Professional Standards

What we do

The Professional Standards Department of Chartered Accountants Ireland, along with relevant compliance and disciplinary committees, is responsible for the delivery of the Institute's regulatory and disciplinary obligations which derive both from statute and its own Bye-Laws and Regulations.
The Professional Standards Board develops Institute Policy with regard to regulatory matters and approves Institute Regulations governing regulation and discipline. It also oversees PSD in its delivery of the Institute’s regulatory and disciplinary functions.

Latest news

Professional Standards

Your Individual Annual Return 2020 is available for completion online.  Please be reminded that this is due to be submitted by 30 October 2020.Click here for your Individual Annual Return.We appreciate that this is a difficult period for members due to the Coronavirus and that members will be prioritising matters differently than they would in normal times. If unable to meet this timescale please contact Individual Annual Return.

Oct 12, 2020
Professional Standards

The UK Government has announced its intention to use the power in the Corporate Insolvency and Governance Act 2020 to require independent scrutiny of pre-pack sales in administration to connected parties. The Pre-Pack Sales in Administration Report sets out the findings and recommendations of a review of pre-packs carried out by Government primarily focussing on whether or not to regulate or ban sales in administrations to connected persons. Published with this report are the draft regulations , which Government intends to lay before Parliament. A summary of the proposed regulatory framework is set out below: The regulations will apply where there is a disposal in administration of all or a substantial part of a company’s assets. An administrator will be unable to dispose of property of a company to a person connected with the company within the first eight weeks of the administration without either the approval of creditors or an independent written opinion. The connected party purchaser will be required to obtain the written opinion. The provider of the opinion must be independent of the connected party purchaser, the company and the administrator and must meet certain eligibility requirements. The administrator must have no reason to believe that the opinion provider is not independent of the connected party or does not meet the eligibility requirements. The opinion provider will provide a written report to state that either the case is made for the disposal or that the case is not made. A connected party purchaser may obtain more than one report. An administrator must consider a report from an opinion provider. Where a report states that the case is not made for the disposal, an administrator can still proceed with the disposal but will be required to provide a statement setting out the reasons for doing so. An administrator will be required to send a copy of the report(s) to creditors of the company and to Companies House.

Oct 12, 2020
Professional Standards

UK Financial Intelligence Unit invites you to a Webinar on the use of Glossary Codes when submitting a SAR, on Wednesday 14 October 2020 at 2pm. We strongly recommend that you join this webinar.   On Wednesday 14th October at 2pm the UKFIU will be hosting a SAR Glossary Codes Webinar – the benefits to the SAR Regime. Topics to be covered: Key benefits of using glossary codes Overview of the main glossary codes used How SARs are fast tracked - Denise Napper, Head of SARs Enquiry Action Team Reporter view of good use of glossary codes Q&A Session While the event is aimed at UK SAR reporters/supervisors, it is open to anyone with an interest in the topic. Please email UK Financial Intelligence Unit to request an invite before close of play 13/10/2020.

Oct 08, 2020