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  • Digital Disruption 15 May 2018

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Latest News

Member Profile

Grant Thornton’s Sinead Donovan FCA shares her passion for endurance sports.    Quite often, I pinch myself and look in surprise at where I am and what I have – partner in a superb, fast-paced, growing firm, mother of two fantastic daughters, on the Council of Chartered Accountants Ireland and chair of CA SUPPORT.  How did this happen and how was I so fortunate to be in this position? At times, it’s overwhelming and, I won’t lie, it can cause stress when juggling all the commitments. However, I know that I need a constant challenge in my life to ensure that I push myself and operate outside my comfort zone. It’s who I am and it is what makes me happy.   It was this awareness of the need to operate outside my comfort zone that attracted me to endurance sports. With the responsibilities of family and work, as with most working parents, there wasn’t a whole lot of “me” time. I realised some five or six years ago that not only did I need “me” time to clear my head and deal with everyday stress, but I needed an outlet to ensure I had the physical and mental strength to deal with the day-to-day challenges. Triathlon became my “thing”. Cross-training over three sports intrigued me – what do you focus on first? How do you split the time between the three events? I enjoyed learning about the disciplines and training became part of my everyday life. I generally try to get the bulk of my training done early – before the girls get up – so that I have no excuses. I fell in love with the progression of the training and the fun of taking part in events, which were getting longer and longer over the years. Very soon the goal became an Ironman. Training for me is my release from work and from domestic stress. It gives me the head space to clear the mind of issues and the physical release to manage frustrations. My life currently falls into three buckets – family, work and training. The key thing is ensuring the balance is correctly maintained between the three – not always easy.  However, it’s a bit like training for a triathlon – I know there will be times that each discipline will need more attention than the other. I achieved my goal of completing an Ironman last year and had such fun along the way. However, more than just physical achievement, it demonstrated to me that determination is everything – the body will achieve what the mind believes; consistent training is key; quick wins are not a long-term option; and a support team is critical. You can only do so much on your own but with a support team, the sky is the limit.

Apr 03, 2018
Ethics

Chartered Accountants Ireland are delighted to announce the release of an ethics quick reference guide for members entitled “Five Fundamental Principles, Five Practical Steps”. Níall Fitzgerald, Head of Ethics and Governance, comments; “In addition to serving as a useful reminder of the five fundamental principles of the Institute’s code of ethics,  this one pager provides practical steps and tools to assist members prepare for the day they have to address an ethical dilemma”. The Institute’s Ethics and Governance Committee were delighted to support this initiative of President Shauna Greely, and see the guide as a unique and valuable tool that members can keep close to hand. It will serve as an easy to use aide memoir applicable to their professional lives. The guide is available to download below as a multi-page A4 document or alternatively there is a one-page folding hard copy available by contacting us. The guide will also feature as a ‘cut out’ in the June edition of Accountancy Ireland. Ethics quick reference guide  

Apr 04, 2018
Audit

Technical Alert 02/2018 published to provide assistance to auditors of insurance undertakings Chartered Accountants Ireland has published Technical Alert 02/2018 Illustrative auditor’s reports on the relevant elements of the Solvency and Financial Condition Report (SFCR) for periods beginning on or after 17 June 2016.   This Technical Alert provides illustrative auditor’s reports on the relevant elements of the SFCR, performed in accordance with ISAs (Ireland), the new Irish auditing framework.   The following illustrative auditor’s reports are included in Technical Alert 02/2018: An auditor’s report on relevant elements of the SFCR for the year ended [insert date] (life insurance undertaking) - such period beginning on or after 17 June 2016 (solo entity using the standard formula) An auditor’s report on relevant elements of the SFCR for the year ended [insert date] (non-life insurance undertaking) – such period beginning on or after 17 June 2016 (solo entity using the standard formula) An auditor’s report on relevant elements of the SFCR for the year ended [insert date] (life insurance undertaking) - such period beginning on or after 17 June 2016 (solo entity using the partial or full internal model) An auditor’s report on relevant elements of the SFCR for the year ended [insert date] (non-life insurance undertaking) – such period beginning on or after 17 June 2016 (solo entity using the partial or full internal model) An auditor’s report on relevant elements of the SFCR for the year ended [insert date] – such period beginning on or after 17 June 2016 (group insurance undertaking using the standard formula) This Technical Alert should be read in conjunction with Section 3 of Technical Release 13/2016 Guidance for auditors of insurance undertakings in Ireland.   Technical Release 13/2016 gives guidance to auditors engaged to provide a reasonable assurance opinion in relation to the relevant elements of the Solvency and Financial Condition Report (‘SFCR’) of an insurance undertaking pursuant to Regulation 37 of the European Union (Insurance and Reinsurance) Regulations 2015 (SI 485 of 2015) (‘the 2015 Regulations’).   Technical Alert 02/2018 is available to read here.

Apr 03, 2018