Category Archives: Blog

Irish Red Cross criticised by auditors

In a recently issued audit report, the Irish Red Cross were criticised by their auditors over several matters including:   how the charity manages restricted funds; how over €120,000 was deducted from four humanitarian appeal funds, as an administration charge without proper back-up to justify this; not all travel and subsistence claims were backed up… Read More

Professional body AML Supervisors under fire

As we wrote in a recent blog on the topic of AML supervision, the report by OPBAS – the Office for Professional Body Anti-Money Laundering Supervision slates the accountancy and legal professions for lax regulation of their sectors. Although this is a UK regulator , its views are influential with regulators elsewhere. For accountants there… Read More

GDPR: One Year On

The GDPR is in place one year on 25 May 2019. How up to date are you on the application of the new data protection rules? Try this quick question. Is ‘storing data’ included in the definition of the term ‘processing’ as far as the GDPR is concerned?  True or False? To find out the… Read More

Common Errors in FRS 102 Accounting

Revaluation gains on tangible fixed assets go through the Profit & Loss Account. True or False? The answer is ‘False’. To find out where revaluation gains on tangible fixed assets are presented, see our webinar called ‘Common Errors in FRS 102 Accounting’ where you may download the slides and support materials, all for just €45.… Read More

Avoiding Negligence Claims

It doesn’t matter what is stated on your fee invoices. It’s more important what is in your working papers and correspondence files. True or False? The answer is ‘False’. The best advice is to make sure your fee notes match the scope of the engagement as embellishment could result in fraud risks. To find out… Read More

Audit Update

Tax advocacy is now banned for all audit clients. True or False?  The answer is ‘False’. To hear why this is false and find out what exactly are the rules surrounding an auditor helping an audit client argue a case with the Revenue Commissioners, go see our online webinar entitled Audit Update where you may… Read More

Audit of Insurance Brokers

The Statutory Duty Confirmation, prepared by the auditor, must be filed with the Central Bank within two months of the intermediary’s financial year end.   True or False? Well the answer is ‘False’. The audit of insurance brokers is a quite onerous assignment as such entities are treated as ‘large’ companies, no matter what their actual… Read More

Accounting for Impairments

Impairment of inventories is dealt with differently from the impairment of other assets within the scope of FRS 102.27.  True or False? Well the answer is ‘True’. For more knowledge and further challenging quiz questions and go see our online webinar on Accounting for Impairments, and download the slides and support materials, all for just… Read More

Accounting for Deferred Tax

FRS 102.29 permits entities to discount the cash flow impact of deferred taxation as the liability to pay may not arise for many years into the future. True or False? Well the answer is ‘False’. The amortisation of deferred tax is not permitted under FRS 102 (‘an entity shall not discount current or deferred tax… Read More

Audit Exemption – The New Rules

Is the following statement True or False? The exemption thresholds for audit exemption changed with effect from 21 September 2018 when the Companies (Statutory Audits) Act, 2018 came into effect. In our webinar entitled ‘Audit Exemption – What are the New Rules?’, we cover the main changes brought about since the advent of the Companies… Read More