In Practice
New CPA Bye Laws – What do the changes mean?
By Michelle Kane - OmniPro
Jun 8, 2010 - 2:22:17 PM

Certainly the new version of the CPA Bye Laws has several changes and new additions which are worthy of a mention and which will substantially affect members who are in practice and practising firms with immediate effect.  OmniPro has prepared a guidance document which outlines the changes in detail, however listed below are the more significant of the changes and additions to give you a flavour of the overall document.

To Download the full Guidance Document click here.

To view the Guidance Document online click here.

To view specific sections of the document follow the links below.

• Introduction of new General Client Money Regulations
  
  Appropriate bank accounts, administration systems, written agreements, retention of information, receipts and reconciliations … 
  
  Click here to read more
  
  
• A revamp for the Disciplinary Bye Law
  which includes the widening of the scope for potential disciplinary process against members …
  
  Click here to read more
  
  
• Additional powers for the Secretary of the Institute
  Powers to extend time requirements, instruct conciliation, mediation and close cases …
  
  Click here to read more
  
  
• Widening the scope of the Investigation Committee
  Giving the Investigation Committee new and additional powers such emergency suspensions, summoning of members, review visits and more…
  
  Tenfold increase in Fines, and the potential for unlimited costs.
  
  Click here to read more
  
  
• Additional powers given to the Disciplinary Committee and Tribunals
  New powers to impose suspensions before cases are heard, and require members and firms to take specific courses of action …
  
  Click here to read more
  
• Additional access for Oversight Bodies
  
  IAASA has ability to look at any documentation it believes relevant
  …
  Click here to read more
  
  
• Quality Assurance Process
  
  Extended to non audit firms,
  Failure to co-operate with QA process will potentially result in disciplinary process …
  
  Click here to read more
  
  
• CPE becomes a regulated area
  
  Three new committees to ensure compliance,
  Fines and costs to be levied for failure to achieve requirements,
  Ability to refer members for disciplinary process …
  
  Click here to read more
  
  
• Regulatory Committee loses powers
  
  To impose conditions and restrictions;
  To suspend or withdraw and
  Regulatory failures become potential disciplinary events …
  
  Click here to read more

Should you have any queries on the above or any other matters please contact us on 01 4110000, info@omnipro.ie or through www.omnipro.ie.

Michelle Kane - OmniPro