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Tax UK
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This week’s miscellaneous updates – 6 October 2025

In this week’s detailed miscellaneous updates which you can read more about below,  HMRC has launched a new HMRC manual finder tool, and new guidance and webinar dates for the 6 April 2026 changes to PAYE rules for labour supply chains with umbrella companies has been published. In other news this week: The House of Commons Library has published the research briefing Fuel Duty: Developments since 2022. This briefing refers to calculations performed by the Office of Budget Responsibility which indicate that freezing fuel duty rates cost the government approximately £100 billion between 2011 and 2024, A research briefing about the structure of Inheritance Tax (IHT) and the debates there have been about IHT in recent years has also been published,  The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and Check HMRC’s online services availability page for details of planned downtime and the online services affected. New HMRC manual finder tool This new tool enables searching across all manuals, filtering by manuals or manual pages, and sorting of results, with the aim of letting users also see the latest updates more easily. The tool is available at the following link: Find HMRC manuals page. HMRC’s welcomes feedback on the new tool. The feedback route to use is set out in the banner at the top of this new page. Feedback can also be emailed to hmrcmanualsteam@hmrc.gov.uk. HMRC has also published a new tool which can be used to check if a claim for corporation tax overpayment relief can be made. This also covers how taxpayer’s can make the claim. Guidance and webinar dates for labour supply chains featuring umbrella companies: PAYE responsibilities From 6 April 2026, recruitment agencies (or, in their absence, end clients) will be responsible for deducting PAYE on payments to workers supplied via umbrella companies. HMRC published draft legislation for this on L-day on 21 July 2025. To support businesses and at the request of stakeholders wanting as much information as possible on how the legislation will work, HMRC has now published the associated guidance ahead of the final legislation. Note that this guidance is in draft and may change if there are any changes to the legislation before it receives Royal Assent. The guidance aims to provide detailed information on the changes which have been designed to tackle non-compliance in the umbrella company market. Agencies and other parties in labour supply chains can also register for one of HMRC's in-depth webinars on 7 and 21 October or 17 November to understand more about the changes and ensure compliance readiness. HMRC’s Employment Status Manual has also been updated to reflect these changes. Further guidance is also available here: Help with labour supply chain assurance.  

Oct 06, 2025
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Tax International
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European Commission blueprint for Savings and Investment Accounts

The European Commission has recommended to Member States a blueprint for Savings and Investment Accounts (SIAs). SIAs enable retail investors to invest in capital markets. Among other recommendations, the Commission notes that tax incentives and simplified taxation procedures should be key features of SIAs.

Oct 06, 2025
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Tax UK
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New postal address for HMRC’s Agent Maintainer Team

HMRC has asked us to share that its Agent Maintainer Team has a new postal address. The team, which forms part of HMRC’s Agent Compliance Team, is responsible for setting up new self-assessment agent records and amending those records. The new address which agents should use for postal correspondence is: Agent Compliance Team, HM Revenue & Customs, BX9 2BG.

Oct 06, 2025
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Tax UK
(?)

HMRC publishes guidance on Making Tax Digital for Income Tax exemptions

Today is exactly six months to the commencement of MTD for Income Tax for sole traders and landlords with income over £50,000. Last week HMRC published its digitally excluded exemptions guidance for Making Tax Digital (MTD) for Income Tax and information on the exemptions application process. HMRC has also published the second edition of their newsletter ‘Ready, Steady, File!’, which provides the latest news on the MTD for Income Tax testing journey. A range of ready to use assets which agents can utilise when communicating with their clients about Making Tax Digital for Income Tax is also available. The newly published exemptions guidance explains how to consider if a taxpayer could be exempt from MTD for Income Tax because they are digitally excluded, which would mean it is not reasonable for them to use compatible software to keep digital records or send them to HMRC. It also explains how a taxpayer, or an agent, family member, or friend acting on their behalf, can ask HMRC to decide if they are digitally excluded. From last week, HMRC is accepting applications for all taxpayers who would otherwise be legally required to use MTD for Income Tax from April 2026 or later.  There are two processes involved:    The first process applies if the taxpayer is already exempt from MTD for VAT. They must contact HMRC by phone or in writing so that HMRC can confirm if the exemption also applies to MTD for Income Tax. Taxpayers (or their representative) will be asked about their MTD for VAT exemption, and if there has been a change in circumstances since that decision. According to HMRC, this should usually result in a quick decision letter. The second process applies if the taxpayer does not have a MTD for VAT exemption. Again, they must contact HMRC by phone or in writing. HMRC will ask for details to support their case for a digital exclusion. This may require the submission of supporting evidence; if so, HMRC will make clear what is needed and when. The information provided will then be assessed, and a decision letter will subsequently be sent. The published guidance sets out that HMRC is aiming to respond within 28 days of receiving an application. However, HMRC recommends that taxpayers still prepare to use MTD for Income Tax whilst they waiting for HMRC’s decision, in case exemption is not granted.   In each case, if it is accepted that the taxpayer is digitally excluded, they will not need to use MTD for Income Tax and can continue with their current filing method, unless their circumstances change.       

Oct 06, 2025
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Tax International
(?)

Commission positively endorses Ireland's third payment request under RRF

The Commission has positively assessed Ireland's third payment request under the Recovery and Resilience Facility (RRF), noting the introduction of legislation in Ireland aimed at preventing double non-taxation on outbound payments to jurisdictions listed by the EU as non-cooperative jurisdictions, no-tax, and zero-tax jurisdictions. This legislative measure was one of the milestones required for the payment request to be made.

Oct 06, 2025
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Tax International
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Appointment of New Members to the VAT Expert Group

The Director-General for Taxation and Customs Union has appointed the new members of the VAT Expert Group (VEG), which provides the Commission with high-level advice and expertise in the field of VAT. The updated list of members of the VAT Expert Group is available on the VEG page.

Oct 06, 2025
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Tax International
(?)

Argentina deposits its instrument of ratification of the Multilateral BEPS Convention

Argentina has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention). The BEPS Convention will enter into force on 1 January 2026 for Argentina.

Oct 06, 2025
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Six questions in six minutes with Clare Murphy en route to Sydney

Clare Murphy trained in EY in Waterford and spent some time in the earlier stages of her career in Sydney before moving back to Kilkenny and more recently has been based in Cork. Having progressed in her career over the years, she is excited to continue her career journey back in Sydney where she has two siblings and plans to return this autumn. Clare returns to Australia at a more advanced career level and has already started leveraging the strong network of members there. We caught up with Clare during her preparations. 1. Where did you grow up and where do you live now? I grew up in Wexford before moving to Bunmahon, Co. Waterford midway through my childhood. More recently, I have been living and working in Cork, though I will be returning to Sydney at the end of October. I studied Commerce International with German at University College Cork, which included an Erasmus year in Konstanz, Germany. After graduating, I began my training with Chartered Accountants Ireland, working with EY Waterford for three and a half years. Following that, I moved to Sydney where I gained nine months of international experience before returning home to live and work in Kilkenny for 18 months. This past year I’ve been based in Cork, continuing to develop both professionally and personally, while preparing for the next stage of my career back in Australia. 2. What made you choose to become a Chartered Accountant? And if you weren't a Chartered Accountant, what do you think you would like to have been? I always loved working with numbers and enjoyed maths and accountancy in school, so that was telling enough. I was also interested in engineering, architecture or lecturing (I love the academic world). Or perhaps I would have thrown my hat at anything sports-related! 3. Can you tell us a little about how you got to where you are today – both the geographical relocations and career path. I’ve always been quite active — growing up I played camogie competitively in and for Waterford, and more recently I’ve turned to running, which has fitted in well with living all over Ireland and in Sydney, a city that thrives on an active lifestyle. My professional journey started in financial audit with EY Waterford, before moving into financial consulting with EY Dublin. That mix of audit and commercial exposure gave me a really solid grounding in accountancy, and it was the perfect base for moving into more analytical and commercially focused roles. From there, I took on an FP&A role in Sydney, which sparked a career path I’ve loved. Since then, I’ve worked across FP&A, finance business partnering and finance manager roles. These roles have combined not only analysis, forecasting and commercial awareness, but also leadership, project delivery, and working with a wide range of stakeholders to influence decisions and drive improvements. It’s been a varied path, but the common thread has always been using financial insight to add value to the business. 4. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society?  For me, the real value of the profession is the credibility and global recognition it brings. The CA qualification has enabled me to build a career that has taken me around Ireland and across the world — with Australia being a choice I was able to make because of the strength of the designation. It has given me the confidence to work across industries and countries while staying connected to a strong professional community. Beyond individual careers, the profession supports the economy by driving better business decisions, stronger governance, and growth. And on a societal level, it creates a community of people all over the world who share the same standards, values, and commitment to transparency. That sense of trust and connection is more important now than ever in supporting both businesses and society as a whole. 5. As a member that has lived away from Ireland, returned and is on the move again, can you talk to us about how your membership has been of value to you here and living overseas?  As I mentioned, I have a network and community I can link in with again. In addition, the Institute teams are always open to connecting members and assisting members across a variety of career paths. 6. What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland?  Away from home, I found that having connections was vital — in Sydney, even a small network made a big difference when starting from scratch. Networking there is fast-paced and often happens outside formal settings, so leaning on those relationships was key. Back in Ireland, it feels easier to build connections on your own. The community is smaller and very interconnected, which means relationships grow more naturally and often overlap between personal and professional circles. I’m really looking forward to going back to Sydney and building on my network — there’s a strong connection between Ireland and Australia, and I’ve already reaped the benefits of it, so it will be great to nurture that further.

Oct 03, 2025
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Technical Roundup 3 October

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the FRC has issued four new audit and financial reporting consultations, IAASA has issued its annual Observations Paper and EFRAG has released two complementary reports to support the application of the VSME standard. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published its annual Observations Paper  which highlights matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year ends. The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting, which looks at that the quality of corporate reporting across FTSE 350 companies during the 2024/25 monitoring cycle. The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 88, which proposes no changes to FRS 101 ‘Reduced Disclosure Framework’, as a result of the FRC’s 2025/26 review cycle. FRED 88 is open for comment until 16 January 2026. The IFRS Foundation has published a package of new educational material to support the implementation of the third edition of the IFRS for SMEs Accounting Standard. The International Accounting Standards Board (IASB) has published its IFRIC September 2025 update. This includes details of the decisions reached by the committee in its recent public meetings. EFRAG has issued its draft endorsement advice letter and a separate invitation to comment on the proposed EU adoption of IFRS 19 Subsidiaries without Public Accountability. This remains open for comment until 28th November. The UK Endorsement Board’s (UKEB’s) consultation on its draft endorsement criteria assessment of IFRS 18 remains open for public comment until 7 October. UKEB have also updated their work plan.   Auditing and Assurance IAASA has published its annual Observationspaper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year end dates. IAASA has issued an updated version of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors). It reflects conforming amendments arising from ISA (Ireland) 505 (Revised March 2024), External Confirmations, which is effective for audits of financial periods beginning on or after 15 December 2024. The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to two key auditing standards, dealing with the auditor’s responsibilities relating to fraud and going concern: ISA (UK) 240 (Revised) The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (UK) 570 (Revised) Going Concern The FRC is updating these standards to align with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January 2026. The FRC has launched a consultation on proposed revisions to three auditor reporting standards: ISA (UK) 700 – Forming and opinion and reporting on Financial Statements ISA (UK) 701 – Communicating Key Audit Matters in the Independent Auditor’s report ISA (UK) 720 – The Auditor's Responsibilities Relating to Other Information The FRC is updating these standards to simplify and declutter the auditor’s report, discourage boilerplate disclosures, and encourage the inclusion of more relevant information to support investor decision-making. Alongside these proposals, further amendments are being made to align these standards with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January.   Sustainability EFRAG has released two complementary reports to support the application of the VSME standard. This includes: A report and infographic which provides practical supports to SMEs who wish to report their greenhouse gas emissions under the VSME. This includes a focus on some of the digital tools used by entities in preparing their sustainability reports. A report and infographic providing an overview of over 200 platforms and initiatives for SMEs. This compares the characteristics of those platforms. Accountancy Europe has published a paper entitled “Sustainability Statements Based on ESRS: Compliance or Fair Presentation”. This paper discusses the challenging issues faced by ESRS preparers regarding whether their Sustainability Report should be prepared on a “compliance” or “fair presentation” framework. The piece discusses some differences between the two frameworks, as well as what both would mean for reporters. The International Sustainability Standards Board (ISSB) has published its September 2025 update and podcast. Anti-money laundering and Fraud The National Crime Agency in the UK has published issue 33 of its SARs in Action magazine. Read more about how informal value transfer systems such as Hawala can be misused to facilitate organised immigration crime The publication notes how settlement across multiple jurisdictions through value or cash outside of the banking systems presents challenges for law enforcement. This, in addition to being cost effective and efficient, makes informal value transfer systems  attractive to criminals. The publication also includes a baseline analysis from UK FIU on organised immigration crime in SARs to review the reporting for elements linked to Organised Immigration Crime (OIC ). The results note a rapid increase in reporting of OIC related SARs. Our colleagues in Professional Standards have this week issued their 3rd Regulatory Bulletin for 2025. It includes valuable updates and insights for practitioners across general practice, audit, sustainability assurance, anti-money laundering and other regulated areas. The Banking & Payments Federation Ireland (BPFI) published survey results via its fraud awareness initiative (FraudSMART) regarding money mule risks. New survey shows almost a third of 18-24-year-olds have been approached, or know someone who has been approached, to use their bank account to transfer money. The Accountancy AML Supervisors’ Group (AASG)  in the UK has recently issued AASG Guidance on Verifying Beneficial Owners .The Guidance outlines the steps that auditors, insolvency practitioners, external accountants and tax advisers should take when verifying beneficial owners to ensure consistency in approach across the entire sector. AASG has also issued its AASG risk outlook: Money laundering, terrorist financing and proliferation financing risk in the accountancy sector. The Outlook was updated to reflect the UK's National Risk Assessment 2025. The Risk Outlook sets out the key AML risks and red-flag indicators relevant to the accountancy sector. The UK's National Risk Assessment was last updated in July 2025. It is recommended that firms consider the two documents and update their internal AML policies and procedures accordingly. Central Bank of Ireland (CBI) The CBI published its quarterly Insurance newsletter outlining supervisory insights, insurance and Central Bank updates. Also, read here CBI Director Seána Cunningham’s recent remarks at European Insurance Forum 2025 on how the CBI’s approach to the regulation and supervision of the insurance sector is evolving. Read here CBI Deputy Governor Colm Kincaid’s remarks “Towards Our Future Financial Wellbeing”. The remarks were made a round table at Financial Services Ireland .He outlined how CBI is improving its approach to protecting consumers and investors through its new integrated supervisory model, and via the revised Consumer Protection Code 2026.He also spoke about the importance of financial wellbeing for individuals, families and businesses, and urged the financial services industry to become more active in the social conversation about how the emerging concept of “financial wellbeing” can shape the future of financial services and Ireland’s economic progress more generally. CBI Governor Gabriel Makhlouf recently spoke at British Irish Chamber of Commerce Annual Conference where he discussed the economic outlook in a period of global change and CBI regulatory approach in the changing environment. Finally ,in CBI news Deputy Governor Mary-Elizabeth McMunn spoke yesterday to  the Compliance Institute Annual Conference. Click to read her remarks on regulation and supervision in an uncertain world. Cybersecurity The UK National Cyber Security Centre (NCSC) issued a statement regarding the cyber incident impacting Collins Aerospace urging all organisations to make use of NCSC's free advice and guidance for SMEs and large organisations.   The National Cyber Security Centre (NCSC) in Ireland issued an alert regarding multiple vulnerabilities in Cisco products. The NCSC strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates from Cisco.   The European Union Agency for Cybersecurity (ENISA) published its latest Threat Landscape report providing an overview of the most prominent cybersecurity threats and trends the EU faces in the current cyber threat ecosystem.   ENISA published an article regarding the risks of phishing as part of the European Cybersecurity Month (ECSM) awareness campaign in October. Phishing is one of the primary methods used for initial intrusion in cyberattacks. Other news Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smith recently met with the Chair and Members of the Company Law Review Group. She welcomed the publication of the Company Law Review Group Annual Report (May 2025) . The CLRG current two-year work programme 2024-2026 may be of interest to readers. It includes some topical items such as court appointed inspectors by third parties and review of examinership law and law on directors’ duties. The Pensions Authority has published a consultation on investment rules for personal retirement savings accounts (PRSAs). The closing date for submissions to the consultation is 17 November 2025. A consultation paper and submission form are available on the Open consultation papers area of the Pensions Authority website. In other pensions news, the Pensions Authority recently hosted its ‘Supervision of Pensions 2025–2029’ conference. The event focused on key developments in the Irish pensions landscape, including scheme consolidation, the Authority’s continued implementation of forward-looking, risk-based supervision, and the growing impact of EU regulatory obligations. The importance of high-quality data in supporting these supervisory efforts was also a central theme. Presentation slides and related materials are now available on the Events page of the Authority’s website. Accountancy Europe has published its September 2025 Newsletter. The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) advise financial institutions to stay alert to stability risks in uncertain and volatile times. The Report highlights various risks and for financial institutions to manage and monitor such risks including geopolitical, uncertainty regarding global trade policies, and cyber risks.    The European Banking Authority (EBA) published its Work Programme outlining the key priorities and initiatives for 2026. The EBA also published a report on the efficiency of the regulatory and supervisory framework detailing 21 actions to enhance its efficiency in the context of the overall EU effort towards simplification and efficiency. The European Commission Newsletter October 2025 includes details of two major initiatives to advance the savings and investments union and deliver tangible benefits for all citizens across the EU. The initiates relate to financial literacy and Savings and investment accounts. Boosting financial literacy and investment opportunities - Finance The Digital Regulators Group (DRG) launched the 'Short Guide to Digital Regulation', aimed at clarifying common queries in the digital regulation space in Ireland.   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.

Oct 03, 2025
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Anti-money Laundering
(?)

Verifying Beneficial Owners - AASG Guidance

The AASG have set out guidance on the steps that auditors, insolvency practitioners, external accountants and tax advisers should take when verifying beneficial owners to ensure consistency in approach across the entire sector.

Oct 03, 2025
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Anti-money Laundering
(?)

2025 Updated AASG Risk Outlook

The AASG Risk Outlook has been updated to reflect the UK's National Risk Assessment 2025. The Risk Outlook sets out the key AML risks and red-flag indicators relevant to the accountancy sector. The UK's National Risk Assessment was last updated in July 2025. It is recommended that firms consider the two documents and update their internal AML policies and procedures accordingly.

Oct 03, 2025
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Professional Standards
(?)

Chartered Accountants Ireland has responded to the FRC Future of Audit Supervision discussion paper

Chartered Accountants Ireland has responded to the FRC Future of Audit Supervision discussion paper, published in August 2025.  Chartered Accountants Ireland is broadly in favour of the FRC’s proposed approach, which it understands the FRC intends to apply in conjunction with the Recognised Supervisory Bodies (‘RSBs’), across the UK audit market. The Institute has noted the need for a supervision approach compatible with the requirements of the two jurisdictions in which it has supervisory obligations.  A key element of the Institute’s response is that the proposed supervisory approach must be sufficiently flexible to ensure proportionality and scalability appropriate to the size and complexity of all firms within the supervised population.  

Oct 03, 2025
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