In this extract from Important Work: A History of Irish Chartered & Certified Public Accountants, authors Brenda Clerkin, Bríd Murphy and Martin Quinn reflect on the place of trust and accountability in modern accounting, where complex technologies such as AI play an increasing role, and how this affects the future of the profession. Trust has always formed the bedrock of professional accountancy. Yet, public confidence in the profession has periodically been shaken by corporate scandals, audit failures and the global financial crisis. In this context, the rise of AI and advanced analytical tools presents both a chal¬lenge and an opportunity. Paradoxically, if embraced strategically, these technologies may strengthen rather than erode trust in the profession. As machines take over routine, data-heavy tasks, accountants will increasingly be judged on how they handle exceptions, escalations, risk judgements, anomaly detection and interpretative insights. Their role will evolve from data processors to ‘sense-checkers’ of machine outputs – providing assurance that algorithmic systems (including AI) are properly built, tested, validated and free from bias. In this capacity, the accountant becomes a ‘data guardian’ or ‘model reviewer’, ensuring that AI oper¬ates under sound professional oversight. With automation handling the minutiae, human professionals can focus on higher-value work: exercising judgement, evaluating risk, interpreting scenarios and prioritising what truly matters to clients. However, the integration of AI also introduces new layers of ethical and governance complexity. Bias, fairness, interpretability and account¬ability become central concerns. A misclassified fraud or a flawed predictive model can expose organisations to severe reputational and regulatory risks. To manage these challenges, accountants must develop strong capabilities in ethics, transparency, explainable AI, and technology governance.  The profession must therefore make ‘ethics + technology governance’ a core pillar of education and continuous development. Beyond internal capability, accountants must engage with regulators and legislators to help shape emerging standards for algorithmic financial reporting, AI auditing and oversight – ensuring that technology serves the public interest rather than undermines it.  Conclusions on the direction of the profession  In the coming years and decades, the accountancy profession in Ireland must evolve from being a labour-intensive, compliance-driven practice into a forward-looking, insight-led, trust-based profession. Technology – AI, automation, data analytics, cloud computing, blockchain – will do much of the mechanical work. But the real value will reside in human judgement, ethical leadership, strategic advisory capacity, risk oversight, domain expertise, client and stakeholder relationships and the govern¬ance of technology.  To succeed, the profession must attract, retain and motivate talent by offering meaningful work, flexibility, diversification and personal devel¬opment. It must revamp education and CPD to build capacity for the ever-changing demands on the profession. It must shed stereotypes of long hours and drudgery, and project a more modern, purpose-driven brand. And, crucially, it must anchor all of this on trust – assuring clients, regulators and the public that even in an AI-driven world, the human professional remains the conscience, the overseer and the guarantor of integrity. Important Work: A History of Irish Chartered & Certified Public Accountants will be launched on Thursday, 19 March at 6pm at Chartered Accountants House, Dubin 2. You can order a copy of the book in our bookshop. You can register to attend the event which will feature addresses by author Martin Quinn, Institute President Pamela McCreedy and a keynote address by Professor of Economics at the University of Limerick, Professor Stephen Kinsella.

The Pensions Research Accountants Group (PRAG) has finalised its amendments to the Pension Statement of Recommended Practice (Pension SORP). The updated “Statement of Recommended Practice, Financial Reports of Pension Schemes 2026” will be effective for periods commencing on or after 1 January 2026. PRAG are a leading independent industry body working for the development of occupational pension schemes. Their focus is on financial reporting and internal control, and they are the Financial Reporting Council’s (FRC’s) recognised SORP-making body for Pension Schemes. The Pension SORP was last updated in 2018 and since then, the FRC has made amendments to FRS 102. There have also been several industry developments which impact on pension scheme financial reporting as well as changes to pensions legislation and regulations. In 2025, PRAG held a consultation on its proposed amendments to the SORP. A copy of Chartered Accountants Ireland’s response is here. The following resources are available on PRAG’s website; News item discussing the updated Pension SORP Upcoming free webinar A copy of the updated Pension SORP will be available to purchase in due course.

Last week the Institute responded to the consultation Draft Budget 2026-2029/30 and took the opportunity to highlight a range of Northern Ireland (NI) specific issues of tax policy that are impacting on the region. The potential to activate a lower rate of corporation tax for NI also featured in the submission together with the need for affordable childcare. Overall, the submission highlighted that NI’s competitiveness depends on an economy that attracts investment, supports entrepreneurs, enables cross-border labour mobility, and expands workforce participation through affordable childcare. The Institute has therefore urged the Executive to prioritise and consider the following issues as part of its Budget setting process:  The need for progress on entrepreneurial tax supports, How barriers in tax policy are impacting on the all island labour market, The economic benefits of activating the Assembly’s devolved powers on corporation tax, and The need for investment in affordable childcare.  Together these actions would increase productivity, stimulate job creation, and strengthen the region’s long term fiscal sustainability. These should therefore be considered as key objectives in the current budget setting process.