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 oversees the Professional Standards Department in its delivery of the Institute’s regulatory and disciplinary functions.

Latest news

Professional Standards

Following a Joint Insolvency Committee consultation changes are being made to three Statements of Insolvency Practice. The changes will take effect from the 1st April 2021. The updated SIPs are: SIP 3.2 Company Voluntary Arrangements SIP 7 Presentation of financial information in insolvency proceedings SIP 9 Payments to insolvency office holders and their associates from an estate (Northern Ireland) SIP 9 Payments to insolvency office holders and their associates from an estate (England)  SIP 9 Payments to insolvency office holders and their associates from an estate (Scotland) Insolvency Practitioners should familiarise themselves with the new SIPs prior to their effective date of commencement.  These SIPs were issued for consultation in May 2020 and detailed background information is available here.

Feb 22, 2021
Professional Standards

Professional Standards recently attended a presentation by the Metropolitan Police on key crime indicators within the accountancy sector. The information was based on real-life investigations and focussed on red flags that accountants may come across when reviewing accounting records which may in certain circumstances raise suspicion, including: Lack of sales records Income received at odd times of day Lack of assets Lack of staff costs Loans For more information click here. If you have knowledge or suspicion of money laundering this should be reported to the firm’s MLRO who will consider whether a Suspicious Activity Report needs to be made to the National Crime Agency.

Feb 09, 2021
Professional Standards

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) require firms to take the appropriate steps to identify and assess the risk that they could be used for money laundering, including terrorist financing. The Accountancy AML Supervisors Group (AASG) in the UK has identified those circumstances where there might be a high risk of money laundering or terrorist financing in the accountancy sector. This Guidance also reflects the key risks and threats highlighted within the UK’s National Risk Assessment 2020.

Jan 22, 2021