Category Archives: Blog

Don’t Panic in a Pandemic

The title of the first session which I am presenting for the Cork Society Topical Practice Issues Event on Thursday 11 March is ‘Don’t Panic in a Pandemic’.  The event is online from 9.30am until 12.30pm. My session (9.30am to 11am) will cover two topics: Three new audit standards especially relevant for Covid-19 audits ISA… Read More

Money Transfer Business Hit with Large AML Fine

Abiding by money laundering regulations is a serious business to say the least. Early last month a money service business (MSB), based in Luton, UK was fined £23.8 million by the UK HMRC (the supervisor for MSBs) for ‘significant breaches’ of AML legislation. There are no rights of appeal. The offences occurred between July 2017… Read More

Jurisdictions with Strategic AML Deficiencies

When you are doing your Client Due Diligence on a new client/customer, did you ever wonder where you could obtain a list of sanctioned or high-risk territories/jurisdictions? Well, a reliable source is near at hand. The Financial Action Task Force (FATF) identifies jurisdictions with weak measures to combat money laundering and counter terrorist financing (AML/CFT)… Read More

Important Change to Audit Reports for 2020 Year Ends

Following our last two blogs on estimates and  going concern in recent weeks about the latest audit standards effective for 31 December 2020 audits, this week we look at the new style audit report. Changes to ISA 700 as a result of the Going Concern Standard As we pointed out last week ISA 570 triggers… Read More

Going Concern Changes for Auditors for 2020 Year Ends

Following our blog last week about the three new audit standards effective for 31 December 2020 audits, this week we look at the new going concern standard which triggers a new style audit report. Since this standard was revised in October 2019, there is a new added layer of complexity i.e. the uncertainty surrounding the… Read More

Three Changes to audit

Three Changes for Auditors Coming Real Soon

There are important changes to three audit standards affecting 31 December 2020 audits. One of the changes will result in a new template for company reports (more on this in coming weeks) and all three standards will trigger the need to change audit programmes in line with the new requirements. This week we will deal… Read More

Inventory Audit Testing in Covid Times

In recent weeks we have written about the issue of carrying out remote stocktakes as well as remote audits.  Last week we covered five key matters to consider when carrying out a remote stocktake. A quite common occurrence will arise where staff don’t feel comfortable attending an inventory audit, given the risk to their health.… Read More

Covid-19 and Remote Stocktakes – Five Things to Consider

When the Coronavirus (COVID-19) first broke in Ireland we wrote about the issue of carrying out remote stocktakes as part of remote audits. While it’s a possibility that the lockdown restrictions may be lifted in early December, there may still be some reluctance among audit personnel and among staff in client entities, meeting in person,… Read More

Planning for Remote Audits in Covid-19 Times

Come 31 December 2020, many external auditors will be planning for the audit busy season and the issue of remote stocktakes (more on this in a future blog) and carrying out remote audits. 31 December is the most common company year end in Ireland. Because the pandemic struck after 31 December 2019, the Coronavirus (Covid-19)… Read More

Engagement Letter Checklist

Our blog two weeks ago highlighted the main pieces of legislation that go into an audit letter of engagement, while last week we looked at the fundamentals of tax engagement letters. This week we show you a checklist that covers worthwhile clauses for all types of letters of engagement: Exclusion clause. Because tax services can… Read More