This week's technical tidbits

Apr 06, 2017

Developments of interest this week are outlined.               

ROI

  • The CRO has issued its regular weekly gazette.
  • IAASA has published its feedback paper to its consultation on the future auditing framework for Ireland (‘Consultation Paper’).   For more information please see the IAASA website
  • New online system for filing suspicious transactions reports for anti-money laundering purposes.  On 29th May the Irish Financial Intelligence Unit (FIU), the Garda Siochana, will launch a new software system called goAML.  The goAML system will allow reporting entities to submit suspicious transactions reports electronically to the FIU. Compliance principals with responsibility for anti-money laundering matters at accountancy firms can register and file reports on the new goAML system from 29th May. 

 

 

UK

  • FRC: the Conduct Committee has approved a revised set of its operating procedures for reviewing corporate reporting following a public consultation. The revised procedures will increase the transparency of the Committee’s processes by permitting publication of the names of those companies whose reports and accounts it has reviewed, once the cases are closed. The procedures also allow for more executive-led decision making, with a view to making them more efficient and effective.  

    The Conduct Committee has also updated its Frequently Asked Questions to reflect the changes to its procedures.

    The revised operating procedures took effect on 1 April 2017 .  For more information please see here

 

  • The Financial Reporting Council (FRC) administers a number of enforcement procedures in accordance with its various responsibilities, including its responsibilities as the Competent Authority for audit in the UK. In view of stakeholder feedback the FRC has decided to commission an independent review of the sanctions imposed under its enforcement procedures.  Read more on this review here.

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