Never Ending Change and Learning for Accountants
Two years ago, we saw the introduction of Companies Act 2014. This piece of legislation represented a total overhaul of Irish company law, replacing all of the previously existing legislation. Next up came the transition to FRS 102, which was total transformation of the financial reporting regime. This year, in June 2017, we had changes to CA 2014 in the form of the Companies Accounting Act 2017. This legislative change has created more change to the financial reporting framework in the form of a Small Entity reporting regime under S.1A FRS 102 and Micro Entities applying FRS 105.
Now for the first time in the history of the state, we have new Irish International Standards on Auditing. The new auditing standards are effective for all periods ending on or after 30 June, 2017.
Things are Complicated
All of these changes have been hampered by our Irishness. The Companies (Accounting) Act 2017 was two years late, based on the EU enactment deadline. Logically, this piece of legislation should have been introduced at the same time as the Companies Act 2014. Some of the flaws and mistakes in Companies Act 2014 are only being ironed out and corrected in Companies (Accounting) Act 2017. These delays resulted in Irish accountants being forced to adopt the September 2014 version of FRS 102 rather than being able to adopt the easier S.1A FRS 102 and FRS 105 from the off. In some cases, Irish accountants were forced to migrate to a large entity financial reporting regime rather than being able to take on a size appropriate regime for SME businesses.
Now we have new IAASA Auditing Standards, but we do not have acconpanying guidance similar to what we used to have from the FRC. We have been operating without up to date guidance in relation to opinion forming since Companies Act 2014 was enacted, and it doesn’t look like IAASA or CCABI are going to remedy the issue with the advent of the new standards.
Ways to Solve the Problems
Accountants have had so much thrown at them over the last two years. How do you keep up, and more importantly, how do you stay ahead? Keeping up is not enough.
The Accountants Resource Centre is the ultimate toolkit for Irish auditors and accountants, helping them ensure they produce and maintain compliant files.
The Accountants Resource Centre started life as a couple of templates back in 2004. Over the last 13 years, we have developed it into the most comprehensive resource available to Irish accountants.
We have hundreds of members accessing the site every day, downloading checklists, templates, programmes, tools and resources to use in their practice
Every time there is an update or a change, we update the resource centre to keep you on track. We are continually adding new documents and new resources.
We have invested over 8,000 hours developing this site and now have a dedicated development team to continue creating tools that will help accountants every day.
Our material will save you and your practice 100s of hours research, trial and error. More importantly, you will have peace of mind that the decisions you make are done with the back up of the most comprehensive auditing and accounting resource available.
Free from the burden of researching and developing your suite of internal documentation to implement your firm’s quality control system, you will be released to spend time doing what you are best positioned to do – advising your clients on how to grow and develop their businesses. This is where you can add the most value and generate the most significant results.
And even more importantly than adding value for your clients, the Accountants Resource Centre can help you free up time to focus on your business and your bottom line.
What is in the Accountants Resource Centre?
The Accountants Resource Centre gives you everything you need to run a compliant accountancy practice, producing technically compliant files within your firm's quality control procedures in accordance with ISQC1.
At the heart of the Accountants Resource Centre are Audit Programmes:-
- Large Companies
- Small Companies
- Micro Companies
- S.1A Companies
- Dormant Companies
The one key difference between our programmes and others in the marketplace is that we not only provide you with the programmes but we also provide you with pre-populated template working papers to make your files compliant.
Then there are programmes, templates and checklists for:-
- Small audit exempt companies
- Micro audit exempt companies
- Sole traders
- Disclosure checklists for all types of statutory financial statements and abridged accounts
- Sample financial statements and abridged financial statements
Documentation and Correspondence:-
- Audit planning memo templates
- Audit conclusion memo templates
- Engagement letter templates
- Audit planning letter templates
- Letter of representation templates
- Management weakness letter templates
- Audit finding letter templates
In our Other Resources Section, you will get things like:-
- Programmes for reporting to the Property Services Regulatory Authority
- Terms of business to support your letters of engagement
- Templates for auditor resignation and removal
- Client work programmes
- Expanded bank of working papers
- Agreed-upon-procedures letters of engagement and reports
Brand New to the Accountants Resource Centre – The Audit Hub
- Quick guides for every auditing standard, setting out a synopsis of what auditors need to know and apply in relation to the new IAASA International Standards on Auditing
- Detailed guides for every standard, with commentary and guidance in relation to the objectives, requirements and documentation of the new auditing standards
- Extensive opinion-forming guidance document, with over 40 sample audit opinions for the many possible entity types including unincorporated entities
- Audit Opinion Building Flowchart to help you navigate through the opinion forming process
As part of our Premium Plus membership, you will get all of the above and:-
- FRS 102
- S.1A FRS 102
- SORP FRS 102
- FRS 102
- Property Management Companies
- S.1A FRS 102
- FRS 105
- Property management companies subject to audit
- Audit exempt property management companies
There are other programmes in the marketplace but none of them ask you the questions and give you the templates pre-populated with your answers.
What’s the Cost and How Does it Work?
As a member of the Accountants Resource Centre, you will get online access to material that you can download to your network and apply for your clients. Your annual membership entitles you to access the resources throughout the period of your membership, and, as we update material and add new resources, you will get them too through the members portal.
The value contained in the Annual Premium Membership to ARC is far in excess of €1,000, and, even at that price, there would be a significant return on investment for you and your practice
But here is the thing, for one to four partner firms, your annual membership subscription to the Accountants Resource Centre is priced at just €497 + vat or €45 per month.
The Accountants Resource Centre
Everything you need to run your practice's ISQC1 procedures manual, Anti-Money Laundering Procedures Manual, 10 different types of audit programmes and all the templates to go with them, along with a huge bank of other resources.
As a one to four partner firm, with your annual subscription to the Premium Accountants Resource Centre of just €497 + VAT (or just €45 per month), you get everything in the Accountants Resource Centre (which is massively undervalued by any calculation!)
Your Membership Will Help Others
We are proud to be part of the B1G1 Business For Good Programme. Contribution is a core value that we treasure. We believe that business has the power and responsibility to make a difference in the world. Now, through B1G1, together we can work to create lasting change in the world.
For every member who signs up for the Accountants Resource Centre, we will fund a social entrepreneur and help to make a social change by offering financial support, which is inclusive of the start-up costs needed to set up a pilot initiative or business in India. Your contribution will go a long way in converting business ideas into working pilots, propelling these social entrepreneurs one step closer towards offering long-term solutions to social problems occurring on a daily basis in India.