Technical and business updates

Last updated on 14 April 2021

Chartered Accountants Ireland has been engaging with key stakeholders on behalf of our members on the impact of COVID-19.

We have grouped together all the relevant information from this engagement, with links to content on auditing, corporate governance, financial reporting and insolvency.

Auditing

Auditing implications of Coronavirus (last updated on 12 February 2021)
We have assembled below some information that may be of assistance to members when carrying out audits in the current environment.
Auditing implications of Coronavirus
Guidance for auditors FAQs

Joint statement by the Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA)
The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) issued a joint statement (March 2020) in which they announced a series of actions to ensure that information continues to flow to investors and to support the continued functioning of the UK’s capital markets. 
There have been further extension and measures put in place since March 2020.

See the FCA website for more information

COVID-19 – Attendance at stocktakes by auditors of Small and Medium sized Entities
With the impact of the COVID-19 pandemic, an urgent issue facing auditors of entities with March year-ends, and thereafter, is attendance at stocktakes. Non-attendance may result in the inability to obtain sufficient appropriate audit evidence, which may impact upon the audit opinion in the current and subsequent years. Click here for an article providing guidance regarding stocktake attendance for audits of small and medium-sized entities with financial years ending on or after 31 March 2020 in the circumstances of the COVID-19 pandemic.

UK audit firms have introduced a range of additional measures to enhance their evaluation of companies’ going concern assessments, since the start of the Covid-19 emergency, according to a review initiated and undertaken by the Financial Reporting Council (FRC).

Boards and Corporate Governance

Boards and Corporate Governance:COVID-19 Implications (last updated on 12 November 2020)
Boards and their advisors will need to keep up to date on developments to effectively consider how the COVID-19 crisis will affect the governance and operations of their business. As the situation continues to evolve we are continuing to collate key updates and useful information in ROI and NI/UK that we come across and may be of assistance to members.

Financial Reporting

Financial Reporting implications of Coronavirus (Last updated on 14 April 2021) 
Over the past number of months, much has been issued in terms of advice from regulators, and commentary, regarding various financial reporting considerations related to the spread of coronavirus.  We have assembled some information that we have come across that may be of assistance to members.

Going Concern considerations for members preparing or auditing financial statements in the context of COVID-19 (Issued on 23 April 2020)

The Advocacy and Voice Team in the Institute has produced an article to assist members involved in preparing and auditing financial statements, and to serve as a reminder of some of the requirements around going concern from an accounting and auditing perspective.

Government business supports

Government supports for COVID-19 impacted businesses in Ireland
The COVID-19 crisis is presenting immediate and severe financial challenges for businesses. You can find details of Government supports available across the island of Ireland on our Key Resources page. 

Insolvency

COVID-19 – Information for insolvency practitioners (ROI) (Last updated on 23 July 2020)
We have assembled some information that may be useful to insolvency practitioners in the Republic of Ireland.

COVID-19 – Information for insolvency practitioners (NI/UK) (Last updated on 2 July 2020)
We have assembled some information that may be useful to insolvency practitioners in Northern Ireland and the UK.

Technical Alert 01 2020 (Last updated on 16 April 2020)
The CCAB-I Insolvency Committee has issued Technical Alert 01 2020 for Insolvency Practitioners to allow Section 587 meetings of creditors and other meetings of members and creditors to take place during COVID-19 pandemic restriction on movement and public gatherings. 

Other regulator updates

Engagement with regulators in response to COVID-19 (last updated on 30 October 2020)

Chartered Accountants Ireland has been engaging with key stakeholders, including government agencies, regulators and the Revenue authorities, North and South, around the impact of the COVID-19 outbreak, and potential issues with filing deadlines, payments etc. Their responses and links to information are available on our website. 

We will keep these up to date as part of our ongoing member support. Any other engagement can be found on these pages Republic of Ireland and Northern Ireland/UK. Linked in this piece are the latest updates available from them in terms of amendments to timeframes, processes and procedures. The Central Bank of Ireland and the Central Statistics Office in particular provide some very interesting analysis on the effects of COVID-19 on the economy.

Practice updates

These pages are 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.