The Financial Reporting Council (FRC) announced a package of measures regarding audits of small and medium-sized enterprises (SMEs). This includes an updated practice note (PN 28) regarding 'Guidance for audits of small and medium-sized entities' and the final report regarding the FRC's SME Audit Market Study. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland, said: “The Forum is an opportunity to advance the recommendations of the Funds 2030 report and to simplify and enhance the tax framework for retail investment, now expected as part of Budget 2026. Together with the anticipated focus on Savings and Investment Union as part of Ireland’s EU Presidency this year, this emphasis on activating hard-earned savings is timely and hugely welcome.  “The Minister’s announcement that the proposed Investment Accounts are being developed with a simplified approach to tax is a positive development. A model based on a low, easily administered annual charge has the potential to reduce complexity and improve accessibility for retail investors.” Grant Sweetnam, Head of Public Policy at Chartered Accountants Ireland, said: “We welcome the strong emphasis placed on financial literacy by the Minister at today’s Forum. Improving understanding and confidence among individuals will be critical to increasing participation in capital markets over the long term. However, it is essential that these reforms are delivered as part of a coherent overall strategy to address fundamental barriers to investment. Addressing wider barriers, including the deemed disposal rule and inconsistencies in tax treatment across products, will be critical to ensuring the full benefits are realised.  “We look forward to engaging constructively with Government and stakeholders at the Savings and Investment Forum and throughout the implementation process to help ensure the roadmap delivers a simple, effective and competitive investment framework for Ireland.”

Over the next few weeks in a series of articles we’ll be taking a look at the key changes to UK tax legislation which have come into operation due to commencement of the new Financial Year 2026 from earlier this week on 1 April 2026, or when the new tax year 2026/27 starts next week on 6 April 2026. Part 1 of this series focuses on Making Tax Digital (MTD) for Income Tax and measures affecting tax agents. MTD for Income Tax 6 April 2026 marks the go live mandatory start date of MTD for Income Tax. Mandation commences from this date for self-employed individuals and landlords with qualifying gross income (not profit) which exceeded £50,000 in the 2024/25 tax year. The mandation limit subsequently falls from 6 April 2027 to £30,000, and then to £20,000 from 6 April 2028. MTD requires those mandated to keep digital records and submit quarterly summaries of income and expenses to HMRC via compatible software. The first deadline for submitting MTD 2026/27 quarterly updates for quarter 1, which for most mandated taxpayers will run from 6 April 2026 to 5 July 2026, is 7 August 2027. Members can access the Institute’s MTD hub for support on this key change. Ahead of the start date, HMRC has published breakdowns by industrial sector and geographic region of the taxpayers expected to be within scope of MTD for Income Tax from April 2026. The data is based on information from 2023/24 Self-Assessment returns.  Last week the Government laid the final regulations in Parliament on the requirements and scope of MTD for Income Tax. The regulations were laid after further amendments based on feedback from stakeholders, including Chartered Accountants Ireland. Key aspects of the regulations include the phased introduction of MTD for Income Tax based on income, including those with qualifying income over £30,000 from April 2027 and those over £20,000 from April 2028, the requirement to keep digital records and submit quarterly updates, and annual returns through MTD-compatible software. The regulations also offer practical features, such as the option to align reporting to calendar quarters and targeted exemptions for those for whom digital use would not be reasonably practicable.  A new Tax Information and Impact note (TIIN) on the £20,000 to £30,000 mandation cohort that will be joining MTD for Income Tax from April 2028 has also been published to supplement the TIIN published in 2024 for those with qualifying income above £30,000. The TIIN sets out the Government’s view on the taxpayer impact of MTD for Income Tax, including the cost to transition to and operate new software to comply. According to HMRC, although this is broadly comparable to those with qualifying income in excess of £30,000, the new TIIN reflects a different demographic, and revised ‘assumptions’ that underpin the estimated software costs, agents’ costs, training, and familiarisation time and free software take-up.   Measures affecting the tax adviser market From 6 April 2026 HMRC will have a range of enhanced powers to sanction tax advisers, in addition to new powers to tackle promoters of tax avoidance arrangements. Broadly, for the latter, there will be a statutory ban on promoting tax planning arrangements with ‘no realistic prospect of success.’ Regulations also will prohibit the promotion of arrangements ‘likely to cause harm to participants.’ The sanctions under this legislation will be severe and include significant penalties, a strict liability criminal offence, and the ability of HMRC to suspend an agent’s registration. Legislation will also take effect from 6 April 2026 which will amend the tax agent ‘dishonest conduct’ rules introduced by Finance Act 2012. Essentially, dishonest conduct will be downgraded and the rules will apply to tax advisers who facilitate non-compliance by their client. The associated penalty framework will also be substantially enhanced and will also require HMRC to publish information about any adviser charged a penalty exceeding £7,500. From May 2026 new rules will also require those providing tax advice, including overseas advisers, to mandatorily register with HMRC. Readers may recall that the timetable for registration was published last month. By way of reminder, registration is expected to officially open online from 18 May 2026. Importantly, if an agent already has an agent services account (ASA), the agent does not need to register again. Instead, HMRC will subsequently contact the agent via its ASA when more information is required in order to check that the agent meets certain conditions. Agents who do not have an ASA and who meet the conditions to register will need to register for an ASA from 18 May 2026, unless one of the following applies: if the agent already has a Self-Assessment or Corporation Tax account, registration is required from 18 August 2026, and if the agent only provides third-party payroll services on behalf of clients and does not interact with HMRC in any other way, registration is required from 18 November 2026. Note that irrespective of the registration date which applies, a transition period of at least three months is available. The legislation implementing this is contained in Finance Act 2026. According to statements made by government ministers in the House of Commons, whilst the draft legislation moved through the Parliamentary process, the measures which will directly affect tax agents, including mandatory registration, are expected to be implemented in a reasonable and proportionate manner. Dan Tomlinson MP, Exchequer Secretary to the Treasury (XST) specifically addressed comments on the draft legislation to the House of Commons during its scrutiny of the Finance Bill in early February 2026 which acknowledged engagement on these issues by the Professional Bodies, which includes Chartered Accountants Ireland, and the important role that agents play in the tax system. At column 223 the XST said “I have been engaging in detail with stakeholders on the changes we are making, because it is important that legitimate and good tax advisers see that the Government have confidence in them and the work they are doing”. He went on to say that agent registration is “specifically about stopping harmful tax advisers who do not meet the basic minimum standards” and that it does “not give HMRC new powers to investigate whether applicants breach the standard for agents”. On HMRC’s powers to suspend an agent’s registration, the XST said at column 224 that HMRC will: “suspend a tax adviser only after due process, including offering opportunities to comply and a chance for the adviser to explain whether there is a good reason why they are unable to do so”, and “not use these powers for minor breaches”. At column 230 the XST further said that HMRC will “always work with a tax adviser who is genuinely trying to comply, will never suspend a tax adviser when doing so would be unreasonable or disproportionate, and will always consider the nature of any potential breach and how a suspension would impact the tax adviser and their clients”. On sanctionable conduct, at column 235 the XST said that “the powers will not affect advisers who act in good faith, or who take a credible view as to what the law requires of their clients, including where they use extra-statutory concessions or HMRC guidance to form that view”. Furthermore, the measures “do not affect advisers who make mistakes while trying, as the vast majority do, to do the right thing”. The XST’s comments were echoed by Lucy Rigby MP, Economic Secretary to the Treasury (EST), when speaking about the prohibition on promotion. The EST confirmed at  column 204 that the powers “are not intended to be directed against legitimate tax advisers who are operating to a high professional standard but, while acting in good faith, make genuine mistakes” and that ministers have “asked HMRC officials to work with stakeholders in developing published guidance to address the fine detail of exactly how the prohibition will work in practice”.

From the Professional Accountancy team…... Draft legislation has been introduced by UK Parliament related to improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The draft regulations are the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (“draft Regulations”). Click to read the draft Regulations Click to read the draft explanatory memorandum . The draft Regulations are subject to Parliamentary scrutiny and approval, so may be subject to change. They are expected to come into force later this year with the draft Regulations specifying various dates for the coming into force of various pieces of the legislation .The Institute will do a review of the draft Regulations in the coming weeks to provide more information to members on them . This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Last Thursday, a delegation from the Institute attended the seventh meeting of the Department of Finance’s Business Tax Stakeholder Forum (BTSF) at the Department of Finance’s offices on Upper Merrion Street. The Department provided updates to stakeholders on a range of business tax issues both domestically and internationally, as well as providing an update on the work ongoing around the Irish Presidency of the European Council later this year. On the domestic front, the Department explained its business tax priorities for 2026 and provided updates on various ongoing projects, such as Phase One of the reform of the taxation of interest in Ireland. One of the key priorities for 2026 on the business tax front is the Research & Development (R&D) tax credit and the recommendations arising from last year’s public consultation. Key to any changes which will be considered by the Department will be to identify the potential for additionality to the economic activity in Ireland. In terms of the now well publicised proposals for an Irish Savings and Investment Account, the Department acknowledged its consideration of the Swedish model in particular. As part of this work, a roadmap is expected to be published very shortly. We will have more details in due course once this is published. On the international front, the Department provided an update on the work to implement the Pillar Two Side-by-Side Package, and provided more detail into the work to commence on addressing the tax complexity faced by cross-border/hybrid workers on the island of Ireland. The work on Pillar Two is being addressed at a subgroup of the BTSF, which the Institute attends also. On the issues currently facing cross-border workers, we are due to meet the Department separately on this in the coming weeks and we will have a full update for readers at that point. Finally, on the EU Presidency, there is a substantial amount of work ongoing as the Government prepares to take up the role this summer. From a tax point of view, the Tax Omnibus Directive and the Directive on Administrative Cooperation (DAC) Recast Directive will be two files which the Government will be keen to progress during its term. From an overall perspective, the Government will be aiming to highlight the need for simplification in light of the impact of the current complexity on EU competitiveness. In closing, a short note on the BTSF for readers who may not be familiar with the forum. The BTSF was established as a forum between the Department of Finance and key stakeholders to discuss business tax policy. The meetings are chaired by senior Department officials and are attended by representatives from various trade and professional organisations, as well as other key governmental stakeholders. It has proven so far to be a very productive and engaging forum and we look forward to the continued success of the forum into the future.

This week Chartered Accountants Ireland represented members in attending the Cost of Business Advisory Forum run by the Department of Enterprise, Tourism and Employment. The meeting follows the Institute’s submission recently where the focus was on banking, payments and financial services.  We outlined how banking services in Ireland, particularly on the payments side, is behind what is available as standard in other countries.  Competition is essential in moving the dial in terms of banking services and reducing costs for SMEs. We urged both the Central Bank and the Government to recognise that the lack of competition in the banking sector is a drag on the economy and needs to be acted on.    The Institute highlighted the need for the banking sector to move quicker to Account to Account (A2A) payment services.   A2A is an instant payment mechanism which does not need an intermediary card. A2A payments benefit businesses by reducing transaction costs, speeding up settlement and improving reconciliation through real-time data and automation.   At the moment payers end up using credit or debit cards to pay SMEs online and it is the SME that incurs the significant costs of availing of those services. In addition, it is very challenging for SMEs to track who is paying money into their account. This adds to administration cost for SMEs.  In terms of access to finance for SMEs, the Institute highlighted the need for Ireland to deepen the capital markets and improve retail investment in Ireland. We urged the Government to introduce a Savings and Investment Account in Ireland which will encourage workers and households to invest in SMEs.  Following this meeting, the Institute will continue to contribute to the Cost of Business Advisory Forum with the aim of completing a comprehensive report on business costs with important and achievable recommendations for Government. 

The Designated Professional Body (DPB) Handbooks are updated with effect from 1 April 2026.  These are available on the Institute’s website here. The DPB Handbooks are relevant to firms in relation to certain financial activities in the UK.  They are issued jointly by the Institute, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS). The DPB Handbooks consist of:  The DPB (Investment Business) Handbook which sets out how firms can be licenced by the Institute to carry out certain investment business activities which are ‘exempt regulated activities’ without the need to be authorised by the Financial Conduct Authority (FCA).  The DPB (Consumer Credit) Handbook which sets out the arrangements in place which enable Institute firms to provide consumer credit services in the UK without the need for authorisation from the FCA. The updates to the DPB Handbooks at this time are twofold: DPB (Investment Business) Handbook only:  to update the required levels of professional indemnity insurance (PII) for authorised firms providing permitted Insurance Distribution Directive (IDD) activities, to reflect the requirements of the FCA.  Accordingly, an authorised firm, before it engages in any relevant IDD activities, must have in place PII equivalent to at least: €1,300,380 for each claim; and, in aggregate, the higher of: €1,924,560; and an amount equivalent to 10% of annual income (this amount being subject to a maximum of £30 million). This update to the DPB (Investment Business) Handbook should not affect Institute firms since the Institute’s Public Practice Regulations (6.18) already require firms which conduct IDD activities (either under authorisation from the Institute or from the FCA) to have in place PII at limits prescribed by the FCA.   In both the DPB Handbooks:  changes for ICAS authorised firms only – these changes provide for alignment of the DPB Handbooks with the regulatory processes of ICAS (recently changed) and relate only to ICAS authorised firms.  These changes are not relevant to Chartered Accountants Ireland firms.

On 17 March 2026 Chancellor Rachel Reeves gave the Mais lecture at Bayes Business School. The lecture was delivered just two weeks after the Chancellor’s Spring Forecast speech on 3 March which had signalled that the Chancellor would be setting out more information on the UK economy and fiscal plans in her Mais lecture. With the sound of sirens continuing in the Middle East as the Chancellor spoke last week, the Chancellor set out three ‘big’ economic choices by the government and what actions the Government says it is taking to address these. The first of these choices is the news that the Chancellor will be pushing ahead with plans to develop a roadmap for future fiscal devolution which will be published at this year’s Budget. This will set out plans to give regional leaders control of a share of some national taxes which are currently allocated by central government. The roadmap will look at income tax, alongside other taxes, with reforms initially targeted at those places that have the greatest capacity to deliver them, and the greatest potential to benefit.  According to the Chancellor’s speech, reforms will be fiscally neutral and will focus on sharing and retaining a portion of existing revenues, with the proceeds of growth benefiting the places that generated that growth, whilst managing volatile receipts both for local areas and the Exchequer. At present it is unclear if this means more fiscal devolution for Northern Ireland. The Chancellor’s next big choice centred on Artificial Intelligence (AI) and set out details of what the Government’s overall strategy is which comprises the following four key strands and a range of actions tied to each: to build sufficient ‘compute’ to protect the UK’s interests and avoid excessive dependencies on others. This essentially means, for example, having sufficient data centre capacity to protect sensitive data, ensure resilience from global shocks, and support domestic adoption,  to establish the UK’s foothold and compete fiercely in the areas where the UK has real strengths, such as AI applications, AI chip designs, and cyber security, to maximise the value added by AI to the wider economy and the public sector through accelerated adoption, and to equip working people with the tools they need to maximise the rewards and minimise the risks.      The Chancellor’s final economic choice centred on how, in this age of insecurity, the UK’s economic, political, and military strength rests on strategic alliances, and in particular, how the UK’s fate as a country is inescapably bound with that of Europe. The Government has therefore chosen to ‘look towards a new and stable, future relationship’ with the EU. Where it is in the national interest to align with EU regulation, the UK should be prepared to do so, including in further areas of the single market, whilst also recognising that there may still be areas in which regulatory autonomy may be necessary for sectors with unique characteristics or strategic importance for the UK.   

Last week saw Finance Bill 2025/26 receive Royal Assent on 18 March 2026 to become Finance Act 2026. The Act enacts major legislation across a wide range of areas, many of which will take effect from next month. Over the next few weeks, we’ll be taking a look in Chartered Accountants Tax News at the key changes coming into operation next month as a result of the Act, when both the new Financial Year 2026 and tax year 2026/27 commence on 1 and 6 April 2026 respectively. In other legislative news, the National Insurance Contributions (Employer Pensions Contributions) Bill is now awaiting Royal Assent. Under the Bill, from April 2029, a primary and secondary Class 1 National Insurance Contributions (NICs) charge will be applied where employer pension contributions are made via salary sacrifice arrangements that exceed £2,000. The Bill will amend Section 4 of the Social Security Contributions and Benefits Act 1992, and Section 4 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, so that amounts of salary sacrificed for employer pensions contributions pursuant to optional remuneration arrangements are liable to Class 1 NICs. The Government has also published amendments to PAYE Regulations which provide for mandatory payrolling of employee benefits in kind, rather than annually through form P11D. The Income Tax (Pay As You Earn) (Amendment) Regulations 2026 will enter into force from April 1, 2026. However, the changes regarding the mandatory requirement regarding "payrolling" benefits in kind will not apply until 6 April 2027 onwards. The Regulations also remove the requirement for employers who have ceased trading to submit form P11D digitally. Instead, these employers can now choose whether to submit the return electronically or in paper form.

In this week’s detailed miscellaneous updates which you can read more about below, an additional step may now be required when enrolling VAT into a taxpayer’s Business Tax Account and HMRC is making some changes to employer statements and end of tax year adjustments. HMRC has also recently launched its new tax education campaign, ‘Tax Confident’. In other news this week: HMRC is asking employers to encourage employees to check the HMRC App and claim any refunds they are owed as HMRC no longer issues tax refunds automatically by cheque for most PAYE taxpayers, The recording of a recent Institute for Government webinar ‘Can Rachel Reeves protect both households and the public finances from the energy price shock?’ is now available to view, The House of Commons Library has updated its research briefing exploring the nature of the high income child benefit charge and the debate around its design, HMRC is aware of an issue affecting the transition of agents to the new Country by Country reporting agent handshake service for a small number of taxpayers. HMRC apologises for any inconvenience this may cause and is looking into the issue, and The Treasury Committee has opened a call for evidence into student loans and the taxation of graduates. Evidence must be submitted by 14 April 2026. Additional step to enrol VAT in Business Tax accounts In recent months taxpayers may need to provide their application reference number from their VAT registration application when enrolling VAT into their Business Tax Account. Taxpayers are provided with this when the registration is submitted. This is sent to the email address used during registration and also appears on VAT registration approval letters. Changes to employer statement and end of year tax adjustments. HMRC has made the following change recently which affects employers. Credit allocations Concerns have been expressed by employers that although ‘annual’ and ‘monthly’ statements show which credits have been allocated to that month, it is not always easy to see where all credits from that month have come from or gone to. This is especially true if in-year revised Full Payment Submissions result in minus figures. HMRC’s new credit allocation page now shows the month the credit arose and where it has been allocated to. End of tax year adjustments Only a small proportion of employers need to make these. HMRC previously showed a total for any end of tax year adjustments which also included interest. HMRC has worked with stakeholders who have advised that this figure could in fact be a combination of multiple end of tax year adjustments, including multiple separate interest charges, which makes it difficult to reconcile records. HMRC intends to add a hyperlink onto the end of tax year adjustments label on the ‘annual statement’ page. This will link to a breakdown page. If only one adjustment has been received it will look very simple and easy to understand, but it will show the interest as a separate figure. If there are multiple adjustments then the page will look different. HMRC will show a summary total together with a separate breakdown of each adjustment. This will be in a tabbed format. HMRC has user tested this with numerous users, both agents and employers, who all agreed that this method was the best and simplest to understand. Tax confident campaign launch Tax Confident is HMRC’s new campaign designed to help people build the basic tax knowledge they need to feel informed, capable, and in control. Many people feel overwhelmed and anxious when dealing with tax because they lack basic knowledge about what tax is and how the system works. This campaign aims to transform that anxiety into confidence by providing clear, simple, and engaging resources that help people understand the basics before they need to engage with more detailed guidance.   As part of the launch, HMRC has asked us to share the resources included in its stakeholder toolkit. In the toolkit you’ll find ready to use: Website copy,  Social media posts, and  A newsletter.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. HMRC has also notified us that from Thursday 26 March 2026 an update to the Goods Vehicle Movement Service will make the inclusion of a trailer reference number mandatory if a trailer is being used. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Safety and security declarations, Ports that require the use of Goods Vehicle Movement Service, Goods vehicle movement reference states, Goods Vehicle Movement Service processes at the border and during crossing, Access to Goods Vehicle Movement Service, Declaration types in Goods Vehicle Movement Service, Inspection requirements, contraventions and civil penalties, Goods Vehicle Movement Service route directions, Introduction, Port models, Obligations and definitions of different actors, How the system processes the movement of goods, Travelling under the Common Transit Convention procedure using Goods Vehicle Movement Service, Goods Vehicle Movement Service, Registration requirements, and Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service (CDS).

Welcome to the latest edition of Technical Roundup.  In developments since the last edition, Chartered Accountants Ireland has published new 'Guidance for audit evidence and documentation' for members in practice carrying out audits (in Ireland and the UK) for this busy season. Accountancy Europe has issued a new factsheet on the 6th Anti-Money Laundering Directive (6AMLD) highlighting the key elements of the directive that are most relevant for accountants, auditors and tax advisers. Read more on these and other developments that may be of interest to members below.  Financial Reporting The Pensions Research Accountants Group (PRAG) has finalised its amendments to the Pension Statement of Recommended Practice (Pension SORP) and has issued the new SORP which will be effective for periods commencing on or after 1 January 2026. The European Financial Reporting Advisory Group (EFRAG) has published its Feedback Statement on the post-implementation review of IFRS 16 Leases. This summarises feedback received and findings from outreach with different stakeholders. The UK Endorsement Board has published the 2026 consolidated UK-adopted international accounting standards. The International Organization of Securities Commissions (IOSCO) has updated its guidance setting out IOSCO's expectations for issuers with respect to the presentation of financial measures other than those prescribed by Generally Accepted Accounting Principles (GAAP), so called 'non-GAAP financial measures'. The International Accounting Standards Board (IASB) has issued its March 2026 IFRS for SMEs Accounting Standard Update. The IFRS Foundation Trustees held their first Plenary meeting of the year where the issues of sustainable funding, succession planning and the development of the Foundation’s long-term strategy were discussed. The Financial Reporting Council (FRC) has published updated guidance on 'comply or explain' reporting, designed to help investors, proxy advisors and other users of corporate reporting better understand and appreciate the value of companies that choose to depart from provisions of the UK Corporate Governance Code. Auditing and Assurance  The Financial Reporting Council (FRC) has published new Interim Guidance on Payment and E-Money Safeguarding Assurance Engagements, providing support for safeguarding auditors as payment and e-money institutions prepare to transition to the Financial Conduct Authority’s (FCA’s) new Supplementary Regime, which comes into force on 7 May 2026. This guidance provides principles to support high quality, consistent safeguarding assurance engagements from implementation of the new rules until the FRC issues a dedicated safeguarding assurance standard following public consultation, expected in 2027. IAASA published its 2025 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities (PIEs) in Ireland. The reports summarise IAASA’s inspection of each firm’s internal system of quality management. The reports include findings and recommendations made by IAASA to the firms regarding these systems. Chartered Accountants Ireland published new 'Guidance for audit evidence and documentation' to members in practice carrying out audits (in Ireland, Northern Ireland, and the UK) for this busy season. This guidance is based on common issues arising on audit monitoring visits and will support members with understanding requirements when it comes to gathering sufficient appropriate (relevant and reliable) evidence to support financial statement balances, transactions, and disclosures that are assessed as material during the audit. This is to ensure compliance with International Standards on Auditing (ISA) 230 Audit Documentation and ISA 500 Audit Evidence. Insolvency The Institute’s Insolvency Committee has recently published Technical Alert 01 2026 Control of Cases for Insolvency Practitioners. This guidance paper notes that insolvency appointments are taken in a personal capacity by Insolvency Practitioners. It discusses decision making, managing risk, delegation and control of appointments. On 10 March 2026, the European Parliament formally adopted at first reading a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law (procedure 2022/0408(COD)). We will keep members updated on the further progress of the Directive, which aims to improve cross border efficiencies, in due course. Sustainability  The European Commission (EC) has published draft Commission Delegated Regulations (draft delegated acts) proposing amendments to the EU Taxonomy climate and environmental delegated acts. The comment period ends on 14 April 2026. The International Sustainability Standards Board (ISSB) has released a webcast Climate resilience and climate-related scenario analysis requirements in IFRS S2. This webcast discusses some of the requirements of the S2 standard and how companies might meet their reporting requirements in relation to climate resilience and the use of climate-related scenario analysis. This factsheet also provides an overview of the webcast. As the number of companies preparing their Sustainability Report using the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) increases, EFRAG is asking preparers to contribute to the development of the standard by completing a survey and submitting their report. The feedback received from this initiative will be used to develop their VSME Ecosystem. EFRAG has launched its new interactive version of their Technical Advice on the Draft Simplified ESRS on their Knowledge Hub. This allows users to explore the advice and understand how the proposed simplifications connect to the 2023 version of the ESRS. Anti-money laundering, sanctions, and Authorised Corporate Service Provider registration  This month Accountancy Europe submitted its feedback and recommendations to the Anti Money Laundering Authority (AMLA) in response to its public consultation on draft regulatory technical standards  concerning pecuniary sanctions, administrative measures, and periodic penalty payments under Article 53(10) of Directive (EU) 2024/1640. The Institute contributed its response through Accountancy Europe. The UK has performed a cross-government review of sanctions implementation and enforcement. The policy paper UK Government's strategic approach to sanctions enforcement sets out the government’s approach to sanctions enforcement and emphasises the importance of strong compliance. It outlines key enforcement principles and the potential consequences of non-compliance. The National Crime Agency’s latest  SARs in Action No 35 is now available. It contains articles on Payment Diversion Fraud in Property Sales, Company Impersonation Fraud and some information on crypto investment fraud with links to videos and an info sheet. The UK Government has published its Fraud Strategy 2026 to 2029. The strategy focuses on three pillars - Disrupt, Safeguard and Respond - and places a lot of emphasis on infrastructure: telecoms networks, online platforms, financial systems and corporate structures. AMLA will hold a public hearing on Tuesday, 24 March 2026, in two sessions regarding two draft Regulatory Technical Standards (RTSs). The draft RTSs include Criteria for Identifying Business Relationships, Occasional and Linked Transactions and lower thresholds and Customer Due Diligence (which are both open for public consultation until 8 May). Participation in the public hearing sessions requires registration. All details are available here on AMLA's website including how to register for the public hearing sessions. AMLA launched the data collection exercise to test risk assessment models. This includes publishing a reporting package for its data collection and testing exercise. Sampled entities are invited to download the template and access a recorded webinar addressing key questions. The data collection and testing exercise will inform the selection, taking place in 2027, of up to 40 entities for AMLA's direct supervision starting in 2028, and to ensure that money laundering risks of credit and financial institutions are assessed consistently by supervisors across the EU. All entities taking part in this exercise have already been notified by their national competent authorities. Accountancy Europe published a new factsheet on the 6th Anti-Money Laundering Directive (6AMLD), highlighting the key elements of the 6AMLD that are most relevant for accountants, auditors, and tax advisers. To complement the factsheet, Accountancy Europe also released a practical briefing paper titled '5 ways the 6AMLD will impact accountants and auditors in practice'. This paper translates the supervisory and institutional reforms introduced by the Directive into clear and practical insights for firms. Accountancy Europe published an associated press release regarding the 6AMLD factsheet and the briefing paper. Chartered Accountants Ireland recently published tips and pointers for practice in relation to the UK Authorised Corporate Service Providers (ACSPs) regime. This article considers several strands of the regime, including registration as an ACSP and performing verification and filing. It also considers some challenges, which have arisen for member firms in cases where they are not eligible to register as an ACSP, and explores further if there are any solutions member firms can adopt. Central Bank of Ireland (CBI) The CBI's Deputy Governor Mary-Elizabeth McMunn delivered a speech at the Outcomes-focused Regulation in Financial Services conference, University College Dublin (UCD) on 9 March regarding 'Regulating with purpose: outcomes-focused regulation and supervision, a practitioner’s perspective'. The CBI published its annual 'Demographics Analysis 2025: Applications for Pre-Approval Controlled Function (PCF) roles within Regulated Firms' report. Each year, the CBI reports on demographics of the applications received from firms for Central Bank approval for certain senior roles in financial firms in Ireland. This is part of the CBI's commitment to monitor and report on the level of diversity in the sector. The CBI's Gerry Cross, Director of Capital Markets & Funds delivered a speech at the CASP Industry Briefing covering recent developments across the sector, insights to help firms currently in the authorisation process to navigate the remainder of that process, and additional perspective on what it means to be a supervised CASP. The speech highlighted various key areas for the CASP industry including the importance of ensuring digital operational resilience, and keeping consumers front of mind, while also having a strong focus on governance, the safekeeping of client assets, and combatting money laundering and terrorist financing. The CBI published its latest Insurance Newsletter, which includes updates regarding results and feedback from a recent AI survey for the insurance sector, the new AML/CFT Risk Evaluation Questionnaire (REQ), reporting Registers of Information required by DORA, and other relevant Central Bank updates. Colm Kincaid, Deputy Governor of Central Bank of Ireland appeared at the Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach and gave an opening statement outlining the role of non-bank entities in the Irish mortgage market. Artificial Intelligence The Institute of Chartered Accountants of Scotland (ICAS) has released the results of a year-long research study into generative artificial intelligence (Gen AI) and professional judgement in accounting. Data Protection The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) have adopted a Joint Opinion on the European Commission’s proposal for a Cybersecurity Act 2 (CSA2) and the proposal on amendments to the Network and Information Security 2 (NIS2) Directive. The EDPB and the EDPS support the general objective to strengthen the role of the European Union Agency for Cybersecurity (ENISA) and to facilitate the uptake of cybersecurity certification, as well as the objective to further address the various risks to ICT supply chains. The joint opinion also highlights that while effectiveness is an important focus for cybersecurity measures, necessity and proportionality need to be considered. The EDPB launched its Coordinated Enforcement Framework (CEF) action for 2026. Following a year-long coordinated action on the right to erasure in 2025, the CEF's focus this year will shift to compliance with the obligations of transparency and information under the GDPR. During 2026, 25 Data Protection Authorities (DPAs) across Europe will take part in this initiative. They will look closely to assess the compliance of controllers with their transparency obligations under the GDPR. Internal Audit The CEO of the UK and Ireland Chartered Institute of Internal Auditors (IIA) recently published a blog regarding how internal auditors can support organisations in times of unexpected and unpredictable events particularly in the context of current geopolitical risks. The blog also highlights the importance of being resilient and the various resources available to internal auditors when supporting organisations in times of unexpected events. The UK and Ireland Chartered IIA published a white paper titled ‘Artificial Intelligence and Internal Audit: Opportunities, Risks and Future Directions’. The paper summarises insights from a Chartered IIA roundtable, hosted with Diligent in September 2025 regarding AI adoption in Internal Audit including an overview of four use cases demonstrating practical application of AI by internal audit professionals using AI in live engagements. Other News A dedicated section on Ireland.ie - managed and curated by the Department of Foreign Affairs and Trade on behalf of the government - now highlights how Ireland implements EU law in a bid to improve transparency. The dedicated page provides up-to-date information for the public on the performance of government departments in transposing EU directives into Irish law. The European Commission presented its proposal for EU Inc. to unlock the full potential of the Single Market for Europe's entrepreneurs.  EU Inc. will include a new single set of corporate rules and will be the starting point for the EU's 28th regime providing an optional, digital-by-default European corporate framework. The EU Inc. proposal aims to reduce fragmentation, boost EU competitiveness, and respond to the needs of innovative companies. The EU Inc. proposal will now be discussed by the European Parliament and the Council. Accountancy Europe has welcomed the European Union’s proposal for a “28th Regime”, which aims to foster cross-border growth for European countries. Accountancy Europe are also co-organising an event on 13 April entitled “The 28th regime: what’s in it for SMEs?” which will discuss the proposed regime. Accountancy Europe has also issued its March 2026 SME Update. The European Securities and Markets Authority (ESMA) has published its first risk monitoring report of 2026 detailing the current risks and vulnerabilities in EU financial markets. Tánaiste and Minister of Finance, Simon Harris, recently signed into law the Statutory Instruments creating the Irish framework of the European Single Access Point (ESAP). The ESAP will be an EU-wide data portal, which will be a centralised free source of public information about EU companies and investment products. The portal, which will be established via EU legislation, aims to improve public access to companies’ financial and non-financial information, including information for SMEs. The ESAP will be established and administered by the European Securities and Markets Authority (ESMA). Designated national collection bodies as well as the European Supervisory Authorities will provide data to ESMA for the purposes of ESAP. For further information, please see ESMA's ESAP dedicated webpage. The European Commission announced a €75 million EURO-3C Project to build a federated Telco-Edge-Cloud infrastructure for digital sovereignty. This landmark project will showcase Europe's ability to deliver cutting-edge digital services entirely through its own connectivity infrastructure, reducing reliance on third country providers.  For further technical information and updates please visit the Technical Hub on the Institute website.           This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.  

Members and guests gathered for a special evening marking both the launch of Important Work: a History of Irish Chartered & Certified Public Accountants and the centenary of CPA Ireland. The event provided an opportunity to reflect on more than a century of the contribution, integrity, and public trust Chartered Accountants have made across the island for more than 100 years.  The event also looked firmly to the future. University of Limerick's Professor of Economics Stephen Kinsella delivered an insightful keynote speech on the economic forces reshaping Ireland and the critical role trusted business leaders play in guiding organisations through uncertainty. His perspectives underscored a central theme of our advocacy work: highlighting the contribution accountants make to the Irish economy, what their role has been historically, what it is today across every sector, and what it could be as the profession continues to evolve.  He explored the wider economic landscape, including risks such as Ireland’s reliance on FDI, the speed of digitalisation, and the disruptive impact of AI. Crucially, he pointed to the opportunities ahead: accountants stepping further into higher‑value advisory roles, particularly for indigenous and growing SMEs, and supporting organisations as they navigate complexity. As Ireland moves deeper into an AI‑heavy, data‑driven economy, he emphasised that the profession must continue to adapt while preserving the trust‑based advisory relationship that underpins its public value. His perspective underscored the importance of our ongoing work to champion the future of the profession.  As members connected and celebrated our shared history, the evening reinforced the powerful message that the next chapter of the profession will be defined by trusted business leadership, adaptability, and its continuing contribution to Ireland’s economic progress.      You can access the book Important Work: A History of Irish Chartered & Certified Public Accountants below:    Via free downloadable PDF on our website. Via free downloadable ePub. You can view photos from the event here.

Chartered Accountants Ireland represented members in a packed programme of engagement across Washington DC and New York this St Patrick’s Day, bringing the voice of Trusted Business Leadership to Ireland’s most important transatlantic relationships.  Institute President Pamela McCreedy FCA, FCPA and Deputy President Joan Curry FCA FCPA represented the Institute across a schedule of high-level events, highlighting the considerable contribution that our more than 750 members living and working in the US make to the American economy across all industries.They were accompanied by Executive Head of Global Engagement Zara Duffy and District and Global Member Manager Gillian Duffy. In New York, the Institute participated in Ireland Day 2026 at the New York Stock Exchange, joining leaders from the Irish Government, Irish state agencies and Irish American businesses to discuss how the transatlantic relationship has prospered and how it can be maintained and grown into the future. The Institute made a compelling case for the unique convening capability that Chartered Accountants Ireland holds as an all-island body with members spanning every business sector to play an active and meaningful role in optimising these opportunities.  In Washington, engagements included the Enterprise Ireland lunch and the Ireland Funds Gala 50th Anniversary dinner which reinforced the depth of the Irish American economic partnership, with An Taoiseach Micheál Martin highlighting how Irish companies are vital to the US economy, creating jobs and driving innovation, while American businesses continue to invest in Ireland. At the NI Bureau Breakfast, Deputy First Minister Emma Little-Pengelly captured the spirit of the visit: “Nothing happens without relationships.”  That is precisely why this trip matters. At a time of global uncertainty, being present, visible and active at the highest levels of Irish-American engagement is how Chartered Accountants Ireland continues to serve its members and champion the profession on the world stage.  The trip ended with the group and 35 Chartered Accountants Ireland's New York member chapter members attending a St Patrick's night event in Carnegie Hall, with a performance by renowned fiddler, Martin Hayes. The visit was coordinated in collaboration with the New York member chapter – just one of the Institute's 15 member chapters operating around the world, allowing members to maintain connections with each other and the Institute at home.  

The Institute’s Insolvency Committee has recently published Technical Alert 01 2026 Control of Cases for Insolvency Practitioners.  This guidance paper notes that insolvency appointments are taken in a personal capacity by Insolvency Practitioners. It discusses decision making, managing risk, delegation and control of appointments.

Proposals for a common rulebook to simplify business administration across the Single Market and boost EU competitiveness were presented by European Commissioner Michael McGrath, to the European College of Commissioners today. Chartered Accountants Ireland, the largest professional body on the island of Ireland notes the significant opportunity the proposals represent for Irish businesses, by removing market fragmentation, allowing businesses to operate across the Single Market under one coherent – and more predictable- set of rules and facilitating much-needed investment in Irish businesses.  The EU Inc. proposal is a new EU-wide legal framework designed to make it easier to set up, scale up and invest across the Single Market. It will provide an alternative to the complex and differing regulations faced by businesses that want to expand across different Member States. Under EU Inc., each company will be automatically recognised in all Member States, a key step in removing internal barriers and maximising free movement within the EU.  Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland, said: “‘EU Inc.’ represents a significant opportunity for Irish businesses, vastly reducing the amount of EU-level compliance required. We therefore strongly support the once-only, digital-first approach in simplifying administration and cutting red tape, which will help reduce costs and ease the burden of regulatory compliance. With a market of 450 million people, the European Single Market is the world’s largest trading bloc and for Irish companies wishing to expand into other Member States, this regulation is an essential first step towards reducing burdensome administration costs and enabling easier access to the European market.    “We are pleased to see that our recommendation to remove tax and labour law from the proposal was taken on board as inclusion of them would have complicated and delayed this vital legislation. We will continue to raise issues to enhance competitiveness and reduce red tape, and, in that context, we have consistently called for the harmonisation of statutory audit requirements, as inconsistency across EU Member States in this respect would present a barrier to fulfilling the promise of the EU Inc proposal.   The Institute welcomed Commissioner McGrath’s intention to adopt these proposals as a regulation, which will ensure consistency across the EU and ensure the proposals work in harmony with Member States’ national company laws. Concluding Ms Clohisey said “The Commission has set an objective to finalise these proposals by the end of the year. We encourage the Government to be proactive during Ireland’s Presidency of the European Council to advance EU Inc. and ensure that SMEs across Europe can realise their potential.” The Institute notes that there is no public consultation planned and the proposals will move directly to discussions by the European Parliament and the Council with the objective to reach agreement on adoption by the end of the year. It is expected that EU Inc. will be operational by 2027. ENDS    

From the Professional Accountancy team…... Members may be interested in some opportunities for engagement with the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). The first is  two public hearings that AMLA  will hold on Tuesday, 24 March 2026. The sessions will focus on two of the regulatory technical standards (RTSs), which are currently open to public consultation and which AMLA is drafting as part of its mandate to implement the Single European Rulebook for AML under the 6th AML Directive (AMLD 6), the Anti-Money Laundering Regulation (AMLR), and the Regulation establishing the AMLA.   The hearing regarding the draft RTS on Customer Due Diligence will be held on Tuesday, 24 March 2026 | 12:30–14:30 (Dublin ). Click for further details and registration. The other session regarding the draft RTS on Criteria for Identifying Business Relationships, Occasional and Linked Transactions and lower thresholds will be held earlier on Tuesday, 24 March 2026 | 09:00–11:00 (Dublin). Click for further details and registration. Click to read more about the Consultation on the draft RTS on Customer Due Diligence Click to read more about the Consultation on the Draft RTS on Criteria for Identifying Business Relationships, Occasional and Linked Transactions and lower thresholds The consultations will close on 8 May 2026. The content of the draft RTSs will be part of the AML regulatory regime upon the coming into force of the majority of the Single European Rulebook in July 2027. Members are encouraged to take the opportunity to familiarise themselves with the content of the draft RTSs and to engage with the hearings and consultations. The Institute will engage in some further outreach to seek members’ views before the conclusion of the public consultations in May. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Chartered Accountants Ireland is issuing 'Guidance for audit evidence and documentation' to members in practice carrying out audits (in Ireland, Northern Ireland, and the UK) for this busy season. This guidance is based on common issues arising on audit monitoring visits and will support members with understanding requirements when it comes to gathering sufficient appropriate (relevant and reliable) evidence to support financial statement balances, transactions, and disclosures that are assessed as material during the audit. This is to ensure compliance with International Standards on Auditing (ISA) 230 Audit Documentation and ISA 500 Audit Evidence. This guidance is not designed to cover all audit documentation and audit evidence areas given it’s based on common themes arising during audit monitoring visits. The focus of the guidance is on the ISAs and does not include requirements regarding Irish and UK law. Members should note that this guidance is not mandatory and should not be a substitute for reading the ISAs. The guidance covers areas including: International Standard on Quality Management (ISQM) 1 Risk assessments at the engagement level Evidence and documentation regarding accounting estimates and going concern Auditing contract management activities Group audit documentation Considerations for regulated audit clients Fraud considerations Financial reporting areas to consider during audits Interpretation of small companies' exemption rules For further details, members should refer to the attached 'Guidance for audit evidence and documentation'.    This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

In this extract from Important Work: A History of Irish Chartered & Certified Public Accountants, authors Brenda Clerkin, Bríd Murphy and Martin Quinn reflect on the place of trust and accountability in modern accounting, where complex technologies such as AI play an increasing role, and how this affects the future of the profession. Trust has always formed the bedrock of professional accountancy. Yet, public confidence in the profession has periodically been shaken by corporate scandals, audit failures and the global financial crisis. In this context, the rise of AI and advanced analytical tools presents both a chal¬lenge and an opportunity. Paradoxically, if embraced strategically, these technologies may strengthen rather than erode trust in the profession. As machines take over routine, data-heavy tasks, accountants will increasingly be judged on how they handle exceptions, escalations, risk judgements, anomaly detection and interpretative insights. Their role will evolve from data processors to ‘sense-checkers’ of machine outputs – providing assurance that algorithmic systems (including AI) are properly built, tested, validated and free from bias. In this capacity, the accountant becomes a ‘data guardian’ or ‘model reviewer’, ensuring that AI oper¬ates under sound professional oversight. With automation handling the minutiae, human professionals can focus on higher-value work: exercising judgement, evaluating risk, interpreting scenarios and prioritising what truly matters to clients. However, the integration of AI also introduces new layers of ethical and governance complexity. Bias, fairness, interpretability and account¬ability become central concerns. A misclassified fraud or a flawed predictive model can expose organisations to severe reputational and regulatory risks. To manage these challenges, accountants must develop strong capabilities in ethics, transparency, explainable AI, and technology governance. The profession must therefore make ‘ethics + technology governance’ a core pillar of education and continuous development. Beyond internal capability, accountants must engage with regulators and legislators to help shape emerging standards for algorithmic financial reporting, AI auditing and oversight – ensuring that technology serves the public interest rather than undermines it. Conclusions on the direction of the profession In the coming years and decades, the accountancy profession in Ireland must evolve from being a labour-intensive, compliance-driven practice into a forward-looking, insight-led, trust-based profession. Technology – AI, automation, data analytics, cloud computing, blockchain – will do much of the mechanical work. But the real value will reside in human judgement, ethical leadership, strategic advisory capacity, risk oversight, domain expertise, client and stakeholder relationships and the govern¬ance of technology. To succeed, the profession must attract, retain and motivate talent by offering meaningful work, flexibility, diversification and personal devel¬opment. It must revamp education and CPD to build capacity for the ever-changing demands on the profession. It must shed stereotypes of long hours and drudgery, and project a more modern, purpose-driven brand. And, crucially, it must anchor all of this on trust – assuring clients, regulators and the public that even in an AI-driven world, the human professional remains the conscience, the overseer and the guarantor of integrity. Important Work: A History of Irish Chartered & Certified Public Accountants will be launched on Thursday, 19 March at 6pm at Chartered Accountants House, Dubin 2. You can order a copy of the book in our bookshop. You can register to attend the event which will feature addresses by author Martin Quinn, Institute President Pamela McCreedy and a keynote address by Professor of Economics at the University of Limerick, Professor Stephen Kinsella.

Chartered Accountants Ireland was one of seven bodies internationally which renewed a Mutual Recognition Agreement (MRA) with CPA Canada as announced this week. The Institute has 10 MRAs in place with global bodies, allowing members of each institute to benefit from recognition and member supports in each other's representative bodies. Commenting on the benefits for Chartered Accountants Ireland's members, CEO Rosemary Keogh said: "As a small island, Ireland has always been outward-facing, and our members use their qualifications globally. This renewed agreement will benefit the many Irish professionals building their careers in Canada and will allow both bodies to continue to collaborate even more closely in supporting all our members."