The Irish Accounting & Tax Summit 2022 – Technical Stream

The Irish Accounting & Tax Summit 2022 – Technical Stream

Session 1: Strike Offs and Company Restorations: A Review of the Processes for 2022 – Sinead Gortland – OmniPro

Session 2: Professional Indemnity – What is Happening with Professional Indemnity Insurance – Martin Adams – Arachas

Session 3: Accountants / Auditors Reporting Requirements – Lindsay Webber & Elaine Jackson – OmniPro

Session 4: AML – Compliance, Procedures and Inspections – Elaine Jackson, Lindsay Webber – OmniPro

Session 5: Solicitors Accounts Regulations – Colm Owens & Lindsay Webber – OmniPro

Session 6: KnowledgeHUB – Top Technical Issues 2022 – Lindsay Webber & Naomi Butler – OmniPro

Session 7: Employment Law Post Pandemic – Key Considerations – Barry Crushell – Crushell & Co

Session 8: Financial Reporting Issues in 2022 – Lindsay Webber & Claire Thomson – OmniPro

Session 1: Strike Offs and Company Restorations: A Review of the Processes for 2022 – Sinead Gortland – OmniPro

With large numbers of Involuntary strike offs inevitable for 2022, in this session Sinead Gortland will cover the following topics;

• Review of Involuntary Strike Offs and what to do if a company finds itself in that position
• What is needed to Voluntarily Strike Off a Company?
• The restoration process for;
o Administrative Restorations
o High Court Restorations
Tips to get a company organised ahead of high court application process

Session 2: Professional Indemnity – What is Happening with Professional Indemnity Insurance – Martin Adams – Arachas

The professional indemnity market worldwide is going through a correction process as the premiums have been too low compared with the losses experienced against Professional Indemnity Insurance Policies , adding to this there has been a reduction in the capacity of insurers writing professional indemnity insurance with some insurers exiting the sector altogether.

In this session Martin Adams will cover the following topics,

• Professional Indemnity – How are premiums calculated
• Why is Professional Indemnity Insurance increasing?
• Some useful tips on risk management for accountants
• How to deal with Professional Indemnity claims
• Other areas of risk for accountants

It is important for all accountants that they are aware of the current situation so they can plan and prepare for the renewal and also some risk management tips to provide protection for the firm.

Session 3: Accountants / Auditors Reporting Requirements – Lindsay Webber & Elaine Jackson – OmniPro

This session covered the reporting requirements encountered by accountants across various audit & audit exempt assignments.

Depending on the nature of assignments entered into by accountants and findings identified during the course of their work, accountants can be subject to external reporting requirements with various regulatory bodies. This session will seek to address the key areas and issues encountered by accountants in making such reports.

In this session Lindsay Webber and Elaine Jackson covered the following topics;

• Reporting to the ODCE
• AML reporting for accountants
• General and other reporting requirements
• Sample case study

Session 4: AML – Compliance, Procedures and Inspections – Elaine Jackson, Lindsay Webber – OmniPro

AML remains a difficult compliance matter across accounting practices and is made all the more difficult with increased legislative requirements along with enhanced scrutiny during practice monitoring reviews.

In this session Elaine Jackson and Lindsay Webber focused on the key matters to ensure your firm remains compliant in 2022 and the following topics;

• AML legislative updates in 2022
• AML Red Flag indicators
• A practical guide for MLROs on how to remain compliant
• Completion of a firm wide risk assessment
• An overview of the monitoring approach & key weaknesses encountered on monitoring

Session 5: Solicitors Accounts Regulations – Colm Owens & Lindsay Webber – OmniPro

With continued media attention on solicitors when things go wrong, the role of the Reporting Accountant continues to come under scrutiny from both the Law Society and the various Accountancy Bodies.

With that backdrop the purpose of this session is to deal with the provisions of the solicitors accounts regulations focussing particularly on the role of the reporting accountants, to give an insight into the types of issues that the Law Society investigating accountants encounter and identify risk factors when reporting on solicitors accounts.

In this session Colm Owens and Lindsay Webber covered the following,
• The main elements of the Solicitors Accounts Regulations;
• The roles of the Reporting Accountant;
• The Law Society’s role;
• What the Reporting Accountant is required to do; and
• The key problem and risk areas.

Session 6: KnowledgeHUB – Top Technical Issues 2022 – Lindsay Webber & Naomi Butler – OmniPro

Members of our OmniPro technical team reviewed the top ten queries that KnowledgeHUB receives relating to financial reporting, taxation, and company law. This will be a practical session with real-life examples and application.

Session 7: Employment Law Post Pandemic – Key Considerations – Barry Crushell – Crushell & Co

In this session Barry Crushell addressed the most pertinent issues surrounding the move from office to blended or remote working as a consequence of the covid 19 pandemic

This session covers the following topics;

• Remote working
• Regulatory requirements
• Employer Liability
• Data Protection

Session 8: Financial Reporting Issues in 2022 – Lindsay Webber & Claire Thomson – OmniPro

The current economic environment continues to present accountants with many challenges. This session focuses on some of the top financial reporting issues for the next 12 months, including examples of some of the recent queries our technical team have received.

In this session Lindsay Webber and Claire Thomson covered the following topics

• Significant judgements and estimates
• Accounting for changes in accounting policies and changes in accounting estimates
• Lease financing – hire purchase, PCP and other leases
• Intercompany and directors’ loans
• Common errors in 2021