Irish Red Cross criticised by auditors

In a recently issued audit report, the Irish Red Cross were criticised by their auditors over several matters including:   how the charity manages restricted funds; how over €120,000 was deducted from four humanitarian appeal funds, as an administration charge without proper back-up to justify this; not all travel and subsistence claims were backed up… Read More


Professional body AML Supervisors under fire

As we wrote in a recent blog on the topic of AML supervision, the report by OPBAS – the Office for Professional Body Anti-Money Laundering Supervision slates the accountancy and legal professions for lax regulation of their sectors. Although this is a UK regulator , its views are influential with regulators elsewhere. For accountants there… Read More


Professional body AML Supervisors under fire

In a recent UK report by OPBAS – the Office for Professional Body Anti-Money Laundering Supervision it accuses many professional body supervisors (PBSs) of failing to supervise standards robustly, partly for fear of upsetting members and because they believe money laundering is not an issue for firms. This is the first review by OPBAS of… Read More


GDPR: One Year On

The GDPR is in place one year on 25 May 2019. How up to date are you on the application of the new data protection rules? Try this quick question. Is ‘storing data’ included in the definition of the term ‘processing’ as far as the GDPR is concerned?  True or False? To find out the… Read More


Ethics for Accounting and Audit

There are five fundamental principles of the Code of Ethics for accountants who are members of all the different professional bodies. These are Integrity, Responsibility, Professional competence and due care, Confidentiality and Professional behaviour.  True or False? The answer is ‘False’. To find out the correct answer, see our webinar called ‘Ethics for Accounting and… Read More


Common Errors in FRS 102 Accounting

Revaluation gains on tangible fixed assets go through the Profit & Loss Account. True or False? The answer is ‘False’. To find out where revaluation gains on tangible fixed assets are presented, see our webinar called ‘Common Errors in FRS 102 Accounting’ where you may download the slides and support materials, all for just €45.… Read More


Avoiding Negligence Claims

It doesn’t matter what is stated on your fee invoices. It’s more important what is in your working papers and correspondence files. True or False? The answer is ‘False’. The best advice is to make sure your fee notes match the scope of the engagement as embellishment could result in fraud risks. To find out… Read More


Audit Update

Tax advocacy is now banned for all audit clients. True or False?  The answer is ‘False’. To hear why this is false and find out what exactly are the rules surrounding an auditor helping an audit client argue a case with the Revenue Commissioners, go see our online webinar entitled Audit Update where you may… Read More


Audit of Insurance Brokers

The Statutory Duty Confirmation, prepared by the auditor, must be filed with the Central Bank within two months of the intermediary’s financial year end.   True or False? Well the answer is ‘False’. The audit of insurance brokers is a quite onerous assignment as such entities are treated as ‘large’ companies, no matter what their actual… Read More


Accounting for Impairments

Impairment of inventories is dealt with differently from the impairment of other assets within the scope of FRS 102.27.  True or False? Well the answer is ‘True’. For more knowledge and further challenging quiz questions and go see our online webinar on Accounting for Impairments, and download the slides and support materials, all for just… Read More