waterfront Hall/ ICC. ENDS Note to editors:  Chartered Accountants Ireland is Ireland’s biggest and fastest growing professional accountancy body, with 26,500 members across the globe. It is the voice of the accountancy profession on the island of Ireland. Reference: Garry Webb, Chartered Accountants Ireland, 07841 152045                 www.charteredaccountants.ie

Mar 14, 2019