Category Archives: Blog

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


Challenges for Auditors During the Pandemic – Part 1

The Coronavirus (COVID-19) has caused auditors to develop new techniques in carrying out their audit work, mainly involving greater use of technology. In this, the first blog of our three-part series, we will look at some recent audit monitoring inspection reports that have highlighted the most common problem areas for auditors. Stock Attendance (ISA 501)… Read More


Common Issues Arising on AML Monitoring Visits

The various professional bodies are ramping up their anti-money laundering (AML) inspection regime, as there is more and more pressure coming at EU level, on professional bodies, to improve the consistency of the inspection system. The main issues that are arising for Irish firms on recent AML inspections are: Lack of written procedures which evidence… Read More


ODCE Annual Report 2020

The Office of the Director of Corporate Enforcement (ODCE) recently published their Annual Report for 2020. The section on the reporting by auditors of indictable offences, makes interesting reading, especially the fact that the greatest increase in reports for any category, has been to do with the falsification of books or documents. This particular category… Read More


In excess of 100 companies registered at Dublin family home

A recent article by the Independent revealed that a Rathfarnham family home address had been used in the registration of over 100 companies. See the full article here. The article reports that two tenants resident at the address, had use the owner’s address without his knowledge.  This highlights a major weakness in the CRO’s procedures… Read More