Green transition support
As part of Ireland’s National Recovery and Resilience Plan, which is funded by the EU, the government has announced a new €55m ‘Green Transition’ fund to help businesses move away from fossil fuels and towards more sustainable, cheaper alternatives:
- The Climate Action Voucher provides €1,800 towards the cost of developing a plan.
- The Greenstart scheme will cover up to €5,000 for a consultant for a short-term sustainability assignment.
- GreenPlus provides up to 50% of eligible costs up to a maximum of €50,000 for large-scale decarbonisation plans.
- The Strategic Consultancy programme covers up to 50% of the eligible costs incurred in hiring a consultant, with a maximum grant of €35,000 for digital transformation. A shorter term version provides 80% of the eligible costs incurred in hiring a consultant, with a maximum grant of €7,200.
There are also capital grants available under the Enterprise Emissions Reduction Investment Fund to support decarbonising technologies, energy metering, and research, development and innovation.
In addition, the Strategic Banking Corporation of Ireland has launched its €150m Energy Efficiency Loan Scheme to help SMEs and farmers cut their energy bills and reduce their carbon emissions by investing in energy-saving measures, including solar panels, heat pumps and LED lighting.
The scheme will offer discounted term loans, asset finance and hire purchase, with SMEs and farmers offered rates as low as 4% and finance amounts ranging from €10,000 to €150,000 over terms of up to 10 years. The new scheme is available through Bank of Ireland immediately, with multiple other on-lenders due to follow in the coming weeks.
Visit ACCA’s sustainability hub and SMP toolkits for sustainability.
Professional judgement
The UK Financial Reporting Council has published guidance for auditors on exercising professional judgement, which includes a framework for and a series of illustrative examples. If applied widely, the guidance will, says the regulator, improve audit quality by enhancing the consistency and quality of auditors’ professional judgement.
Gender pay reporting
The Gender Pay Gap Information Act 2021 requires organisations to report on their hourly pay by gender, and comes into effect from 31 May 2022. Organisations with more than 250 employees are required to choose a ‘snapshot’ date in June and report within six months. Read the AB article for guidance on the steps to take.
The guidance will enhance the consistency and quality of auditors’ professional judgement
IAASA update
The Irish Auditing and Accounting Supervisory Authority (IAASA) has published the first video in a series designed to provide information on the Quality Management Standards for auditors. The guidance provides an overview of the standards and the relationship between ISQM 1, ISQM 2 and ISA 220.
The IAASA annual report for 2021 has been published, outlining audit quality inspections, reporting enforcement and the regulator’s engagement with the professional bodies.
The Institute of Certified Public Accountants in Ireland has been sanctioned by IAASA with a fine of €15,000 for not appropriately dealing with a complaint about a CPA member’s conduct.
IAASA has reported on how the recognised accountancy bodies, which approve and supervise statutory auditors and audit firms in Ireland, consider the good repute of these parties.
A suite of Standards for Investment Reporting (Ireland) (SIR (Ireland)) has been issued by IAASA. SIRs are relevant to public reporting engagements for accountants preparing investment circulars such as prospectuses and listing particulars. A video summarises the new standards.
Corporate Enforcement Authority
The Companies (Corporate Enforcement Authority) Act 2021 has now been commenced and the Office of the Director of Corporate Enforcement has become the Corporate Enforcement Authority.
Construction industry
The Regulation of Providers of Building Works and Miscellaneous Provisions Act 2022 aims to raise standards in the construction industry by creating a statutory register of builders to replace a voluntary one operated by the Construction Industry Federation since 2014.
All builders will need to register and be required to have insurance and comply with certain standards. There will be a new agency to receive complaints from the public on matters such as poor workmanship. Visit the Voluntary Construction Register for more details.
The act also dealt with some miscellaneous matters, including increasing the notice periods on termination of tenancies and changes to the regulations around reletting properties to existing tenants under certain circumstances.
