Banned

Recent blogs have dealt with some of the changes to the Ethical Standard for Auditors and to ISQC1 some important changes have occurred. We wrote on: 2 November 2021 Do you know your RITP from your IES 8? about the measure of independence of the audit team and the ongoing CPD requirements for Audit Engagement… Read More


The Auditor as Referee

As we mentioned in last week’s blog, we are writing a series of blogs on the recent changes to the Ethical Standard for Auditors that have been become effective since 15 July 2021 and some changes to the ISQC1 ‘Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and other Assurance and… Read More


Do you know your RITP from your IES 8?

Recent changes to the Ethical Standard for Auditors in Ireland mean that there is much less chance of auditing being a dull profession! The changes are the first to arise since the previous standard was issued in April 2017 and, following representations from the professional bodies, were postponed by over a year to allow for… Read More


Investment Property under FRS 105

What’s the difference in treatment of investment property between FRS 105 and FRS 102? Too many accountants rely on the computer software to produce the correct result, which can go badly wrong.  You can’t beat reading the standards themselves. In this case, the March 2018 version (as amended) of FRS 105 and more particularly Section… Read More


Is your AML Firm-Wide Risk Assessment up to Date?

As far as accountancy firms go, there is a requirement for each firm to prepare an anti-money laundering (AML) written risk assessment (known as the firm-wide or business risk assessment) examining the business/practice in five key areas (more on this below). The legislation that brought this into place is section 30A of the Criminal Justice… Read More


FRC Rent Concession May Impact Financial Reporting

In response to the continuing impact of Covid 19 the Financial Reporting Council (FRC) has extended the accounting requirements for special conditions for reporting rent and lease concessions/reductions under FRS 102 and 105 well into next year. The change will enable businesses to present a clearer picture of their performance in year-end accounts. Many entities… Read More


How Tesla Prevents Corruption

Recently while researching material for one of my anti-money laundering (AML) training courses, I came across the 5 page anti-corruption policy of Tesla, the electric car company. It states in bold print…. ‘Boiled down to its essence, our policy is: Don’t offer any bribe to anybody, anytime, for any reason.’ Tesla’s brief and to the… Read More


Don’t Be a Money Mule

The term money mule refers to the transfer of illegally obtained funds between bank accounts on behalf of others. According to a recent report by FraudSMART in the first 6 months of 2021 alone, over 700 ‘money mule’ transactions totalling €5 million moved through several bank accounts. The majority of these cases involved accounts belonging… Read More


Challenges for Auditors During the Pandemic – Part 3

This is our third and final blog about the results of audit monitoring inspections during the Pandemic. In Part 2 last week, we looked at going concern (ISA 570), subsequent events (ISA 560) and the lack of financial statement disclosures regarding COVID. In Part 1 two weeks ago, we looked at stock attendance (ISA 501),… Read More


Challenges for Auditors During the Pandemic – Part 2

This is Part 2 of our series of three blogs about the impact that the Coronavirus (COVID-19) is having on evidencing of audit work. In Part 1 last week, we looked at issues like stock attendance (ISA 501), fraud (ISA 240) and accounting systems and controls (ISA 315). Here are some other problem areas seen… Read More