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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the significance of the changes and the need for firms to adjust how they manage quality, the IAASB has also developed draft guidance and tools, such as examples and frequently asked questions.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
Brexit

After a short break, this series is back with a look in more detail at the simplified customs procedures the HMRC propose to introduce in the event of a no-deal Brexit. Transitional Simplified Procedures (TSP) HMRC will introduce simplified customs procedures for 145,000 UK importers who trade with the EU in the event of a no-deal Brexit to enable goods to move freely through the UK.  This will also give traders a chance to prepare to apply the same customs processes when trading with the EU that already apply when trading with the rest of the world.  These simplified procedures will be in place for at least a year from 29 March 2019. HMRC have written to affected traders telling them about the Transitional Simplified Procedures (TSP) for customs which will make importing easier for a year after Brexit in the event of a no-deal. The TSP will mean that traders can import goods into the UK and defer making a full customs declaration and paying customs duties.  Specific information must be included on the declaration including: The date and time the goods arrived in the UK A description of the goods and the commodity code The quantity imported Purchase and (if available) sales invoice numbers The customs value of the goods The serial numbers (if appropriate) Delivery details Supplier details After the goods have been imported: a supplementary declaration must be sent by the importer by the fourth working day of the month following the arrival of the goods into the UK HMRC will take a direct debit on the 15th day of the month after the goods arrive in the UK if there are duties or taxes to pay Businesses must register for TSP to be able to transport goods from the EU into the UK without having to make full customs declarations at the border. Traders are able to postpone paying import duties for a month after import.  Import VAT will be due on the next VAT return rather than when the goods arrive at the UK border. Businesses can register for TSP from 7 February 2019 if they are established in the UK, import goods from the EU and have an EORI number.  The policy will be reviewed three to six months after it is introduced on 29 March 2019 to see how it is working. Businesses will be given at least a 12 month notice period before withdrawing the TSP.  After that time period has elapsed businesses must apply the usual customs processes to imports from the EU.  It’s envisaged by the UK government that the 12 month notice period will give business a chance to prepare. More information on the TSP can be found on Gov.uk and you can also read a copy of the letter sent to traders. Read all our Brexit updates on our Brexit web centre.

Feb 14, 2019
Press release

The 2019 Chartered Accountants Ireland Annual Dinner took place in Croke Park last night, 7 February, attended by over- 550 business leaders from across the island of Ireland and beyond. In his address to the event, keynote speaker Pat Cox, former President of the EU Parliament, encouraged Chartered Accountants use their position as business leaders and advisers to rise to the challenge of climate change. “There is an accelerating institutional gearshift to mainstream the climate change imperative in which your profession of accountancy will be front and centre,” he said, noting that “…what counts has to be measured. What is measured has to be relevant. What is measured and relevant has to be validated. These are [Chartered Accountants’] professional strengths.’  Read his full speech here.. The dinner, supported by Brightwater Executive, Bank of Ireland, Confirmation and Dublin Airport, was MC’d by former Council member Eugene McCague. Attendees heard from Institute CEO Barry Dempsey along with Institute President Feargal McCormack FCA who said, “We must be prepared to push out the boundaries, to support our members to connect, change lives and embrace new and emerging technologies, with pace, in an environment that supports diversity and inclusion.” In recognition of her commitment to changing lives, recently-qualified member Deborah Somorin was presented with the inaugural Chartered Accountants Ireland Inspiration Award. This acknowledged her work in establishing www.empowerthefamilyireland.com, a charity that aims to change the trajectory of families from disadvantaged areas through education. Special Olympics Ireland, represented by CEO Matt English, was the chosen charity for the evening, with a prize draw, sponsored by Brightwater Executive, Bank of Ireland, Confirmation and Dublin Airport, to support Team Ireland in the imminent departure to the World Games in Abu Dhabi.  Further reading: Pat Cox’s speech in full here. Remarks of Institute President Feargal McCormack  here. Photographs from the 2019 Annual Dinner here. Interview with Pat Cox with Pat Kenny on Newstalk, about the dinner and the climate challenge for business here. Read more about the event, the musical programme and the history of the cups on display here. Reference: Claire Percy, Chartered Accountants Ireland T: 353 1 523 3949  E:  Claire.Percy@charteredaccountants.ie

Feb 08, 2019