Auditors and Accountants take Care When Using the FRS 105 Standard for Micro Entities

 

Normally a set of accounts prepared under FRS 105 will contain the same matters in respect of going concern as under FRS 102 and IFRS and if the entity is audit exempt, there will usually be few problems with presentation.

Where a micro-company requires an audit of its financial statements, the auditor is required by law to state in the audit report whether the financial statements give a true and fair view.

Anti-Money Laundering Inspection Visits of Accountancy Firms

 

Recent practice monitoring visits of accountancy firms are finding several deficiencies in anti-money laundering compliance. This is somewhat surprising as the legislation has been in place for almost eight years. The legislation we speak about is the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 and the Criminal Justice Act, 2013.

GDPR - Implementation Steps - Part 1 of 2

Helping you with your GDPR implementation, here are some steps every accountancy firm can take to ensure they are GDPR compliant by 25 May 2018.

What to do now

1. Appoint someone internally to take control of understanding the new regulation and how it will affect your practice. Organisations with fewer than 250 employees are not required by law to appoint a data protection officer (DPO), but someone needs to ensure you’re compliant.

GDPR - Be Practical!

Small accountancy practices, like any other SME will need to ensure they have written policies and procedures in place on time to implement the requirements of the GDPR by 25 May.

Here are some more ideas for some practical implementation steps firms may be able to take.

Privacy notices

Privacy notices are used to inform individuals that you hold their data, how, why, where it’s held and their rights. You can provide this information in various ways e.g.:

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