Compliance Awareness

IAS, IFRS, Irish and UK GAAP

Financial Compliance Awareness

Financial Audit Regulation

Benefits of meeting the highest levels of regulation guidelines

 International Accounting Standards (IAS): preparing financial statements conforming with company law;

 Assess both the design and operating effectiveness of selected internal controls related to significant accounts and relevant assertions, in the context of material misstatement risks;

 Understand the flow of transactions, including IT aspects, in sufficient detail to identify points at which a misstatement could arise;

 Evaluate company-level (entity-level) controls, which correspond to the components of the Irish and UK GAAP framework;

 Perform a fraud risk assessment;

 Evaluate controls designed to prevent or detect fraud, including management override of controls;

 Evaluate controls over the period-end financial reporting process;

 Scale the assessment based on the size and complexity of the company;

 Rely on management’s work based on factors such as competency, objectivity, and risk;

 Conclude on the adequacy of internal control over financial reporting.

I have worked in companies and met the levels required to the standard of Sarbanes Oxley and the standard of Volkswagen A-Rated.

H&S, EPA, WRC, HSA, Revenue

Other Compliance Awareness

Some elements of compliance:

 Work Relations Committee (WRC): is all documentation in place? (I.e. new employee given contract, employee handbook, relevant training, document hours of work, shift patterns agreed, breaks monitored and tracked?)

 Environmental Protection Agency (EPA): to ensure chemicals are labelled, stored correctly, correct training required is adhered to

 Health & Safety Authority (HSA) – Health & Safety (H&S) training, documentation, signage, maintenance contracts.

 Revenue – Tax compliance, Value Added Tax (VAT) returns, Employee documentation for income tax, Corporation tax, deadlines;

Compliance matters as it prevents lawsuits, fines, penalties and unnecessary stress and expense.