News 2021

From 22 December 2021 the Institute of Chartered Accountants of Scotland (‘ICAS’) is no longer a recognised accountancy body (RAB) in Ireland.  As notified to Institute members and firms in recent news items and in direct communication to audit compliance principals, the revocation of ICAS’s RAB status will have implications for Institute registered audit firms who include ICAS members amongst the firm’s responsible individuals (RIs) or amongst the qualified majority of owners and management board members of the audit firm.  Firms have been advised of the appropriate actions to take in this regard.  Such actions include relevant individuals applying for reciprocal membership of the Institute. The revocation of the recognition of ICAS as a RAB follows on the derecognition of the Institute of Chartered Accountants in England and Wales (‘ICAEW’) on 21 July 2021.  The issues arising for ICAEW members at Institute firms from that time are the same as those arising now for ICAS members. It has been necessary to amend the Institute’s Audit Regulations and Guidance (effective 1 January 2020) (‘the Audit Regulations – Ireland’) to reflect the fact that ICAEW and ICAS ceased to be RABs on 21 July 2021 and 22 December 2021 respectively.  This amendment has been made by way of an addendum to the Audit Regulations – Ireland (‘The December Addendum). The December Addendum includes amendment to the definitions of ‘Institute’, ‘appropriate qualification’, ‘audit affiliate’ and ‘practising certificate’ and clarifies a reference in guidance to the eligibility of reciprocal members for audit registration. The December Addendum is effective from 22 December 2021 and is to be read in conjunction with the Audit Regulations - Ireland. The December Addendum supersedes a similar addendum, now withdrawn, which was issued to reflect the derecognition of ICAEW as a RAB in July 2021. The Addendum and the Audit Regulations -Ireland, which are to be read together, are available on the Institute’s website. In addition, the Institute’s Public Practice Regulations have been amended with effect from 22 December 2021 to provide clarity in relation the requirements for practising certificates (‘PCs’) for reciprocal members who are also members of ICAEW or ICAS and hold a PC from ICAEW or ICAS respectively.  The change has been made at Regulation 5.2A of the Public Practice Regulations which are available to read on the Institute’s website.

Professional Standards has published its first Report on UK AML Supervision. This covers the period April 2020 – April 2021.

Our Individual Annual Return 2021 is currently available for completion online.  Please be reminded that this was due to be submitted by 29 October 2021. If you have yet to complete and submit your return, we would encourage you to do this at your earliest opportunity. Click here for your Individual Annual Return. We appreciate that this is a difficult period for members due to the Coronavirus and that members will be prioritising matters differently than they would in normal times. If unable to meet this timescale please contact Individual Annual Return.

The way you submit Suspicious Activity Reports (SARs) to the National Crime Agency (NCA) is changing. As part of the SARs online programme the NCA are replacing the current SAR online portal. Watch this short video for an online demo of how it will look, the reasons for the changes and how those changes can help improve financial crime intelligence. The changes aren’t due to go live until next year and Professional Standards will keep you informed of the progress.  Please see SAR Online demo - YouTube.

The updated CCAB Economic Crime Manifesto went live on 2 November 2021.

The UK Financial Intelligence Unit (UKFIU) is inviting all members of the regulated sector to respond to their short engagement survey, to help the UKFIU understand how well they are currently supporting reporters and the impact of changes being made. Your responses will be used to understand how the UKFIU can continue to improve they work with our sectors. Please complete the survey by clicking the following link: https://www.homeofficesurveys.homeoffice.gov.uk/s/UKFIU_Reporter_Engagement_Survey/.

Chartered Accountants Ireland (‘the Institute’) has, in accordance with its Bye-Laws and by under various statutes in Ireland and the UK, specific supervisory and regulatory obligations in respect of its membership. The Professional Standards Department of the Institute is responsible for the exercise of its regulatory functions through a regime that includes regulatory and disciplinary committees and bodies comprising accountants and non-accountants.  Due to a number of retirements, the Institute is seeking to recruit persons for appointment to the Conduct Committee, the Disciplinary and the Appeal Panel. At present, we are particularly interested in hearing from accountants who may be interested in such roles.  Further information about the Conduct Committee, the Disciplinary and the Appeal Panel as well as the appointment process can be found in the relevant sections of the information pack for applicants.  If you would like to request an application form please email committeerecruitment@charteredaccountants.ie