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.