GenAI is evolving rapidly and has the potential to enable CFOs to deliver valuable new strategic insights and predictive analysis to their organisations, writes Vickie Wall Almost every aspect of the finance function has benefited from technological advances in recent years. Those advances include artificial intelligence (AI), natural language generation (NLG), and optical character recognition (OCR). Automation has freed up time to move beyond financial reporting and engage in the provision of strategic business insights and forecasting for the entire business. Many large organisations have been using machine learning and related technologies to assist in areas like fraud and anomaly detection, transaction processing, business forecasting and customer management. However, we are now on the cusp of a potentially transformative leap forward due to the advent of generative AI (GenAI). This technology can democratise data science and analytics and put coding skills in the hands of just about everyone with the ability to interact with it. It will no longer be necessary for a CFO or finance team member to be skilled in specific programming languages or database query skills. Once they can explain in plain language what they want GenAI to do, the technology should do the rest. AI will be able to take structured and unstructured data from within the organisation and external sources to provide various outputs like trend analyses and forecasts, with numerous variations based on factors like seasonality or user-defined future events. Having done so, it can offer best, mid and worst-case scenarios to aid C-suite decision-making. This capability, which was formerly the sole preserve of skilled data analysts and programmers, is now in the hands of everyone with access to GenAI and who has received basic training on how to interact with it and is willing to experiment. Understanding data science Certain skills are required no doubt, not least of them the ability to understand accounts and financial reporting standards. Beyond that, CFOs and finance teams will need to become familiar with data science, at least to a small extent. This will not necessarily present a major challenge as finance professionals have been using business intelligence systems for many years. However, they will have to develop a much deeper understanding of the topic if they are going to uncover the next layer of value which lies within the data at their disposal. Having the tools to carry out the analysis on your behalf is just one-half of the equation. Knowing what you want to achieve through the analysis is the other. The importance of “prompting” and the ability to do this well will become a key skill in extracting the most from these tools. Currently, GenAI is viewed as a separate tool that operates independently of other software systems. That will remain so for certain general applications, but increasingly it will become an integral part of the software systems used every day in organisations. In future, CFOs and finance professionals will use AI to interact with those systems in different ways. They will use natural conversational language to create reports, run analyses, and produce forecasts. The skill will lie in knowing what questions to ask and recognising where the data’s potential value might lie. The need for knowledge beyond AI A new approach to data gathering will be required when it comes to GenAI. CFOs will need to look beyond finance to other functions and departments to source data for use in forecasts and strategic guidance, as well as to understand those departments’ key needs. That will require knowing where data gets sourced from, how it flows from one system to another, where the bottlenecks lie, where data is leaking or getting lost, and what issues need to be addressed to improve data availability. Having access to that data from across and outside the business in the form of external market reports will be paramount to realising the benefits of GenAI in the finance function. GenAI is far from faultless, however, and trust is a major issue. For example, no CFO will be willing to sign off on financial statements if the finance team does not know how to check the GenAI outputs they are based on. Explainability is another challenge. If a certain system is being used to produce statements or reports, the CFO must be able to explain how it works and how it comes to its conclusions. And therein lies another issue: inconsistency. At present, you can ask GenAI the same question 50 times and get a different answer on each occasion. That may be acceptable for marketing content, but it certainly will not work for financial statements and forecasts, where trust and data integrity are of utmost importance. Fortunately, GenAI developers and organisations integrating the technology into other software systems are addressing these issues and the technology is improving at a rapid pace, but it is still not at a stage where it can be fully relied on. Humans will need to be always kept in the loop to verify the outputs and ensure that the systems are not hallucinating or being creative when they should not be. The use of GenAI by CFOs and finance functions to support strategic decision-making in their organisations will soon be a competitive differentiator. This means that even if they are not currently using GenAI in their organisations, CFOs need to experiment with it and understand how it works, what it can do, and the value it can bring to the business. More importantly, they need to help instil an experimental culture within the organisation where employees at all levels are encouraged to bring forward ideas for use cases without fearing repercussions for aborted pilots or lack of investment. CFOs who fully embrace this early-stage trial and error will ensure that they are not left behind when the technology evolves to a point where it can be trusted, is consistent in its outputs and is fully explainable. Transforming finance functions GenAI has the potential to transform the way finance functions operate and the strategic insights and guidance that CFOs can bring to their organisations. To realise that potential CFOs will need to understand the business needs across different departments, gain access to data from across the organisation, develop basic data science skills, and perhaps experiment with the technology to understand how it works, how to interact with it and how it can deliver value to the business. Vickie Wall is Financial Accounting Advisory Services Leader at EY

Feeling uninspired after the summer? Ed Heffernan explores internal moves, smarter job transitions, and fresh opportunities without sacrificing long-term growth Turning off your out-of-office message after the holidays is simply depressing! The first day back is always difficult, but if the first week and the first month aren’t much better, then maybe a salary increase, a new job, or a new career might help. Most industries have their intensely busy times, and it’s unsurprising to learn that post-holidays – namely the New Year and Back-to-School September – are the hot spots for recruitment firms. It could be the downtime we have to think about our career choices, or the difficulty getting back into a work routine. Either way, the desire to do something different, more rewarding or better paid, is certainly an itch worth scratching. So, where to start? A complete career change is absolutely a possibility. There are some things you need to think about first, however. Career status The earlier you are in your career, the easier it is to change. An undergrad in science working in a lab, who wants to get into marketing, or a sales manager who likes the look of logistics – those career moves are relatively easy to make. Further up the chain, however, a complete change of direction will likely mean sacrificing some salary. If you are changing careers, there's an element of starting again, so you are probably going to get paid less. If you are 20 years into a role as a Chief Financial Officer, for example, and want to move into a creative area, you will need to make a financial sacrifice, certainly in the short term. You must be realistic, but it is also important to remember that the more value you create, the more you get compensated for the value of your time. No big bang Good advice is that a career change doesn't have to be a ‘big bang.’ Internal moves within organisations, or different functions, are more doable than external moves. And, if a business has multiple sites, a transfer to a new location will test whether the grass is actually greener on the other side! Take someone working as head of a supply chain in a big business or multinational who wants to transfer to the sales and marketing side of the business. This represents a more feasible move for both employer and employee. To start, take on some responsibilities linked to the side of the business you are interested in, or work on cross-functional projects that put you in closer proximity to those teams. Look for an internal secondment to a new team so your career change can be subtle. This will also help preserve income. Plus, if opportunities or experience within the new function are not all that great, there is scope for a return to your original department, bringing an even broader understanding back with you. Most employers these days don’t want to lose talent, so will generally work with employees on training or evolving their role. Job hunt homework Something as important as a career change demands homework. Don’t just take job descriptions as read. Job titles mean nothing without context and, at times, company recruitment ads are a list of duties and some company details. The context of the markets the business is in, the degree of activity around each duty demanded by the role, and the supports in place, are crucial to an accurate job representation. Do your own job interview. Ask yourself exactly what it is you think will be better and more rewarding about a new or different role, or even a new sector. If it does come to interviewing for a new job, this type of preparation will stand to you. For a hiring organisation, someone advanced in a long-term career who suddenly wants to shift gears must have some good reasons, and they must be able to demonstrate a real commitment and reasonable preparation. Ed Heffernan is Managing Partner at Barden

We don’t need more purpose statements, we need more purposeful leadership, writes Fiona English In a world awash with purpose statements, how can you ensure you or your organisation have the impact you desire? Many leaders and organisations begin with the wrong question when it comes to purpose. They focus on "what" they will do rather than "who" they will become. Purpose is an expression of identity, derived from who we are rather than simply what we do. It is not a thing you find. It is about the person you choose to become. A purposeful leader asks themselves how they will use their position, power and the resources available to have a greater impact on others and society. Purpose is uniquely human When it comes to purpose, we are often cynical. We believe ‘purpose’ is esoteric or a nice statement to have. But what makes purpose real is you. It cannot be outsourced to the organisation you lead or work for by simply crafting a ‘purpose statement.’ While any business can have a purpose statement, it is only leaders and employees who can breathe life into that statement through their choices. Purpose is real clarity on what the team members, team and organisation has committed to and the choices made as a result. Purpose is a choice Purpose, at its core, is about choice. It asks us what matters to us – as people, as citizens of our world, as leaders and employees of organisations. Being a purposeful leader asks you to clarify what drives your choices and how they reflect who you are, your belief system, what matters to you. It is those choices that have the power to amplify the impact you or your organisation can have in the world. Purpose is disruptive One of the least glorified aspects of purpose is that it is challenging. To have greater purpose in your life and work or to lead in a purposeful way in your business, you must first be willing to disrupt yourself and change how you are currently showing up in the world. To have purpose, leadership and organisations must stop talking about it and start embodying it. Take the statement you have crafted around the purpose of your organisation and ground it into reality through your choices. Purpose requires courage Purpose cannot exist without courage. Often, when we struggle with our purpose in life or work, it is not because we don’t know how to be more purposeful. We just don’t always like the consequences that come with being so. We say we want more authenticity, greater equality in the world or solutions to the climate crisis. However, what we really want is all these things without sacrifice. When it comes to many of the changes we need to see in the world today, our problem is not an absence of ideas or intellect but an absence of courage. We make purpose real It takes real leadership to define and execute purpose in life, work or business with integrity. We have to invest the time to get clear on who we are, who we wish to become, the impact we wish to have and the choices we are willing to make as a result. Only then can any purpose statement become reality. Purpose is not real until we choose it to be. Fiona English is a keynote speaker, thought leader and coach. www.fiona-english.com

Chartered Accountants Ireland welcomed the publication this week by Euronext Dublin of the Irish Corporate Governance Code. An important step in the development of corporate governance in Ireland, the new Code applies to financial years commencing on or after 1 January 2025 for Irish incorporated companies with an equity listing on Euronext Dublin (Irish Stock Exchange). Companies dual-listed in Ireland and the UK have the option to follow the Irish Code or the UK Corporate Governance Code. Commenting on the launch, Head of Ethics & Governance, Níall Fitzgerald, thanked the expert members and committees who contributed to the Institute’s consultation on the development of the Code. “Closely aligned with the principles and provisions of the ‘best-in-class’ UK Code, the Irish Corporate Governance Code is tailored for the Irish market, for example with its greater EU focus.”

In this week’s Sustainability/ESG bulletin read about Ireland’s Green Budgeting, including Carbon Tax Exchequer Revenue Projections. Also covered are new funding products for sustainable and green projects, news about boards and climate change, a report into climate tech and Ireland, coverage of the New York Climate Week, the A4S case competition, and the usual resources, articles and upcoming events. Ireland news Ireland’s Department of Finance Green Budgeting update Ireland’s  Department of Finance has published an update on Green Budgeting, as part of Ireland’s whole-of-government approach to Climate Action. This approach aims to achieve the targeted reductions in overall greenhouse gas emissions by 2030 and reach net-zero emissions by no later than 2050, in line with Ireland’s strategic objective of supporting environmentally sustainable economic progress. ‘Green budgeting’ is the process of documenting the impact of budgetary measures and wider fiscal policy on the transition to a more sustainable and climate friendly economy. The update’s focus is on analysis of the tax system, and the work complements the green budgeting expenditure analysis undertaken by the Department of Public Expenditure, NDP Delivery and Reform (DPENDR). Carbon Tax Exchequer Revenue Projections 2024-2030 publish The Department of Finance have published Carbon Tax Exchequer Revenue Projections 2024-2030, a report examining trends in carbon tax exchequer yields in Ireland over the last decade. It also provides forward projected estimates of carbon tax yields to 2030. Key findings highlight that overall environmental taxes as they currently exist, such as the carbon tax, excise duty and value added tax (VAT) on fuel, vehicle registration tax (VRT) and motor tax, account for a little under €6.8 billion annually of overall exchequer tax revenues in 2023, having risen from €5.1 billion of overall exchequer tax revenues in 2013. Over the last decade (2013 – 2023), carbon tax yields in Ireland have generated revenues of over €6 billion for the Exchequer, rising from €388 million in 2013 to €935 million (this amounts to approximately 1 per cent of total exchequer tax receipts in 2023). Over the next six years (2024 to 2030), the report estimates, the tax will raise €8.8 billion in exchequer revenue, approximately €6.4 billion of which will be directly allocated to climate actions in this period on a no-policy-change basis. SBCI and BVP launch €50m Green Transition Finance product The Strategic Banking Corporation of Ireland (SBCI) and Business Venture Partners (BVP) have announced a partnership with the launch of a new €50 million financing initiative. Designed to support the green and sustainable transition of Irish businesses, the ‘Green Transition Finance product’ is tailored to meet the needs of SMEs and Small Mid-Caps investing in sustainable and green projects and assets, as well as those already operating in a sustainable manner, subject to specific criteria. Loans range from €500,000 to €5,000,000 for terms up to 10 years, with competitive interest rates and flexible repayment terms tailored to support business growth. Boards and climate change The annual FTSE 350 Boardroom Bellwether survey, recently published by the Chartered Governance Institute UK & Ireland, has reported that only 29% of boards in the UK see climate change as a very important driver of risk (compared with 45 per cent last year). Supply chain disruption was likewise only ranked as a very important risk by a third of board, despite, a paper published in Nature in March 2024, concluding that heat stress alone will have impacts on supply chains of an estimated $25tn net losses by mid-century. The report did find that companies in the UK are performing well in making their boards more diverse and inclusive, with 76% of boards satisfied that their company policies and guidelines about ethnic minorities in the workplace are fit for purpose. Climate Tech Opportunity in Ireland A new report highlighting opportunities to unlock economic growth and simultaneously tackle climate change through the climate tech companies has published. ‘The Irish Climate Tech Opportunity 2024’ – the second such report published by SustainabilityWorks and PwC Ireland – showcases 22 entrepreneurs and companies from industries as diverse as construction, food, and transport. The report calls on the Irish government to recognise Climate Tech as a sector in its own right and to provide targeted funding and supports across this nascent ecosystem. Europe News Accountancy Europe has published a factsheet to help the accountancy profession in its role in supporting companies enforce the new Corporate Sustainability Due Diligence Directive (CSDDD). This law introduces mandatory due diligence obligations to EU and non-EU large companies and establishes liability in case of non-compliance. Small and medium-sized businesses (SMEs) will also be affected as they are part of value chains. MEPs have expressed deep concern about increasing intensity and frequency of extreme EU and global weather events. In the past 30 years, floods in Europe have affected 5.5 million people, taking almost 3,000 lives and causing more than EUR 170 billion in economic damage. The summer of 2024 was the hottest on record globally and in Europe. In a resolution on the devastating floods in Austria, Czechia, Germany, Hungary, Poland, Romania and Slovakia, approved on Thursday 19 September, MEPs express dissatisfaction with recent budget cuts to the EU’s Civil Protection Mechanism and have called for sufficient and upgraded funding to increase preparedness and improve capacity building. World news It was New York Climate Week this week. Now in its 16th year, this week-long event aims to inspire change in the mainstream of business and government. Climate Week NYC’s overall message this year was “It’s Time”, highlighting the urgency of acting decisively now, rather than deferring bold climate action to the future. New York Climate Week takes place every year in partnership with the United Nations General Assembly (UNGA) and is run in coordination with the United Nations and the City of New York.  Women climate leaders, including former Canadian environment minister Catherine McKenna and the German government’s special climate envoy, Jennifer Morgan, together with women from business, politics and non-profits, have launched the “women leading on climate network” at Climate Week NYC. Part of the group’s mandate is to empower women business leaders to step up and speak out on climate action.  Top leaders in global sustainability standard setting, regulation, and accounting, including IFAC, the IFRS Foundation, and IOSCO, attended Accelerating Climate and Sustainability-Related Disclosures: A Global Perspective, on September 23 as part of Climate Week NYC. The objective of the event was to advance global adoption and implementation of the ISSB Standards and build an understanding of sustainability assurance in its early days. A compilation of a recording of the event will be made available in due course. For more information and to be notified of the release of the recording, please reach out to climateweek@ifac.org A report by the Cambridge Institute for Sustainability Leadership says there is a “very real risk” that corporate action to address sustainability issues is negatively impacting the climate and nature crisis. The report, Survival of the Fittest: From ESG to Competitive Sustainability, calls for ESG to be replaced with a “competitive sustainability” agenda, with, with business leaders focusing on how their company can “compete and win” within a whole-of-economy transition, rather than setting sustainability targets. The Hague has become the first city in the world to pass legislation that bans the advertising of fossil fuel related products. The ban takes effect from 2025 and will see publicly and privately funded advertising for petrol and diesel, aviation and cruise ships banned from appearing in areas such as bus shelters and billboards.   Have your say on AI Chartered Accountants Worldwide is bringing together its member Institutes to undertake an important study on the impact of Artificial Intelligence (AI) on the future of the global Chartered Accountancy profession. Please support this research which aims to understand your views, experience and expectations regarding AI technologies in your professional role. (FYI: Watch the Chartered Accountants Ireland webinar on Socially Conscious AI and CSRD.) A4S International Case Competition  - corporate decarbonization and a fair and just climate transition Accounting for Sustainability (A4S) haslaunched the 2025 A4S International Case Competition (A4SICC). This year’s case challenge asks students to focus their business skills on corporate decarbonization within the broader context of a fair and just climate transition. This year’s competition will again offer students a transformative and practical learning experience with the unique opportunity to travel to Toronto, Canada, win a cash price of CA$10,000, access internships and cultivate critical skills and connect with industry leaders.  Places still available on Sustainability Reporting and Assurance Diplomas With the mandatory corporate Sustainability Reporting and Assurance in the EU starting this year, Chartered Accountants Ireland’s Sustainability Diplomas are back for the Autumn Schedule of our Professional Development courses. Tthe Diplomas are: Diploma in Sustainability Reporting, designed for chartered accountants and others leading the implementation of the new European Sustainability Reporting Standards (ESRS).  Diploma in Auditing and Assuring Sustainability Reporting, tailored for Chartered Accountants and others seeking to conduct sustainability assurance and become licensed as Sustainability Assurance Service Providers (SASPs). Articles We are incredibly vulnerable to an energy shock, so cutting fossil fuel dependence is a must (Irish Times) Research reveals challenges facing female SME owners (RTÉ) Materiality: The five steps that will get you on track (Business for Biodiversity Ireland) Podcasts Sustainable Views (FT): Can female leadership accelerate climate action? There was barely a woman to be seen in the official photograph of the world's climate leaders at COP28. This is a problem when half of the world's population is female. We spoke to former Canadian environment minister Catherine McKenna and Aron Cramer, CEO and president of sustainability consultancy BSR, about how they believe more women can be brought into the climate space and how this can change the dynamics around climate action (Listen) Did you know? Publishers are working to bring down the carbon footprint of books. ‘Sustainable Typesetting’ a project called from a Danish typesetting company has been developing fonts that reduce the number of pages while still prioritising readability. A typical paperback book accounts for around 1kg of carbon dioxide, and with 767 million paperback books being sold in the US last year alone, innovative initiatives are key to reducing emissions. Upcoming Events Ireland’s third SDG (Sustainable Development Goals) Week takes place this year from 20 – 29 September. The SDGs work towards ambitions such as an end to poverty, access to decent work, sustainable consumption, protection of nature, better health and wellbeing, universal access to education, gender equality, climate action, and peaceful societies. Trinity College Dublin, What does economics have to do with nature? What does economics have to do with nature? What is the natural capital approach? Why do we need an economic approach to climate change risks?  Come and hear answers to these questions and more from Ece Ozdemiroglu, environmental  economist, founder & CEO of EFTEC (Economics for the Environment) In person, Oct 14, 2024 at 6:00 PM UN Global Compact Network Ireland, Virtual Open House: Exploring the UN Global Compact & the Network for Ireland Are you interested in learning more about the world’s largest corporate sustainability initiative? Curious about how your company can play a role in advancing the UN SDGs and driving impactful change? Join the Virtual Open House on 16th October for a unique opportunity to connect with like-minded leaders and explore how we can work together to create a more sustainable and responsible future. At this webinar you’ll gain insights into the value of engaging with the UN Global Compact and the soon-to-be-launched Network for Ireland. - Overview of the UN Global Compact and its Ten Principles - Benefits of joining the UN Global Compact for your business - Introduction to the new Ireland Network and how it can support your sustainability goals Online, 16 October, 3:30- 4:30pm ESG Summit Europe, ESG Summit Europe 2024 In person, Madrid, October 1-2  ICAEW, Annual Conference 2024 Discover forward-looking insights on the economy, with a particular focus on sustainability, leadership, and technology designed to help you navigate a rapidly evolving external environment, drive business growth and discuss how to build a better, more resilient economic future. In person, Convene, London UK, 4 October, 08:00 - 17:00 BST  (WAIT LIST) Accountancy Europe, Unpacking CSRD transposition across Europe This webinar will take stock and share insights into the Corporate Sustainability Reporting Directive (CSRD) transposition across EU Member States. Join us for this overview with experts. Speakers to be confirmed. Programme coming soon. Virtual, October 8 October 2024 (12:00 - 13:15) Brussels time Environment Ireland, Environment Conference Environment Ireland® is Ireland’s major environmental policy and management conference. Now in its 20th year, this important event features a range of focused sessions highlighting the pressing issues facing the environment in Ireland and further afield. In person, Croke Park, 17 October Chartered Accountants Ireland ESG Masterclass: Take your sustainability knowledge to the next level (ROI/NI) Masterclass designed for all professional accountants working in business or practice, wishing to consolidate their knowledge and understanding of the sustainability regulatory, reporting and assurance landscape. 24 October, 08:30 – 12.00, Virtual IAFA & IAASA  Integrating Sustainability Reporting and Assurance into Accounting Education Conference The conference is a collaboration between IAFA and the Irish Auditing and Accounting Supervisory Authority (IAASA) and aims to build awareness of the implications of sustainability reporting & assurance for accounting education, and to foster meaningful dialogue & collaboration among stakeholders to drive positive change. In person, 1 November, Maynooth University Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 23 October, 14:00-15.30 Zoom If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.    

In Irish news, Revenue has issued a fresh warning about an email and text scam, and changes to the Standard Fund Threshold have been announced. In UK news, the UK Government has confirmed that the Trader Support Service is being extended by a further year, an ongoing recommendation of this Institute, and the 2023/24 self-assessment registration deadline is approaching. In International news, the OECD is advancing it’s work on the Pillar Two Subject to Tax Rule. Ireland Revenue has issued a fresh warning about an email and text scam. Changes to the Standard Fund Threshold have been announced. UK The UK Government has announced that the Trader Support Service is being extended a further year to December 2025. The 2023/24 self-assessment registration deadline is approaching.   International The OECD is advancing it’s work on the Pillar Two Subject to Tax Rule. 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 EU exit corner here.  

The Leinster Society is hosting an event to mark the amalgamation between CPA Ireland and Chartered Accountants Ireland and following on from that a stronger Leinster Society. We would like to invite all members, both those who joined on 1 September and those who have been with us prior to 1 September, to join us at this event which will be an opportunity to create new connections, and reacquaint with old connections.  This will be a relaxed, evening event with plenty of networking opportunities, and the chance for our members who joined on 1 September to find out more about what the Leinster Society stands for and can do for them. When: Thursday 17 October, 6pm ‘til late Where: The Blue Goose (formerly Dobbins Restaurant), Stephen’s Lane, D2.  What: An evening for new friends and old friends to come together. Refreshments and canapes will be provided. Price: This event is free for all members, but registration is required. To reserve your place email Leinstersociety@charteredaccountants.ie  This event is kindly sponsored by QX Accounting Services. This event is kindly supported by the Chartered Accountants Ireland Interim Managers.

The Decision Support Service (DSS) is seeking registered professionals in Ireland to join its Decision-Making Representative Panel. At present, expertise in financial management, planning and investment is desirable. Background The DSS is a public-facing service established under the Assisted Decision-Making (Capacity) Act 2015 (as amended). The Act repeals the wards of court system, replacing it with a graduated framework of decision supports. All adult wards will be reviewed by the wardship court and discharged from wardship. The Act also provides tools for all persons who wish to plan ahead for a time when they might not be able to make their own decisions. Panel of decision-making representatives Panel members may be appointed as decision-making representatives (DMRs) by the Circuit or Wardship Court to make decisions on behalf of a relevant person, or on behalf of a former ward of court who is being discharged from wardship. When there is no suitable person willing to act as DMR, the court requests nominations from the panel of DMRs for consideration for appointment by the court. A panel member is appointed as a DMR by way of a court order called a decision-making representation order. The court order sets out the specific role and responsibilities of the DMR and any conditions that may apply. The type of decisions included in a court order may vary depending on the individual circumstances and the specific needs of the person for whom the order is being made. The decision(s) that a DMR will be required to undertake may involve property and affairs or personal welfare decisions or both. Property and affairs decisions These are decisions about property, business, and money matters and can relate to matters including: Pensions; Funds/assets; Maintaining/disposing of assets to ensure future care/accommodation needs; Management of funds including current/new investments; Distribution/investment of lump sum e.g., court settlement; Discharging outstanding debts and arrears; Management of rental income; Filing tax returns; Participation in court proceedings; Carrying on our winding up a business; Making a Nursing Home Support Scheme application; and Insuring properties. Personal welfare These are decisions about a person’s interests, health, and wellbeing and can relate to matters including: (a) Accommodation; (b) Employment, education, or training; (c) Social activities; (d) Social services; (e) Healthcare, including decisions about treatment; and (f)  Participation in healthcare and social care research. To apply to join the Decision-Making Representative Panel, go to www.dsspanelrecruitment.com. Applications close Monday 14 October. This article is sponsored by The Decision Support Service 

The Institute has revised the Audit Regulations UK which set out the requirements for Institute firms and responsible individuals registered for audit in the UK, with effective date 1 October 2024.  The most important revision for UK audit firms relates to audit firm eligibility.  Audit firm eligibility – majority and voting rights The Audit Regulations, UK are updated to improve alignment with the UK Companies Act 2006 and the FRC Eligibility Criteria. The definitions of ‘majority’ and ‘voting rights’ for the purposes of determining the control of an audit firm have been clarified, and the guidance has been expanded.  Firms may be affected where a ‘super-majority’ (more than 50%) is required for certain decisions of the firm to take effect – in those cases firms will need to ensure that the relevant ‘super-majority’ of voting rights is held by appropriately qualified persons where those decisions direct the overall policy of the firm or alter its constitution.  The FRC issued a position paper in this regard in August 2024.     As some firms may need a period of time to effect necessary governance changes a transition period of 6 months has been incorporated so that these particular rules take effect from 1 April 2025.  Firms are reminded of the requirement to inform the Institute promptly in relation to changes to the firm’s structure, ownership or constitution in accordance with Audit Regulation 2.11.   The Audit Regulations UK are issued jointly by Chartered Accountants Ireland, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS).  ICAEW has published some useful FAQs in relation to the Audit Regulations UK and clarified eligibility criteria. Firms with any questions about the application of these revised definitions to their firm should contact the Institute at authorisations@charteredaccountants.ie Other changes to the Audit Regulations UK (all effective from 1 October 2024) include: Recognition of overseas audit qualifications Revisions have been made to reflect the provisions of the Professional Qualifications Act 2022 for the steps which professional bodies, including the Institute, have to take to recognise third country qualifications where there was agreement between the UK and the relevant third country.  These steps include requiring an adaptation period and/or aptitude test.  To date, Norway, Iceland and Liechtenstein are specified states under the Professional Qualifications Act.  The Professional Qualifications Act provisions are in addition to the role of the Financial Reporting Council (FRC) under section 1221 of the Companies Act 2006 to recognise certain third country qualifications.  The countries where the qualification has been approved in that regard by the FRC are set out on the FRC website on this link. Changes to the Audit Regulations UK in this regard include: ·new definition ‘adaptation period’, ·new definition ‘Professional Qualifications Act’, updated definition of ‘appropriate qualification’, and, updated guidance in chapter 4 regarding applications for responsible individual (RI) status. Changes to the Institute’s affiliate requirements: The Institute has made changes to its approach to affiliates such that there is a single affiliate status across all Institute regulations replacing multiple categories of affiliate.  Therefore, distinct categories such as ‘audit affiliate’ are replaced by ‘affiliate’ and this is reflected in the revised Audit Regulations, UK.  The requirements for Institute affiliates are set out in chapter 7 of the Institute’s Public Practice Regulations.    There is no longer any exemption from affiliate status for members of particular bodies – the overall requirement is that a principal at an Institute firm who is not a member of the Institute should be an affiliate of the Institute.  From the perspective of the Audit Regulations UK this means that the current exemption from affiliate requirements for ICAEW, ICAS and ACCA members who are principals at an Institute registered audit firm is removed. CPD obligations Additional material has been added at regulations 3.17 and 3.17A to clarify the obligations of UK audit firms and responsible individuals (RIs) in relation to CPD requirements – now more closely aligned with the Audit Regulations, Ireland. Guidance ISQM 1   At chapter 3 of the Audit Regulations UK, guidance in relation to quality management standards has been updated to reflect ISQM 1 instead of the previous standard, ISQC 1.  Also, the somewhat out of date guidance (Part 2, chapter 2) in relation to ‘Audit compliance reviews’ (ACR) has been removed.  It is considered that the relevant content is sufficiently contained within the ISQM 1 standard.   Amalgamation with CPA Ireland   A new paragraph has been added to guidance at regulations 2.03, 4.01 and 4.04 to draw attention to the amalgamation between the Institute and CPA Ireland on 1 September 2024 and the status of CPA qualifications in the UK (which is unchanged by the amalgamation). Future proposed changes to the Audit Regulations UK. In recent months, the attention of members was drawn to further proposed changes to the Audit Regulations UK as set out in a public consultation hosted by ICAEW.   That consultation (closed on 6 September) proposes to make changes to the UK Audit Regulations which would require UK audit registered firms to notify their registering body when they are appointed as auditors to certain entities. The consultation is available to read here.   Feedback received during the consultation period will be taken into consideration in the finalisation of next amendments to the Audit Regulations UK which are expected during 2025. Any queries in relation to the current or proposed revisions to the Audit Regulations UK can be directed to professionalstandards@charteredaccountants.ie

Australian Society Chair Cliff Wilson, Wilson Select and committee member Paul Minton, Lemon Talent are ideally positioned to offer advice to members who are considering a move to Australia. In this short video they discuss the to do's and what not to do if you are thinking about going down under! Watch the video here.

Sligo Chamber Of Commerce budget breakfast is back with member Martin Coggins providing a briefing on next years budget. The event will take place from 7.30am to 9am on Wednesday, 2 October at the Radisson Blu Hotel & Spa, Sligo This event is free for our members, but booking is essential. Book here.    

Not even torrential ran could dampen the spirits of the race goers at our summer visit to Sligo Races. This sell out event was a huge hit for everyone with winners on and off the track! Photos are available to view here.