Charities
Last year the Charities Regulator published updated guidance on internal financial controls, providing details of practical checks and processes to help charities manage their finances and protect the funds entrusted to them. To make the guidance easier to use, a financial controls checklist template can now be downloaded. The checklist is in Word format, so charities can adapt it to suit their own needs.
Credit unions
In a speech at the annual conference of the Irish League of Credit Unions, Domhnall Cullinan of the Central Bank set out the areas that internal auditors of credit unions should be addressing. The overall theme was ‘vigilance and resilience’, emphasising the need to balance growth ambition with prudent standards. Areas discussed included the risk environment, sustainable growth, operational resilience and risk, and the Digital Operational Resilience Act.
AML fine
Swilly Mulroy has been fined €36,273 (after early settlement discount) by the Central Bank for breaches of the anti-money laundering (AML) regulations. The credit union was found to have been made aware of the breaches by both internal and external auditors but did not take steps to remedy the issue.
Scams
The Central Bank website has a summary of many of the scams being perpetrated in Ireland, how to identify them and how to protect against such activity. The list includes investment scams, loan (advance fee) scams, phishing, smishing and vishing scams, fake comparison websites, deepfake scams and fraudulent recovery scams.
Ireland’s economy
The government has published its Annual Progress Report 2026. Based on the assumption made at the time of its production that the war in the Middle East would be ‘a short and fairly contained conflict, with relatively limited lasting damage to energy infrastructure’, the report projects inflation at 3.3% this year, with modified domestic demand growth of around 2% and employment growth of 1.6%. However, using a ‘severe scenario’ assumption, annual inflation is projected to be 4.6% and could reach 6.5% by the end of the year.
Sustainability reporting
EFRAG, the body that drafted the EU’s European Sustainability Reporting Standards, has published a first sustainability report of its own, covering its environmental, social and governance performance in 2025. The report was prepared using the Voluntary Standard for SMEs (VSME) digital template and XBRL converter developed by EFRAG in 2025. In related news, a VSME report example for credit unions is now available from ACCA Ireland.
VAT
Revenue has commenced issuing letters through ROS to VAT-registered large corporates and their VAT agents, advising them of the criteria for inclusion in phase one of its VAT modernisation project. While all businesses are contacted individually, agents receive just one letter listing all of their clients that are affected. Questions regarding VAT modernisation should be emailed to VATmodernisation@revenue.ie.
Revenue has also issued updated guidance on the VAT treatment of guest and holiday accommodation. The guidance deals with the situation where a single charge is made for a package including accommodation and meals, where the charge must be apportioned for VAT purposes between the respective 13.5% and 9% rates.
Audit reports
The Irish Auditing and Accounting Supervisory Authority has published an updated Compendium of Illustrative Auditor’s Reports. It now includes audit report examples for equity-listed and debt-listed public interest entities, private companies and groups, micro companies, qualifying partnerships, friendly societies and industrial and provident societies, as well as examples of revised and abridged reports. All audit reports will need to be updated over the coming year, and the changes required are set out in the compendium’s examples.
UK ACSPs
Practitioners wishing to file annual returns or other returns with Companies House in the UK as an agent for their client must register as an authorised corporate service provider (ACSP). ACCA UK has issued guidance on the process, although at the time of writing no resolution has yet been found for applicants without a business address in the UK. ACCA continues to lobby for a change in the regulations to allow members resident in Ireland to register as ACSPs. In the meantime, the directors of a UK company can file their own returns, under the guidance of an accountant, without the use of an ACSP.
UK audit
The UK’s Financial Reporting Council has published updates to ISA (UK) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and ISA (UK) 570, Going Concern.
AML controls
The UK-based Financial Conduct Authority has published a multifirm review of processes and controls for standard, enhanced and ongoing due diligence. It includes examples of both good and poor AML practices.
FATF evaluations
The Financial Action Task Force (FATF) has just published its AML evaluations for Italy and Austria. FATF researches how money is laundered and terrorism funded, promotes global standards to mitigate the risks, and assesses whether countries are taking effective action. Ireland’s next evaluation is due in 2027.
More Russia sanctions
Further sanctions by the EU against the Russian energy sector have brought to 632 the number of vessels in Russia’s shadow fleet that are banned from port access and receiving services, while sales contracts for tankers must now contain a ‘no Russia’ clause. The banking ban has been extended to 20 more Russian banks, and there is a total sector ban on carrying out exchanges with any Russian crypto-asset service provider. In terms of general trade, there are new export bans on goods that incorporate technologies used in Russia’s military effort. The package also includes an ‘anti‑circumvention tool’ aimed at exporters in third countries that re-export sanctioned EU goods to Russia.
