In our last blog about preparing the reporting accountants report under the ROI Law Society Solicitors Accounts Regulations, 2014, we mentioned that the work involved is a quite onerous and responsible task, and carries with it the requirement for compulsory professional indemnity insurance at a minimum of €500,000.
Many accountants ask themselves the question - would the quality of my work be good enough to allow me to be alert to the following types of scenario that have occurred in legal firms?
A landmark EU data protection judgment in 2014 on the ‘right to be forgotten’, has affected the ability to use Google and other well-known search engines to carry out anti-money laundering (AML) due diligence.
Readers may have heard by now that there is a new audit reporting requirement about going concern contained in a new style of audit opinion. For companies and credit unions with a reporting period commencing on or after 17 June 2016 (in effect 30 June 2017 year-ends onwards), auditors must now include a specific conclusion in the auditor’s report on going concern.
Many accountants are involved in preparing the Reporting Accountants Report to the Law Society. It is quite an onerous and responsible task, and carries with it the requirement for compulsory professional indemnity insurance at a minimum of €500,000.
When accounting firms have a monitoring inspection from their regulatory body, it is quite often the files of their solicitor clients that cause the greatest difficulty during the review.