PPSN numbers
Companies Registration Office (CRO) had previously announced a ‘short delay’ in the implementation of the requirement to include directors’ PPSNs (Personal Public Services Number) on certain CRO filings, which now applies from 11 June. If a director does not have a PPSN, they can use an existing RBO number or apply for a Verified Identity Number (VIN) via a declaration as to verification of identify.
PPSNs will be required to incorporate a company, make an annual return and for a notice of change of directors or secretaries. The PPSN, although included in the filing and visible to CRO staff, will not be visible on public searches of the Registers.
CRO will verify the name, date of birth and PPSN by comparing them with data held by the Department of Social Protection (DSP). CRO has said that the details must exactly match.
Filing agents will need to allow additional time to file where there is any doubt as to some of the exact personal details maintained by the DSP. DSP data frequently is not correct due to the use of maiden names, nicknames and incorrect addresses.
The Companies Act consultation proposals include changes to the late filing regime
IAASA findings
The Irish Auditing & Accounting Supervisory Authority (IAASA) has issued several sanctions and fines against auditors in the last few months. The latest finding was against two mid-tier audit partners where they were named and fined €10,500 each for the failure of the audit of a reinsurance company.
The main issues identified were non-compliance with the requirements of ISA 600: Special considerations – Audits of group financial statements (Including the work of component auditors).
The IAASA also recently found against the auditor of Wirecard UK and Ireland, a payments processing company, where the fine was €19,500 and €10,500 for the two partners involved.
Audit exemption
Dara Calleary, minister of state for trade promotion, digital and company regulation, has announced a public consultation on proposals to enhance the Companies Act 2014 designed to ‘ensure that our corporate and regulatory framework is flexible and responsive, and is fit for modern business operating in an increasingly digital and virtual environment’.
Some of the issues on which views are sought include:
- amending the audit exemption regime for small and micro companies, to remove automatic loss of audit exemption and put in place a two-step, graduated procedure to deal with late filing
- providing companies and industrial and provident societies with the option, in addition to the option to hold physical and hybrid meetings, to hold fully virtual AGMs and general meetings on a permanent basis
- delivering on programme for government commitment in relation to the regulation of receivers
- extending certain reporting obligations to examiners, interim examiners and process advisors
- certain enhanced powers for the Corporate Enforcement Authority, the Auditing and Accounting Supervisory Authority and the Companies Registration Office to strengthen the State’s capability to meet the challenges faced in investigating and prosecuting alleged breaches of company law
ACCA will be responding to the consultation, welcoming any reasonable change to the late filing penalty regime. The suggestion that would allow a company to be late one year in five and not lose audit exemption is something that most people would support.
Pay Transparency Directive
The European Parliament and the Council have reached agreement on the Directive on pay transparency measures. This introduces pay transparency for jobseekers; the right to information to compare your pay to others in the organisation; gender pay gap information; and a requirement to do a gender pay gap assessment where the gap exceeds 5%. There will be certain administrative matters such as compensation for gender inequality, an employer burden of proof, and a sanctions regime which includes fines.
