Audit

The Registry of Credit Unions (RCU) has recently uploaded the slides from its auditor roundtable held in July.  The slides are available on the RCU section of the Central Bank’s website.  Members should note that a number of the key issues raised at the roundtable are being addressed in the Credit Union Auditor Update event being held at Chartered Accountants House on Wednesday 27 September.  Presenters at the event include a representative of the RCU on the issue of reporting to the Registrar.  Please click here for more details on the event.

Sep 21, 2017
Information Technology

On 20 September 2017, despite traffic chaos and the early start we were delighted to welcome attendees to hear more about our upcoming Certificate in Cyber Security which is due to start in October 2017. This programme was developed in response to interest in this area from our members and the wider business world. We worked closely with KPMG to devise a curriculum and syllabus that will be relevant and interesting to all, no matter the aspects of interaction with data they may have. The programme can be taken by classroom or distance learning and will be taught by leading practitioners with technical and legal expertise. Speaking at the session and delivering the programme in October were Tony Hughes: (Associate Director, Risk Consulting, KPMG), John Harkness (Manager, Forensic Technology, KPMG) and Gordon Wade (Manager, Legal Services, KPMG). Each spoke of the content they will address in their respective areas across this four-module programme. You can see pictures from the presentation here. Cyber security is an ever-changing area that impacts on all of our daily working lives. Either by accident or malice, employees, technologies and systems can open our organisations up to a breach. This programme will give you the knowhow, overview and vocabulary to make you and your team more aware of risks and protections. Sole practitioners, small firms, multinationals, government departments…data and cyber security are paramount for maintaining legal compliance, revenue, reputation and confidence for staff and clients alike in organisations of all sizes. The  Certificate in Cyber Security will start in October 2017 and you can enrol now. More information about the programme is available here and you can contact us anytime for more information.

Sep 20, 2017
Audit

Chartered Accountants Ireland (‘the Institute’) has published the latest in its series of Technical Releases  – Technical Release 01/2017, Guidance for Auditors Reporting in Accordance with Investor Money Regulations for Fund Service Providers.  The purpose of this Technical Release is to provide guidance to auditors performing an assurance engagement pursuant to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations 2015 for Fund Service Providers (‘the IMR’).  The IMR came into effect on 1 July 2016 for fund service providers.  The Technical Release has been developed in consultation with the Central Bank of Ireland.    Technical Release 01/2017 sets out the principles underlying the work to be performed in providing an auditor report on an investor money examination.   It does not provide a checklist of specified procedures to be undertaken.  The auditor determines the appropriate procedures to be undertaken in the circumstances of the particular investor money engagement based on the requirements of ISAE 3000 and with the assistance of the Technical Release. Investor money examinations are highly specialised assurance engagements, requiring the auditor to maintain specific competence/expertise in the areas of: Controls assurance skills; Knowledge of the regulatory environment in which fund service providers holding investor money operate including the IMR and related guidance; Knowledge of products offered by fund service providers; Insolvency law. Technical Release 01/2017, Guidance for Auditors Reporting in Accordance with Investor Money Regulations for Fund Service Providers is available on the Institute’s website and will also be available on CHARIOT in due course.  

Jun 15, 2017
Audit

In January 2017 the Irish Auditing and Accounting Supervisory Authority (“IAASA”) introduced the new Auditing Framework for statutory audits in Ireland called ISA’s (Ireland). This Technical Alert highlights to members the key new requirements of the Auditing Standards applicable in Ireland under this new auditing framework. The ISAs (Ireland) standards are mandatory for use in auditing statutory financial statements of Irish companies with periods beginning on or after 17 June 2016. For audits of financial periods beginning before 17 June 2016 the FRC’s Ethical Standards ES1-5 and ISAs (UK and Ireland) continue to be the appropriate standards. The requirements of the standards can apply differently depending on the type of entity being audited, with the majority of requirements applying to all entities, certain additional requirements applying to both listed entities and PIEs, and other requirements applying only to PIEs. This Technical Alert categorises the new requirements applying to different types of entities. Technical Alert 02-2017 ISAs (Ireland) also includes a number of example audit reports : Auditor’s report on financial statements of an Irish Company – Private Group Auditor’s report on financial statements of an Irish Company – Listed Auditor’s report on financial statements of Irish Company - Listed PIE Auditor’s report on financial statement of Irish Company – Private Company

Jun 09, 2017
Audit

IAASA has published its annual Profile of the Profession which contains statistical data regarding the nine Prescribed Accountancy Bodies within IAASA's supervisory remit in Ireland for the year 2016.

May 26, 2017
Audit

Chartered Accountants Ireland has issued Technical Alert 01/2017 Revision to Technical Release 13/2016: Illustrative Auditor’s Report on the relevant elements of the Solvency and Financial Condition Report (SFCR) to provide additional and revised illustrative auditor reports in relation to the provision of assurance in relation to the relevant elements of the Solvency and Financial Condition Report (SFCR) of an insurance undertaking subject to Solvency II.    Technical Alert 01/2017 informs auditors that Chartered Accountants Ireland has added two illustrative auditor reports to those published at Appendix 2 of Technical Release 13/2016 Guidance for auditors of insurance undertakings. These additional auditor reports  are relevant for non-life insurance undertakings and have been added as Illustration 1A and Illustration 2A.  Illustration 1 and Illustration 2 at Appendix 2 of Technical Release 13/2016 have also been revised so as to relate to life insurance undertakings only.     The additional and revised illustrative auditor reports have been prepared to take account of paragraph 4 of Section 3 of the Central Bank of Ireland’s Feedback Statement to Consultation Paper CP104 – External Audit of Solvency II Regulatory Returns / Public Disclosures which provides that  “In respect of QRT S19.01.21 (Information on non-life insurance claims in the format of development triangles for the total non-life business), the claims triangles in this QRT includes a 10 year “look back” period. In recognition of the cost and practicalities associated with obtaining a reasonable assurance opinion on a 10 year “look back” period the Central Bank has decided to limit the “look back” period subject to audit in the first year to 2 years (i.e. for undertakings with a 31 December 2016-year end, the period ended 31 December 2014 will be the base reference period and as such will continue to be the first period audited for the purposes of the claims triangles for the following nine years).” Technical Alert 01/2017 presents the following illustrated auditor reports: Illustration 1 (Revised May 2017) – solo entity using the standard formula: An auditor’s report on relevant elements of the SFCR for the year ended 31 December 2016 (life insurance undertaking) Illustration 1A (Inserted May 2017) - solo entity using the standard formula: An auditor’s report on relevant elements of the SFCR for the year ended 31 December 2016 (non-life insurance undertaking) Illustration 2 (Revised May 2017) - solo entity using the partial or full internal model: An auditor’s report on relevant elements of the SFCR for the year ended 31 December 2016 (life insurance undertaking) Illustration 2A (Inserted May 2017) - solo entity using the partial or full internal model: An auditor’s report on relevant elements of the SFCR for the year ended 31 December 2016 (non-life insurance undertaking) You can read TA 01/2017 here: Technical Alert 01 2017 auditor reports on SFCR 12 May 2017  

May 12, 2017
Audit

IAASA have published a schedule of changes to the Auditing Framework for Ireland. Click here to access this schedule.

May 09, 2017
Audit

The Financial Reporting Council (FRC) has issued a discussion paper which considers the role of auditors and preliminary announcements of annual results, with a particular focus on the LSE main market. The paper is intended to stimulate an open discussion with stakeholders about the use and value of preliminary announcements in the UK, and the role of the auditor in respect to such announcements. Please click here for further details.  

May 04, 2017
Audit

On 31 January 2017 IAASA adopted the Auditing Framework for Ireland (“the Standards”). Following adoption of the Framework, IAASA engaged with stakeholders and performed a review of the standards. Based on these, a number of changes have been made to the Auditing Framework. A schedule of the changes can be found at this link.

May 04, 2017
Audit

Chartered Accountants Ireland has published Technical Release 13/2016 “Guidance for Auditors of Insurance Undertakings in Ireland”.  The Technical Release provides guidance to auditors engaged by an insurance undertaking to carry out an audit of the undertaking’s financial statements and, where applicable, to provide a reasonable assurance opinion in relation to the relevant elements of the Solvency and Financial Condition Report (SFCR) of that undertaking. This Technical Release provides guidance on the following matters of relevance to the auditors of insurance undertakings in Ireland: The duties and right of the statutory auditor to report to the Central Bank of Ireland (“the Central Bank”) in certain circumstances; Reporting on elements of the SFCR of insurance undertakings subject to the European Union (Insurance and Reinsurance) Regulations 2015 (SI 485 of 2015), including illustrative auditor opinions; Meetings between the statutory auditor and the Central Bank under the Auditor Protocol framework for communication between auditors of regulated financial service providers and the Central Bank. Previous guidance for the auditors of Irish insurance undertakings was contained in the Auditing Practices Board’s Practice Note (PN) 20 (I) The audit of insurers in the Republic of Ireland issued in 2002.  That PN was withdrawn by the Financial Reporting Council (“FRC”) in January 2016.   Auditors of insurance undertakings not subject to SI 485 of 2015 continue to refer to Chartered Accountant’s Ireland’s Technical Alert 01/2016, Reporting on regulatory returns of insurers:  Extract from PN 20(I), in relation to guidance for auditors reporting on the regulatory returns of insurers not subject to SI 485 of 2015.  

Jan 12, 2017
Financial Services

The April issue of the Prudential Regulatory Authority Digest has just been published. The publication is for people interested in the UK financial services industry and highlights key regulatory news and publications in banking and insurance delivered for the month. The document can be read in full here.

May 04, 2016
Financial Reporting

The Committee on Economic and Monetary Affairs (ECON) of the European Par­lia­ment has initiated a report that is rather critical of the ac­tiv­i­ties of the IFRS Foun­da­tion, EFRAG and the PIOB. The report will not be legally binding but will possibly be voted on in a plenary session of the European Par­lia­ment this month and if agreed will be used as guidance and reference in future EU law-mak­ing processes. Further details and relevant links can be accessed here.

May 04, 2016

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