Chartered Accountants Ireland has responded to the announcement this afternoon by Minister for Finance and Public Expenditure and Reform, Paschal Donohoe, TD that the Temporary Wage Subsidy Scheme (TWSS) is to be extended until the end of August.  In the face of unprecedented disruption following the arrival of COVID-19, the swift introduction of this Government scheme has been a vital lifeline for businesses since March.  By retaining that crucial link between employer and employee, it not only provided immediate support for businesses but also positions them as strongly as possible for recovery when the time comes. Dr Brian Keegan, Director of Public Policy at Chartered Accountants Ireland said “Ireland’s subsidy scheme compares extremely favourably with similar initiatives worldwide, and credit is due to the Revenue Commissioners for in effect putting the PAYE system into reverse to make the scheme work effectively.  “Today’s extension of the TWSS brings much needed clarity for businesses at a time when the economy is gradually being reawakened. It allows businesses to plan for the coming months with a greater degree of confidence.”

Supporting post-COVID economic recovery will be top priority for largest accounting body. Following today’s AGM, the gender balance of the Institute’s Council stands at 50:50.  Paul Henry has been elected President of Chartered Accountants Ireland for 2020/2021 at its 132nd Annual General Meeting today, held virtually for the first time. Addressing the Chartered Accountants Ireland AGM, Mr Henry said his key priority as President of Ireland’s largest accounting body would be to harness the ability, experience and expertise of its membership network to support economic recovery in the aftermath of the COVID-19 pandemic. In addressing the challenges of COVID-19, he said: “This is, of course primarily a public health crisis and businesses have rightly taken unprecedented steps to protect their staff and the public. “As we come through the immediate threat of the pandemic, we will face the significant challenge of rebuilding the economies of the island of Ireland. I believe that our 28,500 members working in leadership, finance or advisory roles throughout Irish business, will play a key role in kick-starting the recovery and ensuring that business bounces back strongly. “It will be the challenge of a generation, requiring a collaborative approach between business, political leaders and the public sector. Chartered Accountants Ireland will be a strong supporter and advocate for the business community and the positive impact that a renewed economy can have for all throughout our society.” Mr Henry said that as well as supporting its current members, Chartered Accountants Ireland would work to highlight the opportunities available to a new generation of potential trainees within the profession. He said: “Economic rebuilding will create opportunities, particularly in finance and leadership roles. We believe that Chartered Accountancy training is the best possible business education and is more flexible than ever before, creating great opportunities for those seeking to train, whether they are a school-leaver or an experienced business professional.” Mr Henry, who takes over as President from Conall O’Halloran, is a Director with Belfast based property consultancy Osborne King and has extensive experience of real estate, insolvency and corporate finance. A resident of Belfast, Mr Henry qualified with Pricewaterhouse in 1989. Prior to his current role, he held positions with the Industrial Development Board, Enterprise Equity, PricewaterhouseCoopers and ASM Chartered Accountants.  He also served as Chairman of Chartered Accountants Ulster Society in 2014. At today’s AGM, Pat O’Neill was elected Deputy President of Chartered Accountants Ireland. Sinead Donovan was elected Vice-President. Following today’s AGM, the gender balance of the Institute’s Council stands at 50:50. Progress is also being recorded at wider membership level, which is currently 42 per cent female and 58 per cent male. ENDS For more information:  Jill Farrelly PR and Communications Manager Chartered Accountants Ireland jill.farrelly@charteredaccountants.ie/087 738 6608 About Chartered Accountants Ireland Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888. The Institute, which is an all-island body, currently represents over 28,500 members around the world. Chartered Accountants Ireland is a founding member of Chartered Accountants Worldwide, the global alliance that brings together over 1.8 million Chartered accountants and students in more than 185 countries. Update For a synopsis of press coverage arising, please see here.

Since the outbreak of the COVID-19 pandemic, Chartered Accountants Ireland has worked with training firms, regulators, CASSI (the student representative body) and other stakeholders to consider all options, to ensure that the 2020 examinations take place.   In the current circumstances, Chartered Accountants Ireland, in partnership with our training firms, has announced its intention to move to remote “live” proctored (invigilated) E-Assessment for the 2020 examinations for CAP1, CAP2 and FAE. This decision was communicated to all students earlier this week, as well as the supports to be made available to students in transitioning to E-Assessments and key exam dates.     Director of Education & Training with Chartered Accountants Ireland, Ronan O’Loughlin, said:  “The Institute’s aim throughout has been and remains to provide training firms and students with the certainty of examinations in 2020, while putting the health and well-being of students, staff and other parties at the core of the issue.   The Institute acknowledges the support and assistance we have received to date from all firms, in carefully assessing the options available. Indeed, this cooperation and support has enabled the progress made to date.”  More information on the workings of E-Assessments, supports for students and key dates is available here: EAssessment May 2020.