All posts by John McCarthy Consulting Ltd.

Filing Exemption Disappears for Certain Unlimited Companies

A significant legislative change made five years ago will only impact affected companies this year. The amendment made by the Companies (Accounting) Act 2017 amended section 1274 dealing with unlimited companies (known as a ULCs). ‘Designated ULCs’ lose accounts filing exemption Among other changes, certain types of ULC (known as ‘designated ULCs’) are required to… Read More


Auditing Implications of the War in Ukraine – Part 3

In last week’s blog we looked at some of the key implications that may impact on the work of auditors. In the previous week’s blog we looked at the implications in circumstances where audit clients are not directly impacted. This week we conclude with some final matters for auditors to consider. Going concern Management of… Read More


Auditing Implications of the War in Ukraine – Part 2

The war in Ukraine is an evolving human tragedy. In last week’s blog we looked at some of the key implications that may impact on the work of auditors, even if one’s clients have no immediate connections with Ukraine/Russia. This week we continue with a quick reminder of some pertinent topics for auditors to consider.… Read More


Auditing Implications of the War in Ukraine – Part 1

Auditors in Ireland would be forgiven for thinking that, apart from rising fuel costs, the war in Ukraine is far away and has few audit implications. This blog is attempting to highlight the requirement in recent changes to the audit standards for auditors to ‘stand back’, frequently mentioned by the Financial Reporting Council in recent… Read More


Offshore Bank Accounts

Here we look at a potential money laundering scenario that can arise in practice. You have been filing income tax returns for your client for many years. Just last week your client has volunteered a confession that she has been keeping money offshore in a Panamanian bank account, the existence of which has never been… Read More


30,000 Non-Compliant Companies at the RBO

At a recent meeting of the CRO Forum (an umbrella group for the accountancy, legal and company formation profession liaising with CRO officials) it was revealed that there are 30,000 companies out of a population of 250,000 companies that had not, as at February 2022, filed their beneficial owner details with the Register of Beneficial… Read More


Concerted Price Rises

In recent blogs we looked at some scenarios of money laundering in practical day to day business life. Today we look at another example based on the latest Consultative Committee of Accountancy Bodies (CCAB) AML Guidance released in early March 2022. The scenario is: Your client’s overseas subsidiary is one of three key suppliers of… Read More


Invoices Lacking Commercial Rationale

In recent blogs we looked at some examples of money laundering in practical day to day business life. Here is another case study based on an example from the latest Consultative Committee of Accountancy Bodies (CCAB) AML Guidance released in early March 2022. Your client plans to expand its operations into a new overseas area… Read More


CCAB Joint Statement on Sanctions

Following the recent CCAB-I Joint Statement to the Profession about sanctions, accountants must carry out checks on their clients’ potential exposure to sanctions, as part of AML processes and procedures. An important part of this process will be to check whether the accountant holds or controls any funds/economic resources for people or institutions affected by… Read More


Illegal Dividends and AML

In several recent blogs we looked at some examples of money laundering in practical day to day business life. Here is another one that is based on an example from the latest Consultative Committee of Accountancy Bodies (CCAB) AML Guidance released on 4 March 2022. Your client has paid a dividend based on draft accounts.… Read More