Course Overview

 

Session 1: Current Auditing Issues & Audit Reports

The Covid pandemic fundamentally changed our world over the past few months and its impact has been far reaching. Auditing, the role of the auditor and how we do our work has been impacted. This session will cover the main issues affecting auditors and their companies as encountered by the OmniPro Practice Support team in the last 12 months.

During this session we will cover:

  • ISA 560 – Subsequent Events & ISA 570 – Going Concern – Issues over gathering enough evidence & documentation of conclusions;
  • Covid-19 – 8 months on – Audit of Covid-19 matters
    •  impairment of assets
    • stock-takes
    • Covid-19 disclosures;
  • Independence matters
    • understanding the issues
    • documenting the issues
    • applying appropriate safeguards – Long association / fees / Non-audit services
  • Practical Opinion Building with an emphasis on Covid-19and a review of recent real life audit opinions.

Session Facilitators: Des O’Neill, Colm Owens, Mike O’Halloran – OmniPro


Session 2: Charity Reporting and Auditing in a Covid World

With the continued media attention and public interest, the audit of charities, continue to be a hot topic for auditors. Audits of charities can present significant challenges for auditors and this webinar will focus on the high risk areas and common problem areas encountered by auditors and reporting accountants.

This online CPD course will also review the requirements of FRS 102 with regard to specific Financial Reporting Issues for Charity. This session will cover the following topics:

  • Charities audit / audit exempt requirements
  • The Charity regulator & Government Agency Requirements
  • Common issues arising on CRA inspections
  • The Code of Governance and reporting requirements in 2021
  • Application of SORP
  • Audit Execution
  • Internal Controls and Procedures
  • Completeness of Income
  • Verification of Expenses
  • Determining restricted funds versus unrestricted funds
  • Audit Risks – Specific Considerations for Charities

Session Facilitators: Des O’Neill, Colm Owens, Mike O’Halloran – OmniPro


Session 3: Anti-Money Laundering for 2021

This session will focus on a review of the impact of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2018, incorporating:

  • The benefits of appointing an MLRO
  • The importance of the Business Risk Assessment to be completed annually by all firms
  • The components of good Customer Due Diligence
  • Politically exposed persons and enhanced procedures
  • Internal and external reporting requirements
  • The concept of privilege reporting exemptions
  • Update on topical issues such as COVID-19 and AML directives to be implemented
  • Expected legislative changes from the 5th directive

Session Facilitators: Des O’Neill, Mike O’Halloran – OmniPro


Session 4: Property Management Company Update

This session will give an overview of the key requirements of the MUD Act 2011 and its application to Property Management Companies, the impact on the auditor, and the role of the accountant where the company claims audit exemption

  • MUD Act 2011 Requirements
  • Company Law Issues for Property Management Companies
  • Auditing Property Management Companies
  • Financial Statement Issues for Property Management Companies
  • Audit Exemption for Property Management Companies

Session Facilitators: Des O’Neill, Mike O’Halloran – OmniPro


 

CDP Course Facilitators:

Des O’Neill – Creator and Chief Delivery Officer at ProfitPro

Having spent a number of years in practice, Des O’Neill co-founded OmniPro to develop tools, techniques, products and services, empowering accountants to achieve their best. Over 15 years, he has grown the company to a multi-million-euro turnover business and established OmniPro as Ireland’s largest independent provider of CPD for accountants.

Des speaks regularly, at national and international fora, on practice development, auditing, accounting, company law and regulation. He is passionate about bringing innovation to the profession and empowering accountants to achieve what they want in their careers and practice.

With ProfitPro, Des has developed a proven practice management blueprint, enabling principals and partners to build less stressful, more profitable, and more rewarding businesses. The ProfitPro approach is based on the philosophy of creating a business that aligns with your business and life goals want rather than letting the demands of your practice dictate these for you.


Mike O’Halloran: Practice Support Executive, OmniPro

Mike, a member of our Practice Support team, is a qualified Chartered Accountant and Chartered Tax Advisor. He is responsible for carrying out hot file reviews, cold file reviews, annual compliance reviews, in-house training & supporting firms on a day to day basis.

Formerly a quality reviewer with Chartered Accountants Ireland, this role saw him visiting firms of various sizes across Ireland conducting audit, non-audit and anti-money laundering visits. Prior to this he spent 12 years working in small and medium sized practices. In these roles, Mike has gained a comprehensive knowledge of the profession and has worked with a broad range of clients across many industries.


Colm Owens: Practice Support Executive, OmniPro

As a members of our Practice Support team, Colm’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and assist with post-monitoring visits follow-ups.

Colm brings a unique insight into the whole area of monitoring and compliance having spent the last 6 years as a quality reviewer with Chartered Accountants Ireland.  In that role he has visited firms of differing sizes all over the country which has given him an insight into how firms operate, the challenges facing firms and how firms are responding to current issues facing them and the profession.  He has gained up-to-date knowledge of audit, accounting, money laundering and regulatory compliance issues relevant to the profession and knowledge of current audit methodologies.

Prior to his time with Chartered Accountants Ireland, Colm’s roles included Audit Manager with Anne Brady McQuillans and Brophy Gillespie, both in Dublin, where he worked with a range of clients from small owner-managed businesses through to larger audit clients.