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Audit
(?)

FRC publishes inspection key findings and good practices

The Financial Reporting Council (FRC) has published anonymised key findings and good practices reported by its Audit Quality Review (AQR) team in relation to their 2020/21 audit quality inspections at the seven largest audit firms. https://frc.org.uk/news/may-2022-(1)/frc-publishes-inspection-key-findings-and-good-(1)

Jun 04, 2024
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Press release
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Ulster Chartered Accountants see dual market access post-Brexit as best opportunity for growth in face of slowing economy

Just 17% of Chartered Accountants in Northern Ireland believe that prospects for the NI economy in 2024 are good with over half (59%) seeing the economy as either stagnant or slowing, according to the Institute’s latest Financial Confidence Survey. Feedback from members working in business, practice and across the public sector have cited ongoing skills shortages, rising inflation and cutbacks in government spending as contributing to this dampened outlook. On a more positive note, an overwhelming majority of members (87%) view the dual-market access afforded to Northern Ireland post-Brexit as its biggest opportunity for growth over the next decade. Chartered Accountants Ulster Society is a district society of Chartered Accountants Ireland, Ireland’s oldest and largest professional body of accountants. Founded in 1906, the Ulster Society has over 5,000 members throughout Northern Ireland. Additional survey insights: Two-thirds of members support the Executive pursuing the introduction of a lower rate of corporation tax for Northern Ireland Over half of members cite the need to address public sector inefficiency as a top priority to make the public finances more sustainable Two-thirds of members believe that while Northern Ireland offers a clear investment proposition to attract foreign direct investment to the region, more government supports are needed to bolster this offering 8 in 10 members believe childcare in Northern Ireland is currently unaffordable with 3 in 5 respondents reporting they have had to reduce their working hours as a result. Commenting, Chair of Chartered Accountants Ireland Ulster Society Paul Millar said:  “Despite the economic headwinds facing the economy as a result of inflation, skills shortages and the rising cost of doing business, Northern Ireland ultimately has the opportunity to reverse these trends by fully taking advantage of our unique trading position post-Brexit. “In this survey, a significant majority of our members rightly point to the dual EU/UK market access afforded to Northern Ireland as our biggest opportunity for growth over the next decade. If we can combine this with the introduction of a competitive corporation tax rate and an improved package of business supports to attract FDI, the effect on the economy could be transformative”. Commenting, Barry Doyle, President of Chartered Accountants Ireland said: “Financial confidence, while still muted, is recovering on 2022 levels. There is a notable rise in those that believe the economy is growing, and a sharp drop in those who feel that financial distress is increasing. The accountancy profession is fundamental to economic prosperity right across the island of Ireland, with almost 28,000 members supporting businesses on these shores alone. We have played a critical role in helping businesses in every sector to navigate uncertainty over the last few years, and we are ready to engage with business and political partners with renewed vigour to ensure Northern Ireland can avail of this economic opportunity.”   ENDS

May 31, 2024
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Insolvency and Corporate Recovery
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Webinar: Small Companies Administrative Rescue Process (SCARP) - Practical Issues

The Institute recently hosted a webinar on the Small Companies Administrative Rescue Process (SCARP) - Practical Issues. This discussion with David Swinburne and Philip Maher of Mazars included how to prepare for a SCARP, what to look out for and key matters to be aware of when considering the process. There was also discussion around some practical issues including how SCARP is working in practice, dealing with creditors and excludable creditors.  The recording is available here. 

May 30, 2024
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Tax UK
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Making Tax Digital for income tax update – 27 May 2024

Last month we updated readers on developments in this space ahead of HMRC’s plan to widen the beta trial in 2024/25, commencing from 22 April. As set out in that update, HMRC has now expanded the beta trial and recently sent an email to agents providing information on how to sign qualifying clients up to the Making Tax Digital (“MTD”) for income tax trial. Further updates are set out below.   Suspension of meetings  The Institute is currently considering how best to support members in their preparations for this change and we will continue to attend HMRC forums on MTD. However, it should be noted that due to the pre-election period (known as purdah), HMRC has now suspended some forum meetings, including meetings on MTD.  Technical consultation on new regulations  HMRC has launched a technical consultation on proposed new regulations (“The Penalties for Failure to Pay Tax (Assessments) Regulations 2024”), which is running until 10 June 2024.   These draft regulations relate to the reformed penalty system for late payment of tax, which is set out in Schedule 26 to the Finance Act 2021. Penalty reform began for VAT taxpayers from 1 January 2023, and from April 2024 for Income Tax Self-Assessment (“SA”) for those participating in the MTD for income tax beta trial. For all other Income Tax SA taxpayers, penalty reform will commence from April 2026 as MTD for income tax begins to be mandated  Current legislation allows HMRC to assess a second late payment penalty within a two-year assessment time limit, at the point the outstanding tax is paid in full. However, HMRC is not able to assess this penalty if the tax remains unpaid. The proposed legislative change will allow the second payment penalty to be assessed towards the end of the time limit, in circumstances where the outstanding tax has not yet been paid in full. This will mean taxpayers will not be able to intentionally avoid a second late payment penalty by not paying their outstanding tax before the end of the two-year time limit.   New MTD manual   A new manual on how to use MTD for income tax has now been published. Since our last update, the number of available software packages, which already includes some of the big players, has been expanded from five to seven, with a range of other software packages in development. 

May 27, 2024
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Tax UK
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Final reminder: 2023/24 P60 deadline

Today we are issuing a final reminder that the deadline for employers to provide employees with their P60 for 2023/24, either on paper or electronically, is Friday 31 May 2024. The P60 summarises the employee’s total pay and deductions for the year.   By that date, employers must give a P60 to all employees on payroll who were working for them on the last day of the tax year (5 April 2024). If an employer is exempt from filing payroll online, copies of P60s can be ordered from HMRC. 

May 27, 2024
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Tax UK
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Spring Finance Bill awaits Royal Assent

After the Spring Budget took place on Wednesday 6 March, the Spring Finance Bill 2024 (official title Finance (No. 2) Bill 2023-24) was published. The Bill reflects many of the tax measures announced as part of the Spring Budget. It is currently awaiting Royal Assent with many stages having taken place at speed last week due to the announcement of the General Election which will take place on Thursday 4 July. Parliament is to be dissolved later this week on Thursday 30 May. 

May 27, 2024
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Tax UK
(?)

This week’s miscellaneous updates – 27 May 2024

In this week’s miscellaneous updates, HMRC has published guidance on using an agent to claim certain VAT refunds and guidance is also available for legal representatives on the information they need to tell HMRC to calculate the lump sum death benefit charge. The latest Agent Update is available which covers a range of areas and issues and HMRC is conducting research on the Income Record Viewer. And finally, HMRC’s latest Stakeholder Digest has been released which includes news of an update to HMRC’s Agent Standard, the standard which sets out HMRC’s expectations of tax agents and advisers in their dealings with HMRC and an overview of the way HMRC tackles the minority of agents who do not meet the standard.  Using an agent to claim VAT refunds  HMRC has added a section on using an agent to the following guidance pages:  VAT refunds for constructing a new charity building;  VAT refunds for new builds if you’re a DIY housebuilder; and  VAT refunds for conversions if you're a DIY housebuilder.  Guidance on lump sum death benefits and the abolition of the lifetime allowance  HMRC has published guidance for legal representatives on the information they need to provide to HMRC when calculating the lump sum death benefit charge. The legal representative is responsible for checking whether a chargeable amount arose, and for reporting any chargeable excess over the lump sum death benefit allowance to HMRC.   HMRC has also published a set of over 100 FAQs on the abolition of the lifetime allowance for pension schemes.  Latest Agent Update  Agent update: issue 120 is available now. Get the latest guidance and information including: moving all exports to the Customs Declaration Service;  the enhanced check your State Pension forecast service is now available;  how you could benefit from joining the UK Internal Market Scheme;  Investment Zone tax reliefs guidance; and  reporting profits on a tax year basis from 2024/25.  Research on the Income Record Viewer  HMRC is conducting research on the Income Record Viewer (“IRV”), which is their online tool for agents to view client information, such as tax code, pay and tax details and employment history. HMRC has launched a survey on the tool with a view to making future improvements. Responses to the survey are anonymous.  

May 27, 2024
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Tax
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EU exit corner, 27 May 2024

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service and Cabinet Officer Borders bulletins are also available. We issue another reminder that there is now just over a week to go until the 4 June 2024 deadline for making all export declarations via the Customs Declarations Service and not CHIEF. And finally, the National Audit Office has published its report on implementing an effective trade border in the UK.  NAO report   The NAO’s report, which was recently published, focuses on the movement of goods across the border. It covers:  the operation of the border since the end of the transition period in December 2020 (Part One), the introduction of a full border control regime and future risks (Part Two), and challenges and opportunities relating to the management of the border (Part Three); and  the implementation of arrangements relating to Northern Ireland (Part Four).   The report is based on information available up to April 2024 and has not evaluated the implementation of the new import controls introduced from 30 April 2024.  The report concludes as follows:  “Leaving the EU customs union and single market created large-scale change in arrangements for the movement of goods across the UK border. More than three years after the end of the transition period, full import controls are still not in place. In addition, the model’s operation is still to be tested and the government may not be able to apply controls consistently as the controls are phased in.  The government’s new border target operating model should reduce costs to traders in comparison to its initial plans. However, repeated delays in implementing controls have meant ongoing uncertainty and an increase in risk, and the government and border stakeholders have also incurred unnecessary costs. This could have been avoided if the government had established a clearer vision of how the border should operate from the start and had taken a more strategic and planned approach to implementation.  The government’s 2025 UK Border Strategy includes ambitious plans to use technology and data to facilitate the passage of legitimate trade, while still identifying people and goods at risk. Most stakeholders agree with this overall approach. However, there is no timetable for achieving these ambitions, and the extended phasing of the introduction of full import controls has meant slower progress on other elements of the Strategy.  It is a considerable challenge to manage several large programmes involving multiple departments and external stakeholders, and we have highlighted the delivery risks. To improve its chances of success, the government needs strong mechanisms for delivery and accountability, a more realistic approach to digital transformation, and the means to assess and report on border performance to enable improvement over time.  The UK government and the EU have agreed arrangements to simplify the movement of goods from GB to NI, and the UK government and NI authorities are working to implement these. However, some details remain to be confirmed, including the operational implications of the government’s recent Safeguarding the Union Command Paper. If NI is to benefit from its unique position, the UK government must provide the clarity required to give businesses the confidence to invest in and trade with NI and provide sufficient support to the Northern Ireland Civil Service to help it effectively enact its new responsibilities.”  Miscellaneous updated guidance etc.   Recently updated guidance, and publications relevant to EU exit are set out below:  Navigate the CDS Declaration Instructions for Imports;  List of customs training providers;  Goods Vehicle Movement Service codes for Data Element 5/23 of the Customs Declaration Service;  Apply to use simplified procedures for import or export (C&E48);  Report exports that arrived or left a UK port that were not notified in CDS;  Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS);  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service;  Notices made under the Taxation (Cross-border Trade) Act 2018;  Country codes for the Customs Declaration Service;  Currency codes for Data Element 4/10 of the Customs Declaration Service;  CDS Declaration Completion Instructions for Imports; and  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service. 

May 27, 2024
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Advice to members on spotting and dealing with fraudulent emails

The Institute is aware of an email that was circulated, claiming to be from Chartered Accountants Ireland, and relating to the payment of member subscriptions. Please note this email was not sent by the Institute.  Below are a few tips to help members to spot phishing and other malicious emails.   Check the sender's email address and the domain name carefully. Phishing emails may come from addresses (a URL) that look similar to legitimate ones but have slight misspellings or additional characters. Institute emails will come from @charteredaccountants.ie  Scammers will often try to scare you into acting impulsively or urgently. Stop and think before acting, especially if an email is instructing you to act quickly.  Clicking a link in an email may direct you to a fake or malicious website. To stay safe, navigate yourself directly to the official website.  When you receive an email, stop and look for red flags. For example, emails that were sent outside of business hours, that contain spelling or grammatical errors, or unusual greetings or sign offs. Be cautious of unexpected opportunities. If something seems too good to be true, it probably is.    

May 24, 2024
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News
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Navigating the path to ethical and responsible AI deployment

Nicola Flannery outlines how organisations can navigate the expanding landscape of AI by focusing on ethical deployment, regulatory compliance, and building consumer trust for sustainable growth and innovation The true societal impact of Artificial Intelligence (AI) systems is yet to be fully realised. However, many already see AI as an engine for productivity and economic growth. As organisations compete to be the first to unlock and realise AI's full potential, governments and regulators worldwide have started the challenging task of creating legislation and regulatory frameworks around a constantly evolving technology. While there is still uncertainty around the risks due to AI technologies, some caution must be displayed to truly understand these, particularly where risks and harms to individuals may arise. In addition, privacy and security concerns are still the leading causes of limiting investments in AI-based solutions. However, with the current buzz around AI, even an organisation not currently considering it will be inclined to do so as the technologies evolve and mature. From this perspective, it is important to start thinking about AI use cases for your business and be ready to implement such solutions in a manner that builds customer confidence and aligns with the regulatory requirements. There is no doubt that companies that have an issue with how and where they deploy AI technologies will suffer from significant reputational damage. Trustworthy AI While the risks of AI technology do exist, there is also no doubt about the benefits that can be realised. However, the social and economic opportunities of AI may not be fully gained if the public’s concerns about the risks of AI outweigh their perception of the benefits. Therefore, it is crucial to ensure that AI technologies evolve and are deployed in ways that consumers and users can reasonably trust. Trustworthy AI, also known as ethical or responsible AI, has been proposed to mitigate the risks and enhance consumer/user trust in such systems. This is an umbrella term that consolidates several components which, according to the independent high-level expert group on AI established by the European Commission, consist of the premise that Trustworthy AI must be: lawful, respecting all applicable laws and regulations; ethical, respecting ethical principles and values; and robust, from a technical perspective, but also considering the social environment. Applying a human-centric, trustworthy AI-by-design approach will go a long way towards propelling innovative AI efforts while being aware of the risks that must be mitigated. Six dimensions for trustworthy AI Fair and impartial AI systems should make decisions that follow a consistent process and apply rules fairly. They should also incorporate internal and external checks to remove biases that might lead to discriminatory or differential outcomes, helping ensure results that are not merely technically correct but considerate of the social good. Transparent, documented and explainable AI systems may not operate as “black boxes”; all parties engaging with an AI should be informed that they are doing so and be able to inquire how and why the system is making decisions. Responsible and accountable The increasing complexity and autonomy of AI systems may obscure the ultimate responsibility and accountability of companies and people behind the decisions and actions of these systems; policies should be in place to clearly assign liability and help ensure that parties impacted by AI can seek appropriate recourse. Safe and secure Just as we currently depend on the consistent performance of professionals to help ensure that our daily activities are safe and healthy, we should be able to depend on equivalent or even greater reliability as we merge our systems with AI. Respectful of privacy As AI systems often rely on gathering large amounts of data to accomplish their tasks effectively, we should ensure that all data is collected appropriately, with full awareness and consent, and then securely deleted or otherwise protected from unsanctioned use. Robust and reliable As AI systems take greater control over more critical processes, the danger of cyberattacks and other harms expands significantly. Appropriate security measures should be implemented to help ensure the integrity and safety of the data and algorithms that drive AI. Nicola Flannery is Director of Data Privacy & Internet Regulation at Deloitte

May 24, 2024
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News
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Is M&A the key to innovation and sustainability for Irish CEOs?

CEOs are leveraging M&A for tech-driven growth and market expansion, embodying innovation and sustainability in a dynamic business landscape, explains Fergal McAleavey In the rapidly evolving business landscape of 2024, global CEOs continue to use mergers and acquisitions (M&A) to navigate innovation and transformation across their businesses.  The latest CEO Outlook Pulse Survey from EY shows businesses are engaging in M&A activity with renewed vigour, considering it a strategic support for addressing key priorities. The survey found that acquiring technology, new production capabilities and innovative startups, growing market share and accessing new geographies stood out as the top three strategic drivers for CEOs pursuing M&A. Irish M&A: growth and innovation In Ireland, the M&A landscape is particularly vibrant, with CEOs and investors showing a keen interest in a variety of transaction opportunities, from trade sales to private equity investment to strategic alliances. Ireland's thriving tech sector and business-friendly climate have fuelled a boom in deal-making, outpacing the UK and EU. This is likely to continue as companies pursue innovative technologies and seek to capitalise on the entrepreneurial energy of startups that have scaled. The strategic imperatives for Irish M&A are expected to align with global patterns, emphasising the acquisition of larger market shares, expansion into new markets, and the integration of advanced technology into existing operations. This is especially pertinent for Ireland, given its status as a European tech hub.  Ensuring strategic objectives are met CEOs are also signalling their readiness to streamline their portfolios, shedding assets to address ESG goals and refine their focus for the challenges ahead. Sustainability due diligence is playing an ever-increasing role in M&A transactions to assist buyers and sellers to ensure that those deals are aligned with their own corporate sustainability objectives. This strategic deal-making is not merely a short-term solution but is part of a broader, long-term vision to build resilience and adaptability for an unpredictable future. Irish CEOs' strategy With global funding markets more receptive in 2024, Irish acquirers may find it easier to secure financing for deals and may be the target of larger companies seeking to expand their geographic footprint or product offering. However, they must remain cautious of potential market tightening as political events unfold. For those looking to divest, the market's increasing appetite for acquisitions and the continued resurgence of private equity (PE) could provide favourable conditions. Nonetheless, the timing of PE's full-fledged return to the M&A space remains a little uncertain for large transactions as they await potential interest rate decreases, particularly in the Eurozone and the UK. Irish companies must stay attuned to shifts in monetary policy that could influence the M&A landscape.  To provide corporate sellers with more control over M&A transactions, particularly as a counter-measure to lengthy deal timelines that have become a feature of the M&A market in the last few years, time is well spent by those sellers preparing potential divestment assets for sale, including anticipating issues of particular relevance to likely buyers of those assets and identifying potential regulatory approval requirements that may add to longer deal timelines. Sell-side due diligence of prospective buyers can also be warranted to help flush out any potential roadblocks or delays that may arise from ever-increasing competition law, foreign direct investment and foreign state aid regime requirements.  The M&A momentum for the remaining months of 2024 is characterised by strategic foresight, adaptability, and a commitment to sustainability, as both global and Irish corporate leaders and investors navigate the complexities of a rapidly evolving business world. Fergal McAleavey is Partner of Corporate Finance – Strategy and Transactions at EY

May 24, 2024
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News
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Does a strong labour market deliver a good labour market?

The topic of whether a strong labour market delivers a good labour market is gaining significant attention, particularly since the Economy Minister has underscored the importance of ‘good jobs’ , says Martha Sargent The latest labour market statistics reveal a positive trend: between December and February 2024, unemployment stood at record lows (2.2%), and employment rates reached 71.7 percent, the highest level since the pandemic, indicating a potential improvement in job quality. For the first time since 2001, Northern Ireland did not have the highest level of economically inactive (26.7%) in the UK, with higher rates across Wales (28.1%) and the northeast (26.9%). The strength of the labour market creates a context in which we can challenge ourselves on whether the jobs we have are ‘good’. This has not always been the case. Since the pandemic and the Great Financial Crash, Northern Ireland’s focus has been the retention and recovery of jobs through downturns. In total, Northern Ireland lost over 40,000 jobs following these economic shocks. Encouragingly, as the recovery has taken hold, Northern Ireland reached peak levels of employment with over 904,000 jobs in 2022. So, what does this tell us about the quality of jobs available? Building a resilient economy, one that’s focused on jobs that suit the individual and promotes the overall economy, is a pressing need. This requires a strong emphasis on good, quality jobs—a concept that has now become a cornerstone of the Department for Economy's policy following the Economy Minister Conor Murphy’s  ‘economic vision’, which states “the promotion of good jobs” as one of four key objectives, along with promoting regional balance, raising productivity and reducing carbon emissions. This idea of ‘good jobs’ has also been promoted in the Resolution Foundation’s Creating a Good-Jobs Economy in the UK, in which it found that the British economy falls short on inequality metrics and that regional patterns in productivity play out in job quality. What makes a “good job”? For now, Northern Ireland does not have a clearly defined position on what a ‘good’ job is. What is clear is that it is a mix of areas such as pay, job satisfaction, HR policies, inclusivity, etc., and as such, is debated among policymakers, academics, and economists. In fact, the Department for Economy is currently debating such concepts as part of its measure for the ‘good jobs’ objective announced in the Minister’s economic vision. The Resolution Foundation has provided some insight into what makes a ‘good job’, such as work that pays well enough to allow for a reasonable living standard, stability and security, and opportunities for career progression. Northern Ireland’s New Decade New Approach 2020 includes decent working conditions, security of tenure and a worker's level of autonomy in the analysis, and more recently, the Nevin Economic Research Institute labelled ‘good jobs’ as being secure with strong employee-management relations. The body of research on ‘good jobs’ has highlighted that there is no clear path to tread in measuring or observing ‘good jobs’ for the Department of the Economy. However, Northern Ireland Statistics and Research Agency's Work Quality reports can provide some insight into the indicators that could be used. The latest data for some elements of consideration shows that 84.5 percent of all employee jobs are paid the real living wage or above; 96.9 percent are in secure employment; and 78.4 percent reported having job satisfaction. Thinking about ‘good jobs’ provides a more holistic approach to economic development. Improvements to well-being because of a ‘good job’ are expected to lead to wider economic benefits for society and the individual. Firms that place value on ‘good jobs’ should also experience higher levels of job satisfaction among workers, leading to an increase in productivity and a reduction in staff turnover and should attract more talent. A people-focused approach to ‘good jobs’ encourages security of employment, training and skills development to achieve the national skills gap challenge. As the old saying goes, ‘If you can measure it, you can manage it’. We should add ‘if you can define it, you can measure it’. Seeing the Department take steps toward defining and tracking ‘good jobs’ can only serve to strengthen the economy and add to Northern Ireland being viewed as a more attractive place to do business. Martha Sargent is Assistant Manager of Economic Advisory at Grant Thornton Northern Ireland

May 24, 2024
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Press release
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Terence O’Rourke recipient of 2024 Outstanding Contribution to Accountancy award

Terence O’Rourke has been recognised for his contribution to the accountancy profession over several decades. He received the “Outstanding Contribution to Accountancy” award at the 2024 Irish Accountancy Awards in Dublin.  This category recognises an individual whose work demonstrates a sustained commitment to the advancement of the profession. It recognises the exceptional abilities and achievements of the recipient, as well as their commitment to the organisations and teams they have worked with, and to the industry overall. Previous recipients of the award include Elaine Coughlan, FCA, Dr Laurence Crowley, CBE, FCA and Dr Margaret Downes FCA, and Professor Patricia Barker. Accepting the award, Terence O’Rourke said  “I believe that success in the accountancy profession is not just about numbers and balance sheets, but building trusting relationships, providing valuable insights, and making a positive impact on the businesses and individuals we serve. It is about dedication to continuous learning, adapting to new technologies, and staying ahead of the ever-changing regulatory landscape.   “As we navigate unprecedented challenges and uncertainties, the role of accountants becomes even more crucial. We must leverage our expertise to help businesses thrive, make informed decisions, and safeguard financial stability. We must uphold the values of transparency, accountability, and professionalism in everything we do.”   Chief Executive of Chartered Accountants Ireland, Barry Dempsey said   “In preparing for this evening, I was struck by Terence’s centrality in this profession over many years, on behalf of his firm, the profession, and on behalf of the state. Terence led KPMG in Ireland for two terms, and served on the KPMG Global Executive Team, navigating the end of the boom years and some of the most turbulent times in Irish corporate life.     “From early in his career, Terence contributed to the development of the profession, as Chair of the Institute’s Regulatory Standards Council Committee, a member of the Chartered Accountants Regulatory Board, a Council member, and as President of this Institute.  Terence served as the Institute’s representative to the government-initiated Review Group on Auditing in 2000 which led to a new regulatory regime for auditing in Ireland. I congratulate Terence and thank him for his support to so many in the profession over so many years.”   The Irish Accountancy Awards were launched in 2016 to celebrate excellence in the accountancy profession across a total of 27 categories.    ENDS    

May 21, 2024
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Anti-money Laundering
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A new sanctions directive-towards strengthening EU sanctions enforcement.

Introduction Readers will know that sanctions are adopted at EU level but may or may not be aware that enforcement relies on member states amongst which definitions of sanctions violation and associated penalties vary. These inconsistencies led to a concern in the EU about undermining of the EU sanctions regime and that potential offenders would deliberately act in jurisdictions where penalties were lighter. Click here for a briefing document by the EU Parliament which wrote ”…The significant differences between national systems, particularly in terms of offences and penalties for breaches of EU sanctions, are thought to weaken their efficacy and the EU's credibility….”  On 24 April 2024 the European Union adopted a directive to harmonise criminal offences for violation of EU sanctions. (the “Directive”). Click here for a link to a European Parliament press release on the Directive. The Directive was introduced to limit sanctions circumvention and to tighten enforcement. The Directive provides a common definition of what constitutes a violation of EU sanctions and provides for penalties for the violation of European Union restrictive measures. The Directive provides for criminalisation for an intentional violation of sanctions but also where there is serious negligence in the circumstances set out in the Directive. It also criminalises attempted violations. What constitutes a criminal offence and exemptions? Article 3 sets out conduct constituting a criminal offence. These include failing to freeze funds, not respecting travel bans or goods embargoes, transferring funds to persons subject to sanctions, or doing business with state-owned entities of countries under sanction. Providing financial services in violation of sanctions will also become a punishable offence. Inciting, aiding, or abetting the commission of offences is also a criminal offence. Member states can exempt conduct from criminal sanction for violations involving funds, economic resources, goods, services, transactions, or activities of a value of less than €10,000.  An exemption is also given for legal professionals regarding information obtained while ascertaining the legal position of a client or defending or representing judicial proceedings. There is also an exemption for providing humanitarian assistance. Penalties The Directive provides for prison sentences and fines. It also includes measures such as withdrawal of permits and authorisations, disqualifications, and temporary bans on running for public office. For natural persons penalties can be between one and five years’ imprisonment depending on the seriousness of the offence. The Directive also provides for liability and penalties for legal persons. Maximum fines can be from 1% to 5% of worldwide turnover of a legal person, depending on the offence. Directive on combatting money laundering by criminal law (2018/1673) amended The definition of criminal activity is amended in this directive to add the violation of Union restrictive measures as a new criminal activity. Entry into force The Directive enters into force on 19 May 2024 and member states have until 20 May 2025 to implement it into national law. 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.  

May 21, 2024
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Tax
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EU takes further steps on FASTER withholding tax initiative

The EU has reached political agreement on the Directive on Faster and Safer Relief of Excess Withholding Taxes or FASTER. The FASTER initiative aims to boost cross-border investment and combat tax fraud, particularly in light of the ‘Cum/Ex’ and ‘Cum/Cum’  scandals. The FASTER rules include: A common EU digital tax residence certificate Two fast-track procedures complementing the existing standard refund procedure The creation of national registers for certified financial intermediaries and an EU certified financial intermediary portal Standardised reporting obligations. 

May 20, 2024
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Press release
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New President of Chartered Accountants Ireland prioritises support for SMEs as he takes office

Tackling systemic hurdles to the long-term economic health of Ireland’s SMEs will be a top priority for Chartered Accountants Ireland’s incoming President. Barry Doyle, Investment Director of MASV, takes up the office of President today following the Institute’s 136th AGM in Dublin, bringing considerable experience of advising and scaling successful businesses. On the same day, Chartered Accountants Ireland has published a new thought leadership paper informed by the views of its 33,000 members, setting out the measures that it believes will achieve strategic, systemic improvements for SMEs operating across Ireland. Chartered Accountants Ireland is the largest and longest-established professional accountancy body on the island of Ireland. Extensive engagement with members, two-thirds of whom work in business, over the last year has led to the publication of today’s paper, which sets out practical and progressive measures aimed at achieving sustainable, long-term progress. Measures include: Further increases to the thresholds for Employer PRSI so all wages up to the minimum wage are exempt and wages up to the living wage are at the reduced rate of 8.8%. No extension to the Enhanced Reporting Requirements (ERR) for at least three years and not before an appropriate cost-benefit analysis of the current system has been completed. Reducing Capital Gains Tax (CGT) from 33% to 25% to stimulate business and personal transactions that will bring additional funds into the Exchequer. Wider SME eligibility for grants to include more ‘traditional’ industries and the service sector. A more prominent role for the Strategic Banking Corporation of Ireland (SBCI) in encouraging banks to provide low-cost credit to SMEs, and to underwrite this credit. New opportunities for Credit Unions to increase SME lending by adapting Central Bank regulations, e.g. lending limits. Commenting, President of Chartered Accountants Ireland Barry Doyle said “Record corporation tax receipts will not always be with us. There’s a strategic imperative to ensure economic health for SMEs long-term. This can only come from understanding the unique challenges facing them, not simply by virtue of their size, but also specific to the sector they operate in, and supports they need. Our members have first-hand experience of the cost and administrative burdens that SMEs are encountering, and the proposals we are publishing today are tailored to address these. “The package announced this week by Government is a positive step, but we must ensure that a strategic lens is adopted in tackling what are stubborn, systemic hurdles. What we are publishing today is a blueprint that in the long-term will effect change if implemented. Further Government commitment yesterday to this sector in Budget 2025 is welcome, this is a commitment that will need to endure even as we move towards a new Government next year.”   The Institute’s proposals are grouped under four headings: resilience and growth, Government supports and funding, sources of business finance, and reducing the cost of business through the tax system. Among the proposed measures are: Alleviating administrative and cost burdens for SMEs Further reducing an employer's PRSI bill by benchmarking the thresholds with the minimum and living wages: Weekly wages between €495.30 and €577.20 should be subject to the 8.8% rate of Employer PRSI, i.e. earnings between the minimum wage and living wage (which is suggested to be €14.80 per hour or €577.20 per week based on a 39-hour work week). Weekly wages above €577.20 are subject to full Employer PRSI. Enhancing the scope of Revised Entrepreneur Relief to encourage investment and growth and ending tax discrimination so that professional service companies can benefit from the various investment reliefs available to comparable trading companies. Removing the real time reporting requirement for enhanced reporting requirements (ERR) for employers – replacing it with monthly or annual returns. Additionally, we ask for a commitment from Government not to extend ERR for at least three years until the system is embedded and an appropriate cost-benefit analysis of the current system has been properly completed. Commenting, Cróna Clohisey, Director of Public Affairs, Chartered Accountants Ireland said “SMEs have faced an unprecedented number of new legislative requirements in recent months which significantly adds to their cost and administrative burden. In 2024 alone, the minimum wage has increased by 12% and additional sick leave entitlements have added 1% to payroll costs. From 1 October, the rate of Employer, Self-Employed and Employee PRSI will increase by 0.1%, while pensions auto-enrolment will add a further 1.5% in costs during 2025 as many employers will now be mandated to operate a second employee pension scheme alongside their existing staff pension plans. “While the Debt Warehousing Scheme has mitigated part of these challenges for some businesses, Government needs to be cognisant of this challenge when implementing new labour regulations, having regard to the timing and suitability of these. An ‘SME Test’, as announced this week will perform most effectively if close engagement with business is built in from the outset.” Improving access to business supports Chartered Accountants Ireland believes that more resilient businesses will be better positioned to weather crises and uncertainty, and have confidence to invest, to scale, and to create employment. The Institute is calling on the Government to support SMEs in accessing finance, optimising governance structures, and investing in developing their workforces. Proposed measures include: Widening the eligibility criteria for the broad range of grants available to include more ‘traditional’ industries and service sector. Ensuring more consistent availability of grants and supports nationwide. Our members tell us that services provided in one part of the country may not be available to similar businesses elsewhere; much depends on the approach and funding at a local level. With the advent of remote working, a common approach to supporting all small businesses, regardless of where they are located in Ireland is needed. Promoting healthy competition in the business lending market, by enhancing the role that community-based lenders and alternative lenders can play in addition to the pillar banks. At today’s AGM, members of Chartered Accountants voted to approve the resolution amending the bye-laws to facilitate the amalgamation of CPA Ireland into Chartered Accountants Ireland, as was mandated by the members in February of this year. Chartered Accountants Ireland and CPA Ireland will continue working together to progress the amalgamation of the two Institutes.    ENDS

May 17, 2024
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News
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Managing imposter syndrome while networking

Struggling with imposter syndrome? Jean Evans outlines practical strategies to help overcome self-doubt, boost your confidence and network effectively I used to be the queen of feeling like an imposter. I didn’t have the language to describe what was happening to me, to describe the emotions and fear I felt. For decades in my corporate career, I simply never felt good enough. I always felt ‘less than’. While the phrase ‘imposter syndrome’ has become ubiquitous, there is also a clarification to be made: it’s not a syndrome but rather a collection of feelings – not good enough and a fraud. Imposter syndrome can manifest in several ways when it comes to networking: Simply not showing up. Not engaging at all because you aren’t ‘perfect’. Signing up for events and meetings and then suddenly becoming ‘too busy’ to attend and cancelling last minute. Showing up but slinking to the bar, coffee station, table or chair and attaching oneself as if life itself depends on it. Showing up but freezing when the opportunity arises to connect with others. Managing imposter syndrome while networking can be challenging, but there are strategies you can employ to help you cope with these feelings and present yourself confidently. 1. Acknowledge your achievements Remind yourself of your accomplishments and the skills and experience that qualify you to be in the networking event or situation. Reflect on your successes and recognise your value. 2. Practice self-compassion Treat yourself with kindness and understanding. Be aware that it’s natural to feel insecure sometimes, and it doesn’t diminish your worth. Practice self-compassion by speaking to yourself as you would to a friend in a similar situation. 3. Set realistic expectations Understand that not every interaction needs to be perfect. Set realistic expectations for yourself and accept that it’s okay to feel nervous or unsure in networking situations. 4. Focus on learning Instead of seeing networking events as opportunities to prove yourself, view them as opportunities to learn and grow. Shift your focus from trying to impress others to gathering information, making connections and expanding your knowledge. 5. Find a support system Surround yourself with supportive friends, family members or mentors who can provide encouragement and reassurance when you’re feeling doubtful. Share your feelings with them – they may offer valuable perspectives and advice. 6. Visualise success Visualise yourself confidently engaging in networking conversations and making meaningful connections. This mental rehearsal can help boost your confidence and reduce anxiety when you are in networking situations. 7. Practice assertive communication Practice assertive communication techniques to express yourself confidently and effectively. Remember that it’s okay to ask questions, share your opinions and assert your expertise when appropriate. 8. Challenge negative thoughts When you notice negative thoughts creeping in, challenge them with evidence that contradicts them. Remind yourself of your past successes and the reasons why you belong at the networking environment. 9. Take breaks when needed If you start to feel overwhelmed or anxious during a networking event, it’s okay to take breaks. Step outside for some fresh air, grab a drink of water or simply find a quiet corner to collect your thoughts and regroup. 10. Seek professional help if necessary If imposter syndrome is significantly impacting your well-being or ability to network effectively, consider seeking support from a therapist or counsellor. They can provide strategies and techniques tailored to your specific needs. Remember that imposter syndrome is common and experienced by many successful individuals. By implementing these strategies and practising self-compassion, you can navigate networking situations with greater confidence and authenticity. Jean Evans is a Networking Architect and founder of NetworkMe 

May 17, 2024
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News
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The AI data dilemma: unlocking potential while managing risk

Even the best and most expensive technology can’t produce good results from bad data. This is true for AI models, too, say Liam Cotter and Niall Duggan Nothing has changed, yet everything has changed because of the advent of generative artificial intelligence (AI) and large language models. Their ability to surface unstructured data and use it to generate insights is enormously powerful and dangerous at the same time. The problems lie not only in the quality of the unstructured data but much of the structured data to which it may have access. This situation has arisen mainly because organisations have not been using this data to any great extent up until now. Refining data for best results If organisations want to take advantage of the potential benefits of generative artificial intelligence (GenAI), they must give GenAI access to their full treasure trove of data or as much of it as is legally permitted. If data is the new oil, however, much of it needs refining to unlock its value. Unfortunately, too many organisations are turning AI loose on the data they have now without first addressing the quality and governance issues associated with it. AI and data analytics need good, trusted, consistent and well-curated data to work correctly and deliver value, which can be rare. Organisations tend to have very fragmented enterprise data environments. Data can be stored on-premises, in the cloud or externally with third parties – and it can be both structured and unstructured. Typically, there are lots of siloes and duplication. This results in separate parts of the same organisation interpreting the same data differently. Finding the best storage solution Data storage is a complex problem to solve. First, there is the sheer volume of data, much of it historical, held by organisations. Then, there is the way the data is passed around. It is often stored in multiple locations, amended and altered in different ways in different places, and subject to misinterpretation, which results in the same data having more than one existence. This is not a new problem; it has already been addressed for business intelligence systems. The standard solution has been the creation of data warehouses or farms which attempt to offer a single source of data truth for the entire organisation. With the enormous volume of data required for GenAI to deliver on its promise, however, the cost of maintaining and resourcing a single data source would quickly become prohibitive. Furthermore, the effectiveness of having data stored in single locations is now questionable. As a result, we are now seeing a move towards data mesh infrastructure. This sees data stored in multiple interconnected, decentralised domains that are all equally accessible. They are organised by business function, so the people most familiar with the data – those best qualified to assess and assure its quality – are in control of it. This helps to ensure the consistency and good governance of the data – the foundation required for adopting AI and GenAI in organisations. The need for team collaboration The data mesh infrastructure has other advantages. It allows different collaborators to work together, for example. In the warehouse model, all data was in the hands of the IT department, and that had severe limitations. IT professionals may be experts on secure data storage, but they are typically not familiar with the nature of the data itself and can’t be expected to vouch either for its quality or the accuracy of an interpretation. On the other hand, when different parts of the business are responsible for managing and curating their own data, they can use it more and work together to create new uses. AI can be deployed while the mesh is under development and can be given access to the data in each domain as it becomes available. However, the development of a data mesh is not simply a technology exercise. It is also a data cleansing and quality assurance process. All data in the mesh should be verified for quality and consistency. This is vitally important for organisations in which the lineage of data can be doubtful. An energy utility’s meter data sits in multiple areas of the business, for example, including the billing and asset functions. This data needs to be brought together into one coherent object, and disparate systems must be joined up and a common taxonomy shared when describing the data. This will enable AI systems to learn from the data in a consistent and more reliable way. This cleansing and verification exercise offers significant benefits in relation to compliance with new reporting standards such as the Corporate Sustainability Reporting Directive (CSRD). Further, readily accessible quality-assured data will make the reporting process much less onerous. Governance and control Having addressed the quality and accuracy issue, the correct governance and controls must be put in place regarding privacy, data protection and security. Organisations must ensure that AI systems do not inappropriately use their data. This requires constant monitoring of data management and governance. Other key aspects to be addressed are the organisation's culture and the skills of its workforce. Organisations need to become data-centric, and their people must adopt a data mindset if they are to fully take advantage of the value of their data. They must also look at the skills within the workforce and ensure that everyone has basic data skills and that the organisation is not dependent on the IT function to get business insights from its data. Liam Cotter is Partner at KPMG and Niall Duggan is a Director at KPMG

May 17, 2024
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News
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The power of client surveys for accountancy firms

Client surveys offer a direct pathway to understanding client needs. Mary Cloonan outlines how they can help to foster loyalty, innovation and growth Understanding clients deeply is crucial for any professional services firm aiming for long-term success. The client survey is one of the most effective tools for achieving this goal. Before your organisation sends out a survey, however, you should get to know the potential benefits and learn how to get the best results. Listening to understand Client surveys provide a direct line to your clients' thoughts and feelings. By asking thoughtful questions about their satisfaction, preferences and pain points, you can gain valuable insights that are seldom accessible through regular interactions. This allows you to tailor your services more closely to their needs. Proactive engagement Surveys are a powerful tool to help uncover unmet needs and opportunities for improvement. Clients often have evolving needs that might not be immediately apparent. You can identify these shifts through regular surveys and adapt your services and resources accordingly. This proactive approach ensures that your firm remains relevant and valuable to your clients, strengthening your relationships. Enhancing client retention A firm’s willingness to listen to and act on client feedback can bolster client retention. When clients see that their opinions are valued and lead to tangible changes, their loyalty increases. This reduces churn and turns satisfied clients into advocates, amplifying your firm’s reputation through word-of-mouth and referrals. Driving business development Client feedback is a goldmine for business development. Surveys can reveal new service opportunities or potential areas for expansion you might not have considered. Additionally, understanding common challenges your clients face can guide the development of new solutions, positioning your firm as a proactive and innovative partner. Promoting a culture of learning Conducting client surveys regularly fosters a culture of continuous improvement within your firm and your team to be open to feedback and dedicated to enhancing client satisfaction. This culture not only improves service quality but also keeps your firm agile and responsive in a competitive market. Building trust through engagement Asking for your clients’ views through surveys demonstrates your commitment to their success, how your firm values their input, and how you are dedicated to enhancing their experience. This transparency builds trust, a critical component of any long-lasting client relationship. Survey tips To maximise the benefits of client surveys, consider the following best practices: Keep it short and focused: Long surveys can be daunting. Keep your surveys concise, focusing on critical areas of interest to ensure higher response rates. Use clear and simple language: Avoid jargon. Use straightforward language to ensure clients can easily understand and respond to your questions. Incorporate quantitative and qualitative questions: To gather comprehensive feedback, use a mix of rating scales and open-ended questions. Act on feedback promptly: Show clients their feedback matters by implementing changes and communicating these improvements. Follow up: After making changes based on survey feedback, follow up with clients to let them know their input made a difference. This reinforces their value to your firm. Embrace surveys Incorporating client surveys into your firm’s strategy is a wise move that pays dividends in client satisfaction, retention, and overall business growth. By actively seeking and acting on client feedback, you position your firm as a client-centric, innovative, and responsive partner. This strengthens existing relationships and paves the way for new opportunities and long-term success. In the competitive landscape of today’s market, understanding and responding to your clients’ needs is not just an advantage—it’s a necessity. Embrace client surveys as a vital tool in your accountancy firm, and watch your firm thrive. Mary Cloonan is Founder of Marketing Clever

May 17, 2024
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Technical Roundup 17 May 2024

Welcome to the latest edition of Technical Roundup. In developments since our last edition, the Central Bank of Ireland has recently updated its page which provides information on the impact of the Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers. MiCAR will become applicable for Crypto Asset Service Providers (CASPs) from 30 December 2024. The International Accounting Standards Board has issued a new accounting standard IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will permit eligible entities to use IFRS Accounting Standards with reduced disclosures. Read more on these and other developments that may be of interest to members below. Financial Reporting Chartered Accountants Ireland are hosting a webinar on 27th June in Chartered Accountants House with the Financial Reporting Council (FRC). During this event, the FRC will discuss the upcoming changes to FRS 102 and how they will impact accountants in Ireland. Please join us for this free, in-person event. EFRAG, the European Financial Reporting Advisory Group has issued its April 2024 update which summarises the public technical discussions and decisions taken in the last month. The FRC hosted a webinar on 15th May to outline the recent revisions to FRS 102 and FRS 105 as part of the recently completed periodic review. The International Accounting Standards Board (IASB) has published an Exposure Draft which proposes narrow-scope amendments relating to renewable electricity contracts. The amendments aim to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company. The Exposure Draft remains open for public comment until 7 August 2024. The IASB has issued a new accounting standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will permit eligible entities to use IFRS Accounting Standards with reduced disclosures. This is intended to reduce the costs of preparing financial statements for eligible entities. The IASB has released a series of webinars to raise awareness on their package of proposals contained in their Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment which remains open for public comment until 15 July 2024. The UK Endorsement Board has called for more debate on the need for comprehensive revisions to the accounting and reporting of intangible assets. In recognition of this, it has published a report on its research of intangible reporting in the UK as well as the findings from a survey of users of financial statements. In the UK, the Department of Business & Trade has issued a consultation on two proposals aimed at reducing the burden of reporting on medium-sized companies. This is part of the government initiative to legislate on a series of non-financial reporting measures following a commitment to consult on further measures to reduce regulatory burdens for medium-sized companies. These proposals are (1) Uplifting the employee threshold for medium-sized companies from no more than 250 to 500 employees and (2) Exempting medium-sized companies from producing a strategic report (including companies that would be medium-sized except for the fact that they are a member of an ineligible group). The consultation will close on Thursday 27 June.   Auditing and Assurance Chartered Accountants Ireland have responded to the IESBA Exposure Draft: Using the Work of an External Expert and also the IESBA consultation on the Code of Ethics. Accountancy Europe have also responded to IESBA’s Exposure Draft on International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and ethics standards for sustainability reporting. Anti–money laundering and sanctions The Central Bank of Ireland has recently updated its page which provides information on the impact of the Markets in Crypto Assets Regulation (MiCAR) on Virtual Asset Services Providers. MiCAR will become applicable for Crypto Asset Service Providers (CASPs) from 30 December 2024. After this date, any firms seeking to establish themselves in Ireland to offer any CASP services will firstly need to be authorised by the Central Bank of Ireland. Under the existing Virtual Asset Services Providers regime, introduced in April 2021, firms seeking to provide any VASP activities are required to be registered by the Central Bank as a VASP prior to the commencement of operations. The page also gives details of a transitional period which will apply for up to 12 months. You can read more details about the changes here. Companies House UK has recently updated guidance in relation to its “Register of Overseas Entities: Approach to enforcement” which explains how it will use its enforcement powers in relation to the Register of Overseas Entities. Readers can find out more about it here. Insolvency David Swinburne and Philip Maher of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will be speaking at a webinar about the practical issues of the Small Companies Administrative Rescue Process (SCARP) on 29 May at 10am. You can register here for this free webinar.   Sustainability In its recent article, the Global Reporting Initiative (GRI) has highlighted the results of its recent research which found that 26% of the 1,000 largest public companies worldwide are voluntarily using the GRI tax standard in their sustainability report. IAASA recently undertook a desktop examination of the EU Taxonomy Regulation disclosures of a sample of issuers’ financial statements and has now published a Paper setting out its findings. The GRI has produced CSRD Essentials which outlines key aspects of the CSRD and is the result of joint working between GRI, Pascal Durand, Member of the European Parliament and CSRD Rapporteur, and the Lefebvre – Sarrut Group. It consists of 11 core briefings and is definitely worth a read for anyone looking to get a good overview of the CSRD. The International Sustainability Standards Board (ISSB) has released a webcast introducing the ISSB Taxonomy. Recent case law -franchises Readers involved with franchisors, franchisees and franchise agreements will be interested in a recent UK High Court decision which demonstrates the importance for franchisors of giving prior consideration to exit strategies from agreements. This is to minimize the risk of being locked into long-term franchise agreements which are no longer commercially viable for business. Please click here for an article and commentary by A&L Goodbody Solicitors on the case entitled Pre-planning and active management of longstanding franchise agreements | A&L Goodbody LLP (algoodbody.com). A &L Goodbody note that while the case was in the UK High Court, it is likely to be persuasive in this jurisdiction, particularly in the current absence of similar caselaw in Ireland and that it is understood that the decision is under appeal. Other The Charities Regulator has recently issued its latest e-zine newsletter. Its news includes information on managing conflicts of interest and details on a stakeholder forum which met in April. You can access the newsletter here. In other Charities news, the Charities Regulator is hosting a webinar on 28 May next at 12.30 as it is publishing an analysis of the Annual Reports submitted by charities to the Charities Regulator between 2019 and 2022.The webinar will be hosted by Research Manager, Mandy Osborne, and the session will give attendees up-to-date information on changes across the charity sector. The webinar will provide insights into charity income, expenditure, employment and volunteering, and how organisations have weathered COVID-19. Please click here for more information and how to register. The European Securities and Markets Authority has published its April 2024 newsletter which you can access here. It includes items on crypto assets market structures and EU relevance and a number of items on Digital Operational Resilience Act (DORA). For further technical information and updates please visit the Technical Hub on the Institute website.    This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.

May 17, 2024
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