Managing cyber security and other technology-related risks is becoming an increasingly complex business. Sara McCallister explains why. With a growing need for technology assurance—from cyber security and transformation programmes to the use of AI, cloud services and third parties—what do internal audit and technology risk professionals need to know to protect organisations today? Cyber security Cyber security continues to be a critical business risk for organisations in Ireland and globally. While data loss and service disruption continue to be two biggest risks associated with a cyber-attack, ransomware attacks are also significant. According to a 2023 Sophos report, 66 percent of organisations globally have been hit by a ransomware attack in the last year. Cybercriminals succeeded in encrypting data in just over three-quarters (76%) of these attacks. Third-party management To manage service continuity risks, information privacy and security, organisations need an effective framework of third party controls. IT and technology teams are among the most active users of third-party products, such as tools, software-as-a-service (SaaS) solutions and the direct outsourcing of business activities. This gives organisations access to a much wider range of skills and greater flexibility to scale up or down with demand. Outsourcing the responsibility for these services doesn't outsource the associated risks, however. Organisations need to expand their range of assurance activities to cover third-party providers. Generative AI The risks associated with generative AI are critical due to its widespread adoption. Concerns include the potential for biased outputs, security vulnerabilities and misuse of generated content for malicious purposes. Deep fakes, misinformation and ethical dilemmas also pose challenges. As generative AI becomes integral to different sectors, understanding and mitigating these risks is essential to maintaining trust, safeguarding privacy and ensuring responsible deployment. Timely attention to these concerns is crucial in preventing unintended consequences, protecting against malicious uses and establishing robust frameworks for the ethical and secure implementation of generative AI. Transformation programmes Organisations are adopting and experimenting with leaner and faster approaches to delivering transformation. Many are dealing with the challenge of legacy IT, outdated infrastructure and applications that are still in use and prevent more modern practices, exposing them to availability risks and cyber security vulnerabilities. Cloud assurance In recent years, the use of cloud solutions has increased rapidly. Organisations use cloud solutions to host their critical systems, such as enterprise resource planning (ERP) and customer-facing applications, or sensitive data, such as personal or intellectual property. The proposed changes to the UK Corporate Governance Code (the Code) have heightened the focus on organisations’ financial and IT control frameworks ahead of the 2025 deadline. This would include controls in cloud environments. Organisations still face challenges around cloud controls and assurance, inconsistent approaches across assurance teams, cloud concentration risks and lock-in with vendors. There is also a shortage of cloud-risk specialists who can help organisations to determine whether practices are aligned with recommendations from the Cloud Security Alliance and cloud service providers. Identity and access management One of the foundational pillars of securing your organisation's data is ensuring you are adequately managing access to this information. This includes authenticating access, authorising access based on genuine business needs and monitoring and reviewing access to data. Organisations need robust frameworks in place to manage access to their information and reduce the risk of inappropriate or unauthorised access, which could cause significant loss. Technology resilience In a technology-dependent world, it is often critical that an organisation's IT infrastructure and applications are resilient and continue to operate at acceptable levels during unexpected events or when elements of its technology environment are compromised. Data management and quality The risks associated with data management and quality are paramount as they directly impact decision-making, business operations and regulatory compliance. Robust data management mitigates cyber security risks, safeguarding sensitive information from breaches. Compliance with data protection regulations, such as GDPR, hinges on accurate data handling. Addressing these risks ensures organisations can trust their data, supporting decision-making, maintaining customer trust and complying with legal requirements in a data-driven business landscape. Sara McCallister is Partner, Business Risk Operations, Grant Thornton

Beyond a digital resume, your LinkedIn profile reflects your priorities, connections, values and unique professional brand, writes Donal Whelan In recent years, LinkedIn has become a vital career-enhancing tool for all career professionals looking to network and seek out new opportunities. According to LinkedIn, over 75 percent of people who have changed jobs have used the platform to inform their career decision. Furthermore, social professional networks are the number one source for quality hires. Given these statistics, treating LinkedIn as another social media platform is insufficient when managing your career. Here are four things your LinkedIn profile says about you and how you can leverage each of these elements to improve your career presence. 1. Establishes your priorities How you present yourself in your LinkedIn headline and summary, and the way in which you list your current and previous experience gives employers valuable clues on your priorities. The way you highlight your professional duties and accomplishments offers recruiters the opportunity to estimate how you would set priorities in a new position. Every decision you make and every sentence you write should be made with this consideration in mind. Highlight the aspects you would like to pursue further, and employers will notice. 2.  Highlights proof of performance LinkedIn goes beyond static resumes, which is the social aspect of the platform. Your past co-workers and supervisors can leave recommendations on each of your prior work experiences or endorse your individual professional skills. Recruiters will look for this type of information when assessing if you’re right for a role. We are psychologically inclined to believe social proof, treating it as independent, third-party confirmation of potentially biased claims. A statement of success in your current position is significantly more valuable if your current supervisor confirms your accomplishments in a single sentence or two. 3. Spotlights your values Influencers you have decided to follow and past posts you have written on LinkedIn are all ways of expressing your personality, perspective, and values. These elements of your profile inform other users of what you care about and can shape the personality you want to portray to a potential employer. It’s essential to demonstrate professionalism to ensure your profile expresses interest in the career you wish to pursue. 4. Showcases your professional brand It goes without saying that your profile is your professional brand and you are attempting to give the best impression of yourself. But your profile also shows how much you allow your current role to influence your brand. For instance, some users create their profile solely around their current job, while others make their profiles all about their career path. Every branding decision is a choice, and you get to choose which works best for your career journey. More than a CV Your LinkedIn profile is much more than just a digitised version of your resume or CV. It is an opportunity to present yourself to employers in the best light possible. Recruiters are always on the lookout for talent, so it is important you continue to update your profile to optimise your chances of advancing in your career and making new professional connections. Donal Whelan is Managing Director of Lincoln Recruitment Specialists

Reforms to High Income Child Benefit Charge and National Insurance in the UK’s Budget aim to provide relief to struggling families amidst the cost-of-living crisis, writes Lee Melling UK Chancellor of the Exchequer Jeremy Hunt’s recent Budget announcement could have an impact on families struggling financially amid the cost-of-living crisis. Some reforms could provide relief and reshape the landscape of financial stability for households. High Income Child Benefit Charge The recent announcement regarding changes to the High Income Child Benefit Charge (HICBC) in the UK's Budget is poised to substantially impact financially struggling families, offering relief amid the ongoing cost-of-living challenges. Despite the rise in wages attributed to inflation, the perceived inequity of HICBC across various household types and income levels has been a concern. The Chancellor's reform decision, transitioning HICBC from an individual to a household system by April 2026, helps address this issue. Under the current system, if one parent earns more than £50,000, child benefit starts to reduce, and those who earn £60,000 receive no child benefit at all. This means two parents earning £50,000 a year or less would each receive child benefit in full, but a household with one working parent or a single-income household earning more than £50,000 would see the benefit cut. The change creates a fairer system and takes into consideration that people’s wages have risen in line with inflation. Furthermore, the decision to increase the threshold—especially at a time when many employees have had their salary adjustments in line with inflation—ensures more families retain more of the Child Benefit they receive. It also assures those worried about pay increases affecting their Child Benefit entitlement. National Insurance Amid record-high energy bills, rising food costs and mortgage payments, the reduction of the National Insurance by 2p can help ease the financial burden during a period of stretched budgets.   Nevertheless, while these measures offer some relief, additional measures are still required to provide support for households grappling with the escalating cost-of-living. Despite assurances of a decline in inflation, Chancellor Hunt’s cautious approach in this latest Budget might leave many feeling disappointed that the changes haven’t gone far enough.  As people navigate the adjustments to their finances in response to these changes, it is crucial to recognise the potential stress and anxiety associated with such transitions. Acknowledging the scale of the situation and seeking assistance, whether through understanding the broad cost-of-living crisis or knowing that others share similar experiences, can help manage the stress associated with an individual’s financial situation.  For those concerned about their financial situation, reaching out for help is important. Equipping oneself with a range of tools and seeking advice can go a long way towards supporting your everyday financial health. Lee Melling is a Financial Wellbeing expert at Caba, the occupational charity supporting The Institute of Chartered Accountants in England and Wales

To celebrate International Women's Day, we want to showcase some of our female authors. With expertise in a huge range of topics – from audit, to tax through to corporate governance and leadership – we're incredibly proud to have worked with these women to publish high-quality books and textbooks. Patricia Barker Patricia Barker is a Fellow of Chartered Accountants Ireland, having qualified in 1973, the 20th woman to qualify since the inception of the Institute in 1888. She served her articles with Stokes Bros & Pimin Dublin and worked in Peat, Marwick, Mitchell & Co. in Manchester. She then became a partner in an accounting practice in Manchester and worked in Manchester University as a principal lecturer. She was appointed lecturer in DCU in 1980 and progressed through senior lecturer, Associate Dean (Business School) and Vice-President (Academic) of DCU. She has completed an MPhil in Gender Studies at Trinity College. Her PhD developed a paradigm of disclosure of financial information to employees in organisations. Patricia has written The Minority Interest: Women Who Succeed in the Accountancy Profession. Veronica Canning Veronica Canning is an internationally acclaimed motivational speaker, executive mentor and consultant, with 30 years’ experience working at senior level across a wide range of organisations in all sectors and of all sizes, from SMEs to multinationals and the public sector. With her considerable experience, Veronica works with high potential individuals addressing their challenges, including developing an executive presence and building or repairing their personal brands. She also designs and runs group programmes, customised to the challenges facing organisations. Veronica has written Your Brand: Advance your Career by Building a Personal Brand. Dr Mary Collins Dr Mary E. Collins is a Chartered Psychologist who has worked in the leadership development/talent management field since 2003. Her current role with the RCSI Institute of Leadership involves working with senior leaders in the healthcare sector to develop their capabilities through a range of executive development and academic programmes. Prior to joining RCSI, she was Head of Talent and Learning for Deloitte Ireland. Mary is an Accredited Professional Executive Coach and Coach Assessor with the Association of Coaching, a committee member of the Coaching Psychology Division of the Psychological Society of Ireland and a council member of the Irish Institute of Training & Development (IITD). She also leads a successful business psychology practice.  Mary has written Recruiting Talented People. Margaret D'Arcy Margaret D’Arcy holds a BA in Accounting and Finance from DCU and is an Associate of Chartered Accountants Ireland. She has extensive experience in delivering courses for professional accounting examinations. Margaret has been lecturing for almost years and has taught both management and financial accounting for both third level and professional education courses. Previous to her lecturing and teaching career, Margaret held a number of roles in financial institutions in such areas as retail banking, treasury and international operations. Margaret has written An Introduction to Financial Accounting (2nd Edition). Gabrielle Dillon Gabrielle Dillon is an AITI Chartered Tax Adviser (CTA) and a Director of Dermot O’Brien & Associates. With over 18 years’ experience in VAT, she previously worked as a VAT Manager for BDO. Gabrielle has lectured in VAT for the Irish Tax Institute as well as other professional bodies. She is the regular author of VAT Cases & VAT News in the Irish Tax Review and is a member of its Editorial Board. Gabrielle has co-authored VAT on Property: Law and Practice (2nd Edition). Teresa Harrington Teresa was an audit partner with PwC and led the firm’s services to the not-for-profit sector until 2015. She has over 20 years’ experience with PwC providing a full range of services to charities operating in Ireland. Since 2015, Teresa has continued to work with and provide consulting services to the not-for-profit sector. Teresa has written Accounting and Reporting by Charities in the Republic of Ireland (2nd Edition). Ethna Kennon Ethna Kennon, FCA, AITI is a Director in KPMG Ireland’s indirect tax group. Ethna has over 15 years’ experience specialising in VAT and providing indirect tax advisory and compliance services to a wide range of domestic and international businesses. She also lectures on VAT matters for Chartered Accountants Ireland and the Irish Tax Institute. Ethna has co-authored A Practical Guide to Value-added Tax. Penelope Kenny Penelope Kenny is a Fellow of Chartered Accountants Ireland, a former member of the Institute’s Council and also former Chairman of the Leinster Society of Chartered Accountants. With over 20 years’ accounting experience, she is principal at ArtsGovernance, which offers consulting on corporate governance specialising in the arts and cultural sectors. Penelope is a non-executive director, treasurer and head of the finance and audit committee of a large non-profit organisation with assets of over €500 million. She holds an MA degree from University College Dublin, for which her thesis was corporate governance. Penelope has written Corporate Governance for the Irish Arts Sector. Rachel Killeen Rachel Killeen is a marketing and communications consultant working with entrepreneurs and professional services firms to help them build business using integrated, strategic digital and traditional marketing plans. Rachel has worked with the RBS Group and also Danske Bank, focusing on marketing to corporate, treasury and SME clients. In 2007, she founded Killeen Communications Limited and now works with a range of clients from financial services and professional firms to FMCGs. Rachel has written Digital Marketing and Client Science: The Five Cs Marketing Plan for Professionals. Sheila Killian Sheila Killian is an associate professor of accountability at the Kemmy Business School, University of Limerick, where she teaches corporate sustainability and corporate finance, mainly at postgraduate level. She has also taught at universities in Finland and South Africa. Prior to joining academia, Sheila graduated in mathematics and professionally qualified in taxation and as a Chartered Accountant. She has worked in tax practice, aviation finance and educational software development. Sheila has published numerous peer-reviewed research papers on sustainability, accountability and the common good, with a focus on professional expertise, social justice, tax policy and responsible business school education.  Sheila has written Corporate Social Responsibility: A Guide, with Irish Experiences and Doing Good Business: How to Build Sustainable Value. Collette Kirwan Collette Kirwan FCA, BBS, PhD is a lecturer in accounting at Waterford Institute of Technology. She trained as a Chartered Accountant with PricewaterhouseCoopers where she subsequently worked as a manager in Audit Services. Collette first joined the School of Business at Waterford Institute of Technology in 2005. Between 2012 and 2016, Collette was a lecturer in accounting at University College Dublin where she lectured on the Master of Accounting and the Professional Diploma in Corporate Governance. Over her career, Collette has lectured at undergraduate, postgraduate and executive education levels on a range of subjects including auditing, financial reporting, financial management, corporate governance and business research methods. In 2013, Collette was awarded her PhD from University College Dublin. The study examines the role of non-executive directors on boards of private family firms. Collette’s research interests include corporate governance, boards of directors, governance of family firms, governance of not-for-profit organisations, financial reporting and auditing. During her academic career, Collette has presented at a number of international and national conferences and has published articles in Accounting, Auditing and Accountability Journal (AAAJ) and Accounting in Europe. She has also published articles on corporate governance in Accountancy Ireland. Collette has co-authored Cases in Corporate Governance and Business Ethics. Mariannunziata Liguori Mariannunziata Liguori is Senior Lecturer in Management Accounting and Director of the MSc Accounting and Finance at Queen’s Management School, Belfast, where she moved after a visiting period at the University of Alberta in Canada. She was awarded a PhD, investigating processes and organisational dynamics of accounting change in the public sector, by Bocconi University, Milan, where she has also previously worked. Mariannunziata is a member of the editorial board of the public-sector and not-for-profit journal Financial Accountability & Management. She has been the secretary of the Public Services and Charities Special Interest Group of the British Accounting and Finance Association since 2015. Mariannunziata has co-authored Charity Accounting and Reporting at a Time of Change. June Menton June Menton FCA holds a degree in Business and Legal Studies from UCD. She is a technician member of the Irish Taxation Institute. She completed her training in a medium-sized accountancy firm, O'Kelly and Co., before joining Deloitte where she worked as an auditor and management consultant. She has been Financial Controller of the Irish Sports Council since 2002. June has written Crack the Books: Accounting for Non-Accountants. Christine Nangle Christine Nangle B. Comm., ACA, Finance Manager of the Institute of Technology Tallaght where she is also an associate lecturer in the Department of Accountancy & Professional Studies. She is also director of a software development company. Christine has extensive practical and lecturing experience in auditing and assurance, and financial reporting. She qualified as a Chartered Accountant following her professional training with Deloitte and subsequently worked in industry, including eight years with Coca-Cola Hellenic Ireland, where she was Head of Internal Audit and latterly Commercial Finance Manager. Christine has written External Auditing and Assurance (4th Edition). Kerri O’Connell Kerri O’Connell FCA, AITI, TEP, has been advising small and medium-sized businesses in Ireland for 20 years. The daughter of two entrepreneurs, she is constantly inspired by those with the ideas and commitment to start and grow businesses. Kerri’s education includes an international law degree, as well as accountancy, taxation and succession planning qualifications. She trained and worked in two of the ‘Big 4’ accountancy firms and was tax partner in a medium-sized accountancy practice for 11 years. More recently, Kerri has worked inindustry and is the founder of tax consulting firm, Obvio Tax Services, advising on each phase of the business cycle: start-up, expansion and sale/succession. Kerri has written Small and Expanding Businesses: Getting the Tax Right. Ros O'Shea Ros O’Shea, BComm, MAcc, FCA, AITI, Dip Corp Gov, is a highly experienced business leader with a career spanning almost 20 years working with the board and executive of two of Ireland’s largest and most-respected companies: CRH plc, where she was Head of Group Compliance & Ethics, and Smurfit Kappa Group plc. An Irish Chartered Accountant by profession, Ros is a partner in Acorn Governance Solutions, sits on the boards of the Food Safety Authority of Ireland and the Royal Victoria Eye & Ear Hospital, is Programme Director for the Diploma in Governance & Compliance at the Irish Management Institute and also runs programmes for the Institute of Directors on these topics. Ros has written Leading with Integrity: A Practical Guide to Business Ethics. Anne Marie Ward Anne Marie Ward is Professor of Accounting at Ulster University (Jordanstown). Her teaching specialities are managerial finance and financial accounting. She has taught both topics at undergraduate and at postgraduate levels, and she also lectured for Chartered Accountants Ireland for 18 years. Anne Marie has also published articles and research reports in professional and academic journals. Anne Marie has written Finance: Theory and Practice (4th Edition).

Happy International Women’s Day!  Yesterday (March 7), Thrive and the Institute’s Member Experience team welcomed over 100 guests to our Step into your Power Sparkling Lunch in celebration of International Women’s Day.   In the wonderful surroundings of the Dean Townhouse, we were joined by members and students of the chartered community who had travelled from all corners of Ireland to attend the event.  In her opening address, Dee France, from the Institute’s Thrive Wellbeing Hub, outlined the importance of shining a spotlight on some of the key challenges women continue to face in the workplace and at home, while celebrating the many advances made in recent times.  Guests enjoyed a keynote speech from Aoife Hughes, founder of FRAZZLE, entitled “How to run your home like a business” where attendees were encouraged to manage their time and boundaries more effectively while outsourcing and delegating the workload to give themselves more time for self-care ultimately leading to “calm in the chaos”.  Aisling McCaffrey, Director at Grant Thornton, facilitated a panel discussion covering some key issues of the day namely how to build confidence in the workplace, the importance of male allyship and how leaders can champion inclusion, and childcare reform and what the Institute is doing in this important area.  The panellists, Charlotte Rose Keating, founder Act on it Coaching, Andrew Keating, CFO at Musgrave and the Institute’s Tax and Public Policy Lead, Cróna Clohisey, shared many important insights into how they navigate their own personal challenges and successes both in their professional and personal lives.   The final segment of the afternoon was a fireside chat with President, Sinead Donovan and CASSI Chair Caelainn McGonigle.  Sinead outlined that, despite the many highs and lows in her 33 year career as a Chartered Accountant, the Institute had been the one constant during that time.  She shared her passion for sport and running and the importance of having a “release valve” when times get tough. Asking for help and leaning on the allies around you, was her parting advice for the #nextgen leaders of the future.   The event was also raising funds for two very important charities, CA Support (the Institute’s in-house charity and benevolent fund), and Women’s Aid, who had recently supported the Institute in the launch of its Domestic Violence Policy.  Brian Murphy, chair of CA Support, outlined the importance of donating vital funds to CA Support as the majority of the cases the charity support are families – mothers and fathers who have encountered adversity and are in dire need of assistance.   The final thoughts of the day were summed up by President Sinead Donovan, who implored anyone in the family of accountants who is struggling to seek out support from those around them.  Dee France, in her closing remarks, reminded all attendees of the Institute’s Thrive Wellbeing Hub and that the confidential service is open to all, whatever stage of their chartered journey.   Thank you to all who attended.  View photos from the event here.

In this week’s Sustainability/ESG bulletin, read about the final progress report on the Climate Action Plan 2023, the ‘4D’ megatrends in Department of Finance economic outlook, the announcement of funding of €34 million for a biodiversity data project, and the launch of a new client advisory panel on Sustainability and ESG by Enterprise Ireland. Also covered is the launch of a circular economy consultation in Northern Ireland and climate measures in the UK Spring Budget, as well as European and global sustainability developments, and the usual articles, resources and events.   IRELAND Final progress report on the Climate Action Plan 2023 The Government has published the final progress report on the Climate Action Plan 2023. The Plan was the second annual update of its kind and the first to be prepared under the Climate Action and Low Carbon Development (Amendment) Act 2021. It tracks the actions that were due for delivery and reporting in Q4 2023 and puts the overall implementation rate for the plan at 65 percent, with 188 of 290 actions set out for the year completed. The report calls for the uncompleted actions to be urgently delivered and for challenges to climate action implementation to be dealt with. The delivery rates of committed actions for the year were not equal to the actions set out in the Climate Action Plan, which creates challenges for legally binding EU and national emissions reduction targets. A public consultation on the Climate Action Plan 2024 is open until 5 April. This Plan builds on the Climate Action Plan 2023 by refining and updating the measures and actions required to deliver the carbon budgets and sectoral emissions ceilings. 4D megatrends in Department of Finance economic outlook The Department of Finance has published a presentation by Chief Economist, John McCarthy, on Economic developments and outlook -short- and longer-term prospects for the Irish economy. The presentation includes, among other things, an analysis of the “Mega-trends” (the ‘4Ds’): demographics, decarbonisations, digitalisation and deglobalisation. The forecasts, which were set out by the Department of Finance in its autumn forecasts (Economic and Fiscal Outlook, October 2023), show the trajectory of carbon pricing and the need to mobilise new revenue streams as a result of the transition to carbon neutrality. Funding for biodiversity data project announced The Department of Housing, Local Government and Heritage has announced funding of €34 million for a project that aims to transform Ireland’s approach to biodiversity data. Biodiversity contributes an estimated €2.6 billion each year to the Irish economy through ecosystem services – such as water or air quality, soil fertility or pollination services – as well as benefits to human quality of life and mental health. Led by the NPWS and supported by the Department of Agriculture, Food and the Marine and Coillte Nature, the new LIFE Strategic Nature Project will bring biodiversity information from multiple sources together to enable enhanced decision-making and support better tracking of progress towards targets. Ireland's human rights obligations periodic review publishes The Department of Foreign Affairs has announced that the expert body responsible for examining Ireland’s implementation of the human rights obligations has published its Concluding Observations on the fourth periodic report of Ireland. The report, issued by the UN Committee on Economic, Social and Cultural Rights, was published following Ireland’s engagement in a review process in February which took account of Ireland’s progress in realising economic, social and cultural rights since the last review in 2015. Progress included adopting the Gender Pay Gap Information Act 2021, Pathways to Work (2021-2025), the Roadmap for Social Inclusion (2020-2025), and others. Recommendations on where further advancements can be made included advancing gender equality, improving data collection, furthering the business and human rights agenda, and combatting discrimination. Enterprise Ireland launches new client advisory panel on Sustainability and ESG Enterprise Ireland has launched new client advisory panels, including on Sustainability and ESG, to examine practical responses to the challenges and opportunities faced by Irish businesses within a rapidly evolving global trading environment. The panels, which will cover the four themes of Scaling, Entrepreneurship, Sustainability & ESG and Local Enterprise, bring together entrepreneurs and senior business leaders to advise on Enterprise Ireland strategy and service delivery. NORTHERN IRELAND Circular economy consultation launches in UK A new consultation has been launched by the Department of Agriculture, Environment and Rural Affairs on how Northern Ireland can improve recycling and waste management to achieve that ambition. Entitled ‘Rethinking Our Resources: Measures for Climate Action and a Circular Economy in NI,’ the 12-week consultation has 26 proposals for change, including the possibility of recycling a wider variety of materials in kerbside bins, enhancing food waste collections and reducing the amount of residual waste allowed. The consultation is open until 5pm on 30 May 2024. Funding for offshore wind and carbon capture in UK Spring Budget 2024 An extra £120 will be allocated to the Green Industries Growth Accelerator to build supply chains for offshore wind and carbon capture and storage, it was announced this week, as UK government published its ‘Budget for Long-Term Growth’. Find more coverage of the UK Spring Budget by Chartered Accountants Ireland here. EUROPE (From our friends in Accountancy Europe): A report has found that the majority of SMEs’ green finance practices are self-financed, with only 35 percent of the 1,232 surveyed having made use of external financing in sustainability investments. The report, published by the EU Platform on Sustainable Finance in January 2024, investigated how the EU’s Taxonomy and sustainable finance framework are helping financial and non-financial actors transition to net zero. Its dedicated section on SMEs presented findings and market trends on SMEs’ sustainable transition practices and show that a significant majority of the surveyed SMEs (58 percent) have already invested in sustainable projects. There are variations across sectors: 69 percent of manufacturing companies, 51 percent of services firms and 54 percent of trading companies have done so, with investments increasing with the size of the SME.   The EU Parliament and Council have reached provisional agreement on new rules that ban products made with forced labour from the EU market. The new regulation would create a framework for enforcing this ban, including through investigations, new IT solutions and cooperation with other authorities and countries. The forced labour regulation focuses on products and will not place additional due diligence requirements on companies that do not use forced labour in their supply chains; however, it is often associated with the Directive on Corporate Sustainability Due Diligence (CSDDD) that was provisionally agreed between Parliament and Council, but that has so far not been given final approval from the Council.   The European Parliament and Council have also reached a provisional agreement on revamped rules to reduce, reuse and recycle packaging, increase safety and boost the circular economy. The new measures aim to make packaging used in the EU safer and more sustainable, by requiring all packaging to be recyclable, minimising the presence of harmful substances, reducing unnecessary packaging, boosting the uptake of recycled content and improving collection and recycling. It sets packaging reduction targets (5 percent by 2030, 10 percent by 2035 and 15 percent by 2040) and requires EU countries to reduce, in particular, the amount of plastic packaging waste. Parliament and Council need to formally approve the agreement before it can enter into force. GLOBAL The fourth annual IFAC and AICPA & CIMA State of Play of global sustainability disclosure and assurance practice has published. The State of Play: Sustainability Disclosure and Assurance benchmarking studies captures and analyses the extent to which companies are reporting and obtaining assurance over their sustainability disclosures, which assurance standards are being used, and which companies are providing the assurance service. The publication shows that nearly all companies reviewed report at least some ESG information and an increasing majority of companies obtained assurance on at least some of that ESG information. Only three jurisdictions reviewed had assurance rates of 100 percent, however, indicating that there is still work to be done.   Also from IFAC: In January 2024, IFAC's Small- and Medium-Sized Practices Advisory Group (SMPAG) heard a presentation about the journey an Italian SMP, Attolini, Spaggiari & Associati, has taken in becoming a B Corporation. Find out more here.   A recently published update to the ‘Oxford Offsetting Principles’ is calling for ‘a major course-correction’ in carbon markets. The Principles, first published in 2020 by the University of Oxford, outline how offsetting needs to be approached to help achieve a net zero society. The revised Principles underscore the core components of the original Principles, calling for a major course-correction in carbon markets and offsetting practices, while also clarifying aspects of the Principles for net zero alignment in areas where authors felt further detail would be beneficial to users. Find out more here Technical RoundUp (From our colleagues in Professional Accounting) EFRAG has launched three educational videos  dedicated to the ESRS Listed SME and Voluntary SME Exposure drafts, which were released for public consultation in January. IAASA has published a Consultation paper on its proposal to adopt a Sustainability Assurance Standard in Ireland. The International Sustainability Standards Board (ISSB) has released its February 2024 update and podcast, which reflects on topical matters in the month. 1,000+ companies, investors and regulators met on 22 February at the IFRS Sustainability Symposium in New York City to exchange insights on the introduction of the ISSB. To support regulators as they plan their journey to adopt the Standards the IFRS Foundation has published the Preview of the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards. Did you know? Did you know that this week in Ireland was National Tree Week? Many events around the country were supported by the European Commission, which has a #3BillionTrees Pledge by 2030. The EU also has a new For Our Planet campaign, which aims to encourage citizens and civil society to take action for our planet, including by planting trees.   Calling our members in the Energy Sector Business For Biodiversity Ireland is building on its successful multi-sector Community of Practice (CoP) of businesses coming together to share, evolve and drive change toward a Nature Positive future. The national platform is now convening sector-specific CoPs for 2024 - starting with the Energy Sector.  If you are an energy provider, regulator, renewable energy organisation / expert, community group, NGO or SME specialising in the area of energy and carbon emissions, you can get involved by finding out more here: https://businessforbiodiversity.ie/energy-sscop/ Articles Chartered Accountants and the UN Sustainable Development Goals (Accountancy Ireland - The Bottom Line) Green tax issues in Budget may not be enough to meet UK's net zero (AccountingWeb) SEC Scales Back New Pollution-Disclosure Rules for Companies (Bloomberg) Green audits are coming for a company near you (Financial Times) Upcoming Events     NESC, Making Nature Visible: What Can Natural Capital Accounting Do For Us? Following the publication by the National Economic and Social Council (NESC) of Natural Capital Accounting: A Guide for Action, this in-person event will discuss the potential of natural capital accounting in Ireland. 12 March, 08:30 - 13:30 GMT, In-person, Dublin Royal Convention Centre InvestNI, Supply Chain Conference 2024 Invest Northern Ireland is hosting a free event to help businesses navigate current supply challenges and future-proof their supply chains. Panel discussions and case studies will showcase industry learnings and knowledge on the themes of sustainability, digitisation and supply chain improvements.Industry experts will also outline the steps you can take to stay ahead of the curve in your industry. 12 March 2024, 9:30am - 16:15, Venue: City Hotel, Armagh ICAEW, The EU Carbon Border Adjustment Mechanism (CBAM) - what does it mean for UK businesses? What will the EU's Carbon Border Adjustment Mechanism mean for UK businesses exporting to the EU? 13 March, 12:00 - 13:00 GMT, Zoom CAANZ, Sustainability Seminar 2024 AU The Sustainability Seminar 2024 is designed to elevate your knowledge and confidence in tackling the sustainability challenges faced by accounting, business and finance professionals every day. With sessions designed to enhance your understanding of developments and future trends, we’re shifting the conversation from discussions around conceptual climate risk to embedding sustainable business practices at every level, making sustainability part of business as usual.  Tuesday 19 March 2024, 10:00am to 2:00pm AEDT, Virtual (Zoom) CAANZ,Climate Disclosures Seminar 2024 This two-day seminar will assist delegates to understand the complex landscape of climate disclosures. In 2026, Group 2 organisations will commence reporting on their climate metrics, so finance professionals and executives need to understand now what will be required, and where to begin. Wednesday-Thursday, 20-21 March 2024, Virtual Sustainable Energy Authority of Ireland, The Energy Show 2024 Join SEAI for a host of informative seminars and industry talks as well as over 100 exhibitors from the sustainable and renewable energy sector. Of note: SEAI’s grants and supports for business - The SME Business Grant Briefing on Wednesday at 2-2:45pm at the Energy Theatre  20-21 March, In person. RDS, Dublin A4S Sustainability In Action Webinar: Capitals Accounting An interactive webinar exploring various aspects of capitals accounting and how it is being applied in practice. The discussion will explore the information needed to tackle a range of impacts. 28 March, 08:00 Accountancy Europe and others How can company boards lead the sustainability transition? The event will also draw on the recent Accountancy Europe, ecoDa and ECIIA publication ESG Governance: questions boards should ask to lead the sustainability transition which sets out practical questions that boards should consider in their efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks. 10 April, 10:30-12:00 CET, Virtual 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. 18 April, 08:30 – 13.00, Virtual ICAS Sustainability Summit This event, hosted in association with Accounting for Sustainability (A4S), will bring together sustainability experts and forward-thinking business leaders to explore how we can accelerate the vital business changes needed to save our planet. A specialist line-up of speakers and panellists will delve into the future of sustainable business, the role of technology in the climate transition and the evolving sustainability reporting landscape. The summit also marks the launch of ICAS’ sustainability business network – a collaborative community where professionals can share and benefit from sustainability-related insights. In person, Edinburgh, 25 April 2024. National Sustainability Summit 2024 Dates: May 28-29 Locations: RDS 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: Wednesday, 27 March, 14:00-15.30 Teams 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.  

Little in the way of immediate support for small and medium sized businesses to enable them to thrive Some individual taxpayers will see more in their pockets as a result of the planned reductions in national insurance contributions Plans to tackle the unfairness in the child benefit tax charge is a positive start; but removing the cap on Tax Free Childcare would have been welcomed by working families    Today’s (6 March) Spring Statement was a missed opportunity to provide businesses with tax incentives and supports which would allow them to grow and thrive, according to Chartered Accountants Ireland. The Institute, which represents almost 5,000 members in Northern Ireland, more than two thirds of whom work in business, made these remarks as Chancellor Jeremy Hunt delivered his Spring Statement in Westminster earlier today. Commenting, Janette Burns, Chair of the Northern Ireland Tax Committee of Chartered Accountants Ireland said: “Despite the difficult fiscal backdrop, the Chancellor had an opportunity today to signal more support for businesses in Northern Ireland. "While the announcement that HMRC will establish an expert panel to ease the difficulties when claiming R&D tax reliefs is welcome and full expensing will extend to leased assets, we would have liked to have seen more targeted supports perhaps in the way of a VAT cut for the hospitality sector for example. "For businesses in Northern Ireland, while we recognise the new Executive has a long list of pressing issues, we recommend, at a minimum, an open dialogue begins on the possibility of the region using its powers to reduce the rate of corporation tax.”  “Like the Autumn Statement, today’s Spring Budget was made with a general election looming. A reduction in national insurance from 10% to 8% means the average worker will be better off but by less than £10 per week. A more positive move might have been to unfreeze the income tax thresholds to stop more workers being dragged into higher tax brackets.” Raising the threshold at which the High-Income Child Benefit Charge is applied to £60,000 from April as well as a plan to move to a household-based system by April 2026 were cautiously welcomed by the Institute. However, it was disappointing not to see the removal of the cap on Tax Free Childcare. Commenting, Paul Millar, Chair of Chartered Accountant Ireland’s Ulster Society: “Recent studies by the Institute show that a staggering 75 percent of surveyed members cite cost as the primary barrier to accessing suitable childcare. While the extensions to the high-income child benefit charge are a positive signal of the government’s commitment to improving the childcare system, removing the cap on Tax Free Childcare would have had a more extensive impact. "Currently, tax relief is only granted at 20% on childcare costs of up to £10,000 per child per year.  Given that on average parents pay between £1,000 and £2,000 per month per child for care, abolishing the cap would instantly put more money back into the pockets of parents and increase the attractiveness of remaining in the workplace.”  

In this month’s public policy update, our policy team outlines its ongoing lobbying efforts on the issue of childcare, its representations to Government on how a change in process is impacting Critical Skills Employment Permit holders and the Institute’s recent submission to the Department of Social Protection on pensions auto enrolment. Advocating for improved childcare in the Republic of Ireland and Northern Ireland Following the publication of our recent policy paper Supporting Working Parents – The case for better childcare policy in the Republic of Ireland and Northern Ireland, efforts have been ongoing to engage with policymakers across the island of Ireland on this important issue. Last week, our public policy team met with officials from the Department of Children, Equality, Disability, Integration and Youth to discuss our members feedback on the issue and in particular to emphasise the need to improve capacity across the sector. Meetings have also been held with opposition parties on the issue including Sinn Fein so as to ensure our members voice is heard across the political spectrum. Following the restoration of the Northern Ireland Assembly, meetings have also been held with legislators from all political parties as work toward developing a new childcare strategy for the region advances. As part of these discussions, our policy team have emphasised the cost pressures our Northern Ireland members are facing with respect to obtaining adequate childcare and in particular the need to abolish the £10,000 cap on tax-free childcare. Our policy team will continue to advocate on the issue of childcare throughout the year and welcome members feedback on the issue which can be sent to publicpolicy@charteredaccountants.ie. Changes with Critical Skills Employment Permit / Stamp 4 process causing issues for member firms Following recent changes announced by the Department of Enterprise, Trade and Employment (DETE) on November 15 2023, holders of Critical Skills Employment Permits (CSEP) must now apply directly to the Department of Justice or their local immigration office (if living outside Dublin) for a Stamp 4 permission to continue to reside and work in Ireland following the expiration of their CSEP. To obtain a Stamp 4 on or after the 30 November 2023, CSEP holders must complete a minimum of 21-months' work following the issuance of a Stamp 1. In effect, this means that the eligibility to meet the 21-month test does not start from the day the worker started to work physically in Ireland (which was the case under the previous system); instead, the clock starts from the date the Stamp 1 is issued (which could be several weeks later). These changes have had an enormous impact on CSEP holders and their employers, who in many cases bear the financial cost of the visa application process on behalf of their employees. Specifically, given that the 21-month period required to apply for a Stamp 4 is now only deemed to have commenced after the CSEP holder obtains a Stamp 1, many CSEP holders are finding that their 2-year CSEP expires before they have met the 21-month period needed to obtain a Stamp 4. This is the result of extensive processing times, with some employees reporting up to 18 weeks wait for Stamp 1 applications, particularly in regional areas. Such employees cannot possibly meet the 21-month period before their CSEP expires, as they are not able to obtain their Stamp 1 within the parameters of their CSEP. As a result,  many member firms have reported the need to apply for a ‘bridging’ CSEP to cover these employees until they can meet the necessary 21-month residency period, which in turn has created additional financial and administration costs.   Our policy team have written to officials in both the Department of Justice and DETE to highlight this issue and to request a meeting to discuss how the new system may be adjusted to reduce the financial and administrative burden it has placed on our members. Representations to Government on Pensions Auto Enrolment The Institute’s policy team have also recently written to the Department of Social Protection on the need to allow businesses adequate time to plan for the introduction of pensions auto-enrolment. While the Institute has long been clear in our support for the introduction of auto-enrolment as a mechanism for increasing private pension coverage in the State, payroll services providers tell us that a lead-in time of at least 18 months would be required to properly adapt to this significant change. In order for auto enrolment to be a success, we are calling on the Government to adopt the recommendation of the Joint Committee on Social Protection (in its pre-legislative scrutiny report) that there be a two-year lead-in period, following the relevant legislation being signed into law, that allows businesses time to adequately prepare for the implementation of auto enrolment. In addition to the above, the policy team re-emphasised the Institute’s position that any new scheme of auto-enrolment should facilitate the existing and well established model of tax relief at both standard and marginal rates for pension contributions, rather than introduce a new scheme of tax relief, as proposed.

In Irish news, Revenue commences local property tax and vacant home tax compliance projects and we bring you an update from the recent meeting of the Tax Administration Liaison Committee (TALC) Direct & Capital Taxes Sub-Committee. In UK news, read about the key issues and themes discussed at last week’s HMRC Stakeholder Conference and the latest Finance Bill has received Royal Assent.  In International news, the latest OECD Secretary-General Tax Report is published ahead of the first meeting of the G20 under the Brazilian Presidency.  Ireland  1.   Revenue outlined local property tax and vacant home tax compliance projects it has commenced at the recent meeting of the TALC Collections Sub-Committee.  2.   Read our update from the recent meeting of the TALC Direct & Capital Taxes Sub-Committee.  UK  3.   Read about the key issues and themes discussed at last week’s HMRC Stakeholder Conference. 4.   The Autumn Finance Bill has received Royal Assent.  International 5.   OECD publishes tax report ahead of first meeting of Brazilian G20 presidency.  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. 

  Speaking with many Qualified members in the last month I have noted a common theme that is one of sudden confusion. Many recent qualifiers find themselves in the position where they have just burned the books, finishing their contract and are immediately available to start a new job. You are trying to decide between going to Australia for a year, staying with your training practice for another six months or trying to find a job out in the wider world of FS and the industry. It's a lot to take in. It's a lot to try and figure out very quickly! Sometimes you can feel overwhelmed and feel like you have to make all these big decisions very quickly.  That's certainly not the case in the current market which is very buoyant you are in the driving seat as a newly qualified or a recent qual' and you also hold the top business qualification in the country so don't feel rushed. Don’t feel paralyzed by the expanse of choice and multiple decisions to consider.  As a tip, sometimes a ‘short term contract’ can be a clever option to allow you to tread water while you figure yourself out. Many newly qualified ACA’s don't know what they're supposed to do next! You always knew you had to go to college and then going into accountancy was probably the obvious next step but now as your contract ends you find yourself in unchartered territory with far broader options and a whole new landscape. All I can say is that you are at the start of a whole new exciting career-build with Irelands top professional brand in your back pocket. For me, the journey starts with ‘self analysis’. You need to sit down, brainstorm, mind map and SWOT analyze yourself. Get a few mentors to help you understand what you're good at and what you enjoy with regards to work and career and then you can assess your next steps based on those elements. I would advise setting up a spreadsheet as a hub to record all of your research, all of your market mapping and all of your target employer details and treat it as an exciting project. When it comes to building a career, nobody has a crystal ball. Your job is a big slice of the ‘pie chart of life’ and you do have to take a leap of faith with any new job decision. However just be brave. It’s a long journey to retirement at 65! This is only your first baby step into a professional career and you are allowed a misstep. You should be mindful that you're building a path, however, and that each decision to start a new contract or permanent job is a paragraph on your CV leading to the ultimate vision for your career. So, do have some sort of a five year plan in mind, a 10 year plan even! You may have to pivot and alter course along the way as life dictates but that's part of the fun. If I've learned anything as an ACA recruiter in the last 15 years it's that employers hire ‘the person’, ‘the energy’, ‘the individual’, ‘the communicator’, ‘the leader’, not just the accountant, so make sure you are developing your life skills, your communication skills, your leadership skills, and growing as a person as much as anything else.  Enjoy the journey and as always get in touch with your Careers Team and / or your Thrive team as needed in 2024. Dave Riordan (ACA) - Recruitment Specialist & Career Coach | Careers Team – Chartered Accountants Ireland dave.riordan@charteredaccountants.ie 

The Regulatory fee invoices for 2024 are available online at the Myaccount portal of the website.  Remittance should be made by 31 March 2024. If you require a copy invoice to be emailed, please email Sandra Smiley, quoting your individual/firm ID.  Need assistance? Please email Sandra Smiley with your name and member/firm ID along with the query or changes required. We will issue a revised invoice if this is appropriate.

Balancing the recent news that the UK tipped into recession at the end of 2023 with calls from politicians in his own party to reduce the tax burden in what is most likely an election year, Jeremy Hunt delivered the UK’s Spring Budget 2024 today. According to the Chancellor, the main announcements centred around “more investment, more jobs, and lower taxes”.   The VAT registration threshold will increase to £90,000 from April 2024, the first increase since 2017.  Full expensing which provides 100 percent tax relief for investments in new plant and machinery by companies will be extended to leased assets, when affordable. And the higher 28 percent rate of Capital Gains Tax on residential property disposals will be reduced to 24 percent from 6 April 2024. According to the Chancellor’s speech, the Northern Ireland Executive will receive an additional £100 million under the Barnett Consequential (which compensates devolved administrations with funding where Budget measures do not apply UK-wide) and from April 2025 both the regime for non-UK domiciled individuals and furnished holiday lets will be abolished with a new residence-based regime to be introduced for non-UK domiciles. However, the big ticket announcement was the 2 percent reductions in the rates of National Insurance Contributions for employees and the self-employed, both of which will take effect from 6 April 2024. Members will also be interested to hear that HMRC’s long planned consultation on “Raising standards in the tax advice market” has been launched and essentially examines options to strengthen the tax agent regulatory framework in the tax advice market, and on requiring tax advisers to register with HMRC if they wish to interact with HMRC on a client’s behalf. The Institute will be responding to this consultation and engaging with members on this important issue. The analysis in this and subsequent stories is based on the Spring Budget 2024 publications of HMRC and HM Treasury and specifically the main red book publication. Monday’s edition of Chartered Accountants Tax News will feature the tax announcements in more detail. The Spring Finance Bill 2024 is expected to be published next week, in the meantime supporting documents are available, as is the Spring Budget 2024 overview of the tax legislation and rates. You can also read the Institute’s reaction to today’s Budget.