Category Archives: Blog

Do your clients use Reverse Factoring?

Some lessons for us all from the Carillion collapse. A very useful publication was issued recently by the little known Financial Reporting Council Lab called ‘Disclosures on the Sources and Uses of Cash’. Tucked away in the appendix of the publication is a very interesting explanation of reverse factoring. This financing method had a role… Read More


Big questions about Going Concern

The UK audit regulator has revealed that among the key reasons for launching an investigation into the collapse of Thomas Cook were ‘issues around going concern and goodwill impairment.’ As if on cue, the Irish audit regulator IAASA, has just issued (October 2019) a revision to the audit standard on Going Concern, called ISA 570.… Read More


The future of audit

In a rare speech, Sir Donald Brydon, chair of the Future of Audit in the UK, told a packed conference room that he is a little troubled at the current mood that ‘reaches for a shotgun aimed at auditors every time there is a corporate problem’.  Speaking at the first ICAEW Audit & Assurance Faculty… Read More


Ethical matters: Change is coming to auditing standards in Ireland

In July, the Financial Reporting Council (FRC) in London issued a consultation on proposed changes to the UK’s Ethical and Auditing Standards. It closed on September 27, 2019. The consultation is expected to introduce revisions that will see tougher regulations on audit independence and the provision of non-audit services. Any changes that are approved will… Read More


Reporting money laundering offences

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 requires firms to report suspicious transactions based on the premise that a person ‘knows, suspects or has reasonable grounds to suspect, based on information obtained in the course of carrying on business as designated person’ that another person is involved in money laundering… Read More


Record keeping and the RBO

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 updates the 2010 legislation that was already in place. Among other things it is essential to arrange staff training with all members of your team to ensure they are up to date with the latest changes. It is also vital to have an… Read More


Important obligations under money laundering rules

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 places some important obligations on accountants to carry out AML procedures, among them the following: The obligation to identify and take risk-based and adequate measures to verify, where applicable, the Directors and beneficial owners of client entities; The application of the Client Due… Read More


When Not to Report Money Laundering

Certain circumstances can arise from time to time when an accountant (as well as certain other designated persons) is allowed to rely on the privilege reporting exemption contained in Section 46 of the Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018. The effect of this exemption, when properly applied, is that no… Read More


The latest AML legislation

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 requires, among other things that: Each firm to appoint a person responsible for reporting to the authorities, known in the legislation as, the ‘designated person’ or otherwise better known as the ‘Money Laundering Reporting Officer’ (MLRO), a term not mentioned in the law;… Read More


Changes in AML legislation.

Some significant changes made in late 2018 to Irish AML legislation may have gone unnoticed. They need urgent attention as each designated entity is required, under Section 30A, to prepare a Business Risk Assessment. More on this in a subsequent blog. The main changes introduced by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment)… Read More