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Welcome to the latest edition of Technical Roundup.  In developments since the last edition, the Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study. The CEA published an Information Note on electronic participation in companies’ general meetings. The Information Note provides practical guidance for companies and their directors and members on the lawful and effective conduct of virtual general meetings under the Companies Act 2014 as amended. Read more on these and other developments that may be of interest to members below.  Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has called on the International Accounting Standards Board (IASB) to defer the effective date of IFRS 20 Regulatory Assets and Regulatory Liabilities by 1 year to 1 January 2030, highlighting some of the challenges that preparers might face with the current planned effective date of 1 January 2029. IFRS 20 will address situations where an entity and a regulator are parties to a regulatory agreement that prescribes the regulated rate, and where compensation for the period is charged to customers in a different period creating differences in timing. It will mainly affect industries such as utilities, energy and transportation. EFRAG is seeking users feedback on the IASB’s Risk Mitigation Accounting Proposals via a survey which remains open until 15 May 2026. The survey relates to disclosures concerning interest rate risk management. The IFRS Foundation has published some new educational resources to help stakeholders apply the IFRS for SMEs Accounting Standard. The IFRS Foundation has published its March 2026 National Standard-setters Newsletter. The IASB has published its March 2026 Update and podcast. The IFRS Interpretations Committee (IFRIC) has also published its March 2026 Update and podcast. The IFRS Foundation has published its 2025 Annual Report which outlines the steps taken by the organisation to be “fit for the future”. IAASA has released a podcast entitled “IAASA – Two Decades On”, in which Chief Executive, Kevin Prendergast, reflects on the establishment of IAASA in 2006, highlights key milestones over the past two decades, and discusses the continuing relevance of IAASA’s core vision: public trust and confidence in quality auditing and accounting. Auditing and Assurance  The Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study.  Beginning in April 2026 and following extensive engagement with stakeholders, the FRC announced an evolution of its audit supervisory model, introducing a more proportionate, effective and integrated framework designed to enhance audit quality and reinforce resilience across the UK audit market. The FRC published 'An evolved audit supervision approach' document regarding the new audit supervisory model. The FRC launched two calls for stakeholder feedback to support the development of UK audit policy. It is calling for stakeholders to share their views on the International Standard for Auditing for Less Complex Entities (ISA for LCE) to inform its ongoing engagement with the International Auditing and Assurance Standards Board (IAASB). The FRC is also re-consulting on its proposals to revise two auditing standards to ensure auditors take a proportionate approach to a key area of their engagements with entities. The two auditing standards include ISA (UK) 250: Consideration of Laws and Regulations in an Audit of Financial Statements and ISA (UK) 270: Special Considerations for Audits of Public Interest Entities - Communicating and Reporting to an Appropriate Authority Outside the Entity. The FRC published its Annual Plan and Budget for 2026-2027, marking the second year of its three-year strategy for 2025-2028 and setting out a programme of work to uphold high standards in audit, corporate reporting, and governance in support of UK economic growth. The FRC published guidance for audit firms on using generative and agentic AI tools in audit engagements. The FRC published updated Public Interest Entity (PIE) Auditor Registration Regulations (Regulations) and accompanying guidance in respect of PIE Auditor Registration, strengthening its oversight of audit firm restructuring and reducing, where possible, administrative burdens on audit firms registered on the PIE Auditor Register (PAR). Sustainability  The IFRS Foundation is holding episode 13 of its “Perspectives on sustainability disclosure” webinar series on 13 April. The International Sustainability Standards Board (ISSB) has published its March 2026 ISSB update and podcast. The UK Endorsement Board is conducting research to aimed to better understand company experiences in relation to the UK’s climate-related financial disclosures reporting regime. Accountancy Europe has issued its March 2026 Sustainability Update. Anti-money laundering, fraud On 24 March 2026, AMLA held its first public hearing (over two sessions), marking an important milestone in the development of the EU's new AML/CFT framework. Each session addressed one of two draft regulatory technical standards (RTSs) that form a cornerstone of the Single Rulebook - (1) the draft RTS regarding the criteria for identifying business relationships, occasional transactions, and linked transactions and (2) the draft RTS regarding customer due diligence. The public hearing is one part of a broader consultation process. Written submissions on both RTSs remain open until 8 May 2026, and AMLA strongly encourages all stakeholders, particularly from the non-financial sector, to contribute. Draft legislation has been introduced by UK Parliament related to improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The draft regulations are the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (“draft Regulations”). A draft explanatory memorandum was also published regarding the draft regulations. The draft Regulations are subject to Parliamentary scrutiny and approval, so may be subject to change. They are expected to come into force later this year with the draft Regulations specifying various dates for the coming into force of various pieces of the legislation. Irish small and medium enterprises (SMEs) lost almost €19 million over the past two years through email-related scams as invoice‑redirection fraud and CEO impersonation continue to dominate, according to new figures published by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI). The press release associated with the publication of these new figures noted that SMEs can put in place simple controls such as verifying any change to supplier bank details, introducing dual approval for higher‑value payments, and making sure every member of staff knows the warning signs. SMEs are also encouraged to put regular fraud training in place for their workforce. FraudSMART provides a free guide with information and tips on business fraud. The Financial Action Task Force (FATF) recently participated in the Global Fraud Summit hosted by INTERPOL and the UN Office on Drugs and Crime (UNODC) to discuss the rapidly evolving threat of fraud. To encourage concrete action to respond to these growing threats, the FATF also hosted a side event - 'Stopping Fraud with the FATF Anti-Money Laundering Toolkit'. A copy of FATF’s toolkit is also attached at the above link. Central Bank of Ireland (CBI) Central Bank of Ireland issued their first report to Coimisiún na Meán relating to CBI’s activities under the Digital Services Act covering the period from April to December 2025.  The report notes that the CBI reported 333 suspect URLs to internet service providers. The Central Bank was the first entity to be granted ‘Trusted Flagger’ status in Ireland, and the first in Europe to be appointed as a ‘Trusted Flagger’ under the Digital Services Act in respect of financial frauds and scams.   The CBI published a press release to mark the coming into force of the modernised Consumer Protection Code on March 24. The modernised Code gives consumers stronger protections when using banks, insurance companies, and other financial services. For further information, please refer to the dedicated Consumer Protection Code web page on the CBI's Consumer Hub and the Consumer Protection Code 2025 regulations, tools, and guidance. The CBI published its latest Quarterly Bulletin No.1 2026 in the context of renewed surge in international energy prices testing domestic economic resilience. The CBI published the annual Financial Conditions of Credit Unions Report for 2025, which provides an update on the financial performance and the position of the sector for the financial year ended 30 September 2025. The publication provides sectoral data and commentary and aims to inform credit union boards and management in carrying out their own strategic analysis and decision-making. Commenting on the report, the Registrar of Credit Unions noted that maintaining and building strong reserves and liquidity, and strengthening operational resilience, should remain a key focus for credit union boards and management. The CBI published financial stability assessments of the non-bank sector covering Irish hedge funds and open-ended funds emphasising that strengthening the financial stability lens in the oversight of the non-bank sector remains an important priority for the Central Bank. Cybersecurity Following the adoption of a regulation to establish the European Digital Identity Framework, the European Commission has requested the European Union Agency for Cybersecurity (ENISA) to provide support for the certification of European Digital Identity (EUDI) Wallets, including the development of a candidate European cybersecurity certification scheme in accordance with the Cybersecurity Act. A public consultation has been initiated to gather feedback on the proposed cybersecurity elements. The UK’s NCSC published an alert regarding targeted cyber-attacks on messaging apps, targeting high-risk individuals and provides guidance and details of actions for individuals and organisations, which can help to prevent and mitigate the risk of such attacks. Data Protection The European Data Protection Board (EDPB) published a summary of topics discussed at the EDPB's 'Cross-regulatory interplay and cooperation in the EU: a data protection perspective' conference, which took place in March. The conference included various discussions regarding data protection and competition, and the Digital Markets Act (DMA) and the Digital Services Act (DSA) in the context of GDPR. The EDPB published its 2025 Annual Report. The report provides an overview of the EDPB work carried out in 2025. The report reflects on important milestones including the adoption of the Helsinki Statement on Enhanced Clarity, Support, and Engagement to facilitate easier GDPR compliance, to enhance the dialogue with a broad range of stakeholders, to strengthen consistency, and to develop cross-regulatory cooperation in the new digital regulatory landscape. Internal Audit The Chartered Institute of Internal Auditors (IIA) in the UK and Ireland published an article regarding the use an AI agent to benefit a small internal audit team using CoPilot to assist audit planning.  Other News The Irish Companies Office recently confirmed that it plans to start prosecuting directors and companies for non-filing of annual returns. In addition, the Irish Companies Office confirmed that it plans to start prosecuting liquidators for non-filing offences before the end of 2026. The CEA published an Information Note on electronic participation in companies’ general meetings. The Information Note provides practical guidance for companies and their directors and members on the lawful and effective conduct of virtual general meetings under the Companies Act 2014 as amended. The guidance explains the permanent statutory basis for hybrid and virtual meetings, clarifies obligations, and highlights best practices, particularly in ensuring inclusive participation for stakeholders who may be less digitally proficient. The Pensions Authority issued a reminder to trustees of one-member arrangements (OMAs) regarding the action they must take to comply with their obligations under the Pensions Act from 22 April 2026. Following a review of associated consultation responses, a single FCA, PRA and Bank of England regulatory regime for operational incident and third party reporting, will apply from 18 March 2027. The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their spring 2026 Joint Committee update on risks and vulnerabilities in the EU financial system. The update focuses on the challenges arising from ongoing geopolitical tensions and developments in private finance. Minister for Enterprise, Tourism and Employment Peter Burke TD, launched a public consultation on proposed changes to merger and acquisitions notifications to the Competition and Consumer Protection Commission (CCPC). The deadline for responses is 1 May 2026. The Tánaiste and Minister for Finance, Simon Harris TD recently convened the first Annual Savings and Investment Forum, bringing together key stakeholders from across the financial services sector, consumer representatives, and policymakers to support the continued evolution of Ireland’s savings and investment landscape. The 2026 forum will focus on advancing a framework for a Personal Investment Account in Ireland, aligned with the European Commission’s recommendation to develop accessible, consumer-friendly savings and investment accounts across Member States. The Financial Conduct Authority (FCA) published an update regarding operational resilience insights and observations one year on from the end of the operational resilience transition period.   The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation (DPER), Jack Chambers, and the Minister of State at the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Frank Feighan has announced the launch of a public consultation and testing phase to help shape Ireland’s new Government Digital Wallet. For further technical information and updates please visit the Technical Hub on the Institute website.       This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.  

From the Professional Accountancy team…... The Irish Companies Office has confirmed recently that it plans to start prosecuting liquidators for non-filing offences before the end of 2026. We understand that  prosecutions will be preceded by a publicity campaign to afford offending liquidators the opportunity to get their filings up to date. The forms in question are forms E3 and E4. The  form E3 is an account of the liquidator’s acts and dealings where the liquidation is not completed within 12 months. The form E4 is the liquidator’s statement of account under section 681 of the Companies Act 2014. Failure to comply makes the liquidator guilty of a category 3 offence. That is, liable on summary conviction, to a class A fine (up to € 5,000) or imprisonment for a term not exceeding 6 months or both.   This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

From the Professional Accountancy team…... The Irish Companies Office has confirmed recently that it plans to start prosecuting directors and companies for non-filing of annual returns. It is understood that this will recommence later in the year. The filing obligation arises under Section 343 of the Companies Act 2014 and if a company fails to comply with the requirements of the section, the company and any officer of it who is in default is guilty of a category 3 offence. That is, liable on summary conviction, to a class A fine (up to € 5,000) or imprisonment for a term not exceeding 6 months or both.   This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

The Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

From the Professional Accountancy team…... Draft legislation has been introduced by UK Parliament related to improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The draft regulations are the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (“draft Regulations”). Click to read the draft Regulations Click to read the draft explanatory memorandum . The draft Regulations are subject to Parliamentary scrutiny and approval, so may be subject to change. They are expected to come into force later this year with the draft Regulations specifying various dates for the coming into force of various pieces of the legislation .The Institute will do a review of the draft Regulations in the coming weeks to provide more information to members on them . This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, Chartered Accountants Ireland has published new 'Guidance for audit evidence and documentation' for members in practice carrying out audits (in Ireland and the UK) for this busy season. Accountancy Europe has issued a new factsheet on the 6th Anti-Money Laundering Directive (6AMLD) highlighting the key elements of the directive that are most relevant for accountants, auditors and tax advisers. Read more on these and other developments that may be of interest to members below.  Financial Reporting The Pensions Research Accountants Group (PRAG) has finalised its amendments to the Pension Statement of Recommended Practice (Pension SORP) and has issued the new SORP which will be effective for periods commencing on or after 1 January 2026. The European Financial Reporting Advisory Group (EFRAG) has published its Feedback Statement on the post-implementation review of IFRS 16 Leases. This summarises feedback received and findings from outreach with different stakeholders. The UK Endorsement Board has published the 2026 consolidated UK-adopted international accounting standards. The International Organization of Securities Commissions (IOSCO) has updated its guidance setting out IOSCO's expectations for issuers with respect to the presentation of financial measures other than those prescribed by Generally Accepted Accounting Principles (GAAP), so called 'non-GAAP financial measures'. The International Accounting Standards Board (IASB) has issued its March 2026 IFRS for SMEs Accounting Standard Update. The IFRS Foundation Trustees held their first Plenary meeting of the year where the issues of sustainable funding, succession planning and the development of the Foundation’s long-term strategy were discussed. The Financial Reporting Council (FRC) has published updated guidance on 'comply or explain' reporting, designed to help investors, proxy advisors and other users of corporate reporting better understand and appreciate the value of companies that choose to depart from provisions of the UK Corporate Governance Code. Auditing and Assurance  The Financial Reporting Council (FRC) has published new Interim Guidance on Payment and E-Money Safeguarding Assurance Engagements, providing support for safeguarding auditors as payment and e-money institutions prepare to transition to the Financial Conduct Authority’s (FCA’s) new Supplementary Regime, which comes into force on 7 May 2026. This guidance provides principles to support high quality, consistent safeguarding assurance engagements from implementation of the new rules until the FRC issues a dedicated safeguarding assurance standard following public consultation, expected in 2027. IAASA published its 2025 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities (PIEs) in Ireland. The reports summarise IAASA’s inspection of each firm’s internal system of quality management. The reports include findings and recommendations made by IAASA to the firms regarding these systems. Chartered Accountants Ireland published new 'Guidance for audit evidence and documentation' to members in practice carrying out audits (in Ireland, Northern Ireland, and the UK) for this busy season. This guidance is based on common issues arising on audit monitoring visits and will support members with understanding requirements when it comes to gathering sufficient appropriate (relevant and reliable) evidence to support financial statement balances, transactions, and disclosures that are assessed as material during the audit. This is to ensure compliance with International Standards on Auditing (ISA) 230 Audit Documentation and ISA 500 Audit Evidence. Insolvency The Institute’s Insolvency Committee has recently published Technical Alert 01 2026 Control of Cases for Insolvency Practitioners. This guidance paper notes that insolvency appointments are taken in a personal capacity by Insolvency Practitioners. It discusses decision making, managing risk, delegation and control of appointments. On 10 March 2026, the European Parliament formally adopted at first reading a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law (procedure 2022/0408(COD)). We will keep members updated on the further progress of the Directive, which aims to improve cross border efficiencies, in due course. Sustainability  The European Commission (EC) has published draft Commission Delegated Regulations (draft delegated acts) proposing amendments to the EU Taxonomy climate and environmental delegated acts. The comment period ends on 14 April 2026. The International Sustainability Standards Board (ISSB) has released a webcast Climate resilience and climate-related scenario analysis requirements in IFRS S2. This webcast discusses some of the requirements of the S2 standard and how companies might meet their reporting requirements in relation to climate resilience and the use of climate-related scenario analysis. This factsheet also provides an overview of the webcast. As the number of companies preparing their Sustainability Report using the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) increases, EFRAG is asking preparers to contribute to the development of the standard by completing a survey and submitting their report. The feedback received from this initiative will be used to develop their VSME Ecosystem. EFRAG has launched its new interactive version of their Technical Advice on the Draft Simplified ESRS on their Knowledge Hub. This allows users to explore the advice and understand how the proposed simplifications connect to the 2023 version of the ESRS. Anti-money laundering, sanctions, and Authorised Corporate Service Provider registration  This month Accountancy Europe submitted its feedback and recommendations to the Anti Money Laundering Authority (AMLA) in response to its public consultation on draft regulatory technical standards  concerning pecuniary sanctions, administrative measures, and periodic penalty payments under Article 53(10) of Directive (EU) 2024/1640. The Institute contributed its response through Accountancy Europe. The UK has performed a cross-government review of sanctions implementation and enforcement. The policy paper UK Government's strategic approach to sanctions enforcement sets out the government’s approach to sanctions enforcement and emphasises the importance of strong compliance. It outlines key enforcement principles and the potential consequences of non-compliance. The National Crime Agency’s latest  SARs in Action No 35 is now available. It contains articles on Payment Diversion Fraud in Property Sales, Company Impersonation Fraud and some information on crypto investment fraud with links to videos and an info sheet. The UK Government has published its Fraud Strategy 2026 to 2029. The strategy focuses on three pillars - Disrupt, Safeguard and Respond - and places a lot of emphasis on infrastructure: telecoms networks, online platforms, financial systems and corporate structures. AMLA will hold a public hearing on Tuesday, 24 March 2026, in two sessions regarding two draft Regulatory Technical Standards (RTSs). The draft RTSs include Criteria for Identifying Business Relationships, Occasional and Linked Transactions and lower thresholds and Customer Due Diligence (which are both open for public consultation until 8 May). Participation in the public hearing sessions requires registration. All details are available here on AMLA's website including how to register for the public hearing sessions. AMLA launched the data collection exercise to test risk assessment models. This includes publishing a reporting package for its data collection and testing exercise. Sampled entities are invited to download the template and access a recorded webinar addressing key questions. The data collection and testing exercise will inform the selection, taking place in 2027, of up to 40 entities for AMLA's direct supervision starting in 2028, and to ensure that money laundering risks of credit and financial institutions are assessed consistently by supervisors across the EU. All entities taking part in this exercise have already been notified by their national competent authorities. Accountancy Europe published a new factsheet on the 6th Anti-Money Laundering Directive (6AMLD), highlighting the key elements of the 6AMLD that are most relevant for accountants, auditors, and tax advisers. To complement the factsheet, Accountancy Europe also released a practical briefing paper titled '5 ways the 6AMLD will impact accountants and auditors in practice'. This paper translates the supervisory and institutional reforms introduced by the Directive into clear and practical insights for firms. Accountancy Europe published an associated press release regarding the 6AMLD factsheet and the briefing paper. Chartered Accountants Ireland recently published tips and pointers for practice in relation to the UK Authorised Corporate Service Providers (ACSPs) regime. This article considers several strands of the regime, including registration as an ACSP and performing verification and filing. It also considers some challenges, which have arisen for member firms in cases where they are not eligible to register as an ACSP, and explores further if there are any solutions member firms can adopt. Central Bank of Ireland (CBI) The CBI's Deputy Governor Mary-Elizabeth McMunn delivered a speech at the Outcomes-focused Regulation in Financial Services conference, University College Dublin (UCD) on 9 March regarding 'Regulating with purpose: outcomes-focused regulation and supervision, a practitioner’s perspective'. The CBI published its annual 'Demographics Analysis 2025: Applications for Pre-Approval Controlled Function (PCF) roles within Regulated Firms' report. Each year, the CBI reports on demographics of the applications received from firms for Central Bank approval for certain senior roles in financial firms in Ireland. This is part of the CBI's commitment to monitor and report on the level of diversity in the sector. The CBI's Gerry Cross, Director of Capital Markets & Funds delivered a speech at the CASP Industry Briefing covering recent developments across the sector, insights to help firms currently in the authorisation process to navigate the remainder of that process, and additional perspective on what it means to be a supervised CASP. The speech highlighted various key areas for the CASP industry including the importance of ensuring digital operational resilience, and keeping consumers front of mind, while also having a strong focus on governance, the safekeeping of client assets, and combatting money laundering and terrorist financing. The CBI published its latest Insurance Newsletter, which includes updates regarding results and feedback from a recent AI survey for the insurance sector, the new AML/CFT Risk Evaluation Questionnaire (REQ), reporting Registers of Information required by DORA, and other relevant Central Bank updates. Colm Kincaid, Deputy Governor of Central Bank of Ireland appeared at the Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach and gave an opening statement outlining the role of non-bank entities in the Irish mortgage market. Artificial Intelligence The Institute of Chartered Accountants of Scotland (ICAS) has released the results of a year-long research study into generative artificial intelligence (Gen AI) and professional judgement in accounting. Data Protection The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) have adopted a Joint Opinion on the European Commission’s proposal for a Cybersecurity Act 2 (CSA2) and the proposal on amendments to the Network and Information Security 2 (NIS2) Directive. The EDPB and the EDPS support the general objective to strengthen the role of the European Union Agency for Cybersecurity (ENISA) and to facilitate the uptake of cybersecurity certification, as well as the objective to further address the various risks to ICT supply chains. The joint opinion also highlights that while effectiveness is an important focus for cybersecurity measures, necessity and proportionality need to be considered. The EDPB launched its Coordinated Enforcement Framework (CEF) action for 2026. Following a year-long coordinated action on the right to erasure in 2025, the CEF's focus this year will shift to compliance with the obligations of transparency and information under the GDPR. During 2026, 25 Data Protection Authorities (DPAs) across Europe will take part in this initiative. They will look closely to assess the compliance of controllers with their transparency obligations under the GDPR. Internal Audit The CEO of the UK and Ireland Chartered Institute of Internal Auditors (IIA) recently published a blog regarding how internal auditors can support organisations in times of unexpected and unpredictable events particularly in the context of current geopolitical risks. The blog also highlights the importance of being resilient and the various resources available to internal auditors when supporting organisations in times of unexpected events. The UK and Ireland Chartered IIA published a white paper titled ‘Artificial Intelligence and Internal Audit: Opportunities, Risks and Future Directions’. The paper summarises insights from a Chartered IIA roundtable, hosted with Diligent in September 2025 regarding AI adoption in Internal Audit including an overview of four use cases demonstrating practical application of AI by internal audit professionals using AI in live engagements. Other News A dedicated section on Ireland.ie - managed and curated by the Department of Foreign Affairs and Trade on behalf of the government - now highlights how Ireland implements EU law in a bid to improve transparency. The dedicated page provides up-to-date information for the public on the performance of government departments in transposing EU directives into Irish law. The European Commission presented its proposal for EU Inc. to unlock the full potential of the Single Market for Europe's entrepreneurs.  EU Inc. will include a new single set of corporate rules and will be the starting point for the EU's 28th regime providing an optional, digital-by-default European corporate framework. The EU Inc. proposal aims to reduce fragmentation, boost EU competitiveness, and respond to the needs of innovative companies. The EU Inc. proposal will now be discussed by the European Parliament and the Council. Accountancy Europe has welcomed the European Union’s proposal for a “28th Regime”, which aims to foster cross-border growth for European countries. Accountancy Europe are also co-organising an event on 13 April entitled “The 28th regime: what’s in it for SMEs?” which will discuss the proposed regime. Accountancy Europe has also issued its March 2026 SME Update. The European Securities and Markets Authority (ESMA) has published its first risk monitoring report of 2026 detailing the current risks and vulnerabilities in EU financial markets. Tánaiste and Minister of Finance, Simon Harris, recently signed into law the Statutory Instruments creating the Irish framework of the European Single Access Point (ESAP). The ESAP will be an EU-wide data portal, which will be a centralised free source of public information about EU companies and investment products. The portal, which will be established via EU legislation, aims to improve public access to companies’ financial and non-financial information, including information for SMEs. The ESAP will be established and administered by the European Securities and Markets Authority (ESMA). Designated national collection bodies as well as the European Supervisory Authorities will provide data to ESMA for the purposes of ESAP. For further information, please see ESMA's ESAP dedicated webpage. The European Commission announced a €75 million EURO-3C Project to build a federated Telco-Edge-Cloud infrastructure for digital sovereignty. This landmark project will showcase Europe's ability to deliver cutting-edge digital services entirely through its own connectivity infrastructure, reducing reliance on third country providers.  For further technical information and updates please visit the Technical Hub on the Institute website.           This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.  

The Institute’s Insolvency Committee has recently published Technical Alert 01 2026 Control of Cases for Insolvency Practitioners.  This guidance paper notes that insolvency appointments are taken in a personal capacity by Insolvency Practitioners. It discusses decision making, managing risk, delegation and control of appointments.

From the Professional Accountancy team…... Members may be interested in some opportunities for engagement with the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). The first is  two public hearings that AMLA  will hold on Tuesday, 24 March 2026. The sessions will focus on two of the regulatory technical standards (RTSs), which are currently open to public consultation and which AMLA is drafting as part of its mandate to implement the Single European Rulebook for AML under the 6th AML Directive (AMLD 6), the Anti-Money Laundering Regulation (AMLR), and the Regulation establishing the AMLA.   The hearing regarding the draft RTS on Customer Due Diligence will be held on Tuesday, 24 March 2026 | 12:30–14:30 (Dublin ). Click for further details and registration. The other session regarding the draft RTS on Criteria for Identifying Business Relationships, Occasional and Linked Transactions and lower thresholds will be held earlier on Tuesday, 24 March 2026 | 09:00–11:00 (Dublin). Click for further details and registration. Click to read more about the Consultation on the draft RTS on Customer Due Diligence Click to read more about the Consultation on the Draft RTS on Criteria for Identifying Business Relationships, Occasional and Linked Transactions and lower thresholds The consultations will close on 8 May 2026. The content of the draft RTSs will be part of the AML regulatory regime upon the coming into force of the majority of the Single European Rulebook in July 2027. Members are encouraged to take the opportunity to familiarise themselves with the content of the draft RTSs and to engage with the hearings and consultations. The Institute will engage in some further outreach to seek members’ views before the conclusion of the public consultations in May. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Chartered Accountants Ireland is issuing 'Guidance for audit evidence and documentation' to members in practice carrying out audits (in Ireland, Northern Ireland, and the UK) for this busy season. This guidance is based on common issues arising on audit monitoring visits and will support members with understanding requirements when it comes to gathering sufficient appropriate (relevant and reliable) evidence to support financial statement balances, transactions, and disclosures that are assessed as material during the audit. This is to ensure compliance with International Standards on Auditing (ISA) 230 Audit Documentation and ISA 500 Audit Evidence. This guidance is not designed to cover all audit documentation and audit evidence areas given it’s based on common themes arising during audit monitoring visits. The focus of the guidance is on the ISAs and does not include requirements regarding Irish and UK law. Members should note that this guidance is not mandatory and should not be a substitute for reading the ISAs. The guidance covers areas including: International Standard on Quality Management (ISQM) 1 Risk assessments at the engagement level Evidence and documentation regarding accounting estimates and going concern Auditing contract management activities Group audit documentation Considerations for regulated audit clients Fraud considerations Financial reporting areas to consider during audits Interpretation of small companies' exemption rules For further details, members should refer to the attached 'Guidance for audit evidence and documentation'.    This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.