Tag Archives: audit

The future of audit

In a rare speech, Sir Donald Brydon, chair of the Future of Audit in the UK, told a packed conference room that he is a little troubled at the current mood that ‘reaches for a shotgun aimed at auditors every time there is a corporate problem’.  Speaking at the first ICAEW Audit & Assurance Faculty… 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


Auditing of Charities

Charity audits are high risk, as has been shown in the recent news story about the disciplinary action against the auditors to the former charity Console. Auditors have always been expected to have relevant knowledge corresponding to the task in hand and it’s important to have a clear understanding of the key risks involved in… Read More


Preparing for an Audit Quality Review Visit

As estate agents will tell you, the three most important things to do with selling your property are ‘location, location, location.’ Well, the same applies to preparing for a Quality Review visit from your professional body. The three P’s to a successful Quality Review visit are Preparation, Preparation, Preparation. The main problem area that underpins… Read More


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Be Aware of the Audit Issues under FRS 102

The audit of the first financial statements prepared under FRS 102 is already complete, in some cases, and for the remainder, will be well under way in the near future. The standard was first published in March 2013, over 42 months ago, but took some time to bed down. It would be easy for complacency… Read More


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Insurance Brokers must now file fully unabridged financial statements with CRO

  Since the implementation of the new Companies Act, 2014 on 1 June 2015, the financial statements of regulated insurance intermediaries and investment brokers will no longer qualify for certain exemptions. Those affected are those carrying on business under the Insurance Act, 1989 or otherwise authorised by the Central Bank. The full list of entities… Read More


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Are your engagement letters up to date?

 The advent of the new accounting standard FRS 102 for financial periods commencing 1 January 2015 has triggered the need to update engagement letters for both audit and audit exempt companies. Some of the issues that the new engagement letters will need to deal with include: the Companies Act, 2014 allocating responsibility for the decision to… Read More


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Are your engagement letters up to date?

Welcome to the first of our regular blogs on topical issues for accountants in practice. Are your engagement letters up to date? Once upon a time it was possible to have the same client engagement letter in place for several years, without too much upset. However the pace of change in the various pieces of… Read More