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The Practising Accountants’ Seminar

Course Summary

8 hours live

€ 250

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Course Details

8 hours Multiple

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Course Content

Session 1: Regulated Entities, Solicitors, Investment Intermediaries & Auctioneers

In this session we are going to look at the particular requirements of auditing and reporting on regulated entities.  Through our experience we have identified the key audit requirements and key areas of weakness when dealing with regulated entities, in this session we will cover:

  • PSRA reporting and key requirements
  • The Law Society Report and key requirements
  • Central Bank regulated entities and key reporting requirements

Regulated entities are of key focus in any monitoring visit and it is important that reporting requirements are met to ensure compliance.  It is important that firms have the competency to undertake work on regulated entities.

This session will help you in identifying the reporting requirements and the work needed to ensure you fulfil your duty to the relevant regulator.

Knowing the key areas of weakness and establishing the reporting requirements is of great benefit to all firms to ensure compliance matters are addressed.  This session will help you achieve that.

CPD Facilitators: Garret Wynne & Neil Doran – OmniPro

Session 2: Top File Review Errors

Both Garret and Neil are constantly reviewing audit files and Institute communications on a weekly basis identifying the key weaknesses on file reviews.  In this session they will share the insights of their experience and address common weaknesses in:

  • Financial statement presentation
  • Audit planning
  • Audit execution
  • Audit completion

This session will help attendees identify what areas are considered common problem areas and what areas reviewers deem important when reviewing audit files.  This will assist attendees when reviewing their own work to ensure they are hitting the critical areas on audit files.

When identifying the key weaknesses both Garret and Neil will also discuss the primary response to address the key weakness.  This knowledge has been gained from their experience of dealing with Institutes on a regular basis.

Knowing the areas of weakness focused on by reviewers will assist practices to improve their own file preparation.  This session will help improve the quality of audit files prepared by firms ensuring that key areas are addressed.

CPD Facilitators: Garret Wynne & Neil Doran – OmniPro

Session 3: Top Co-Sec Issues in Practice

This session will cover a lot of the company secretarial issues arising in 2018 and the queries that are coming across the desk.

Specific area’s covered include:

  • Annual returns – Electronic regime. A reminder on the new requirements and where practitioners are getting caught out;
  • B1B’s – How to correct an incorrect B1 filed with the CRO;
  • B1X – Defective financial Statements; – The process and items to be included in the notes and auditors report as applicable;
  • AGM’s & directors’ Meetings – A reminder on the timings and documentation requirements for the AGM and any directors’ meetings
  • Section 357 Guarantee; – The option to file the consolidated financial statements of the parent Company with the Subsidiary annual return as opposed to the subsidiary financial statements themselves – The rules the must be met in order to cover off this option. It includes precedents in relation to the wording to be filed with the CRO and the notes required in the consolidated financial statements
  • Bonus issues; – A review of when a bonus issue would usually be utilised for small/medium business and the company secretarial requirements to allow it.
  • Sub-division of shares; – A review of when a sub-division of shares would usually be utilised for small/medium business and the company secretarial requirements to allow it.
  • Companies (Statutory Audits) Act 2018 – A review of the main points to note from Company secretarial perspective – the new rules for audit requirements where a small company has a late annual return
  • A review of the age old question of how to loan money to another company not in a group where it is restricted under Section 239 CA 2014 as it is 10% or more the relevant net asset of the loaning company.
  • Group re-organisations – A review of the options to create a group including the creation of a golden share, carrying out a share for share arrangement or share for undertaking arrangement and the Company secretarial issues to be considered.
  • Redemption/buyback of shares – a high level review of the rule and when permitted and the resolutions etc. required to be passed.
  • Company Restoration – a review of how companies can be restored and the process that must be followed depending on how long ago the company has been dissolved
  • Update of Constitution – The implications of not updating the Constitution to Companies Act 2014.
  • S 343 District Court Application to extend filing deadline – A review of the process

CPD Facilitator: John Murphy – OmniPro

Session 4: Anti-Money Laundering Update

There will be significant changes to the AML landscape in the next 12 months with the implementation of the 4th and possible 5th EU Directives. These changes will place increased onus on firms to fulfil their requirements from an AML perspective and creates additional reporting requirements in the share of the Beneficial Ownership Register.

  • AML The Past – Existing Legislation
  • Reporting AML under the GoAML System
  • AML The Present – The 4th EU Directive
  • Beneficial Ownership Register Requirements – SI 560 of 2016
  • AML The Future – The 5th EU Directive

Firms need to be aware of the pending legislative changes planned under the new 4th Directive and the impact on AML recording and reporting.

The session will cover the pending changes under the 4th Directive and identify what firms need to do to be compliant.

AML compliance is now of greater emphasis and focus in monitoring visits, being compliant is expected and knowing the changes will ensure that you remain compliant.

CPD Facilitators: Garret Wynne & Neil Doran – OmniPro

CPD Course Facilitators

John Murphy:  Head of Corporate Consultancy

As head of our Corporate Consultancy team, John relishes problem-solving to help accountants develop innovative client solutions and sharing technical knowledge on tax, financial reporting and auditing.

A Chartered Tax Adviser, he advises clients in practice on a range of issues from income tax, tax planning, restructuring and exit planning to Revenue audits.  In addition, he provides support on financial reporting, auditing and company law; conducts company valuations and advises on pre-sale restructuring.

John also plays a key role as a researcher and subject-matter expert in developing OmniPro information products such as the and As a speaker at OmniPro CPD events, he brings these industry-leading insights to accountants participating in our training programmes.

A Chartered Accountant and Qualified Financial Adviser, John has over a decade’s Big 4 experience with EY and PwC, providing tax and audit services for a portfolio of clients, ranging in scale from SMEs to multinationals.

Garret Wynne: Head of Practice Support

Heading our Practice Support team, Garret’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and deal with disciplinary issues.

A former quality reviewer with Chartered Accountants Ireland, he has worked with all institutes, including CAI, ACCA, CPA, IIPA, ICAS and ICAEW, and solely as an external quality assurance reviewer for an accounting institute under contract with OmniPro.

In his wider role as leader of our Practice Support team, Garret provides technical support to OmniPro clients; contributes to our online information products and toolkits and is a regular speaker at OmniPro live and online CPD events.

While working in practice, Garret roles included Audit Director with FGS/Moore Stephens Caplin Meehan (now part of Grant Thornton) and Audit Manager with PwC, where he worked with a range of clients from small owner-managed businesses through to the subsidiaries of listed entities.

Neill Doran: Practice Support

The newest member of Omnipro’s Practice Support team, Neil brings on board 12 years of accountancy experience, including IFRS and FRS 100-102 financial reporting for small subsidiaries and charities right through to large listed entities in Ireland and the UK.  He is currently analysing the new auditing standards requirements for OmniPro’s online information products, CPD events and the creation of our micro-entity audit work programme for ARC – the Accountant’s Resource Centre.

Prior to joining OmniPro, Neill worked in financial control and financial reporting at Bank of Ireland (BoI) headquarters, was assistant manager for financial reporting with BNY Mellon and an assistant audit manager with PwC, Dublin.

His industry experience with BoI includes large group consolidations and financial reporting in the UK; transitioning over 90 subsidiaries from Irish and UK GAAP to FRS101; implementing the Companies Act 2014 across the subsidiaries of the BOI Group; and the liquidation, restructuring and dissolution of several companies.