All posts by John McCarthy Consulting Ltd.

Tailoring your ISQM

Audit firms of all sizes, with differing levels of complexity will expect their service providers to publish an off the shelf manual to help implement ISQM 1, just like they did with its predecessor ISQC1. Our new ISQM TOOLKIT is here to help you with documenting your ISQM compliant audit quality risks and responses. The… Read More


10 Tips for Audit Firms to prepare for ISQM 1

Around the globe, auditors are preparing for the imminent ISQM 1 regime, and it’s now just under three months to the deadline – 15 December 2022. On or before this date every Irish audit firm will need an ISQM-compliant System of Quality Management (‘SOQM’). While larger firms have been working for many months to prepare… Read More


Are You Ready For The ISQM?

There are several new acronyms for auditors in Ireland to grapple with before Christmas. From 15 December 2022 the International Standard on Quality Management (ISQM) 1, issued by the Irish Audit & Accounting Supervisory Authority, comes into force. The ISQM TOOLKIT is available here to purchase now for immediate download. It is and deals with… Read More


The Latest CRO Annual Report

The 2021 Annual Report of the Companies Registration Office (CRO) was published at the end of July 2022. Here we summarise some of the more interesting statistics contained in the report. In the three statistics that we focus on here, 2017 was the record year out of the last five years for notices filed with… Read More


Do you have clients with property in the UK?

Do you have clients with property interests in the UK, or who are about to acquire or recently sold property there? If you do, then you and your clients will need to know much more about a new piece of UK legislation designed to tackle money laundering. With effect from 1 August 2022 any overseas… Read More


PPSN for Company Incorporation and Filing Certain Documents

The Companies (Corporate Enforcement Authority) Act 2021 was commenced on 6 July 2022, apart from Section 35. One of the principal aims of the act was to allow for the set up of the Corporate Enforcement Authority that replaces the Office of the Director of Corporate Enforcement (ODCE). Section 35 of the Companies (Corporate Enforcement… Read More


Trust and Company Service Providers

According to the Financial Action Task Force (FATF) the definition of a Trust and Company Service Providers (TCSP) is a business, that provides any of the following services to third parties: Acting as a formation agent of legal persons Acting as (or arranging for another person to act as) a director or secretary of a… Read More


High Value Goods Dealers

High Value Goods Dealers (HVGDs) are businesses involved in the sale of goods of high value where the trader accepts cash payments of €10,000 (the current ‘high value’ threshold) either in one transaction or a series of linked transactions. Examples of these businesses include jewellers, antique dealers, boat and car sales and dealers in precious… Read More


Illegal Waste Disposal

Question from a firm – During the audit of a waste disposal company it has been drawn to my attention by the Audit Senior that the company has not renewed its waste disposal licence which is not a material amount. Is this something that we need to act upon? Answer – ‘Money laundering’ is defined… Read More


Do We Report Client with Undisclosed Overseas Bank Account?

Question from a firm – I am the MLRO in our firm. I am not sure whether I must or cannot report a situation I have been made aware of. Our client came to Ireland some years ago and for a few months she was unemployed but lived in a hotel. Our Tax Manager asked… Read More