Moira Cronin explains how the Digital Operational Resilience Act will impact Irish-based financial services providers, enhancing ICT risk management and digital resilience The Digital Operational Resilience Act (DORA) came into effect on 17 January 2025. Designed to consolidate and upgrade information and communications technology (ICT) risk requirements in the financial sector, DORA applies common standards to all financial system participants. Its aim is to mitigate ICT and cyber risks across providers’ operations. So, what does this Act mean for financial services providers based in Ireland? Legal basis DORA removes obstacles to—and improves the establishment and functioning of the internal market for—financial services, by harmonising the rules applicable in ICT risk management, reporting, security control testing and ICT third-party risk. Subsidiarity The proposal harmonises the digital operational component of a deeply integrated and interconnected sector already benefitting from a single set of rules and supervision in most other key areas. For ICT-related incident reporting, only EU harmonised rules could reduce administrative burdens and financial costs associated with reporting the same ICT-related incident to different EU and national authorities. Proportionality Proportionality is designed in terms of scope and intensity through qualitative and quantitative assessment criteria. While the new rules cover all financial entities, they are also tailored to the risks and needs of their specific characteristics in terms of their size and business profiles. Proportionality is also embedded in the ICT and cyber-risk management rules, digital resilience testing, reporting major ICT-related incidents and oversight of critical ICT and cyber third-party service providers. Choice of instrument The measures needed to govern ICT and cyber risk management, ICT and cyber-related incident reporting, testing and oversight of critical ICT and cyber third-party service providers must be contained in the regulation to ensure that the detailed requirements are effectively and directly applicable in a uniform manner, without prejudice to proportionality and specific rules foreseen by this regulation. Three DORA requirements businesses should aim to achieve are: 1. ICT-related incident reporting One of the main requirements for financial entities is to establish and implement a management process to monitor and log ICT and cyber-related incidents, followed by an obligation to classify them based on criteria detailed in the regulation and further developed by the European Supervisory Authorities (ESAs) to specify materiality thresholds. Only ICT-related incidents deemed significant must be reported to the competent authorities. 2. Cyber operational resilience testing The capabilities and functions included in the ICT risk management framework need to be periodically tested for preparedness, identification of weaknesses, deficiencies or gaps and prompt implementation of corrective measures. This regulation allows for a proportionate application of digital operational resilience testing requirements depending on financial entities' size, business and risk profiles. 3. ICT and cyber third-party risk The regulation is designed to ensure a sound monitoring of ICT and cyber third-party risk; financial entities shall be required to observe several key elements in their relationship with ICT and cyber third-party providers, remaining fully responsible for complying with and discharging all obligations. To this end, contracts governing this relationship will be required to include: At least a complete description of services; An indication of locations where data is processed; Full-service level descriptions accompanied by quantitative and qualitative performance targets; Relevant provisions on accessibility, availability, integrity, security and protection of personal data; Inspection and audit by the financial entity or an appointed third-party; Clear termination rights; and Dedicated exit strategies. As such, DORA should be taken into consideration in close coordination with NIS Directive version 2, CBI Operational Resilience Guidelines and the EU Critical Infrastructure Directive. DORA is part a package of digital finance measures designed to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks arising from it. It aligns with the European Commission's priorities to make Europe fit for the digital age and build a future-ready economy that works for the people. Moira Cronin is Digital Risk Partner at PwC Ireland

Two distinctly opposing leadership ideologies now exist, but could one damage your organisation? Michael O'Leary explores the current state of leadership Thirty years ago, the late Colin Powell, former US Secretary of State, listed 18 lessons for leaders in a presentation titled A Leadership Primer. He talked about authenticity, optimism, challenging others and not being afraid to be challenged back. Fast forward to 2025. A friend with a successful track record as a leader and entrepreneur says he fears the examples young people are now exposed to by political leaders around the world –namely, their values, naked self-interest and fervent intolerance for people different from themselves. Beyond Powell’s single set of leadership principles, we now have two diametrically opposing “successful” leadership ideologies – one which engages others around common goals, innovation and adaptability and the other around a populist, narcissistic personality, sewing divisiveness and confrontation. Growth in disinformation on social media and in vested print media has spurred an undesirable social contagion of the latter, meaning organisations now need to consider how to combat these external influences on their internal leadership behaviours. As the global economy stumbles, having a positive, optimistic and thriving organisation culture is essential. Who you recruit as a leader determines your culture. Here are the three leadership traits we see too often in geopolitics and how to avoid hiring them. Trait 1: Strict dogma and rigid perspective Even leaders who deliver results occasionally believe that to get things done, they need to do it themselves. The consequences include a feeling of exclusion for employees and that their opinions are not wanted. This erodes collaboration and disengages the team over time. Hire leaders who can give examples of adapting on the move and can describe in detail how they brought their teams on a new journey. Look for leaders who have recognised when to pivot and have engaged with their teams to work out a new direction or multi-pronged approach. Trait 2: Intense control and single-mindedness In extreme cases of dictatorial leadership, curiosity is deliberately stifled. The leader seeks to control matters tightly to their agenda. Curiosity has deep riches; it is the key to continuous improvement, innovation and building connections between people. Leaders should inspire their teams to be open-minded and look for new ways of achieving outcomes. Ask your potential leadership hires to outline examples of where they have completely let go of an issue and had it worked through by a team or team member to the point of resolution. Look for leaders who can respond quickly when asked to give an example of inquisitiveness. Trait 3: Investing only in self Fear of the unknown can drive irrational levels of support for geopolitical leaders, even in the face of their aberrant conduct. Within the context of organisational leadership, self-absorbed leaders are dangerous to team or group morale. Their staff turnover will often be higher as their lack of authenticity undermines their credibility. How self-aware is the leader you are interviewing? Are they attuned to their emotions and impact on others? Can they give examples of areas in which they need development? Do they rely too heavily on their charisma? While it can be useful in motivating others, it can also suggest a potential for arrogance and the need to be at the centre of attention. Though the world and our organisations currently face an unusual number of difficulties, organisation leaders with the right traits understand how to insulate against malign influences and navigate challenges. Their ability to bind intellectual agility to practical demonstration is what makes them outstanding leaders. They do this by behaving in a diametrically opposing manner to those political leaders who seek personal gain at an extreme cost to their citizens. Michael O'Leary is Chairperson at HRM Search Partners

Chartered Accountants Ireland was pleased to see the publication of the Programme for Government by the incoming administration this week. The Programme contains a number of commitments on key priorities for our members, that we hope will come to fruition, including:   On SMEs: the programme’s commitment to address the regulatory and cost burdens facing SMEs is welcome, in particular its pledge to establish a dedicated Small Business Unit in the Department of Enterprise and commitment to rigorously apply the’ SME test’ to all new legislation that risks further increasing business costs, prior to enactment.   On childcare: commitments to progressively reduce the cost of childcare to €200 per month per child are positive. Moreover, pledges to provide capital investment to build state-owned childcare facilities to create additional capacity will be welcomed by parents who are struggling to find a place for their child in local childcare facilities. If successfully implemented, these measures could leave working parents better off and free up vital working capacity in the economy.  On climate: the continued commitment to accelerating Ireland’s progress towards achieving the 17 Sustainable Development Goals (SDGs) is welcome. It is encouraging to see, in particular, a focus on the  further development of the sustainable finance sector, renewable energy, upskilling and training, and the provision of supports for industry – including supports for small businesses – to decarbonise and embrace a circular economy.     The Institute looks forward to working with the new Government to ensure these important commitments are delivered over the course of the 34th Dáil term and to continue to amplify the voice of our members on the policy issues of importance to them.      

  In this week’s Sustainability/ESG Bulletin read about sustainability in the new Programme for Government, planned Government climate and environmental spending 2025, and Responsible Business resources issued by DETE. Also covered is a survey showing a growth in confidence in sustainability governance, a ‘ticking clock’ for investors to invest in resilience, and the publication of the World Economic Forum’s Global Risks Report 2025, as well as the usual articles and upcoming events.   Ireland news Sustainability in the Programme for Government The Institute welcomes the continued commitment in Ireland’s published draft Programme for Government to accelerate Ireland’s progress towards achieving the 17 Sustainable Development Goals (SDGs). While much needs to be done, the focus on further development of the sustainable finance sector, renewable energy, upskilling and training, and the provision of supports for industry – including supports for small businesses – to decarbonise and embrace a circular economy, are welcome, as is the commitment to the continued use of carbon tax revenues to fund social welfare measures, among others.   Planned Government climate and environmental spending for 2025 A report published by the Department of Public Expenditure, NDP Delivery & Reform (DPENDR) on planned climate and environmental spending in 2025 has found that nearly €7 billion of expenditure allocated will have a “probable favourable impact” on climate and environmental criteria. This includes funding for activities targeting emissions-reductions (e.g. retrofitting, investment in public transport, implementing flood-risk-management programmes, biodiversity/ecosystem-protection programmes and more). The report found, however, that just over €2 billion of planned expenditure will have a “probable unfavourable impact” reportedly representing an increase of 40%  in 2025 on 2024 figures. This includes funding on measures such as fossil fuel subsidies or other potentially harmful supports, as well as emissions-intensive activities in transport, agriculture and industry.   CSO – Ireland 2024: The Year in Numbers Almost half (46%) of all new private cars licensed up to November 2024 were electric, plug-in hybrid, or hybrid, according to figures from the CSO’s Ireland 2024: The Year in Numbers. The figures also reveal that more than 4,000 Business Energy Rating (BER) audits were published in the first nine months of 2024 for non-domestic or commercial buildings, of which the most energy-efficient building types were found to be in schools and colleges. Separately, the Sustainable Energy Authority of Ireland (SEAI)’s end of year review shows a record year of progress for SEAI in 2024, with almost €616 million invested in projects across homes, communities, businesses, and public sector organisations. This 13% increase on 2023 activity included over 3,500 businesses being approved for more than €62 million in grant support, as well as the launch of a new, rapid approval Business Energy Upgrade Scheme.    DETE resources on Responsible Business initiatives: Environment Presentations from the Department of Enterprise, Trade and Employment (DETE) on responsible business and the environment held on 6 November 2024 are now available on the Department’s website. These include: Creating a Nature Positive Economy for Ireland – Lucy Gaffney, Executive Director, Business for Biodiversity Ireland Emissions Trading and Carbon Border Adjustment Mechanism by Dr Maria Martin Climate Change Programme, EPA Ecodesign for Sustainable Products Regulation, Aisling McCarthy, Climate Programmes Unit, DETE OECD Guidelines for Multinational Enterprises on Responsible Business Conduct   Northern Ireland/UK news Confidence grows in sustainability governance An annual survey of directors and executives from around the world conducted by INSEAD Business School (the non-profit business school with locations in Europe, Asia, the Middle East and North America) has found that confidence in sustainability governance had grown significantly year-on-year. In an article published last week, ICAEW Insights examined whether a sustainability committee might be a useful addition to the board.   “The clock is ticking” for investors, says CISL The Cambridge Institute for Sustainability Leadership (CISL) has published a guide for investors to build climate resilience within their portfolios and invest in systemic resilience through engagement with the broader ecosystem. Commenting on the publication, titled Investing in Tomorrow: A Guide to Building Climate-Resilient Investment Portfolios, Director at the Centre for Sustainable Finance, Dr Nina Seega said “The clock is ticking — investors face a critical choice: act now to safeguard portfolios and invest in resilience, or risk the future of both their assets and the global ecosystem. As climate risks intensify, this guide offers a clear path to build resilience and drive systemic change for a sustainable, adaptive future.”   World news Global Risks Report 2025 publishes The World Economic Forum has published its Global Risks Report 2025, listing ‘State-based armed conflict’ as the top risk likely to present a material crisis on a global scale in 2025. ‘Extreme weather events’, ‘Geoeconomic confrontation’, ‘Misinformation and disinformation’ and ‘Societal polarization’ remain top short-term risks, with ‘Economic downturn’ climbing up from tenth place in 2024 to sixth place this year.   Over the longer-term (10 years) the top four risks identified are: Extreme Weather Events, Biodiversity loss and ecosystem collapse, Critical change to Earth systems, and Natural resource shortages.   The report, which presents the findings of the Global Risks Perception Survey 2024- 2025 (GRPS), captures insights from over 900 experts worldwide and provides six in-depth analyses of selected risk themes. Did you know… …you can now ‘bulk return’ bottles and cans in Ireland through the Deposit-Return Scheme? Newcastle Services Station in Dublin has Ireland’s first Bulk Feed Recycling Machine which lets users recycle hundreds of containers in seconds - no more feeding them one by one. (TikTok) Articles IOB appoint Diarmuid Murphy as Director of Sustainability and International Markets (Business Plus) Insuring against climate change: An interview with Brian O’Neill, Head of Communications, Sponsorship, Sustainability at Aviva Ireland (Business & Finance) High Court rules An Bord Pleanála must prioritise climate law in wind farm case likely to affect all public bodies (Irish Independent) A4S unveils guide on making business case for nature (ICAEW) Greenwashing and sustainability assurance: a review and call for future research (Journal of Accounting Literature Events TEKenable Ltd and the EU Commission, CSRD Data Readiness Training This training session, organised in collaboration with TEKenable Ltd and the EU Commission offers insights on best practices, tools to improve your sustainability efforts, CSRD compliance, and more. Virtual, 24 January 2025, 13:00 - 14:30 CET Business in the Community Northern Ireland From Awareness to Action: Building Disability Inclusive Workplaces First of a new series of monthly online sessions aiming to support businesses in creating more diverse and inclusive workplaces Tuesday 28 January, 10:00 – 10:45am. Chartered Accountants Worldwide, Difference Makers Discuss: Resilience in the Chartered Accountant Accountancy profession Virtual, 30 January, 18.00 GMT Jobs Trinity College Dublin seeks a researcher/project manager for Ecosystem Accounting project (Job details)   Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

                                                                                      ALERT ABOUT PAYMENT DIVERSION FRAUD                                                                                                                      January 2025 This bulletin has been produced by the Joint Practice Group (JPG). The JPG is made up of representatives of the professional accountancy bodies, the Association of Chartered Certified Accountants, Chartered Accountants Ireland, Association of International Accountants, and Chartered Institute of Management Accountants with input from the Garda National Economic Crime Bureau and FIU Ireland. The aim of this publication is to remind professional accountants and their staff to exercise continued vigilance in the face of payment diversion fraud. Members are reminded that payment diversion fraud is still a significant threat to business and members and their staff must educate and protect themselves and their business from such fraud. FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI), show that small and medium enterprises (SMEs) lost almost €10m (€9.9m) through email-related fraud in 2023, including invoice-redirection and CEO impersonation scams with BPFI saying they have seen a jump of almost 25% (23.8%) in email-related fraud targeted at SMEs in 2023. Please click here to access Garda National Economic Crime Bureau (GNECB) Advice on Invoice Redirect Fraud issued in 2020 and here to access a series of press releases issued by GNECB FIU Ireland during Fraud Awareness Week 2022. The press releases deal with what is and how to avoid business e mail compromise fraud, bribery and corruption, investment fraud, accommodation fraud and account takeover fraud.    Disclaimer This document is for information purposes only and does not give, or purport to give, professional or legal advice to be relied upon in respect of the subject matter contained herein. It should, accordingly, not be relied upon as such. No party should act or refrain from acting on the basis of any material contained in this document without seeking appropriate professional advice. The authors nor any member of the JPG do not guarantee the accuracy or veracity of any information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained in this document. To the fullest extent permitted by applicable law, the authors nor any member of the JPG shall not therefore be liable for any damage or loss, including but not limited to, indirect or consequential loss or damage, income, profit, or opportunity and claims of third parties, whether arising from the negligence, or otherwise of the members of the JPG, their employees, servants, or agents, or of the authors who contributed to the text.  This document should not be used as a substitute for professional legal advice.

In Irish news, Revenue has published preliminary results for 2024 and the Department of Finance has published final Exchequer figures for 2024. In UK news, we issue key reminders ahead of the 2023/24 online self-assessment filing deadline on Friday 31 January 2025 and update you on the joint response from the Professional Bodies, including this Institute, to a HMRC letter on service levels. In International news, the OECD have released a pricing tool for the implementation of Amount B under Pillar Two.      Ireland Read the Revenue Commissioners published preliminary headline results for 2024. Exchequer figures for 2024 show further growth in tax revenues.   UK Read our key reminders ahead of the 2023/24 online self-assessment filing deadline on Friday 31 January 2025. The Professional Bodies have jointly responded to a HMRC letter on service levels.   International The OECD have released a pricing tool and factsheets to facilitate the implementation of Amount B under Pillar Two. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s post EU exit corner here.

On 14 January the Ulster Society hosted a webinar featuring Prof. Robert Kirk aimed at members working in the Public Sector.  The webinar concentrated largely on the very important and controversial changes that have been implemented in the financial year 2023-24, arising from IFRS 16 Leases, on accounting for leases in the public sector. A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of Prof. Kirk's slides from this presentation is available HERE

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: what advice do you have for those who will take  Chartered Accountancy exams this year? Armina Golchin PwC Having recently completed my CAP1 exams, I'm excited to share some advice for those preparing for their own. Here are my three golden rules: Do a little bit a lot Balancing work, busy seasons and personal commitments can push studying to the back burner. Starting can be daunting, but small, consistent efforts will help you become familiar with the material and develop a study routine. Get by with a little help from your friends Your network of fellow students is invaluable. Whether they’ve already taken the exams or are preparing alongside you, asking questions can provide clarity and save time. I’d encourage attendance at Chartered Accountant Student Society events to meet other students while enjoying a break from studying! No hassle in the castle A catchy and effective motto I’ve adopted from another student. Overstressing prohibits meaningful progress. Trust in your ability to succeed—these exams are passable with early preparation and a diligent work ethic. Good luck! Eoin Hartnett KPMG Sitting the accountancy exams for the first time while also working can be a daunting experience. Trying to find the balance between work and study can be quite challenging.  When you were in college, you were a full-time student, and you were able to concentrate all your focus on your exams. Now the majority of your week is devoted to your job. The best advice I can give is to be efficient and organised. You will have study leave, but to get the most out of the study leave you want to try to be as prepared as you can going into it.  The best way to do that is to keep on  top of lectures and to keep tipping away.  A few hours of study a week is plenty during the working week. This allows you to still  work during the week and study while also having time to get a break from both. As the exams get closer, I place an emphasis on quality of study over quantity. Answering questions as opposed to just reading the notes can be a far more efficient method of finding out what you do and don’t know.  Every time you study, you want to maximise the learning benefit. Do practice papers under exam conditions, have your notes organised and know where you’re sitting the exam, i.e. control the controllable. You can’t control what questions come up in the exam, but you can control how prepared you are for it.  Sarah McAleese KPMG  At CAP1 level, I would focus on perfecting your technical knowledge and honing in on your time management skills.  As difficult as it can be to move on, on the day, be sure to stick to timings based on marks allotted per question and try not to overlook the "low hanging fruit" narrative questions as they can be an effective way of picking up marks. When it comes to the CAP2 and FAE Exams, avoid the false sense of security of open-book exams. While it is important to prepare high-quality notes that you can effectively leverage on exam day, practising exam questions under time pressure to simulate real exam conditions is equally crucial. Remember to look after your health and well-being during what can be a stressful period.  Take regular breaks, maintain a healthy lifestyle and ensure you get enough rest.  Link in with and leverage your community of peers and CASSI for support where possible, as they can act as an invaluable resource.

Brian O’Connor, Team Lead of Recently Qualified Accounting Careers at Barden, explains some of the key areas to consider as you near the end of your training contract and prepare yourself for the job market in 2025 Get curious! The first thing we recommend is to get curious about what options are available to you upon qualifying. It’s hard to know what the market is like at the moment, the difference between all the roles, the market rate for salaries, etc. It is important to start speaking to peers, ex-colleagues, recruiters and people who have been through it before.  For a lot of people, this will be their first time going through a serious job search, so it is good to equip yourself with as much information as possible before diving headfirst into it.  Have a look at different job boards (primarily LinkedIn), and you will start to get a feel for what is out there.  There’s no need to apply until you’re ready, but by reading different posts, you will familiarise yourself with the different types of roles that are available at this level.  CV As you’re likely already aware, the CV is the document that can take you from aspiring applicants to sitting in front of the hiring manager. But a weak CV can really act as a blocker to opportunities, so it is of the utmost importance to get it right. Your CV should be unique, detailed and specific to you. Avoid anything too generic. If you have trained in practice, we recommend breaking your experience up by engagement.  Pick three to five of your most prominent clients/projects and have four or five bullet points specific to that engagement. This gives your experience a good structure and will also make it unique to you.  If you have trained in industry, consider breaking your experience up by the various rotations or areas to which you have been exposed. LinkedIn There’s no getting away from it. If you haven’t already, it’s time to update, build and promote your presence on LinkedIn.  As a newly qualified accountant, your LinkedIn profile is your online personal brand and should be thought of as a tool to catch the eye of in-house recruiters, agency recruiters and hiring managers alike.  Make sure to have all academic and career information up to date to reflect your current qualifications and stage in practice. If you don’t point out that you’ve passed your FAEs, a hiring manager might think you’re not qualified yet.  Ensure employment dates are correct and match your CV, to avoid any discrepancies. Your LinkedIn profile should mirror your CV as much as possible. Once you are happy your profile is up to date, don’t be afraid to use it! Connect with colleagues and clients, and join groups such as professional accounting organisations, your university alumni, etc.  Finally, don’t forget to include a (professional) picture!  No selfies or pictures from nights out with your friends. (Yes, we’ve seen it all.) Your network Your network is very important and shouldn’t be underestimated. A lot of people secure roles through ex-colleagues, clients and word of mouth rather than agencies or LinkedIn. So, it is important to utilise and maintain these connections over time.  Even though some connections might not be as close, they can be extremely valuable, often offering information or links that can broaden your reach and learning opportunities.  Anyone that you have built up a rapport with, make sure to be proactive and add them on LinkedIn – whether that person is the office intern or the finance director of your main audit client.  As you approach the end of your training contract, make a conscious effort to build genuine connections in every interaction you have with colleagues and clients, so that you can lean into this network in the future.

Exam preparation can be an overwhelming time. Edel Walsh answers the five most commonly asked questions about your study habits and success Whether you are sitting professional accountancy exams for the first time or returning for your next set of exams, the months ahead can feel like a daunting prospect.   1. How many hours of study should I be doing in a week? This is, without doubt, the question I get asked most often by students.  The answer is that there is no “right” number of hours you should be studying in a week. We are all different and we all study differently.  The hours you put in depend on how close your exams are, whether you are studying smart or studying hard, and what other personal commitments you have. It is not about the quantity of hours you study, it is about the quality of the studying you do.  Your study plan or study goal for a particular day might be, “Today, I want to study financial reporting for two hours”. This is an outcome goal.  A more effective way of thinking about your study is to set yourself learning goals.  An example of a learning goal is: “Today, I want to learn the double-entry book-keeping treatment of bad debts”.  After your study session, check to see if you have achieved your goal. You will be able to hold yourself to account and ascertain whether you understand the double-entry book-keeping treatment for bad debts.  Learning goals help you stay focused and on track.  2. How can I study “smart”? Smart study is incorporating self-testing or retrieval practice into all your study sessions.  Instead of passively re-reading notes, actively test yourself on what you’ve learned. This will give you feedback on what you know and don’t know. This could involve answering questions from your questions banks, completing a sample paper or questions under exam conditions and summarising key points without looking at your notes. Make retrieval practice a regular part of your study routine.  Start each session by recalling what you learned in the last study session, then review it to fill in gaps. Embrace mistakes as learning opportunities. Every mistake gives you information on what you know and what you don’t know. It’s what you do with the mistakes that counts.  3. How can I get motivated to study? Motivation follows action. No matter how much you want to pass your exams, there will be times when you would rather clean the kitchen than study. And that’s okay – feeling demotivated is perfectly normal.  When you are feeling demotivated: Start with a quick win. This might be doing a question from your question bank on the material you learned in the last study session. Break your task down into small manageable chunks. When we think of all the material we need to cover for our exams, it can feel overwhelming. Breaking it all down into bitesize chunks can make study feel more manageable.  Disrupt your pattern. To break an unmotivated period, you need to change your state of mind. Instead of forcing yourself to start studying immediately, just summon the energy to do something different first. Get fresh air, do a stretch and have a large glass of water. 4. How do I handle unexpected work demands? Some students will be in the busy season at work from January to March.  Balancing study with work and personal commitments can be overwhelming, especially during busy periods. Considering the following will help: Know your busy times at work. Talk to your colleagues to get an understanding of the demands of your various work assignments.  Make sure your study plan is flexible and realistic, knowing there will be busy times at work. Communicate with your manager, especially if you are working long hours and need to attend lectures. They may not realise that you must attend lectures on a particular night.  Understand that disruptions are normal. Don’t be too hard on yourself. Flexibility and resilience are the keys to balancing work and study schedules Remember, progress, not perfection. Accept that some days will be more productive than others and adjust accordingly. 5. What can I do if I feel overwhelmed? Prioritise your well-being. Your mental and physical well-being is the foundation of your exam success. Aim for seven to eight hours of quality sleep per night. Sleep consolidates memory and helps with your focus, concentration and general well-being. Fuel your brain with a balanced diet and stay hydrated throughout the day. Incorporate regular physical activity, even if it’s a short walk or a quick workout. Exercise reduces stress and boosts cognitive function. Schedule downtime to recharge. Activities like meditation, yoga or simply enjoying a hobby can help you decompress and stay focused. Edel Walsh is a student coach and mentor. She supports her clients with their studies and exams using a holistic approach of focusing on academic success, personal development and looking after their well-being. For more information, check out www.edelwalsh.ie

Christine Nangle and Bríd Murphy explore how pre-audit training factors influence professional scepticism, uncovering insights into recruitment, education and decision-making that could enhance audit quality and address persistent challenges in the auditing profession The importance of professional scepticism (PS) gained prominence at the close of the last century. The failure of major companies and financial scandals highlighted the need for auditors to adopt a more questioning and sceptical approach to their work.  Despite numerous academic studies and a heightened focus on this issue in the profession, failure to exhibit PS is still the most cited reason for sanctions imposed on audit firms.  This constant challenge underscores the critical need to foster a culture of scepticism among auditors to enhance audit quality and mitigate the risk of failures. The Brydon Report (2019) assigns blame to the practice of ‘rules-following’ which has blunted scepticism as well as the application of judgement, and calls for improved auditor education to foster the development of PS.   PS includes both an innate ability (trait scepticism) and a temporary mindset influenced by situational factors (state scepticism). Many studies have looked into how PS develops, but there are conflicting findings about what increases PS levels.  With the International Auditing and Assurance Standards Board driving strategic focus on PS through its Professional Scepticism Consultation Group and standards development, the profession must better understand the factors contributing to PS development to ensure accountants and auditors are appropriately skilled to meet evolving requirements and expectations. This study looks at how factors in pre-audit training contracts influence PS. By investigating these pre-audit factors, the study aims to provide information that can improve recruitment practices and audit quality. Understanding what fosters PS in graduates could lead to enhanced training and development initiatives, ensuring new auditors develop the critical thinking and questioning mindset essential for effective auditing in today's complex financial landscape. This study was made possible by the cooperation of accounting firms and their newly hired trainees. It forms part of a broader PhD study in Dublin City University (DCU) which aims to re-measure the levels of PS in the same participants as they approach the completion of their training contracts. A range of firms, from large to medium-sized professional practices, helped collect 332 surveys from participants. Most participants began their training contracts one to three months before completing the survey, allowing the research findings to be connected to factors before their professional training. Influences The survey revealed no significant difference in PS levels between male and female participants. However, it found that participants aged 26+ demonstrated greater PS levels.  Of the 332 participants, 26 percent had undertaken postgraduate studies, and results indicate postgraduate education is positively linked to increased PS levels. And while 73 percent of participants in this study had engaged in ethics education prior to their training contract, this study found no relationship between ethics education and PS levels.  Professional scepticism vs judgement  PS influences decision-making processes and judgements. Higher levels of PS should improve critical evaluation, enhance objectivity and mitigate cognitive biases that may cloud judgment, improving risk assessment and overall audit quality.  This study used scenarios to assess how PS levels affect initial judgements about fraud and errors based on different client experiences –  neutral, positive and negative. Participants were presented with three scenarios, containing details of the same material misstatement. The first scenario involved a neutral client experience, the second indicated a positive experience, and the third showed a negative experience. Participants answered questions after each scenario, about their perceptions of fraud, risk and client trustworthiness. Participants with higher levels of PS made more prudent judgments in all three scenarios. However, this effect was stronger in the positive and neutral scenarios, suggesting individuals with higher levels of scepticism are less likely to change their judgments based on different client experiences.  The study also highlighted concepts from ancient philosophy, specifically Pyrrhonian scepticism, which encourages refraining from making judgments and suspending belief, which can result in indecision or inaction.  Philosopher Sextus Empiricus warned that being too sceptical could trap people in doubt and hinder decision-making. To allow for analysis of this phenomenon, the survey allowed participants to skip questions instead of forcing them to answer.  Interestingly, the findings show those who skipped four or more judgments had significantly higher PS scores than those who skipped fewer. This suggests an optimal level of scepticism where too little leads to poor judgment, while too much can impede one's decision-making capacity. These initial findings provide some insights regarding potential recruitment screening criteria. It is hoped that the broader study will offer further insights regarding the development of PS during trainee contracts. A greater understanding of PS development at this important stage in the career of an auditor will help to ensure audit trainees’ development aligns with regulatory priorities to improve public trust and mitigate sanctions in the audit profession. Christine Nangle is Head of Discipline of Accounting at TU Dublin Bríd Murphy is Associate Professor at DCU

As assessments fade into the rearview mirror, it’s tempting to relax, but sustained, structured study now can set Chartered Accountancy students up for long-term success. Bryan Rankin explains how to stay motivated The life of a Chartered Accountants Ireland student can be difficult, particularly in the run-up to exams.   At a time when friends and family have been making merry over the festive season, many of you were studying hard in preparation for interim and on-demand assessments in early January in all three academic programmes.  With these assessments now completed, the idea of continued study may feel unappealing.  We hear all the arguments, but in our experience, this is definitely a time for all students to keep up their studies, albeit at a more sustainable pace.  While there may not be exams in the next few weeks, there is a busy schedule of webinars to attend leading up to the mock examinations. For dates of all webinars and exams, please refer to course timetables on the Institute website.  While there’s certainly a place for some pre-exam ‘cramming’, this works only as a revision tool where you’re returning to lessons already practised and understood. There simply won’t be time to undertake the coursework involved in multiple subjects and work through increasingly complex problems. Rather, what we want to aim for is a study plan that we can maintain and commit to.  So, how should we structure a longer-term study plan that still keeps us productive? A study plan We’ve said it before in this series of articles, but starting out with a study plan is definitely the number one piece of advice for a productive study programme.  If you haven’t made a study plan yet this year, make it your New Year’s resolution.  A schedule provides motivation and structure, as you’re not wasting time at each study session deciding what’s on the agenda this time.   It’s a good idea to base your study sessions on the live webinars coming up in the following weeks. By watching the teaching videos and then attempting several questions at each session in the Learning Hub, you’ll find each webinar more rewarding and engaging while understanding new learning principles at a gradual pace.  Win back time We all have busy lives with many commitments, so start your plan by assessing where you can win back more time during the week for study slots aside from nine-to-five working hours.  There may be times during the week when you can be more productive. For example, getting up an hour early on Saturday morning is not incredibly difficult and can be very productive.  Equally, the next few months might be a time to set aside some (but not all!) social commitments – just until you pass your exams!  Your plan should show a series of short, intensive 45-minute study sessions with plenty of breaks for exercise and fresh air. Typically, we would envisage students studying two or more evenings during the working week (in addition to attending webinars), as well as two half-days of study at the weekend.   Become goal-oriented For a successful longer-term study programme, keeping highly motivated will be an important consideration.  Whether it’s CAP1 exams in May or FAE in August, these deadlines can feel distant, and you may lose that sense of urgency. Take time to consider what is the driving force pushing you ahead through these tough times, be it the pride your family will take in your achievement, the expectations of your training firm or attaining your qualification and taking your career to another level.  Studies show that by building in plenty of short-term goals and rewards, we keep ourselves motivated from week to week. Whether that’s a coffee date with friends or a trip to the cinema, it’s a well-deserved, guilt-free couple of hours that will keep spirits high, so make time for social contact. Group work Consider combining your own solo studies with some group work. This could be online or in person but learning within a social context will overcome any sense that you’re in this alone.  In fact, there are over a thousand students in each academic programme, all in the same situation as you and working toward the same goal. We suggest splitting out a session in the Learning Hub on a given subject, where one person/group studies one part and presents it back to the others with advice and observations.  Put your phone down Finally, it may seem obvious, but the top inhibitors to successful study are your phone and social media.  It’s all too easy to accidentally scroll for hours without realising how much time has passed.  It’s a good idea to place your phone out of reach while studying or in another room. Make your phone part of your short break away from the desk, then put it down again.  Maintain your focus It would be understandable to feel that, as we finally emerge from a busy winter, it’s time for our studies to be on the back burner for a time. On the contrary, we’re here to encourage you to maintain that focus and momentum through the spring months. We guarantee that you’ll reap the rewards come exam time.  Bryan Rankin is Head of Student Operations at Chartered Accountants Ireland