Revenue has issued a press release confirming that text messages claiming to come from them and which seek personal information from taxpayers are a scam. Revenue confirmed that they never request personal email through text, email or pop-up windows. Revenue advises that any emails or text messages which appear to be from Revenue and are suspected to be fraudulent or a scam should be deleted. Taxpayers should contact their local Revenue office to verify the status of any expected tax refunds. Individuals who have responded to these fraudulent emails or text messages and provided personal information are advised to contact their bank or credit card company immediately.

The annual Special Assignee Relief Programme (SARP) employer return for 2024 must be submitted to Revenue on or before 23 February 2025. The return should include details of all employees who availed of SARP relief for the period 1 January 2024 to 31 December 2024. Details on the filing of the return through Revenue’s online eSARP portal are available on Revenue’s SARP webpage.

The OECD Economic Survey of Ireland 2025 was launched last week at an event hosted by the Institute of International and European Affairs. The report notes that the domestic economy in Ireland remains robust primarily due to strong labour market performance. However, it notes that caution needs to be exercised when addressing spending pressures arising from an ageing population, infrastructure deficits, climate change and housing shortages. The key messages from the survey are as follows: Fiscal restraint is called for in the near term. At the same time, enhancing the fiscal framework, increasing spending efficiency and improving the medium-term resilience of tax revenues will be key to ensuring long-run fiscal sustainability. Preserving Ireland’s cost competitiveness requires a reduction in labour and skills shortages, lower legal costs and easing of the administrative burdens on businesses. Speedier implementation of plans and pricing emissions more uniformly across sectors is central to achieving Ireland’s ambitious climate targets. Policies to increase housing density, improve land use and development, raise productivity and lower costs in the construction sector are needed in order to boost housing supply. Commenting on the survey findings, Minister for Finance, Pascal Donohoe  said: “Our economy is in good shape and this gives us the resources and the bandwidth to address many issues. But continued economic success is not a given. The world is changing; the global economy is changing; our own economy is changing. It is incumbent upon us all – but especially those in the public sector – to prepare for these changes.”

From the Professional Accountancy team …..CCAB-I  has prepared Technical Alert TA01-2025  containing some pointers for firms to consider in their use of artificial intelligence (AI). All firms should be considering putting a policy in place whether it’s just to cover basic points such as if your trainees (or other employees) are permitted to use AI in the office or whether you need more extensive provisions. The pointers in our technical alert and links included in it may be of use to members.   This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

Revenue has updated the Tax and Duty Manual Company Charge to Income Tax on Loans to Participators. The updated manual includes a new introductory paragraph, further details on the operation of the provisions, and some additional examples.

Revenue has updated the Tax and Duty Manual VAT and Employer Income Tax/PRSI/USC/LPT – Direct Debit guidelines to reflect the ongoing direct debit modernisation project. Under phase one of this project, from January 2025, employers can no longer avail of a fixed direct debit option to pay their taxes. Liabilities can be settled instead by variable direct debit.

Revenue has published a new Tax and Duty Manual Split Year Residence which provides guidance on split year residence. The guidance reflects amendments to the claim rules introduced in Finance Act 2024. The new guide outlines split year treatment, its benefits and the relevant qualifying conditions. The changes introduced by Finance Act 2024 allow individuals to self-assess their eligibility for split year residence and claim the relief in their income tax Return for the relevant year.  These changes are referred to as the ‘Finance Act 2024 scheme (out of year claims)’. The manual provides guidance on claiming relief under this scheme and under ‘The Finance Act 1994 scheme (in-year claims)’. Illustrative examples of both schemes are included in the manual.

The first Practice News webinar of 2025, brought to you by Practice Consulting, took place on Friday 7 February 2025. In attendance were senior representatives from HMRC’s Making Tax Digital (MTD) team, including the MTD Programme Director Craig Ogilvie and Gemma Hope, from the Agent External Readiness team. Attendees heard how agents and taxpayers can prepare for MTD for income tax, including the benefits of joining its testing programme and key readiness tips. A recording of the webinar is available for viewing here. HMRC’s slides are also available on our website. The webinar also contained the usual regular features including updates on both Irish and UK tax, in addition to the latest compliance and technical news from the February 2025 edition of Practice Matters.

Revenue has updated the Tax and Duty Manual which provides guidance on the provisions relating to the residence of individuals. New paragraphs are included which provide additional guidance on: The meaning of ordinary residence and its implications in relation to the charge to tax (paragraph 2), Details on the charge to tax of income from a public office or employment (paragraph 5) and, Double tax agreements (paragraph 7). Certain paragraphs have been removed as the relevant matters are dealt with in separate Tax and Duty Manuals; these include split year residence and PAYE exclusion orders. The appendices in the manual have also been updated to reflect refreshed examples and now include a summary table on the tax implications of an individual’s residence, ordinary residence, and domicile status. A new appendix has also been included to provide historical guidance relating to a concession applying to Covid-19 cases in 2020.

In a story on 13 January 2025, we highlighted planned industrial action by HMRC staff which at that point was expected to end later this week on Friday 14 February 2025. HMRC has recently contacted us to advise that this action, which affects the Employer Helpline and Construction Industry Scheme helplines, has been extended to 14 March 2025. The full email from HMRC reads as follows: “In December we notified you about industrial action affecting the Employer Helpline and Construction Industry Scheme (CIS) helplines. This has been extended to 14 March. We have robust plans in place to ensure we continue delivering critical services.  HMRC Employer Services phonelines and webchat will be open 8am-6pm as usual but customers may experience longer wait times. We recognise that this is inconvenient for customers and agents who need direct support.   The lines affected are:  Employer Helpline (EHL)   Construction Industry Scheme (CIS) Helpline   There are no expected impacts on other services. We will keep the opening hours and service levels under review, and we will update you in advance of any changes.   We are updating GOV.UK and the recorded message that customers hear when calling the helpline. This tells them about the industrial action, the increased wait times and encourages customers to use our digital services. We strongly encourage customers to use our digital services rather than waiting to speak to us on the phone. Some of the main topics customers call these helplines about, which they can do online are: Get a quick answer to queries using the digital assistant  Check the status of your CIS refund in the ‘Where’s My Reply’ tool – only call us if the date has passed   Check your balance in the Business Tax Account   For technical support with online services use the For technical support with online services use the Online Services Helpdesk.”

HMRC has recently updated the Making Tax Digital (MTD) for income tax taxpayer and agent sign up guidance pages to reflect changes to the eligibility criteria for participating in the MTD for income tax trial in 2025/26. Following these changes, taxpayers reporting the high income child benefit charge and/or income from a jointly owned property will be able to sign up voluntarily to join the MTD for Income Tax 2025/26 trial phase ahead of mandation for the first phase of taxpayers with turnover exceeding £50,000 from April 2026. Further updates on the 2025/26 testing phase are expected ahead of its launch which is currently targeted for April 2025.

In this week’s miscellaneous updates, HMRC has confirmed that its interest rates will be reduced after the recent Bank of England base rate reduction and a consultation is taking place on HMRC statistics. From April 2025, the legislation which gives effect to the UK-Russia and UK-Belarus Double Taxation Treaties in UK law will be revoked and HMRC’s Guidelines for Compliance (GfC) have published the latest GfC on labour supply chain assurance. The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place. And finally, check HMRC’s online services availability page for details of planned downtime and the online services affected. HMRC late payment interest rates to be reduced HMRC has confirmed that its interest rates for late payments will be revised and reduced by 0.25 percent following the Bank of England interest rate cut to 4.5 percent. These changes will come into effect on: 17 February 2025 for quarterly instalment payments, and 25 February 2025 for non-quarterly instalments payments. HMRC’s information on the interest rates for payments will be updated shortly. Consultation on changes to HMRC statistics publications On 16 January 2025, HMRC published a consultation seeking views on how the statistics they publish are used. HMRC recognises that it is important to engage with statistical publication users regularly and to consider whether publications remain of high value to them. The aim of the proposals is to ensure that HMRC: continues to produce useful and relevant statistics for use by its stakeholders, adding to its existing statistics where appropriate, and adapts statistics publications to reduce what is produced for those which are no longer widely used, are duplicated elsewhere, or could be produced less frequently. The consultation closes on 10 April 2025. Revocation of UK-Russia/Belarus tax treaties Following Russia’s unlawful action to suspend material provisions of the 1994 UK-Russia Double Taxation Convention and the 2017 UK-Belarus Double Taxation Convention, the UK continued to honour its treaty obligations. The UK requested that Russia come back into compliance with its international legal obligations. However, as it did not do so, the UK has now notified Russia of its intention to suspend the Convention. The UK will therefore revoke the legislation which gives effect to these conventions in UK law. These will both cease to have effect from: 6 April 2025 for Income Tax and Capital Gains Tax, and 1 April 2025 for Corporation Tax. The UK will continue to honour its obligations under the treaties until these dates. However, thereafter, there will be an increased risk of double taxation, with a need to rely on the relief (if any) available under domestic law noting the potential for this to be restricted by ongoing sanctions. The following publications have therefore been updated: Belarus: tax treaties, and Russia: tax treaties. New GfC on labour supply chain assurance HMRC’s GfC team has published Help with labour supply chain assurance — GfC12. The guidelines are designed for larger organisations in the top tiers of a labour supply chain; however, the principles can be applied to most businesses. HMRC continues to tackle tax defaulters in labour supply chains directly. Many risks arise where there are opportunities to exploit larger, higher value, and more complex chains. HMRC is concerned about how these risks can affect a business’s own tax affairs. These guidelines explain how taxpayers can self-assess their own assurance practices and aim to help taxpayers identify and limit the impact of risks. The guidelines: explain what labour supply chains are and the associated risks, promote the importance of effective labour supply chain assurance, and provide practical advice to consider when carrying out labour supply chain assurance. These have been produced using a different format than previous guidelines hence HMRC is keen to hear feedback on the new format. If you have any queries or feedback, please contact the GfC Mailbox. Alternatively, there is an anonymous survey in the Next steps, further questions and feedback section.

Revenue has updated the Tax and Duty Manual Guidance on the Residential Zoned Land Tax (RZLT) to reflect Finance Act 2024. The main changes to the manual reflect amendments to the sections dealing with land subject to the RZLT, administration, exemptions, deferrals and abatements and other issues.

Last week Revenue published statistics relating to 2024 PAYE tax returns filed to date this year on the back of which PAYE taxpayers are being encouraged to use the myAccount service to finalise their tax position. The statistics showed that as at 29 January 2025, over 550,000 PAYE returns had been processed for 2024 which resulted in refunds of over €400 million to PAYE taxpayers. Revenue is reporting a continuing increasing trend in the use of Revenue’s my Account service to file tax returns. An underpayment of tax arose in approximately 12 percent of the returns processed and Revenue has advised that they will engage with the relevant taxpayers to collect the tax due by reducing tax credits over a four-year period. Revenue has reported they estimate a further €389 million of tax may have been overpaid by PAYE taxpayers in 2024. In light of this, Revenue has launched a campaign to encourage PAYE taxpayers to use the myAccount service to finalise their tax position. Revenue has provided details on how to access this service and detailed guidance on submitting a PAYE tax return and claiming tax credits and reliefs.

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant to the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Bookings are now open for a HMRC webinar next week on the new arrangements for the movement of parcels and freight between Great Britain and Northern Ireland which commence from 31 March 2025, delayed from 30 September 2024. For more information, click read more. HMRC webinar on new arrangement for parcels and freight The Windsor Framework establishes a new set of arrangements for the movement of goods between Great Britain and Northern Ireland via both parcels and freight. HMRC has organised a free webinar on Monday 24 February 2025 from 2-3pm to help businesses that make parcel movements between Great Britain and Northern Ireland prepare for the new arrangements by 31 March 2025. HMRC is encouraging interested parties to sign up. This webinar follows on from the webinar held on 21 November 2024, which you can view the recording of on the newly launched WF resource page. On the day, the webinar will cover:  What the new parcel arrangements are, The UK Internal Market Scheme (UKIMS) and how to send business to business parcels under UKIMS, Illustrative parcel journeys for consumer and business parcel movements, and A Q&A slot. To register and pre-submit any questions, please click this link. You are also reminded to save the invite to your calendar once registered. Miscellaneous guidance updates and publications Multinational companies and companies based in both GB and NI Economic Operators Registration and Identification (EORI), EORI, Who should register for an EORI number, Place of registration, Finding and checking an EORI, and Location codes for ports of entry in Great Britain.  

The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for January 2025 which confirms an Exchequer surplus of €3.6 billion in January. This compares to a surplus of €2.3 billion recorded for January 2024. Tax receipts collected in January were €10.1 billion, which was €2.3 billion ahead of the same period last year. Excluding the once off receipts arising from the judgement of the Court of Justice of the European Union (CJEU) in the Apple State aid case, total receipts of €8.4 billion were collected in January, ahead by €0.6 billion on the same period last year. Income tax receipts of €3.0 billion were recorded in January, €0.1 billion ahead of January 2024. Although January is not generally a significant month for corporation tax, receipts of €1.8 billion were collected in the month which was an increase on January 2024 by just under €1.8 billion, due almost entirely to once-off receipts arising from the CJEU ruling. January is a VAT-due month and generally the strongest VAT month of the year, encompassing the Christmas trading period. Receipts of €4.1 billion were collected in the month, up by 5.8 percent compared to January 2024. Excise duty receipts of €0.5 billion were collected in January, up by €27 million on the same month last year. Commenting on the figures, Minister for Finance, Paschal Donohoe said “Today’s figures show that tax revenues continued to demonstrate steady growth at the start of the year. In particular, the ongoing expansion of income tax and VAT receipts are a positive indicator of the fundamental strength of our economy. However, there are clear risks ahead. As a small open economy, Ireland is particularly vulnerable to changes in the global economic environment. This underlines the importance of continuing to pursue a balanced and sustainable fiscal policy. That is why Government has committed to using the once-off proceeds from the CJEU decision to improve our stock of infrastructure, as well as investing windfall tax revenues in the Future Ireland Fund to prepare for future challenges.”

In his book The Closing of the Auditor’s Mind?, David J. O’Regan, FCA, examines how an erosion of trust in modern auditing might be remedied and reversed. Increasingly fragmented patterns of accountability and social trust are in the ascendant and there are implications for a crucial area of our socio-economic existence—internal auditing. Internal auditing faces not only a challenge of adaptability to emerging patterns of accountability and social trust, it is also confronted by broader challenges of reforms required to encourage such adaptability. One might prefer the term “crises” to “challenges” but let us avoid leavening our analysis with hyperbolic language. Nonetheless, the severity of internal auditing’s two contemporaneous and interconnected challenges discussed is not to be underestimated. Should the challenges remain unaddressed, they may well develop into profound crises. Regarding the first challenge of adaptability, internal auditing has failed to keep pace with global trends toward a flattening of traditional, vertical hierarchies of the command-and-control variety, and their replacement with complex patterns of horizontally distributed accountability and social trust. Our trust in traditional institutions and in politicians, business leaders and the cultural elite is eroding. We are increasingly placing trust in non-hierarchical networks, both digital and human. And where trust has been displaced, flows of accountability adapt accordingly. The emergent patterns of accountability and social trust are so far-reaching that they threaten to leave internal auditing marooned, like a shipwreck, in the detritus of history. Internal auditing is therefore at a crossroads, both practical and conceptual. The most demanding needs of accountability and social trust increasingly fall into three domains – in the inner workings of organisations; in transitional spaces at organisational boundaries; and in extra-mural activities. Internal auditing remains fixated on the innards of traditional, bureaucratic structures and is ill-positioned to address the assurance demands arising at both the liminal spaces at the fringes of formal organisational structures and from locations beyond institutional boundaries. The peripheral and external domains are characterised by an absence of clear markers of responsibilities, and by fast, flexible and disorienting flows of accountability that bear little resemblance to the shape of traditional bureaucracy. Their records of accountability are typically digital rather than tangible, and the significance of their assurance demands defies easy evaluation. Importantly for our analysis in this book, we encounter the new patterns of accountability and social trust where the writ of internal auditing, as well as external auditing, runs weakest. The versatility of both internal and external auditing is hampered by restraints. The external auditor’s opinion on an organisation’s annual financial statements once satisfied the assurance needs of traditional hierarchies of accountability and social trust, but it is ill-equipped to meet the demands of the emergent, horizontally distributed accountability paradigm. In contrast to external auditing, internal auditing’s activities are framed in more elastic terms, and internal auditing therefore offers, on paper at least, a greater scope for adaptation. Yet internal auditing, like external auditing, faces an uncertain future, owing to the need for the types of reform without which the necessary agility and adaptation are unlikely to develop. At this point, a word of caution is in order. Even amid the newly emerging patterns of horizontally distributed accountability, bureaucratic organisations characterised by command-and-control structures will continue to exist. A demand for external and internal auditors’ services will therefore remain, as long as stakeholders continue to be interested in financial statements and in the inner workings of organisations. But the real action on accountability and social trust will increasingly be found elsewhere on the fringes of organisations and in extra-mural locations. Already, assurance is becoming increasingly piecemeal. We can expect the emergence, in the near future, of innovative, diffuse assurance mechanisms to address the pressing demands of the new patterns of accountability and social trust. Both external and internal auditing therefore face a future of marginalisation as they remain shackled to the outdated frameworks of bureaucratic institutions. Internal auditing faces not only a challenge of adaptability. It also contends with a second challenge arising from its increasing tendency toward algorithmic and mechanistic activities. In particular, the dangers arising from a swelling tide of amoral and pedantic literalism in internal auditing are difficult to overstate. A humane approach to internal auditing founded on creativity, individual judgment, and critical thinking. In this context, there is a sense of loss that seems an inevitable accompaniment to progress. Or, perhaps more accurately, an accompaniment to misplaced notions of progress. Internal auditors today have at their disposal vast pools of data, along with powerful technological tools that mine and arrange the data into auditable information. Technological advances encourage internal auditors to approach well-worn topics in fresh ways and to explore newfangled activities. Only a Luddite would be hostile to technological advances in internal auditing, from data analytics to the use of drones for the purposes of aerial surveillance of dispersed inventory. But internal auditing’s technological achievements have come at a high cost – as an addictive substitute for critical thinking. Internal auditors are increasingly gripped by an algorithmic mindset, and they tend to look at technology, not as a means to an end, but as an end in itself. This technologically driven approach has crowded out arduously gained humane aspects of internal auditing. The relentless, metallic clatter of technological advance does not therefore necessarily imply improvements in understandings of underlying concepts. Our collective faith in data analytics and sampling software has created the seductive but dangerous myth that we are better auditors than our predecessors. We seem unaware that accretions of prowess in data handling and number-crunching often offer little more than illusions of certainty, if not groundless uncertainties. The technology of internal auditing may progress, but the cogency of the concepts and principles of internal auditing remain enduring. Diagnostic acumen, analytical rigor, inferential precision, a healthy scepticism, and a resistance to transient faddism are unchanging prerequisites for good internal auditing, and our progressive internal auditing environment now needs them more than ever. Modern internal auditing does not lack energy. However misplaced, its enthusiasm is in constant motion, exuding an exaggerated sense of industriousness. But the blustering, frenetic pace of internal auditing today masks an underlying intellectual inertia, a kind of hallucinatory lassitude in which highly agitated activity serves only to endow clockwork routines with decreasing significance. Beneath whirlwinds of risk assessments, data analytics, and trending buzzwords, and beyond the dubious recommendations that often flow from such mechanisms, we see process increasingly triumphant over substance. It is at internal auditing’s eerily muted core where the absence of timeless concepts of validity and truth are most keenly felt. A technocratic conformity is descending on internal auditing like a smothering shroud, leaving us with muffled reverberations of futile routines, hollow platitudes, and a steady decline in the public’s trust. Only a fundamental overhaul of internal auditing’s self-understanding and methodologies, driven by a tempering of its algorithmic mindset, will open the door to a return to a style of auditing marked by creativity and judgment. Without such an overhaul, internal auditing is unlikely to survive a take-over by automated auditing software and machine-processed artificial intelligence, let alone adapt to the evolving paradigm of accountability and social trust. About the author David J. O’Regan has authored nine books on auditing and related themes. A Fellow of the Institute of Chartered Accountants in England and Wales, he earned a doctorate in accounting and finance from the University of Liverpool and his auditing experience spans more than three decades, in the private, public and academic sectors. O’Regan joined the United Nations system in 2005, working initially at the Organisation for the Prohibition of Chemical Weapons at The Hague in the Netherlands. He has served as Auditor General to the Pan American Health Organization in Washington D.C. since 2009. For more, see davidoregan.com.

The Statement on Internal Control is critical to the effective risk management and governance of Ireland’s State bodies. Tom Ward and Níall Fitzgerald offer their best practice insights Recent challenges faced by Irish entities in the public, non-profit and private sector have emphasised for many boards (and, where relevant, their funding bodies) the critical importance of the adequacy and operational effectiveness of internal controls, risk management and governance. Ultimately, a systematic and proactive approach to testing and reviewing controls, addressing weaknesses and implementing remedial actions in a timely manner, can only enhance confidence in public sector governance and best practice. In this regard, the Statement on Internal Control (SIC) plays a crucial role. State bodies in Ireland are required to report on all of their internal controls, risk management and governance in their annual SIC in accordance with the Irish Code of Practice for the Governance of State Bodies 2016 (Code of Practice).  Such reporting encompasses financial, business, operational and compliance controls and State bodies are subject to a swathe of such controls as standard, spanning: The discharge of public business. Project delivery and cost management. Monitoring and control of assets. Fraud prevention and detection. IT systems and technology (including cybersecurity).  Procurement. Additional controls specific to the nature of each bodies’ activities include clinical governance for public hospitals, infrastructure guidelines for large infrastructural projects and controls relating to onward funding to other public bodies or non-profits. The SIC must acknowledge the Board’s responsibility for ensuring that effective internal control systems are in place, the approach taken to reviewing these systems to ensure they are working (including steps taken by the Board and its Committees) and must identify any significant weaknesses or breaches. While the format for the SIC is prescribed, the content should be tailored according to the size and complexity of the organisation. However, there is limited guidance on the extent to which the Board should tailor this approach and content. At a recent SIC event co-hosted by Chartered Accountants Ireland and the Institute of Public Administration’s Governance Forum, Andy Harkness, from the Comptroller and Auditor General (C&AG) Office, provided examples of SIC best practice for State bodies, including the need for:  Good documentation clearly explaining the work carried out to support the review of controls; Assurance statements provided by senior managers; The involvement of the internal audit team, including key changes arising from their reviews and recommendations; and  If appropriate, an assurance statement from  independent assurance service providers.  Within this approach, the C&AG highlighted the importance of documenting any issues that may arise and adequately supporting any work undertaken to ensure that significant risks have been identified, including risks arising from changes to the control environment. Also emphasised was the importance of assessing the effectiveness of the controls in place, the assurance results and the effectiveness of follow-up steps taken in response to any control deficiencies identified.  Board and board committees should minute their review and conclusions with regard to the effectiveness of the systems of internal controls under review, and record recommended changes to governance, internal controls and risk management matters arising from the review. Also speaking at the recent SIC event, several experienced non-executive directors provided examples of the approaches they have taken to preparing the SIC within their organisation. In particular, they noted challenges associated with the absence of formal guidance and the ambiguity surrounding the term “operating effectiveness”, which is typically associated with Sarbanes–Oxley applying to companies listed on the US Stock Exchange.  In an Anglo-Irish context, assurance on the effectiveness of controls has traditionally been limited to financial and reporting controls. This is, however, changing. To achieve best practice in SIC reporting, the Boards of State bodies in Ireland may currently rely on: Guidance issued by the Financial Reporting Council (FRC) in Britain in relation to the UK Corporate Governance; International Standards on Assurance Engagements (ISAE) 3402 Reports; Sarbanes–Oxley literature for directors and auditors;  Guidance or circulars issued by the Department of Public Expenditure, Infrastructure, Public Services, Reform and Digitalisation or the C&AG; and General assurance standards and guidance. Some best practice insights for State boards arising from the recent SIC event include: The benefit in defining, adopting and communicating a common framework for performing the review of internal controls. The importance of the work needed to support and underpin the SIC. The need to ensure that the findings reported in the SIC are consistent with other supporting documentation approved and minuted by the Board. The need to disclose any scope limitations encountered in the processes necessary to support the SIC and to consider their impact on the directors’ assertion on compliance with the Code and SIC requirements. Above all, the importance of understanding that the reporting of significant weakness is just one part of the equation—this must be accompanied by reporting on the steps since taken (or to be taken) to address these weaknesses. The focus on robust internal controls, comprehensive risk management and effective governance remains a critical requirement for State bodies.  The SIC is not just a compliance requirement; it also serves as a reflection of the organisation’s commitment to transparency, accountability and continuous improvement.  As State bodies navigate evolving challenges and expectations, adopting a standardised yet adaptable framework, combined with clear guidance, will strengthen overall SIC governance practice.    Dr Tom Ward is Senior Governance Specialist, Professional Development, with the Institute of Public Administration Níall Fitzgerald, FCA, is Head of Ethics and Governance at Chartered Accountants Ireland

Colette Devey, Risk Consulting Partner, Chief Risk Officer and Consumer Sector Lead with EY Ireland, talks us through her impressive career path and some of the important lessons she has learned along the way. Colette Devey was appointed Chief Risk Officer at EY Ireland in September 2024. Devey also leads EY Ireland’s Consumer Products and Retail Practice and is a Partner in the firm’s Risk Consulting Business. She joined EY in 2003 and became a Partner in 2019. Tell us a bit about yourself and why you decided to become a Chartered Accountant? I grew up in Raheny in Dublin and attended Manor House School before moving on to University College Dublin. I chose a degree in business and legal studies because I felt it would offer promising career options in both the legal and finance fields. Initially, I thought I would become a lawyer, but over the course of my four-year degree, I realised my strengths lay in business and finance. This realisation led me to choose a career in finance, joining the assurance practice of a big four firm in London to train as a Chartered Accountant and working with clients in the financial services sector. How has your career evolved from qualification through to your current role with EY Ireland? After qualifying, I spent two more years in London, building my experience and learning to manage client engagements. It was an exciting time to be in the city and I was very lucky to have college friends who moved over at the same time. There was a great Irish gang of us all together. The work environment in which I began my career was very different to today. My work was 100 percent client- or office-based with much less technology and it was still quite male-dominated. The firm had just two female partners at the time and, in many of the teams I worked on, I was the only woman. After five years in London, I was ready for a change and moved to Sydney, Australia, for two years. It was there I first had the opportunity to work as a consultant, rather than an auditor, and I immediately knew this was the area I wanted to progress my career in. As a Risk Consultant, I discovered I enjoyed the operational aspects of businesses, from the shop floor or factory site through to profit and loss and the balance sheet. This role allowed me to leverage my core accounting skills while also gaining deep knowledge in process, risk and controls, and I have since continued to build my career in this specialism. I joined EY Ireland in Dublin in 2003, then spent 15 years in consulting with EY UK. After returning to Dublin in 2022, I took up the position of EY Ireland Consulting Partner and Consumer Sector Lead. In this role, I work extensively with local and international businesses in the agricultural, consumer products and retail sectors, helping them navigate a rapidly changing landscape driven by evolving consumer behaviour, regulatory changes and emerging technologies, such as artificial intelligence (AI). I also lead our work on the Irish EY Future Consumer Index, which tracks changing consumer sentiment and behaviours bi-annually, identifying new trends and emerging segments. Talk us through your day-to-day work as Chief Risk Officer with EY Ireland. My role as Chief Risk Officer is very broad and complements my continued service to clients across our 150-strong Risk Consulting team here in Ireland. My team and I focus on ensuring EY Ireland manages and mitigates a number of key risks. This can range from data privacy and protection—where we work closely with colleagues on our legal team to assess the data risks arising from the introduction of new technology, notably AI—through to assessing the implications of external events. This might be social or, as in more recent months, weather-related. On top of day-to-day matters, there are also times when we have to react quickly to protect the firm, our people and our clients—from cyber risks, in particular. As an example, when the CrowdStrike software update caused significant outages globally, we had to immediately consider what impact this might have on our clients. Thankfully, in this instance, the impact was minimal. What do you enjoy most about your current role, and what are the challenges? What I enjoy most is the variety and this has continued to be the case over the course of my entire career to date. No two days are the same. My team and I need to be very agile so that we can quickly reprioritise activities and plans based on changing circumstances. This also brings challenges, such as tight deadlines or the need for fast decision-making. In my experience, however, these challenges are easily overcome when there is a strong and aligned team working together and communicating effectively. This is something I am very grateful to have with my current team. Are you glad you made the decision to qualify as a Chartered Accountant at the start of your career? Yes, without a doubt. My qualification as a Chartered Accountant has opened many doors and opportunities for me throughout my career. It has been foundational to the work I do with my clients, whether that is delivering internal audit services, transforming governance, risk and internal control frameworks, or supporting the implementation of Sarbanes-Oxley Act (SOX) requirements, mandating strict reforms to improve financial disclosures and prevent accounting fraud. Although much of this work focuses on strategic, operational and compliance risks, we are never too far away from considering the financial impact on the business. Did you have a career plan starting out? How have your career goals evolved in the years since? If I am completely honest, no, I didn’t set out with a long-term career plan. I knew I wanted to become a Chartered Accountant and work for organisations offering opportunities for career progression, alongside enriching professional and personal experiences. I didn’t set out with the end in mind and could not have imagined some of the opportunities I have had along the way, including working with incredible clients, fantastic teams and on exciting projects while also being able to live and travel all over the world. In the early part of my career, my approach was to say ‘yes’ to every opportunity that came along. In more recent years—and particularly since I set myself the goal of becoming a Partner—my goal setting has become more deliberate and focused. I want to keep growing and developing my professional experience and expertise, while also creating opportunities and experiences for my team and colleagues. Tell us about the most important professional lessons you have learned in your career. The three most important professional career lessons I have learned over the years are: Be the role model for others you would have wanted for yourself. Listen to those around you and take their feedback on board—but, ultimately, you have to trust and believe in yourself. Most importantly, never forget that clients are individuals with their own aspirations and plans. Developing strong relationships at a personal level, as well as professionally, typically leads to healthy, trust-based and long-term client relationships. How has the role of the Chartered Accountant evolved since you first joined the profession, and how do you think it will change in the years ahead? The biggest change I have observed in our profession relates to technology and how it continues to impact the work we do. First, there is the role technology plays in business, creating risk, but also opportunity. Second, technology is now key to delivering accounting, auditing and consulting services. When I first started with a big four firm in London, we didn’t even have individual laptops. Instead, each engagement team had just one Mac computer, which came with its own wheely bag. The most junior person on the team (i.e. me) had to bring it to and from the office and client sites! Times have changed so much since then, and I believe technology—in particular, data—will continue to play a critical role in our profession’s future development as emerging technologies, including AI, become even more prominent in business, accounting, risk consulting and wider society. What advice would you offer young Chartered Accountants about forging a successful and fulfilling career? My advice would be to take the time to truly understand your strengths, consider where and how you want to grow and develop professionally, and identify the roles that will give you energy and motivation while also allowing you to be your authentic self. With these strands in place and the Chartered Accountancy qualification behind you, you will be in a strong position to grasp opportunities for a rewarding and enriching career. What are your career plans from here on in? That is a very good question! With EY’s new global leader, Janet Truncale, and our ‘All In’ global strategy in place, there are many exciting developments ahead. For now, my focus is on my clients, growing our business and developing the teams I work with, as well as ensuring we manage and mitigate the risks we face as a firm. These responsibilities are more than enough to keep me busy for the time being, but I am always open to new experiences and opportunities, so I will keep an open mind as to where my career will take me in the future—as everyone reading this should.

Resilire founder Joyce McCarthy, FCA, is helping scaling organisations embed a sustainable growth culture that supports people and boosts resilience “Recalibrate. Resolve. Rise.” When Joyce McCarthy launched her HR advisory and coaching firm Resilire in September 2024, she knew exactly where her focus needed to be. Inspired by her own experience re-evaluating her career and life priorities in response to events beyond her control, McCarthy resolved to use this very personal insight to help others prepare for, overcome and learn from professional challenges and setbacks. “Resilire comes from the Latin word for ‘resilient’. When I decided I wanted to set up my own business and work for myself, there was never any doubt about what my focus would be; I knew it had to be about helping people to embrace change and build resilience to achieve their goals.” McCarthy had begun her own career training in Dublin as a Chartered Accountant before moving into banking, first in Australia and then the UK, where her career focus shifted first to sales and then to people and performance management, and organisational culture. “When I moved to London, I started a new job at a large organisation managing a big team and leading innovation in people management,” McCarthy says. “We were overseeing all aspects of performance management from metrics to bonuses, rewards and recognition schemes, and really focusing on how to innovate and improve this whole area. “That was when I started to think seriously about what the culture of an organisation really means, and the level of stress individuals can experience when they are under pressure to perform.” McCarthy “absolutely loved” her work and was delighted when she was promoted to director level and selected for fast-track progression through the organisation’s senior ranks. “Then, I got pregnant. I had just started my new role and I didn’t want to have to go on maternity leave, but I remember the doctor saying to me, ‘You need to prioritise your health and your pregnancy now,’ and that was a shock to me at the time.” McCarthy endured a difficult birth and serious complications with the arrival of her first child. “I was recovering when I was told my employer was carrying out a cost-cutting exercise and essentially downsizing,” she says. “I felt I needed to rush back to work early from maternity leave to try to claim a chair, but, essentially, the music stopped and I had nowhere to sit.” Losing her job in this way was a shock for McCarthy. “My whole world was completely rocked,” she says. “I had gone back to work before I had physically or emotionally recovered. I already felt vulnerable and then I was told my job was at risk of being made redundant. “At the time, I felt really let down by my employer and that’s when I started to think, ‘I need to be my own boss and never again depend on an employer’. The experience also opened McCarthy’s eyes to the very human cost of high-pressure work environments built solely to service the bottom line. “It gave me a lot of empathy for other people and their circumstances. I went from being really focused on performance, productivity, output and just working really, really hard, to questioning everything and asking myself, ‘am I going too fast here?’ “I was a first-time parent and really unwell for the first time in my life. I had to stop and think, ‘There’s more to life than work; your health and the health of your family is so much more important’.” McCarthy subsequently decided to complete a diploma course in resilience coaching and left London in 2021 to return to Dublin with her husband and young family. She established Resilire six months ago, specialising in talent and performance management strategy alongside executive coaching. “My focus is on supporting scaling businesses to reach their potential by helping them with people and culture goals,” McCarthy says. “This is especially important to me because Ireland is just such an entrepreneurial, relationship-focused country.  “When I came back home, I started building a network of wonderful, supportive entrepreneurial people almost straight away.  “These entrepreneurs and others like them build amazing businesses, but when these businesses reach a certain size, they are going to need to define their own identity from a people perspective, and that’s where I come in.” Culture is key to resilience in any organisation, McCarthy says, and embedding a culture of   psychological safety and trust is paramount in a growing company. “Blame culture really doesn’t support business performance,” she says. “The focus should always be the end goal. As long as you’re focused on that bigger goal, you can absorb and withstand the little mistakes that happen along the way, the things that go wrong and the unexpected events and setbacks. “Ultimately, people need to know that they can be open and honest; that it is safe to raise issues; and that the people around them have their back. “Embedding a ‘test and learn’ environment that encourages people to fail fast with no repercussions actually encourages innovation and boosts performance.” In tandem, it is important for employers to understand that their people are multi-faceted humans with full lives outside work, who are often contending with a whole plethora of competing and shifting demands. “People are not bots; they’re not widgets. They don’t just show up to work to perform a task. Typically, people have a lot more going on in their lives than work, and their resilience can be depleted over time by a whole range of factors, be they family-, health- or money-related. “That is why, I think rightly, we are seeing the people management focus shift towards wellbeing as a holistic concept. “At the end of the day, people want to be seen and supported at work; to feel that they can share their challenges in a safe environment; and to be recognised for their contribution and all the ‘small wins’ along the way. “This is what performance management is really about, I think, and helping companies build a culture that genuinely supports it is my core focus with Resilire.”