Member Since: 21st May 2002
15th Nov 2019
I came across this quote recently and it resonated with me in relation to numerous events in the past. It guides me well now.
“If a person is being insensitive to you, you don’t have a commitment to be beholden to their insensitivity.”
11th Nov 2019
Different jurisdiction but similar. Our institute felt exposed due to the firm holding client funds (typically for payroll and taxes). However, we regularly had large amounts passing through. Institute regulations required us to reconcile the account frequently and have tight controls - all of which led to a significant workload. The institute also sent someone nearly every year to ensure that we were complying with the rules. We charged for the facility. If you say no, what are the alternatives?
My first inclination would be to try to get someone else to do it. If you want to facilitate the client, check with the ACCA. You should also make sure that the bank regards the account as client money and not your firm's and that you have their acknowledgement of that fact. Getting this in writing tended to be difficult with some banks.
24th Oct 2019
I'm not sure that the other answers are correct.
The VAT of £11.66 is exactly 20% of the net amount £58.32.
The rate of VAT in Ireland is 23% so LinkedIn are not charging Irish VAT.
Check the VAT number that is shown on their invoice. If it is a UK number, I would claim the VAT on your UK return, even if it is addressed to the individual - the amount is small.
11th Oct 2019
There is a separate CPA organisation in Ireland, a relatively small body unconnected to the US outfit.
20th Sep 2019
I agree 100%. I have done so too, having had the same experience. I test relevant items listed above and also ask about margin calculations to see if they are numerate in the first place.
Part of the problem is software. I was recruiting some years ago for a payroll person for a bureau. Most candidates were working in big organisations doing weekly payroll for 500 people etc. Almost all of them were unable to do a simple manual calculation of net pay (in Ireland). Standard answer: "I just rely on the software". Great CVs but no real knowledge.
16th Sep 2019
Good answers. You will probably be expected to advise on controls over money and assets if the musician's income grows. It seems obvious to have some controls but in a case in Ireland a few years ago, Adam Clayton's personal assistant/housekeeper defrauded him of at least €2.8 million. (Adam of U2). She got seven years imprisonment but Adam also sued his bank and his accountants. No-one seemed to have any oversight of what the culprit was doing so she bought apartments, horses and holidays. So, try to keep an eye on the bank accounts and credit cards if your client accumulates lots of money.
22nd Aug 2019
I sympathise with anyone who has an ethical dilemma. Many years ago, I had a difficulty and I got good guidance and moral support from my professional body. I hope you do too.
It is unlikely but there is a possibility that the group people are aware of the MD's activities but are prepared to turn a blind eye because of his key role in the business.
In addition to WhichTyler's advice, I would add the question: What is the group policy on approving the MD's expenses? From my experience in a large group, every person's expense claims were approved by someone higher up, sometimes by a person in a group office elsewhere. It is easy to say that you are uncomfortable approving your superior's expenses from an internal control point of view, without necessarily disclosing all of the details. Someone higher up should either spot what is going on or decide to send someone to do an internal audit.
Good luck. This is an occupational hazard in our profession, alas.
1st Aug 2019
I'm not sure if QuickBooks Online can handle it but QuickBooks desktop has/had a feature that would work. You can classify all costs and revenues to a "Class" and if you set up each project as a class, you can require the input of a class for every transaction. It might be worth looking at that.
14th Jun 2019
I need to prepare a schedule of budgeted payments to creditors for the period of January-June.
Below are the budgeted purchases for January to April.
Maybe you should consult your text book or ask your teacher?
2nd May 2019
Yes, worth exploring. In Ireland, there are many Irish companies reporting in other currencies, mainly USD. Tax returns etc may still need to be in the local currency.