As the saying goes, rough seas make great sailors and the new President of Chartered Accountants Ireland, Paul Henry, has abundant experience of leading in times of crisis. Perhaps in a sign of the times, Paul Henry sat down at his desk at home in Belfast to conduct this interview. With the lockdown in full effect, he was working from home as he sought to run his commercial property business and prepare for the year ahead as President of Chartered Accountants Ireland. And it will be a busy year indeed. In July, Paul will also become Chair of CCAB – a forum of five professional accountancy bodies that collaborate on matters affecting the profession and the broader economy. There will undoubtedly be much to discuss. From recovery to regulation, Paul will lead the charge for both Chartered Accountants Ireland and CCAB at a turbulent and fragile time in the island’s history. The global COVID-19 pandemic has spawned an economic malaise that may well be compounded by the effects of Brexit but leading through such crises was far from his mind when he decided to become a Chartered Accountant in the 1980s. The path to industry From an early age, Paul was determined to become both a Chartered Accountant and businessman – influenced in part by the apparent success of his friends’ parents. Upon leaving his science-focused secondary school in North Belfast, Paul attended Queen’s University Belfast where he studied accounting at undergraduate level before completing what was then known as the Postgraduate Diploma in Accounting. He readily admits that his first year studying accounting was “a wee bit of a mystery” but with some perseverance, both the art and the science of the subject began to make sense. Paul went on to qualify as a Chartered Accountant with PwC Northern Ireland in 1989, where he met his wife, Siân. He subsequently held positions with the Industrial Development Board, Enterprise Equity, PwC (for a second spell), and ASM Chartered Accountants before joining his current firm, Osborne King, where he is now a Director and equity partner. The move from practice to real estate advisory came about when Paul was working with ASM Chartered Accountants, primarily on corporate finance projects. “I had been speaking with the team at Osborne King about developing the business and the commercial skills they would need to do that, so I helped to shape a role and job specification for them,” he said. “They went to market with the role and close to the closing date for applications, one of the team said: ‘We’ve received some good applications, but we didn’t receive one from you’. For me, that was the light bulb moment because it was precisely the career I wanted. So, I went through the application process and thankfully landed the job.” Becoming a businessman Paul’s evolution did not end there, however. Having joined Osborne King in 2000, he led transactions involving sophisticated financial structures including private finance initiative and public/private partnership deals. Business was booming but unbeknownst to most, the financial crash of 2008/09 was not far away. The global downturn that followed decimated many sectors and industries – not least commercial property. Osborne King, like many others, felt the pinch but out of crisis comes opportunity and Paul went on to achieve his second childhood dream: becoming a fully-fledged businessman. “Through a series of developments and the downturn in particular, I ended up completing a management buyout of Osborne King with one other colleague. We restructured the business and the shareholders haven’t looked back since,” he said. With the benefit of hindsight, Paul can identify several lessons that are pertinent today as employers attempt to stay solvent and keep their businesses afloat. “The critical thing is to be open and honest with your people. In a downturn such as this, businesses must reduce their cost base and conserve cash, and that means having difficult conversations – particularly with staff and suppliers,” he said. “But if you communicate clearly and often, people will trust you and that is a precious asset to have. So be straight with them about the challenges facing your business, but don’t forget to repay that trust when the business landscape improves.” Indeed, one of Paul’s proudest achievements is keeping the full Osborne King team intact throughout the 2008/09 crisis and its aftermath. “We were probably the only commercial real estate firm that didn’t make any redundancies during the last recession,” he added. “We did that because, in my mind, we have great people and it is our people that will help us thrive once the economy recovers.” The current crisis Nobody expected to be in an even worse economic predicament just 12 years later, but the onset of the COVID-19 pandemic has led to plunging world economic growth. Businesses are operating in a near-absolute environment of uncertainty as governments scramble to provide the necessary lifelines for corporations, entrepreneurs, and their staff. In that context, Paul has been impressed by the agility and ingenuity of the governments in the Republic of Ireland and Northern Ireland in responding to the needs of both businesses and citizens. “People are often very critical of the public service but in recent months, we have seen its very best elements – not least in the health sector and emergency services. We owe a huge debt of gratitude to those who put themselves in harm’s way to keep us safe,” he said. Paul is also keen to highlight the vital role of the Institute in helping its members through the pandemic. “In times of adversity, we become incredibly creative and innovative and the Institute has responded very well to offer members even more services – whether it’s the COVID-19 Hub on the website or our regular webinars on soft skills or the Wage Subsidy Scheme,” he added. “Since March 2020, the level of member engagement with the Institute has increased significantly so we can see clearly that our Digital First programme is the right strategy. If there is a silver lining to all of this, it is that we have been forced to accelerate many of the innovative member services initiatives that were already on our agenda for 2020 and beyond.” All of this, he said, complements the traditional role of the Institute as a source of support for its 28,500 members. “CA Support is there to support all members and students in times of difficulty or crisis, and the service has seen an increase in activity in recent months,” Paul said. “Whether you have lost your job, are struggling to cope with uncertainty, or feeling lonely, all members and students can turn to their member organisation for support and guidance, and that is something that makes me immensely proud.” The role of the Chartered Accountant In addition to helping each other, Chartered Accountants will also be relied upon to help steer businesses through the pandemic and towards a sustainable future in what remains a very uncertain economic and regulatory landscape. Paul is hopeful that the global economy will recover relatively quickly, but there remains much to be done even if the economic signals begin to improve. “As we work through the fallout of the pandemic, businesses will need to be aware of the ‘wall of creditors’ waiting for them on the other side of the crisis,” he said. “Although survival is the name of the game at the moment, rent, commercial rates, and other obligations will need to be settled at some stage and Chartered Accountants – both in business and as advisors to business – will need to turn their focus to that issue.” All the while, Brexit rumbles on in the background and although it has the potential to compound the economic woes bestowed on the island of Ireland, Paul points to the profession’s pragmatism as its most valuable asset in navigating the added uncertainty. “The Institute has made clear that it would be preferable if Brexit did not happen, or if it did, that it happened in a planned and managed way with ample time for businesses to acclimatise to the new reality. But Chartered Accountants will play the hand they are dealt and work to understand what role they must play in making Brexit work without judgement,” he said. The President’s priorities Paul takes the helm at Chartered Accountants Ireland at a distinctly turbulent time but as the saying goes, rough seas make great sailors and Paul’s experience – both in industry and practice – gives him a rounded view of the needs of the membership during times of crisis in particular. In the year ahead, the Institute will launch a new four-year strategy that will hopefully outlive both COVID-19 and Brexit and despite the uncertainties, Paul’s focus will remain very much on people, talent, and potential. “When I joined Enterprise Equity, my chief executive said ‘Paul, it’s going to cost me £1 million to train you’. I was thrilled because I thought I was going to be educated in the best universities in the world, but he really meant that I would make many costly mistakes along the way,” Paul said. “In business, you are often backing the jockey and not the horse. It is the people, team and leaders that will get you around the course and win the race, and this focus on people will be a core element of my Presidency in the year ahead.” Paul will also focus on other strategic imperatives during his tenure: building on the recent evolution of the education syllabus, supporting the Institute’s Digital First initiative, and adapting to the ‘new normal’ for students, members and staff – whatever that ‘new normal’ might be. “My key priorities will revolve around member experience. It is vital that we engage with members, both at home and overseas, and become increasingly relevant to members in all sectors,” he said. “Building engagement with our members will be central to that sense of relevance. And as someone who wasn’t engaged with the Institute for many years, I can say with conviction that once members engage with Chartered Accountants Ireland and come to understand the breadth of services and support available to members and students alike, they will be amazed.” Conclusion Paul’s presidency will be a presidency like no other. Travel will be restricted in the short-term, a global recession is looming, and the world of professional services work has undergone a dramatic upheaval. But Paul remains optimistic for the future. “Through our education system, we are equipping the next generation of Chartered Accountants with the skills and expertise necessary to lead businesses into the future and support economic recovery and growth,” he said. “Meanwhile, our members continue to be relied upon as the people who connect the dots, bring people together and make individual elements more effective and valuable by creating and leading great teams. For me, the future is all about empathy, people, and teams – and if we get that right, we can and will recover.”

Joan Curry, who recently joined the first female majority board of IFAC, discusses her varied career in the public sector. Joan Curry is Head of Finance at the Department of Transport, Tourism & Sport; ex-chair of the Chartered Accountants Ireland Public Sector Interest Group; member of Council at Chartered Accountants Ireland; and a board member of the International Federation of Accountants. Add to that six children and a keen golfing interest, and one could reasonably say that Joan leads a hectic life. In terms of her professional career, Joan had an interest in figures and accountancy from an early age. “I was the eldest of five children, and my mother and father both worked outside the home,” she recalled. “We swam and my father was treasurer of the swimming club. I helped him with the money, so it was a subliminal introduction really.” At school, Joan and three friends were the first pupils of Mercy College in Coolock to do higher-level maths. “It didn’t occur to us that we were trailblazers or anything like that,” she said. We just did what we did. I got an honour in maths in the Leaving Cert, so I suppose I always had a head for figures.” No college fun Joan planned to do a commerce degree in university when fate took a hand. “My brother’s football coach was an accountant and he called to the house one evening and convinced me to become a Chartered Accountant by working for an accountancy firm,” Joan said. “I took that advice and qualified with Smith Lawlor & Co., now JPA Brenson Lawlor in 1988.” Joan completed her training contract and qualified in 1988 when she moved into industry with Nokia with a desire to gain commercial experience. Nokia was a tissue paper manufacturer, and Kittensoft was its major brand. The company was a big player in the Irish retail FMCG scene at that time. As a financial accountant, Joan was responsible for budget and financial management including the preparation of accounts for consolidation into the European group headquarters and, subsequently, for the United States when it became part of the James River and Georgia Pacific corporations. Looking back, Joan reflected: “In practice, you are engaging with clients annually. There is more continuity in industry; you are part of decisions and can see their cause and effect and results.” It wasn’t all work in Nokia, however. Joan made up for the lack of fun at college as she met her husband in Nokia. “I married the site engineer after he left the company,” she said. A wide and varied career Joan has spent the past 18 years in the civil service in several roles that have broadened her capacities. She gained extensive experience in multi-disciplinary environments and brings all of that to bear in her current financial role with the Department of Transport, Tourism & Sport. Joan’s career in the public sector began with a contract role as a project accountant for the Department of Finance, as it implemented the JD Edwards financial management system. This was later extended into a contract of indefinite duration. In 2011, Joan moved to the Department of Public Expenditure & Reform on its formation to work in the Government Accounting unit, the standard-setter for government accounts in Ireland. There, she built relationships with colleagues in both finance and internal audit in each government department. Joan also spent three years as Head of Corporate Services for the National Shared Services Office. A role that Joan particularly enjoyed while working in the Department of Public Expenditure & Reform was a secondment as Secretary to the Public Service Pay Commission. This was a non-financial role, utterly different to anything she had done before, and involved supporting the Commission in its examination of recruitment and retention matters in specific areas of the public service. Joan managed the research, contribution and report-writing phases of the Commission’s work and engaged with the public sector employer, union and other stakeholders in the process. Current role Joan joined the Department of Transport, Tourism and Sport as Head of Finance in August 2019 and her role covers “vote and expenditure management, financial management, risk management, and responsibility for the procurement framework”. The use of the term “vote” serves to highlight the differences between the public sector and private sector accounting practices. This refers to the financial allocation made to a department or public body by the government, which is approved by a vote of the Oireachtas. The differences run deeper than mere terminology, however. The State doesn’t utilise private sector financial reporting standards, nor does it prepare its accounts on an accrual basis. Joan is a firm believer that the State’s move to re-examine this area and consider the use of accrual accounting is the right one. A change in policy here would be consistent with OECD guidance on the matter Joan stressed. Joan reflects that, in contrast to government accounting, local authorities have been engaged in an advanced form of accrual accounting since 2002. They prepare their accounts in accordance with an accounting code of practice, which complies with FRS102 where applicable. The Department of Transport, Tourism and Sport has an oversight role in various bodies under its aegis and at times, Joan’s expertise is called on by departmental colleagues directly involved in the oversight function. “It extends into the transport sector – public transport, roads, local authorities, and then we have the tourism industry and Fáilte Ireland and Tourism Ireland and the breadth of activity they are involved in to attract tourists. It goes right down to sport and grants to local clubs. I didn’t realise the breadth of services involved until I started working in the department.” And unsurprisingly, there is no such thing as a typical workday for Joan. “There is a huge variety on any given day,” she said. “I try to look at it in its different compartments – vote management, financial management, risk management, and procurement. Those are the four key areas I try to interface with every day.” At the time of writing, the COVID-19 pandemic was taking up much of Joan’s time. “We have been engaged in emergency planning and contingency planning and arranging for staff to work remotely and so on. The staff here have been really fantastic,” Joan said.  Joan is also working daily with critical stakeholders on liquidity funding strategies to keep key transport systems and supply chains going – getting people and goods to where they are needed in light of COVID-19. Volunteer work Joan is a Fellow of the Institute and a Member of Council at Chartered Accountants Ireland. She is also a member and former Chair of the Public Sector Interest Group and recently became a member of the International Federation of Accountants (IFAC). Joan describes her initial introduction to the Institute’s Council as the result of ‘a tap on the shoulder’. “I was approached to run for Council and I agreed. It all goes back to networks. I play in the Chartered Accountants Golf Society and have made some great contacts there. Within an hour of seeking nominations, I had ten nominations and I only needed seven.” Joan’s next step came when she was asked to go forward for the IFAC board. “I was nominated by Chartered Accountants Ireland and was short-listed. I went for the interview and was fortunate enough to be invited to join the board. Being there for Ireland is an immense honour, and being able to contribute that public service perspective is also very important to me.” The 23-member board includes 12 males and 13 females. “It’s gender-balanced, and the overall diversity is great,” she said. “I have four girls and two boys, and I have always stressed to them the importance of equality.” Life outside the office In Joan’s view, one of the best things about working in the public service is the scope offered to do other things. “The support I have received over the years has been invaluable,” she said. “I got better at managing my time and learned that I don’t need to be involved in everything that’s going on. I have improved at delegating and saying no. I have also learned that the time you spend on yourself is good for you and your employer. If you’re not feeling good, you won’t perform at your best.” When her children – Aisling, Ciara, Dearbhla, Shane, Sonia and Karl – are not keeping Joan busy with various college, school and extracurricular activities, she can be found on the golf course. “It’s the perfect place for headspace for me,” she concludes. “And a little competition as well!”

President of NUI Galway, Prof. Ciarán Ó hÓgartaigh, the first Chartered Accountant to be appointed president of an Irish university, reflects on his career in academia as he embarks on his third year at the helm of his alma mater. When people talk about Chartered Accountants’ career progression, they often refer to the ‘linear path’ to the position of Managing Partner or CFO. While Prof. Ciarán Ó hÓgartaigh’s professional path has been similarly structured, albeit in a different sector, his route has been more circular than linear. From his youthful days as a BComm student in NUI Galway to his current post as President of that same university, Ciarán has enjoyed academic success in a range of roles. As an educator, however, his teachings are grounded firmly in the values of fairness and the greater good – values that he was embued with at a young age. A social science When Ciarán joined the BComm class in NUI Galway, he was drawn towards a career in corporate law – an area that was gaining traction as a viable career option. However, he was converted to accountancy by two lecturers – Keith Warnock and Seamus Collins – who taught accountancy as a social science. They looked at the impact of accounting on decision-making in both business and society, and according to Ciarán, “it was a really nice way of looking at accounting; not just as a technical subject, but as something much more interesting than that”. It may be dramatic to describe this as a Damascene conversion, but following his experience at undergraduate level, Ciarán followed a path to accountancy. Having completed the Diploma in Professional Accounting in UCD while training with Arthur Andersen, he went on to qualify as a Chartered Accountant before moving swiftly into academia. His career has taken him to the Victoria University of Wellington in New Zealand and Boston College as a Fulbright Scholar, and he has also taught at Dublin City University and University College Dublin. Indeed, he has enjoyed his greatest success in Ireland, becoming UCD’s Dean of Business in 2011 before joining NUI Galway as President in 2017. Teaching “at the heart of my day” Ciarán’s rise to the role of Dean and, more recently, President of two of the country’s most respected academic institutions did not come at the expense of his love of teaching, however. He continues to teach into one accountancy module per semester, taking a number of classes with first year accountancy students, for example, in 2019/20. As Warnock and Collins did back in the 1980s, Ciarán positions the subject as part of a broader landscape. “In research, accountancy is seen as a social science to a great extent, but it’s also seen – because of the professional requirements – as a technical subject. Trying to marry those two is always an interesting challenge,” he said. While Ciarán teaches for the enjoyment it brings, there are other more strategic reasons for stepping up to the podium every week. “I’d miss it if I didn’t teach,” he said. “But teaching is also a great way to get into the routine of the year and get to know what’s happening on the campus. It’s a great way to meet students, but more importantly, it sets a good example to both students and staff. Teaching is an essential part of the mission of the university, so putting teaching at the heart of my day is important from that perspective.” The leader’s skill set This type of signalling is an important aspect of Ciarán’s skill set as a leader. When he assumed the role of President at NUI Galway, there were several challenging issues in his in-tray, including issues of gender equality.  “Diversity is strength, particularly in a university. It is not a burden, and should be cherished rather than challenged,” he said. Ciarán is very pleased that NUI Galway has since been awarded Athena Swan Bronze status and has been designated as a University of Sanctuary, meaning that it welcomes refugees, asylum seekers and travellers as part of its community – but he is clear that “there’s always work to be done” in this area.  At the time of his appointment, one of Ciarán’s first acts on his first day was to meet with the Students’ Union President and to send an introductory video to all his new colleagues. In this communication, he talked about our “kindnesses to each other”, a phrase he found echoed across the university community during his subsequent ‘listening tour’.This strategy, according to Ciarán, was very deliberate. “I try to deal with issues early on,” he said. “And a lot of my role as President involves signalling, so you turn up at things that you think are important and you push with determination on issues that are important.” An ambitious new strategy  It will therefore come as no surprise that the university’s new strategy, which Ciarán launched last month, centres in large part on respect and openness. It also channels his business acumen and skills as an innovator by ensuring that the university complements the region’s strengths in medical technologies, culture and creativity, and climate and oceans. Speaking at the launch, Ciarán described the university as being for the “public good”, belonging to the people. And given that NUI Galway has no gates, this sense of openness is very much part of the university’s cultural fabric in his view.But running a university with 19,000 students is an expensive business, so this public good comes at a high cost. That said, Ciarán is keen to guide the debate away from price and towards value. And given that Ireland and Croatia are viewed as “systems in danger” by a European University Association report published in 2017, this debate couldn’t be more timely. “First and foremost, we must make the argument that universities are for the public good and good for society. After that, society needs to think about how we fund that ambition,” he said. “If the funding doesn’t match that ambition, then we need to find some way to translate that ambition for the third-level sector with a funding model that supports us in an international context.” Life lessons When you devote your life to something, as Ciarán has done, it often becomes difficult to draw a line between the person and the professional. To counter that, Ciarán relies on a Flann O’Brien tale – one he shares with his students regularly. “In The Third Policeman, a policeman cycles the roads of the west of Ireland so often that he becomes part-policeman, part-bicycle,” he said. “For me, the lesson is simple: don’t become the job. Always maintain your personality and joie de vivre, because that’s important.”It will come as no surprise that Ciarán, who has spent decades educating the leaders of the future – and, more recently, leading the educators themselves – has a wealth of advice for fellow Chartered Accountants, colleagues and students alike. He advocates being yourself as this makes for a more comfortable life; he’s a firm believer in trying new things; and he advises everyone to take the time to think and read. But overall, Ciarán returns to the philosophy of his BComm lecturers, Warnock and Collins: “Accounting has a role to play in shaping society and we should be a profession that supports not only the powerful but those on the periphery as well,” he said. “That would be a very good future for everyone in the context of the changes we see in society today.” Ciarán on... His family “Dad and mam had a real view on making a difference, doing your best. And as the youngest of six, I think that was helpful as I grew up with adults and people older than me.” The threat to third-level education “It isn’t about the universities or the staff; it’s actually about our students, their families, about companies and civic society.” Launching UCD’s MA in aviation finance “The idea here is that you work with your hinterland. Dublin is a global hub for aviation finance so the feeling was, let’s include that group and educate the talent pool for the industry.” The potential impact of Brexit “If we position ourselves as the gateway to Europe – Galway in particular and Ireland in general – we can capitalise on student mobility and research opportunities.” Venturing into the unknown “If you try something you’ve never tried before, one of two things will happen. You will either find that you are good at it, or you will find that you’re not – in which case, the sky doesn’t fall in and you learn something and perhaps emerge even stronger from the experience.” Communication “The people aspect of accountancy is often missing. When you are doing audits, you have to ask questions and talk to people. It can be a very people-oriented existence and people too often think of accountancy as not involving people when generally speaking, it does.” Doing the right thing “I make decisions that I think are right, and that makes it easier to sleep at night. The ones that unsettle you are the ones where others convince you, but you don’t quite think it’s the right thing to do.” Logic and morals “Someday, you will have to make a decision that looks entirely logical. You know you should do it, but it has implications for others that you might not be aware of at the outset. Endeavour to find, and consider, that implication or consequence for an individual or group because not everyone is as well off as ourselves.”

Trócaire’s Michael Wickham Moriarty speaks to Accountancy Ireland about his career in the non-profit sector and the satisfaction he gets from volunteering. From Monaghan to Dublin to Khartoum and back again, Michael Wickham Moriarty’s career path as a Chartered Accountant has been anything but predictable. Trócaire’s Director of Corporate Services, who recently collected the ‘Best Large Charity Annual Report’ award at the Published Accounts Awards, and two additional accolades at the Good Governance Awards, has worked in the charity and non-profit sector since completing his training contract with PwC’s tax department – but in fact, that’s where his passion for meaningful work began. As a trainee, Michael’s work exposed him to several family businesses and non-profit organisations. Reporting to PwC’s Teresa McColgan, who is a board member at Concern, helped him realise the value he could bring to organisations as a Chartered Accountant – both as an employee and volunteer. The first stint overseas Despite enjoying his work in tax during the Celtic Tiger years, a career in practice wasn’t in Michael’s long-term plan. Rather than move straight into another ‘career’ role, however, he instead opted to work overseas for one year with GOAL. “In 2008, when the economy was beginning to wobble, I moved to Khartoum in Sudan to work with GOAL as their on-site donor compliance officer,” he says. “I was working under the supervision of GOAL’s financial controller in Khartoum, which was great because donor compliance was a new area for me.” At the time, Sudan was also ruled by Arab dictator, Omar al-Bashir, whose forces imposed an arbitrary sharia legal system within the country. “I experienced a lot of changes in a very short space of time,” Michael recalls. “Plus, I had to get used to a new way of living. The stipend provided by GOAL meant that you had just enough to get by and this was a major drop from my salary as a Chartered Accountant working in practice, but it was never about the money. Ultimately, it was a fascinating experience and I learned a lot during my time there.” Over the course of the year, many of Michael’s colleagues returned home for brief spells. At this point, the financial crisis was taking a wrecking ball to the Irish economy and he was hearing reports that described a different country to the one he left behind. After a year of volunteering with GOAL, he took up another donor compliance role with Plan International Ireland, which divided his time between Dublin and West Africa. “It was quite shocking for me to hear just how bad things were in Ireland. I was in Guinea when I heard on French language radio about the IMF coming into town, and I remember having to explain to the locals about the situation back home,” he says. “It was devastating because so many people overseas rely on Irish aid. In one village, for example, the only stable concrete building was built using Irish aid and the locals were extremely grateful because it allowed them to care for disabled children safely.” Returning to a changed Ireland Michael worked with Plan for three years – before joining the Ana Liffey Drug Project as Head of Finance and Administration. Working with Ana Liffey was very different from working overseas, Michael recalls. “Our clients were in and out of the building every day and I had the opportunity to meet them and hear their stories,” he recalls. But the most interesting thing he noticed about small charities is how little they have by way of resources to get by. “The organisation had an amazing ethos that really appealed to me, but every cent mattered,” he says. “So much so that when a computer broke down, I found myself carrying it to the local PC repair shop rather than spend money on a courier. And that’s the reality for many small charities in Ireland today.” Michael’s stint with small charities came to an end, however, when an opportunity arose to join the team at the Central Remedial Clinic (CRC). The CRC had survived a major scandal in 2013 that involved top executives receiving salaries far in excess of agreed official public service pay rates – and these executive salaries were being topped-up in part by public donations. Although Michael was a spectator to many scandals, he now found himself in an organisation that was working to rebuild its reputation and regain the trust of the public. “Eighteen months after the CRC scandal broke, the new CEO decided to recruit a new Head of Finance. I applied for the job and it helped that I was interested in governance and reform, as that was a critical objective for the entire organisation,” he said. “And it was a wonderful experience. I headed up a great Finance team and we quickly recruited a new external audit firm, adopted Charities SORP and implemented a new internal audit regime.” The key to success, in Michael’s view, was the fact that change was supported at all levels of the organisation – not least by the leadership team. “The technical changes weren’t without their challenges, but that was my area of expertise,” he says. “What really impressed me, though, was the CEO’s focus on culture change. The entire organisation moved from an old reality to a new reality in a relatively short space of time, and it was fascinating to observe that shift happening.” Stepping up During this time, Michael was also volunteering as the Company Secretary and Deputy Chair of EPIC – a national organisation that works with children and young adults who are either in care, or who have experience of being in care. He stepped down in July 2017 after five years as a board member, to take up a voluntary role with the Rotunda Hospital where he is now Honorary Treasurer, Vice President, and Chair of the Audit and Governance Committee. According to Michael, both volunteering and working in the non-profit sector allowed him to see both sides of the same coin – something that benefited him in his capacity as an employee and board member. “In my younger years, I volunteered because I had the time and inclination to put my training to good use, but it ended up being a mutually reinforcing experience,” he says. “The time I spent at the board table certainly made me a better executive when reporting to the board. It also introduced me to an entire network of people with similar values to my own and it has become an outlet of sorts for my own need to make some sort of positive change in society. So, in that respect, I’ve found volunteering very worthwhile.” Living a meaningful life While Michael is a volunteer in one sense, he is very clear about his paid role as an employee – and this extends to his approach to management within Trócaire, where he now works. “I lead a team of accountants and IT professionals, so I think about talent retention a lot. My colleagues don’t get paid as much as they could elsewhere, but they don’t work as a favour either. All staff in the not-for-profit sector need to be paid fairly; you need to be able to send people home with the ability to pay their bills and support their families,” he says. “Otherwise, only the independently wealthy could work in this space and that wouldn’t be right or good.” And while Michael himself took a significant pay cut to work with GOAL in Sudan all those years ago, and has only recently recovered the shortfall, he is happy with his lot. “Some of my friends stayed in practice while some moved into industry, and they get paid very well, but I am happy with my circumstances,” he adds. “I am very lucky to do meaningful work, which brings me a lot of value and satisfaction. Many people have been interested in my experience and career path, but I’ve found that they often struggle with what they would be forced to give up financially and that is very understandable. But for me, working in an organisation that provides life-changing and life-saving services gives my work great meaning and ultimately, that has influenced    my career choices and it’s what keeps me in the sector.” Michael on… Volunteering: “We can’t solve all the problems of the world, but volunteering gives you an outlet beyond being upset or angry about it.” Scandals: “There is a sceptical eye on charities, and that will continue. We must respond to that scepticism and the best way to do that, in my view, is through transparency.” Reporting: “Charities need to present financial statements in a way that allows people to understand the issues with ease, and the Public Accounts Awards is doing great work in driving standards up across the sector.” Motivation: “When you see kids donating €2 for their school’s hot chocolate day or pensioners donating part of their weekly pension, there’s nothing more motivating than that. It pushes you to ensure that their money is used for the full benefit of the people you serve.” Diversity: “A lot of boards are dominated by white, middle-aged and middle-class men, and I’m at least two of those myself! We need to help more young people, women and those from ethnic minorities to get involved in boards – and that diverse talent pool is available amongst the membership of Chartered Accountants Ireland."

Claire Fitzpatrick FCA looks back on her career, from trainee auditor to the frontier of blockchain technology innovation. What’s wrong with me?” For someone who has enjoyed a varied and successful career in professional services and large corporations, it might come as a surprise to learn that Claire Fitzpatrick asked herself that very question in her 30s as she watched her peers move into senior roles. “You just need to get on the track,” she was told – a less than subtle reference to the perceived linear path to CFO/CEO roles. But as Claire readily admits, this isn’t how she operates. The Dublin native has made serendipitous career moves since leaving PwC in 2000 to work with one of her audit clients, Point Information Systems, but the draw has never been status or salary. Instead, her career has been guided by two things – people and culture. Venturing out While working as a PwC Audit Senior with Point Information Systems, Claire saw the culture she wanted to work in – ambitious, fast-changing and transformative. “I remember coming back after a year and the company had changed completely, whereas some other companies I audited would be the same year-on-year,” she said. “It was evolving at pace and the energy there just stood out for me.” Claire joined the company and her role expanded her knowledge base in a variety of new disciplines from engineering to sales and marketing. This diverse exposure would be of great benefit to her later in her career, not least when she returned from a working holiday with Nestlé in Australia and New Zealand to a role in O2. The company was in expansion mode at the time and Claire managed to experience the full life-cycle from early adoption to the sale of the business, which she was centrally involved in. From there, Claire moved to Wayra, Telefónica’s start-up accelerator, to accelerate digital embryonic businesses. As Claire recalls, it was a move that raised some eyebrows at the time. “A lot of my peers thought it was a step down for me in career terms, but I really wanted to get involved in the innovative digital space,” she said. “It reminded me of the energy and pace I felt in Point Information Systems and I had experience of both start-up and corporate environments, so I was able to bring a lot to the table.” Start-up life In her first three weeks in Wayra, Claire met with hundreds of entrepreneurs and developers across the tech ecosystem and this intensity continued unabated for three years. The hub was a success, investing €6 million in the Irish start-up ecosystem including 33 equity investments while returning the same amount. “For early-stage start-ups, that’s a great return,” she said. However, following the sale of O2 to Three in 2014, Telefónica ultimately closed its Wayra hub in Ireland and Claire decided to take on a new challenge.  The idea of starting her own business had never entered her mind, but the closure of Wayra meant that Claire and her two colleagues faced a fork in the road. “We saw real value in what we were doing at Wayra, and we were good at it,” she said. “So, we decided to set up Red Planet and to flip the accelerator model on its head. We started with the corporate to understand the problem it was trying to solve, and then sourced the best start-up talent to solve that particular problem.” The venture was successful and it achieved what Claire describes as “the holy grail” for start-ups – being sold to a large corporate. Red Planet was acquired by Deloitte in 2017 and Claire continued to work with the firm for 18 months. “Selling our start-up was a tough decision, but the right one. Deloitte was really good at the strategy piece and identifying the challenges facing their clients, while Red Planet was able to find the solutions in the start-up world and develop them to scale. We were very good at curating diamonds in the rough.” Blockchain calling At this stage in her career, Claire faced an inflection point. Not content to simply go with the flow, she began plotting her next move when an opportunity arose to join a new blockchain venture headed by the co-founder of Ethereum, Joseph Lubin. The company was founded in 2014 and was at the forefront of Ethereum blockchain technology innovation. It needed someone to establish its base in Dublin and build its team, and the company ultimately chose Claire as its Director of Strategic Operations. The Dublin hub, which is known as ConsenSys Ireland, is developing the products that will enable society and enterprises to advance to the next level of blockchain adoption. Claire is very excited about the bigger picture. “In the future, you won’t even know you’re interacting with blockchain. It will be just like the Internet where nobody really thinks about or considers the infrastructure or protocols – they just see the applications,” she said. “Blockchain will be as transformational as mobile telecommunications was 25 years ago. We are part of a new industry, a new technology, new products, and a market which we have to create and educate. That’s a big challenge, but a very exciting one.” Leadership style But amid the excitement and potential lies ambiguity, and it takes a certain type of person to thrive in an ambiguous environment according to Claire. “Given the nascent nature of blockchain technology, we’re continually refining our vision and new industries are constantly wanting to explore new directions with the technology. So, although everyone in the company has goals to achieve, some are set in stone and some evolve to meet the needs of our clients,” she said. “That’s no different to a traditional organisation but we do differ in that we could have to tell staff to drop projects and pivot in a new direction at a moment’s notice – and some people find that challenging.” Luckily for Claire, working in a maturing industry adds to the allure of her new role in ConSensys – one she believes will contribute to a decentralised, democratised future for individuals. “It’s a rollercoaster, but with experience and age comes perspective and balance,” she said. “And the most important thing for me, throughout my career, has been the people I work with. My colleagues today are not necessarily wired like me but we work well together in the good times, and the challenging times, to make something great happen. That’s what it’s all about.”   Claire’s advice for Chartered Accountants Chartered Accountants will have a central role in the deployment of blockchain technologies and rather than wait for mass adoption, Claire believes the time to upskill is now. “The conversation around blockchain has moved from proof of concept to pilot schemes so when we’re talking to clients, we’re discussing real systems as opposed to hypothetical ideas,” she said. “So, I wouldn’t recommend waiting to start blockchain projects because we will reach the point of mass proliferation quicker than most people expect.” “The first step for all Chartered Accountants is education. There are free educational resources through ConsenSys Academy and Blockchain Ireland is working to raise awareness of what’s coming down the tracks,” Claire added. “But it’s vital that Chartered Accountants realise that anyone can quickly become a laggard in this dynamic environment.” “Finally, I would stress the point that Chartered Accountants don’t need to worry about losing their heads in the weeds trying to understand the programming and coding side of things,” she said. “They should educate themselves with regard to the characteristics and applications that they can see for blockchain in their business.”

Conall O’Halloran FCA, President of Chartered Accountants Ireland, outlines his plans as he prepares for a busy year in office. After six years as Head of Audit at KPMG Ireland and more than 20 as Partner, Conall O’Halloran is very well-prepared to assume his position as President of Chartered Accountants Ireland. The timing is fortuitous given the feverish debate over the value and future of audit. But that is just one of the many issues the Cork native plans to address during his presidential year. Speaking at the Chartered Accountants Ireland AGM following his election on Friday 17 May, Conall noted that his tenure as President would also focus on broadening the public’s understanding of the role and value that Chartered Accountants bring to business and society, and widening access to the accountancy profession at graduate level. Building blocks of the profession At the core of his ambition for the profession, however, is quality. That, he said, begins with the profession’s trainees. “When I graduated from University College Cork with a degree in engineering, Chartered Accountancy offered the most flexible and most appropriate route into business with any degree of authenticity,” he said. “And over three decades later, that still holds true. The training, the discipline and the analytical skills are embedded in a foundation of ethics and integrity, and it is this that makes Chartered Accountants a very compelling proposition as business leaders.” Despite the negative publicity levelled at the profession, Conall points out that demand for the services of Chartered Accountants – particularly in the areas of audit and assurance – continues to increase year-on-year. This, he adds, is mirrored in the number and quality of candidates pursuing a career in the most versatile of professions. “We continue to attract top-quality candidates to this day and they are the profession’s basic building blocks,” he said. “If you don’t have the right foundations in place on day one, you can’t expect quality further down the road. Chartered Accountancy is very fortunate in that respect and that’s very precious to me, to the Institute, and to the wider profession.” Rising to new challenges However, Chartered Accountants and the profession as a whole are facing into an era of new challenge. From regulation to technology, the business landscape has changed in recent years but in Conall’s view, the biggest changes are yet to come. “While there have been huge advances in technology, most of what our audit trainees do today isn’t vastly different from what previous generations of audit trainees did,” he said. “But we are on the cusp of massive change. The larger firms have invested heavily in their data analysis tools and electronic audit capabilities, which are capable of achieving a transformational change in the quality of evidence available to the auditor.”   To help the profession thrive in this new data-driven environment, Conall plans to focus on enhancing the routes of access to a career in Chartered Accountancy in an effort to harness the profession’s full potential. “We are very fortunate that our large- and medium-sized member firms train the vast majority of our students, but there are many other very capable candidates who simply aren’t interested in that particular training mechanism and would prefer to begin their career in industry,” he said. “Training in professional practice is a wonderful discipline, but it isn’t for everyone so I will focus on working with senior Chartered Accountants in industry to reinvigorate our industry training programme while at the same time, the Institute will continue its work on the syllabus to ensure that we train Chartered Accountants who are much more IT savvy.” The value of audit Further change may be forced on the profession as the UK’s various audit reviews are concluded and acted upon. From the Kingman recommendations to the current review by Lord Brydon and the Competition and Markets Authority (CMA) Study, the profession – and audit in particular – is under unprecedented scrutiny. Speaking on the issue following his election, Conall noted that he has recently been looking to the UK and reflecting on the fractured relationship with the regulator, the Financial Reporting Council (FRC) and with society. “Many of the reforms recommended by Sir John Kingman’s recent independent review have now been accepted by the FRC and by the profession and politicians generally. However, the wider review by the Competition and Markets Authority and also the independent review into ‘The Quality and Effectiveness of Audit’ being conducted by Lord Brydon will be fundamental to our future and the future of business more broadly,” he said. “I think we need to be very careful here in Ireland that what works, and indeed what may be required to work in the UK, is not necessarily or automatically right for Ireland. I will work very hard as President to ensure the profession delivers what is expected of us by society and regulators and ensure the very particular strengths that we have in Ireland are protected and nurtured.”   He added: “It is very clear to me that the absolute focus of KPMG and all the large audit firms is on audit quality. We have had a very strong and robust auditor oversight regime in place in Ireland now for many years, and it is heartening to note that our audit regulator, IAASA, has confirmed that, following its recent complete round of inspections, the quality of audit here is generally of a good standard. However, we need also to recognise IAASA’s shared role in driving quality and take actions ourselves to reinforce public confidence in audit.   “Take for instance auditors’ provision of non-audit services to audit clients. The reality for almost all Irish public interest entities (PIEs) is that auditors do not provide any consulting services and only modest levels of tax services. However, because the profession campaigned for a more permissive regime over many years, the impression was created that audit was somehow a loss-leader for the provision of other consulting services. This is absolutely not the case in the PIE market here in Ireland but as a profession, I feel we could have shown more leadership and more respect for the societal role auditors play when we campaigned for more relaxed rules,” Conall continued. “While we need to do a better job of explaining what we do to the public, audit committees can also play an important role in representing and reporting to shareholders,” Conall added. “They understand what we do and the positive feedback from audit committee chairs with regard to the quality, robustness and integrity of our work is incredibly powerful and a great endorsement of what we actually believe about ourselves. What we as auditors read about ourselves in the press is completely alien to how we see ourselves and how we actually deliver our duties to the public.” Acting in the public interest Conall is also very clear on how auditors can play their part in rebuilding trust with the public and key stakeholders; particularly focusing on anything that could damage the perception of audit independence. “That’s the core area where society wonders if we are acting in their interest, or not,” he said. “While the quality of our audit work is difficult for the public to assess, any suspicion that our independence is impaired is easily understood and very damaging to our relationship with society and we do recognise that much more keenly now. I think that all firms and PIE auditors understand that they have an incredibly important societal responsibility and that they treasure the responsibility very carefully.” The voice of business Despite the dialogue and debate surrounding the profession, Conall is extremely optimistic about the profession’s prospects for the future and members can expect to see the Institute take a more prominent position on a range of issues affecting businesses and the economy on the island of Ireland. “Chartered Accountants Ireland is the largest professional body on the island and I think anyone would say that we represent the gold standard in accountancy,” he said. “But beyond our technical capabilities and business acumen, we can also add value by commenting on economic and tax policy, and by essentially acting as the voice of business to help Government and policy-makers understand the consequences of the many options placed before them. Yes, they have to listen to many interest groups also – but when they hear a view from a body like Chartered Accountants Ireland, they take it as being balanced, informed and fair.”   And as with past presidents, Conall will also lead the Institute as it navigates the unpredictable terrain of Brexit – but he has lauded Chartered Accountants Ireland for being to the fore and discharging its all-island remit in the best interest of society both north and south of the border. “We were one of the first business bodies to publicly express a view on Brexit and although there are members who may not have supported our position, we were very strong and very public,” he said. “I also think that while Brexit will certainly challenge our ability to operate as an all-island body, it will not prevent us and my sense is that there is little appetite in the UK to diverge significantly from EU standards in any meaningful way – there is no commercial rationale to do so.”