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Technical Roundup 15 November

Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, Accountancy Europe has issued the latest in its series of publications summarising the European Sustainability Reporting Standards (ESRS) provisions and sharing views on ESRS aspects that merit further guidance and clarification. Legislation has been signed in Ireland to change the rules regarding the loss of audit exemption in certain circumstances. Read more on these and other developments that may be of interest to members below. Audit and Assurance The IAASB has published the much anticipated ISSA 5000 International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements.  This standard is a comprehensive, stand-alone standard suitable for any sustainability assurance engagement. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. The standard is also profession agnostic, supporting its use by professional accountants and non-accountant assurance practitioners. The draft standard was subject to a public consultation in 2023 and Chartered Accountants Ireland's response can be read here. IAASA has recently uploaded the recording of its Audit Committee Briefing 2024 held on 22 October 2024 to its YouTube channel. You can click to view the briefing here. The presenters at the briefing covered the topic of sustainability, including developments in sustainability reporting Q&A, a regulatory update, an audit committee panel session and artificial intelligence for audit committees. The FRC has published the criteria to assess local audit specialist training developed by Recognised Qualifying Bodies (RQBs), training providers and audit firms. Financial Reporting On 1st November, IAASA hosted a conference at Maynooth University entitled ‘Integrating Sustainability Reporting and Assurance into Accounting Education’. Slides from the event are available here. The International Accounting Standards Board (IASB) has launched surveys on the accounting requirements for intangible assets. This includes separate surveys for investors and companies. These will remain open until 30 November 2024. EFRAG has published its draft comment letter on the International Accounting Standards Board’s Exposure Draft on the Equity Method of Accounting. Comments are welcomed by 6 January 2025. In its recent publication entitled “Empowering SMEs through IP: insights and strategies from the ground”, Accountancy Europe discuss the importance of the protection, by SME’s, of their brand and ideas. The Financial Reporting Council has announced the launch of a consultation on Actuarial Standard Technical Memorandum 1 (AS TM1). The 2024 IFRS Foundation Integrated Thinking and Reporting Conference took place on 18 October in Milan. The event convened stakeholders from around the world to discuss the value of integrated reporting. The IFRS have published six takeaways from the event. The International Accounting Standards Board (IASB) has published a consultation aimed at improving the requirements for recognising and measuring provisions on company balance sheets. The consultation proposes changes to IAS 37 and remains open for public comment until 12 March 2025. ESMA, the European Securities and Markets Authority has published the latest edition of its Spotlight on Markets Newsletter. The EFRAG 2024 Conference Advancing Transparency & Competitiveness in Challenging Times is taking place on 10 December 2024 in Brussels and virtually. The FRC has launched its consultation on significant updates to the UK Stewardship Code focusing on supporting economic growth and investment and delivering increased transparency for investors, savers and pensioners in the UK. A webinar will be held by the FRC on 20th November to discuss the proposals. Sustainability Accountancy Europe has issued a series of publications summarising the European Sustainability Reporting Standards (ESRS) provisions and sharing views on ESRS aspects that merit further guidance and clarification. The most recent in this series covers interoperability. The International Sustainability Standards Board (ISSB) are hosting episode five of their webinar series Perspectives on sustainability disclosure on 25 November, which summarises developments and considerations as companies prepare for assurance of sustainability disclosures. A report, which was prepared by the IFRS Foundation and presented to the Financial Stability Board, highlights that over 1,000 companies have referenced the International Sustainability Standards Board in their reports and 30 jurisdictions are making progress towards the introduction of the International Sustainability Standards in their legal frameworks. EFRAG are holding webinars on the European Sustainability Reporting Standards (ESRS) for non-EU groups. These will be held on the 19th and 20th November. EFRAG and CDP, the global independent disclosure system for companies to measure and manage their environmental impacts, have announced that they have achieved extensive commonality between the CDP and ESRS. This follows ongoing collaboration between both organisations on their shared goals. Irish Companies Registration Office Two matters readers should note; the CRO has reminded filers that companies with an ARD of 30 September have a filing deadline of Monday 25 November. Please click to read the CRO reminder on peak filing. Also, the CRO has issued information about its Christmas 2024 Deadlines: applications should be no later than the following dates and all applications will be processed in strict date order.: – Fé Phráinn Online Scheme: 9 December 2024 – Ordinary Online Scheme: 2 December 2024 – Change of Name: 9 December 2024 – Re-registration: 9 December 2024 – Company Name Reservation: 15 December 2024. Economic Crime and anti-money laundering The Failure to Prevent Fraud offence was introduced in section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The Act provides that the Secretary of State must issue guidance about procedures before the provisions come into force. This guidance to organisations on the offence of failure to prevent fraud has now been issued (as of 6 November 2024). The guidance states that the offence will come into effect nine months after the publication of this guidance, to allow organisations to develop and implement their fraud prevention procedures. A reminder of what the Failure to Prevent Fraud offence is. The legislation will apply to large organisations where an associate of the organisation commits any of the offences listed in schedule 13 of the ECCTA (for example, cheating the public revenue or false accounting) with the intention of benefitting the organisation and the organisation did not have in place reasonable fraud prevention procedures. The large organisations to which the legislation will apply align with the thresholds in the Companies Act 2006. In short, a large organisation is one satisfying two or more of the following conditions: turnover of more than £36 million; balance sheet total of more than £18 million; or more than 250 employees. Readers should be mindful that there are proposals to uplift the monetary thresholds under company law. Digital, Cyber, Artificial Intelligence (AI), Crypto The European Council this month approved the European Court of Auditors’  Special report 08/2024: EU Artificial intelligence ambition which concluded that stronger governance and increased, more focused investment is essential going forward aiming to strengthen EU’s AI ambitions. Click here for the press release and here for details of the Council’s conclusions on the report. On the domestic front, Ireland’s first National Artificial Intelligence (AI) Strategy, 'AI – Here for Good' which was launched in July 2021 has been given a refresh this month. The refresh takes account of the significant developments in AI technology and regulation since the original strategy was published in 2021. Please click to read the press release about some of the new measures which include establishing an AI regulatory sandbox to foster innovation in AI and updating the 2022 study on AI skills of the Expert Group on Future Skills Needs. Click here to access a copy of the 2024 Refresh. This week Minister of State at the Department of the Environment, Climate and Communications, published the inaugural National Cyber Security Annual Update 2023, which provides a broad overview of the work that was carried out across Government in 2023. He also launched the NCC-IE Cyber Security Improvement Grant for SMEs, a €2 million fund aimed at supporting small and medium enterprises (SMEs) in Ireland as they enhance their cybersecurity. You can read more about the grant here. Please click to read remarks by Central Bank Director of Financial Regulation, Policy and Risk Gerry Cross, at a DORA Industry Briefing in November 2024 in which he outlines where they are now in relation to DORA as well as a bit of DORA background. In November 2024 the Minister for Finance gave effect to EU regulation on Markets in Crypto-Assets by enacting SI 607/2024 which designates the Central Bank of Ireland as the National Competent Authority, outlines the administrative penalties and measures for Regulated and non-Regulated Financial Service Providers and specifies the duration of the transition period for firms that provided crypto services before 30 December 2024. Central Bank of Ireland (CBI) Click here to read the CBI Governor’s blog on the Central Bank’s strategy 2024. CBI is holding its Financial System Conference 2024 “Delivering a well-functioning financial system to support a changing economy” on 18 November 2024. In-person registration is closed but readers just about have time to register online.  See details here. It opens with a fireside chat with Paschal Donohoe TD and Minister for Public Expenditure and Reform and also has sessions on the Future of Financial Services in Ireland and Europe and the Future of Payments. Legislation Dara Calleary TD, Minister of State for Trade Promotion, Digital and Company Regulation, has announced that preparatory work for the commencement of the Screening of Third Country Transactions Act 2023 is nearing completion and it is anticipated that the Act will be commenced in early January 2025. Please click for an Institute news item on the legislation in November 2023 at the time the Act was passed. New Irish Company Law provisions: The President signed the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 into law on 12 November 2024. Provisions which will be of interest to our members were outlined in our news item in March 2024 following publication of the general scheme of the Bill. These include changes in the rules regarding loss of audit exemption, provisions relating to receivers, some new grounds for company strike-off and provisions regarding registered office and electronic filing agents. Following publication of the draft Bill in August 2024 we did a further update on the Bill noting that most but not all of the provisions of the General Scheme had been included in the Bill. Click for the August 2024 updated news item. At the time of writing, publication of the legislation on the Irish Statute Book as passed and details of its commencement into law is awaited and we will provide further updates when information on this is made available. Click here for a statement from the Corporate Enforcement Authority which welcomed the passage of the legislation containing enhancements to existing legislation including for example the extension of the list of competent State bodies with which the CEA can share information. Other The Minister for Public Expenditure, NDP Delivery and Reform, recently published the Prospects 2024-2025 report which highlights 50 projects that make up Project Ireland 2040. This report aims to provide further visibility on Ireland’s priority infrastructure over the coming years, facilitating firms to plan commercial bids for these major infrastructure projects.   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.

Nov 15, 2024
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Company Law
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New Irish Company Law provisions

From the Professional Accountancy team The President signed the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 into law on 12 November 2024. Provisions which will be of interest to our members were outlined in our news item in March 2024 following publication of the general scheme of the Bill .These include change in the rules regarding loss of audit exemption, provisions relating to receivers, some new grounds for company strike off and provisions regarding registered office and electronic filing agents.  Following publication of the draft Bill in August 2024 we did a further update on the Bill noting that most but not all of the provisions of the General Scheme had been included in the Bill .Click for the August 2024 updated news item.  At the time of writing, publication of the legislation on the Irish Statute Book as passed  and details of its commencement into law is awaited.This should be available very shortly and we will provided further updates when information on this is made available. 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.    

Nov 14, 2024
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Audit
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IAASB publishes ISSA 5000

The IAASB has published the much anticipated ISSA 5000 International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements.  This standard is a comprehensive, stand-alone standard suitable for any sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. The standard is also profession agnostic, supporting its use by both professional accountants and non-accountant assurance practitioners. The draft standard was subject to a public consultation in 2023 and Chartered Accountants Ireland's response can be read here. 

Nov 13, 2024
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Anti-money Laundering
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Guidance on Failure to prevent Fraud Offence

The Failure to Prevent Fraud offence was introduced in section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The Act provides that the Secretary of State must issue guidance about procedures before the provisions come into force. This guidance to organisations on the offence of failure to prevent fraud has now been issued (as  of 6 ,November 2024). The guidance states that the offence will come into effect nine months after the publication of this guidance, to allow organisations to develop and implement their fraud prevention procedures. A reminder of what the Failure to Prevent Fraud offence is. The legislation will apply to large organisations where an associate of the organisation commits any of the offences listed in schedule 13 of the ECCTA (for example, cheating the public revenue or false accounting) with the intention of benefitting the organisation and the organisation did not have in place reasonable fraud prevention procedures. The large organisations to which the legislation will apply align with the thresholds in the Companies Act 2006. In short, a large organisation is one satisfying two or more of the following conditions: turnover of more than £36 million; balance sheet total of more than £18 million; or more than 250 employees. Readers should be mindful that there are proposals to uplift the monetary thresholds under company law. 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.  

Nov 07, 2024
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Office of Trade Sanctions Implementation

In Sept 2024 the UK government announced the launch the Office of Trade Sanctions Implementation (OTSI), within the Department for Business and Trade. Click here also for further information. To equip the office with new civil enforcement powers, on 12 September 2024, the UK government passed the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024. Click for the explanatory memorandum. OTSI’s enforcement powers came into effect from 10 October 2024. They apply to all UK persons including businesses wherever they are in the world and any person including businesses in the UK or the UK territorial sea. The regulations introduce new civil enforcement powers, including the power to impose monetary penalties, for breaches of aircraft, shipping and certain trade sanctions. The regulations also give the Secretary of State the option to publish reports where a breach of sanctions regulations has occurred. Click for statutory guidance on the Trade, aircraft and shipping sanctions, civil enforcement. 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.    

Nov 06, 2024
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Technical Roundup 1 November

Technical Roundup 1 November Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, the European Securities and Markets Authority, in its annual European Common Enforcement Priorities Statement for 2024, has highlighted its areas of enforcement focus in 2025.  The Pensions Authority have published updated guidance for determining assumptions used in pension benefit statements, as required under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021. Read more on these and other developments that may be of interest to members below. Financial Reporting The IFRS Foundation has published its 11th Compilation of Agenda Decisions by the IFRS Interpretations Committee. This covers decisions made in the period from May to October 2024. The IFRS Foundation has published its National Standard Setters October 2024 Newsletter. The International Accounting Standards Board (IASB) has issued its October 2024 Newsletter and podcast. The European Securities and Markets Authority (ESMA), in its annual European Common Enforcement Priorities (ECEP) Statement for 2024, has highlighted its areas of enforcement focus in 2025. This includes some areas of focus under the topics of financial statements, sustainability statements and ESEF reporting. The European Securities and Markets Authority (ESMA) has published a survey on legal entities identifiers, aiming to gather evidence on the impacts of including alternatives for reporting or record keeping requirements. The European Financial Reporting Advisory Group (EFRAG) is calling for technical experts in accounting and financial reporting to join its Financial Reporting Technical Expert Group which provides technical advice to the EFRAG Financial Reporting Board. The International Public Sector Accounting Standards Board has issued Exposure Draft (ED) 92, Tangible Natural Resources which is open for public comment until 28 February 2025. The UK Endorsement Board (UKEB) has published its two annual reports covering the year to 31 March 2024, including its report to the Secretary of State and its report to the FRC. UKEB has issued its Draft Comment letter on the IASB’s Exposure Draft — Equity Method of Accounting—IAS 28 Investments in Associates and Joint Ventures. This letter is open for public comment until 20 November 2024. UKEB has also published a Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Annual Improvements to IFRS Accounting Standards – Volume 11. Accountancy Europe has issued its October 2024 Newsletter. The IASB has released a podcast hosted by Executive Technical Director Nili Shah featuring IASB Vice-Chair Linda Mezon-Hutter and IASB Member Bruce Mackenzie discussing the deliberations held during the October 2024 IASB meeting. Sustainability On 6th November, Chartered Accountants Ireland will host a free, 1 hour webinar on the CSRD. This will be the final webinar in our three-part series covering the CSRD. In this webinar, Derarca Dennis, Partner, EY and Chartered Accountants Ireland's Deirdre Moran will review some of the practical challenges that companies have faced in preparing to comply with the CSRD, matters to consider when developing and implementing a sustainability strategy, and the role of the Board. The Executive Committee of the World Economic Forum (WEF) and the International Business Council (IBC) have published a statement in which they welcome the progress towards establishing a global baseline of consistent and comparable sustainability information based on the ISSB standards. The International Sustainability Standards Board (ISSB) has released a podcast hosted by ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd discussing the latest developments around the ISSB. In its recently published article on Medium, the Global Reporting Initiative (GRI) discuss why, as greenwashing scrutiny intensifies, legal teams must safeguard ESG integrity across all claims Accountancy Europe has issued its October 2024 Sustainability update. Economic Crime and anti-money laundering The Advisory Council against Economic Crime and Corruption was established by Government in 2022. The Irish Dept of Justice launched a consultation in October 2024 on developing a strategy for the Advisory Council to combat Economic Crime and Corruption. They are seeking the public’s views on what should be addressed in the strategy to combat economic crime and corruption. In October 2024 and to mark Anti-Slavery Week 2024, the National Crime Agency in the UK announced a Private Public Partnership to tackle sexual exploitation. The NCA announced that 31 financial institutions, law enforcement agencies and government departments have joined forces to tackle sexual exploitation. Click here to read more. Click to read the latest SARs in action from the UKFIU. It includes a feature on the Egmont Group of FIUs which works to enhance member capabilities and to improve secure information sharing, training, and best practice internationally. The magazine also provides information on The Joint Money Laundering Intelligence Taskforce where the Public Private Cryptoasset Forum has been developed as a new threat group within JMLIT+, with the intention of building links with the UK registered and regulated Cryptoasset industry, identifying opportunities for partnership and bringing members of the industry further into partnership work. The Institute’s Professional Standards Dept. has published its AML Supervision Report 2023/2024 which summarises AML supervisory activities in both jurisdictions, ROI and UK for the period April 2023 – April 2024. Please see the report for case studies on AML including deficiencies identified and how they were rectified. The report identifies emerging risks including crypto currency, the increasing prevalence of artificial intelligence and the continued potential for post-Covid fraud. Issues arising from the Ukraine crisis also remain in focus. The report examines what compliant means and most common findings on monitoring visits and desk-based reviews. Other Richard Moriarty reflects on his first year leading the FRC in an 'In Conversation' podcast episode, hosted by Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs. Accountancy Europe is promoting the topic of the attractiveness of the accountancy profession through online campaigns, events and blog articles. A recent online story is regarding the work done by the Norwegian Institute of Public Accountants (NIPA) to improve the image of auditors and attract new talent. The Corporate Enforcement Authority held its second annual conference on Thu 17 October. Representatives from our technical team attended and please click to read a summary of the discussions at the conference some of which might be of interest to our readers. Click here to go to the CEA pages where you can find copies of slides and speeches made available after the event. Readers may be interested in the October 2024 UK judgment in the case of  Standard Chartered Plc and others. Upon the cessation of publication of LIBOR, the issue in the case was whether a replacement rate to LIBOR should be implied in a legacy contract. The court implied a term into the contract for a replacement rate and held that an implied term that shares should be redeemed and the contract unwound was untenable. Click to read an interview on the European Commission website with Mairead McGuinness European Commissioner for Financial Stability, Financial Services and the Capital Markets Union on her mandate, where she thinks most progress was made, and how she sees the future of finance. The Pensions Authority have published updated guidance for determining assumptions used in pension benefit statements, as required under regulation 34(4) of the European Union (Occupational Pension Schemes) Regulations 2021. Charity Trustees’ Week takes place on 11 to 15 November this year to thank trustees across Ireland for their important work in the area of governance and leadership of charities. It is organised in partnership by the Charities Regulator, Boardmatch Ireland, Carmichael, Charities Institute Ireland, Dóchas, Pobal, The Wheel, and Volunteer Ireland.  Click here for further details. Jonathan Reynolds, the UK Secretary of State for Business and Trade, issued a statement on 14 October to announce the publication of a green paper  which outlines plans to deliver Invest 2035: The UK’s Modern Industrial Strategy. He also announced proposed changes to company law. Click for the announcement which proposes changes by year end to reporting requirements and uplift the monetary size thresholds for micro-entities, small and medium-sized companies, as well as making technical fixes to the UK’s audit framework. The Department of Enterprise, Trade and Employment will be hosting a free online event focused on responsible business and the environment at 11am on Wednesday, 6 November 2024. Click for IDA insights article on “What makes Ireland an extraordinary partner for leading global companies” In news on the Funds sector, the Minister for Finance this month published the Report of the Funds Sector 2030 (Review). The review examined Ireland’s funds sector framework to ensure it is up-to-date, taking account of the significant developments in recent years, to support the long term growth in the sector in Ireland. It concluded that Ireland is well placed to grow in the funds and asset management sector. The review also developed a set of recommendations to address the most material issues and to put in place measures that will help navigate the further changes that are coming in a controlled way. Also in Funds news, click to read remarks by Central Bank of Ireland Deputy Governor Derville Rowland “Past, present and future of Exchange Traded Funds’ at an event in October 2024 on Unlocking the Potential for Europe and Ireland. The FCA has published the results of a survey to better understand how firms record and manage allegations of non-financial misconduct. The survey of over 1,000 investment banks, brokers and wholesale insurance firms found that the number of allegations reported increased between 2021 and 2023. In the UK, Companies House has outlined its transition plan for Companies House in relation to the Economic Crime and Corporate Transparency Act 2023 (the Act). The Act will reform the role of Companies House and improve transparency over UK companies and other legal entities. There were certain changes implemented in March 2024 with the next wave of anticipated in winter 2024 and into 2025 as follows: Companies House should be able to: expedite the striking off of companies where the registrar has concluded the company has been formed for a false basis. annotate the register in a wider range of circumstances, such as when a company has a director who has been disqualified but has yet to terminate their appointment on the register, or where Companies House has issued a statutory notice to require more information from a person, but the matter remains unresolved. The transition plan is available here along with our information booklet on the changes already implemented available here.   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.

Nov 01, 2024
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