Applies to: Ireland (Republic of Ireland) - Charity accounts
Effective from: 1 June 2024
Professional Bodies: ICAI (Institute of Chartered Accountants Ireland) and CPA Ireland (Institute of Certified Public Accountants in Ireland)
Overview
BrightAccountsProduction now includes updated Accountant's Report wording that reflects the new International Standard on Related Services 4410 (Revised) - ISRS 4410. This update applies to Accountant's Reports issued on or after 1 June 2024 for Republic of Ireland entities.
This change replaces the previous Miscellaneous Technical Statement - M14 (Revised) with the new international standard, ensuring your Accountant's Reports comply with current professional requirements.
What Has Changed?
Updated Professional Standards Reference
The Accountant's Report now references:
- ISRS 4410 (Revised) for reports issued on or after 1 June 2024
- M14 (Revised) for reports issued before 1 June 2024
Rephrased Report Sections
The ICAI and CPA sections of the Accountant's Report have been rephrased to align with the introduction of ISRS 4410 (Revised) requirements. The system automatically displays the appropriate wording based on your professional body selection and report date.
Prerequisites
To use this feature, ensure the following requirements are met:
1. Jurisdiction Requirement
This update only applies to:
- Republic of Ireland entities
Entities in Northern Ireland, the United Kingdom, or other jurisdictions are not affected by this change.
2. Audit Exemption Status
Your company must be audit exempt:
- Navigate to Compliance Database > Client Details > Key Information
- Enable the checkbox: "Audit exempt company?"
3. Professional Body Selection
You must select one of the following professional bodies:
Option 1 - CPA Ireland:
- Navigate to Compliance Database > Client Details > Auditors/Accountants
- From the Name of Professional Body drop-down list, select:
"The Institute of Certified Public Accountants in Ireland"
OR
Option 2 - ICAI:
- Navigate to Compliance Database > Client Details > Auditors/Accountants
- From the Name of Professional Body drop-down list, select:
"The Institute of Chartered Accountants Ireland"
How It Works
Automatic Report Wording
Once the prerequisites are met, the system automatically:
- Determines which professional standard applies based on the report issue date
- Displays the appropriate rephrased ICAI or CPA section in the Accountant's Report
- Ensures compliance with ISRS 4410 (Revised) requirements for reports issued on or after 1 June 2024
Date-Based Application
The system intelligently applies the correct standard:
- Reports issued on or after 1 June 2024: ISRS 4410 (Revised) wording
- Reports issued before 1 June 2024: M14 (Revised) wording
Frequently Asked Questions
Q: Does this affect all my Irish entities?
A: This change only applies to Republic of Ireland entities that are audit exempt and have selected either ICAI or CPA Ireland as their professional body.
Q: What if my report date is before 1 June 2024?
A: The system will automatically use the previous M14 (Revised) wording for reports issued before 1 June 2024, ensuring historical compliance.
Q: Do I need to update my existing accounts?
A: If your Accountant's Report was issued before 1 June 2024, no changes are needed. For new reports issued on or after 1 June 2024, the system will automatically apply the updated ISRS 4410 (Revised) wording.
Q: What if I'm not audit exempt?
A: This feature only applies to audit exempt companies. If your company requires an audit, this change does not affect your reporting requirements.
Q: Which professional bodies are covered?
A: This update applies to members of ICAI (Institute of Chartered Accountants Ireland) and CPA Ireland (Institute of Certified Public Accountants in Ireland) only.
Q: Does this apply to Northern Ireland?
A: No, this change is specific to Republic of Ireland entities only. Northern Ireland entities follow different requirements.
Setting Up Your Accountant's Report
To ensure your Accountant's Report displays the correct wording:
- Confirm audit exemption status
Enable "Audit exempt company?" in Compliance Database > Client Details > Key Information - Select your professional body
Choose either ICAI or CPA Ireland in Compliance Database > Client Details > Auditors/Accountants - Generate your accounts
The system will automatically apply the appropriate ISRS 4410 (Revised) wording based on your selections
Background: ISRS 4410 (Revised)
The International Standard on Related Services 4410 (Revised) provides updated guidance for compilation engagements. This standard replaces the previous Irish-specific M14 guidance, aligning Irish practice with international standards while maintaining the professional requirements expected by ICAI and CPA Ireland.
Additional Information
The Produced Accounts will automatically display the relevant rephrased ICAI or CPA sections of the Accountant's Report based on your Compliance Database selections.
For technical assistance or questions about implementing this feature, please contact your support team.
Last updated: November 2025
Version: 2025.11.0