Proper Books of Account

The requirement that a company keep proper books of account is contained in section 282 of the Companies Act 2014. 

Section 282 provides that every company shall cause to be kept adequate accounting records, whether in the form of documents or otherwise that –

  • correctly record and explain the transactions of the company,
  • enable, at any time, the assets, liabilities, financial position and profit and loss of the company to be determined with reasonable accuracy,
  • enable the directors to ensure that any financial statements of the company required to be prepared under section 290 or 293, and any directors report required to be prepared under section 325, comply with the requirements of the Companies Act, and where applicable, Article 4 of the IAS Regulation: and
  • enable those financial statements of the company so prepared to be audited.

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    Posted on November 15, 2017 by Paul Leonard

    Forensic Techniques To Detecting Procurement Fraud

    The starting point for such an investigation is gathering all the payments to suppliers preferably over a number of years.  We then sort this information to enable us to review trends in the payment history.  Once this data is gathered, sorted and reviewed we carry out the following procedures.

    1. Background checks on the suppliers

    • Internet presence – is their website professionally designed and does it advertise the goods and services that were supplied
    • Is the supplier reputable and who are the suppliers’ other clients
    • Is the supplier company a long-standing registered company or recently incorporated
    • Who are the Directors/shareholders of the supplier and is there any links to key staff in the business we are examining
    • What is the address used by the supplier and carry out checks on the address for multiple users

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      Posted on November 14, 2017 by Paul Leonard

      Ethical issues facing auditors – part 3/3

      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.

      Non-Audit Services

      Regularly firms will provide additional services to an audit client (referred to as non-audit services). This can create a number of threats to an auditors independence (self-review, self interest, management, advocacy, familiarity and intimidation threats)

      Before the firm accepts to provide a non-audit service to the client, the engagement partner should:

      • identify and assess the significance of any related threats to the integrity or objectivity of the firm and covered persons, including whether independence would be compromised
      • identify and assess the effectiveness of the available safeguards to eliminate the threats or reduce them to a level where independence would not be compromised
      • consider whether it is probable that an objective, reasonable and informed third party, having regard to the threats and safeguards, would conclude that that the proposed non-audit / additional service would not impair integrity or objectivity and compromise the independence of the firm or covered persons.

      If the auditor determines that Read more

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        Posted on November 7, 2017 by Michael O'Halloran

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