Other Regulator Updates - NI / UK

Apr 03, 2020

This page was last updated on: 3 September 2020

Other Regulator Updates - NI / UK

Chartered Accountants Ireland has been engaging with the key government agencies and stakeholders regarding the impact of COVID-19. The most up to date information available from regulators is as follows:

  • Anti-Money Laundering (AML) – The current crisis has resulted in new risks with regard to AML and it’s important to ensure that entities comply with their AML obligations. Our colleagues in Professional Standards have collated AML guidance from a variety of sources which may be beneficial. It is also worth reading The National Crime’s Agency report which highlights the money laundering and fraud issues that have become more prevalent due to COVID-19.
  • Charity Commission for Northern Ireland – The Matters of Material Significance Guidance which independent examiners and auditors must report to the Charity Commission for Northern Ireland, should they encounter them, has been updated. It provides further examples and clarity on matters to report, particularly with respect to modified opinions and gives specific wording for the COVID-19 situation. The Commission has created a COVID-19 hub which includes their updated contact details and FAQs for charities. In terms of annual reporting, they note that, in the current circumstances, “until otherwise advised, no charity will be penalised for missing its annual reporting deadline, which includes that no charity will be marked as in default on the register of charities if they fail to meet this deadline. We would ask that if charities find themselves in this position that they contact us via email to admin@charitycommissionni.org.uk where possible, to keep us apprised of their situation.”
  • Companies House – The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act. The Act (1)introduces temporary easements for Annual General Meetings (AGMs) and filing requirements for public limited companies (PLCs) (2)introduces new corporate restructuring tools to the insolvency regime to give companies the time they need to maximise their chance of survival (3)temporarily suspends parts of insolvency law to support directors during this difficult time. Secondary legislation includes the Companies etc. (Filing Requirements) (Temporary Modifications) Regulations 2020 (“the regulations”) which were signed into law on 26 June 2020. From 27 June 2020, more companies will get an extension to their accounts filing deadline. If their filing deadline falls any time from 27 June 2020 to 5 April 2021 (including these dates). Deadlines will be updated automatically, and you do not need to apply for an extension. Companies House are in the process of updating all deadlines. The Companies House website contains further information and amended dates and procedures.
  • Consultative Committee of Accountancy Bodies (CCAB) – The CCAB has published Covid-19 Supplementary Anti Money Laundering Guidance – Completion of Client Due Diligence (CDD) During Urgent Work: here.

  • Law Society of Northern Ireland – The Law Society NI has issued revised guidance on court business, including new court schedules. The timeframe in which independent statutory Reporting Accountants’ Reports must be delivered to the Society will be extended by three (3) months from the date on which the report should otherwise be delivered. See full notice here.