Ethical issues facing auditors – part 2/3

The Ethical Standard for Auditors, issued by the Irish Auditing & Accounting Supervisory Authority set out the basic principles that must be applied when carrying out an audit.

All audit firms must comply with this standard. The standard also addresses certain circumstances where an auditor may be faced with an issue that challenges their ability to act independently. Where possible, the standard seeks to advise audit firms on circumstances that are prohibited and also circumstances that are only allowed after adequate safeguards have been put in place.

Contingent Fees – Audit and non-audit services

Contingent fees are fees which are dependent on a certain outcome (ie. based on a % of turnover or profit).

If an audit firm were to undertake Read more

Posted on October 28, 2017 by Michael O'Halloran

Ethical issues facing auditors – part 1/3

The Ethical Standard for Auditors, issued by the Irish Auditing & Accounting Supervisory Authority set out the basic principles that must be applied when carrying out an audit.

All audit firms must comply with this standard. The standard also addresses certain circumstances where an auditor may be faced with an issue that challenges their ability to act independently. Where possible, the standard seeks to advise audit firms on circumstances that are prohibited and also circumstances that are only allowed after adequate safeguards have been put in place.

Loan staff assignments

Occasionally, an audit firm may provide Read more

Posted on October 26, 2017 by Michael O'Halloran

The Impact On UK Financial Statements Of New Legislation On Medium Sized Companies And Group Accounts

With effect on financial statements commencing the 1st January 2016 onwards, statutory instrument 2015/980 is changing the format of UK accounts. Let’s look at the main changes for medium companies and group accounts:

The new size limits for medium companies are as follows:

  • Turnover less than £36m
  • Gross balance sheet total less than £18m
  • Less than 250 employees

Changes for medium sized companies:

  1. Disclosures with regard to subsidiaries and other significant investments are expanded to include the address of the registered office of all such entities, whether inside or outside the UK.
  2. The maximum useful life of goodwill and intangible assets is set at ten years.

The new size limits for groups requirement consolidation are as follows:

  • Turnover less than £43.1m
  • Gross balance sheet total less than £21.6m
  • Less than 250 employees

Order of the notes

The 2015 Regulations bring in requirements about the order notes must be presented in the accounts. Notes must now be presented in the corresponding order of presentation in the profit and loss accounts and balance sheet.

What questions do you have?

We are happy to help. Please post your comment below or call Nigel Mayberry, Director of Audit Services at Cooney Carey, on 01 677 9000.

To keep in touch, connect with our friendly team on LinkedIn.

If this article helped you, please share it with other leaders.

Posted on July 3, 2017 by Cooney Carey

Newer Posts →

← Older Posts