• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        Key dates
        Book distribution
        Timetables
        FAE elective information
        CPA Ireland student
      • Exams
        CAP1 exam
        CAP2 exam
        FAE exam
        Access support/reasonable accommodation
        E-Assessment information
        Exam and appeals regulations/exam rules
        Timetables for exams & interim assessments
        Sample papers
        Practice papers
        Extenuating circumstances
        PEC/FAEC reports
        Information and appeals scheme
        Certified statements of results
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Admission to Membership Ceremonies
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        Student benefits
        Study in Northern Ireland
        Events
        Hear from past students
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        CPA student
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Recruitment to and transferring of training contract
      • Support & services
        Becoming a student FAQs
        School Bootcamp
        Register for a school visit
        Third Level Hub
        Who to contact for employers
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Newly admitted members
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        ACA Professionals
        Careers development
        Recruitment service
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Practice Consulting services
        Practice News/Practice Matters
        Practice Link
      • In business
        Networking and special interest groups
        Articles
      • Overseas members
        Home
        Key supports
        Tax for returning Irish members
        Networks and people
      • Public sector
        Public sector presentations
      • Member benefits
        Member benefits
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

Corporate Social Responsibility

☰
  • News
  • Home/
  • Our impact/
  • News/
  • News item
Member Profile
(?)

“Be the role model for others you would have wanted for yourself”

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

Feb 10, 2025
READ MORE
Member Profile
(?)

Building a resilient workforce to boost business success

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

Feb 10, 2025
READ MORE
Member Profile
(?)

Boosting business while contributing to society

Seamus Parle is leading the way at Rotary Ireland in his role as District Governor of the international organisation on Irish soil, writes Barry McCall. The move to semi-retirement in 2023 allowed Wicklow-based Seamus Parle to devote more time to his voluntary work with Rotary Ireland, ultimately taking on the role of District Governor of the all-island organisation in July 2024. For Parle, the role marks an important milestone in his professional endeavours, allowing him to apply skills learned over the course of a successful career for the betterment of society. “Rotary is dedicated to serving communities both here and abroad, and through its voluntary work, provides an excellent platform for people to develop socially and professionally,” he explains. “Rotary members are people with a social conscience who want to put their skills and expertise into the service of the community. “Whether it’s supporting a health or education project here in Ireland, providing housing for families in Ukraine or funding a water pump project in rural Kenya, Rotary has no shortage of projects for people to become involved in.” Professional career Parle’s professional career began in 1975 with Bank of Ireland. “There weren’t many jobs around at the time. When I left the bank four years later, people said I needed my head examined. But I was studying accountancy at the time, and it was difficult to get to classes in Dublin from Baltinglass, Co. Wicklow, where I was working,” he says. From Bank of Ireland, Parle moved to engineering company TMG Group as an Assistant Accountant. “It was in Wexford and even further away from my classes,” he recalls, “But I got practical hands-on experience of doing accounts and I then moved to Waterford Iron Foundry.” His next move saw him take up a role with Ballyfree Farms in Wicklow. “I qualified as a Management Accountant (CIMA) while I was there. The company was taken over a number of times, most recently by Kerry Group. If I wanted to progress my career, I had to be prepared to move to Tralee or even further afield. Our first child was on the way and that wasn’t for me.” This led to Parle’s move into practice. “I went to work for my friend Cathal Cooney at his practice. The plan was to stay for a year while looking for another role in industry. I was still there 33 years later—I never escaped,” he jokes. “After industry, I found the diversity of practice work very enjoyable. You are involved in totally different assignments from one day to the next. In industry, it’s pretty much the same every day. “After a few years, I realised I wouldn’t be able to sign audit reports as a Management Accountant, so I did the CPA exams to become a Certified Public Accountant. In 2023, we merged with a larger firm which allowed me to retire from the practice.” Parle’s involvement with Rotary dates back to his taking over from Cathal Cooney as Managing Partner of Cooney Parle & Co. Accountants (now GBW Cooney Parle & Co. Accountants) in 2012. “Cathal had always looked after business development while I stayed in the office. I had to step into his role and decided to do some networking, so I joined Rotary,” he explains. Parle became Wicklow Club President in 2014 and Assistant Governor with responsibility for eight clubs in 2016. “I became District Treasurer with responsibility for finance for Ireland in 2018 and, on 1 July 2024, became District Governor for the Rotary organisation on the island of Ireland for a one-year term.” Rotary history and development Rotary Ireland has 1,450 members while the international organisation has 1.2 million members at 35,000 clubs in over 200 countries worldwide. “Rotary was founded in 1905 as a business networking group by four people in Chicago,” Parle explains. “They decided that if each of them recommended each other to their contacts, all the businesses would grow as a result. If you want to recommend someone, you need to know that they will do a good job, so you need to know them quite well. “They met weekly in each other’s offices on a rotational basis, hence the name. The businesses prospered and after a few years, they decided to give back a proportion of those gains to the community.” The first beneficiary was the community in a town outside Chicago. The nearest doctor’s horse had died, depriving the town of access to the doctor. The Chicago Rotary Club solved the problem by buying a new horse for the doctor. The second project was the construction of a new public convenience in the city of Chicago. “Such facilities were quite novel at the time,” Parle says. The Irish connection goes back a long way. “The first Rotary Club outside North America was in Dublin. The ‘Dublin Number 1’ club was founded in 1911 and is still meeting today. That’s the origin story.” Rotary was founded for business and social networking and to provide an opportunity for people to perform community service and for their own self development in areas like project management, teamwork and leadership, Parle explains. “Involvement teaches members about work and life and gives them a different perspective on things. Members also have access to all 35,000 clubs around the world. I was in Brazil recently and had the privilege of visiting the Rotary Club of Copacabana.” Rotary club members are drawn from all walks of life, and each brings something to the table. Accountants can be particularly valuable, Parle points out. “Every club needs a Treasurer. In Rotary, you are dealing with other people’s money, whether that’s the members’ money or money raised through charity fundraising. Accountants have high ethical standards, are skilled at making the most effective use of scarce resources and are seen as a safe pair of hands.” Irish Rotary Club projects Irish Rotary Clubs have been involved in a range of projects in recent years. These include the annual Trees of Remembrance, a Christmas initiative hosted in many shopping centres around the country. “Just over half the clubs in Ireland are involved in that. People can write a note to remember a loved one who has passed on or is ill and can make a donation which usually goes to an end-of-life charity,” Parle explains. Another initiative has seen Rotary Clubs tackle waste at the same time as providing bicycles to schoolchildren in Africa. “A number of years ago, we got €250,000 from the Government’s anti-dumping initiative. We used that to put containers in recycling centres to allow people to dump unwanted bikes,” Parle says. “We bring them to Loughan House and Shelton Abbey open prisons for refurbishment where the prisoners acquire skills in bike maintenance. The bicycles are shipped to Gambia where students might live a two- or three-hour walk from their school. Having a bicycle leads to better educational outcomes for them.” Other projects involve road safety advisory sessions for transition year students in Ireland and the provision of microcredits to people starting businesses in the developing world. Parle also mentions a former winner of Rotary’s Youth Leadership Development Competition—Rotary honorary life member, former Taoiseach and current Tánaiste Simon Harris. “Simon learned a lot through his involvement in Rotary and it shows the benefits of becoming involved at a young age regardless of whichever party you support or are a member of,” he says. New members are always welcome. “New members from different backgrounds, with different perspectives, all are welcome, and we would really like to see more young people, particularly women, joining,” Parle says. “In Ireland, we have clubs throughout the country. People interested in joining can contact their Rotary Club through Rotary.ie. We have people waiting to respond to membership enquiries. They are all volunteers, we have no paid staff, no offices and no admin costs as such. “Through Rotary, I’ve learned so much and met so many wonderful people from all over the island of Ireland and beyond. Quite simply, joining Rotary was the best decision I made this century.”

Feb 10, 2025
READ MORE
Comment
(?)

Votes, verdicts and rising uncertainty

Cormac Lucey examines recent election turmoil in Romania, questioning the fragility of democratic processes and need for greater scrutiny in safeguarding electoral integrity We pride ourselves that our modern societies are democracies, but what if this is a comforting illusion? What if the foundations of our democracies are considerably more fragile than we imagine? Some recent developments suggest that caution is warranted. Last November, Romania held its first round of presidential elections. As nobody secured an overall majority, the second run-off round was due to be held on 8 December.  On 6 December, however, the Romanian Constitutional Court annulled the election, alleging Russian interference in the first-round outcome, which had been won by Calin Georgescu, a “Romanian far-right politician, agronomist and prominent conspiracy theorist, who worked in the field of sustainable development”, according to Wikipedia. Four days earlier, on 2 December, the Court had confirmed the first round results despite vote-rigging allegations.  It appears that intelligence agency reports alleging that TikTok had been used to spread political disinformation caused the Romanian Constitutional Court to change its mind. The election is now scheduled to be re-run in May, six months after the original, aborted election.  There are at least four concerns I have with this chain of events.  First, elections have always been battlegrounds of contention. One should not be able to cancel a democratic election without hard evidence of sustained manipulation. Is the assertion that untruths were told on TikTok now sufficient to overturn the election results of a democracy?  Second, the intelligence types asserting that social media fatally undermined the recent Romanian election are the same sort of people who claimed, in the run-up to the 2020 US election, that the disclosure of Hunter Biden’s emails had “all the classic earmarks of a Russian information operation”. We now know that those emails (suggesting criminal behaviour by members of the Biden family) were true.  Those intelligence operatives who untruthfully dismissed the emails in 2020 were granted a pre-emptive Presidential Pardon by Joe Biden as he departed the White House.  Third, if democracy is as important as we are regularly told it is, why is Romania delaying the re-run of its cancelled November 2024 election until May 2025?  Fourth, while the mass media in Britain and Ireland cover in astonishing detail every twist and turn in American politics, there has been almost total silence regarding the cancellation of the results of a modern European democracy on pretty flimsy grounds.  It brings to mind the warning issued by Alexander Solzhenitsyn—the Russian dissident, Nobel laureate in literature and author of “The First Circle” and “The Gulag Archipelago”—shortly after he first arrived in the Western world in 1978 having been let out of the Soviet Union. Solzhenitsyn said: “The Western world has lost its civic courage…Such a decline in courage is particularly noticeable among the ruling and intellectual elite, causing an impression of a loss of courage by the entire society.” The UK’s 2016 vote to exit the European Union and last year’s vote for Trump to reprise his role as US President were as much votes of no confidence in those countries’ ruling political establishments, as they were votes in favour of the outcome.   There is a danger, in an ever more atomised world, that we—part of the ruling and intellectual elite—take democracy for granted, assume that everyone else is doing their job properly and fail to do our bit to sustain the system.  As Chartered Accountants, we are highly trained guardians and interpreters of fact at a time when the facts are increasingly in dispute. Maybe it’s time for us to speak a little louder in public debate.  Cormac Lucey is an economic commentator and lecturer at Chartered Accountants Ireland *Disclaimer: The views expressed in this column published in the February/March 2025 issue of Accountancy Ireland are the author’s own. The views of contributors to Accountancy Ireland may differ from official Institute policies and do not reflect the views of Chartered Accountants Ireland, its Council, its committees or the editor. 

Feb 10, 2025
READ MORE
News
(?)

What next for workplace diversity, equity and inclusion?

In early 2025, before Donald Trump had even stepped foot inside the White House to begin his second time as US President, corporate America rushed to back out of diversity, equity and inclusion (DEI) promises made to consumers in 2016. Three members give us their take on the potential impact on DEI policies in the wider working world. John McNamara Executive Director and CFO, AIB life There has never been a more exciting time to be interested in diversity, equity and inclusion (DEI). “Too woke! Too preachy! More masculine energy! Shut it down!” Regardless of the invective linked to its unexpected politicisation, what seemed to be an unquestioned progression in DEI awareness and acceptance has now been seriously disrupted. How we react will determine its evolution, and indeed existence, in the years ahead. “Never waste a crisis” is the truism, and this period of transition offers businesses the opportunity to double down, tread water or cease their DEI activities. At its core, DEI aims to tackle important issues, such as workplace gender equality and discrimination based on sexuality and racial biases, while also raising awareness of age, ability and access in a safe environment. Within organisations, this effort is supported by a culture that is visibly led from the top and engages those affected, along with their allies. Diverse teams produce better products resulting in higher profits, the latter being ironic in the context of much of the current US narrative. What DEI isn’t is tokenism. It isn’t about marking certain days of the year, while ignoring what they represent the rest of the time—participating in a Pride parade annually, for example, without putting in place supportive policies for LGBT+ people. The responsibility for DEI often gets passed to HR, where it withers away, remaining separate from the rest of the organisation. Lanyards and name badges are produced only to be tossed in (virtual) drawers, often in the absence of management leading by example. So, if all of that ceases now, then frankly, no loss. However, those businesses that stay the course have a valuable opportunity to reflect on how DEI sits within—and is communicated across—their organisation. In the short term, check in with your team to find out how they are feeling about current events, and to understand if they feel unsettled. Even small gestures build trust and inclusion. Less emphasis on targets, quotas, enforcement or policies may also be welcome—and more on ensuring that workplaces better represent the full diversity of the communities they employ, engage with and serve. The pendulum will swing again. Those businesses that re-commit to DEI now when challenged will arguably be more invested than ever before—and that’s a good thing. Sandra Quinn, Founder and CEO Quinn & Associates, Executive Search Partners For over 15 years as a recruiter and the previous 10 as a Chartered Accountant, I have seen how work shapes careers, identities and aspirations. Where we spend our nine-to-five matters. It influences our sense of purpose, opportunity and belonging. I have always been guided by two principles: A lesson from my father: “Love is an understanding of one another”; and A simple truth I share with my children: “If we were all the same, the world would be very boring.” These ideas highlight the value of difference, not just in theory but in the strengths diverse perspectives bring to the workplace. DEI initiatives have played a key role in fostering more inclusive environments. They have broadened access to opportunity, challenged outdated biases and helped organisations recognise talent in all its forms. Neurodiverse individuals, for example, bring fresh thinking and problem-solving skills yet, too often, face barriers unrelated to ability. Similarly, many disabled professionals are not limited by their own capabilities but by workplaces that fail to accommodate them. The real challenge is not whether people can contribute but whether workplaces create the conditions for them to do so. As some organisations scale back DEI efforts, an important question arises: what comes next? True inclusivity should not depend on a policy. It should be embedded in how we lead, hire and collaborate. Fairness, respect and opportunity must be more than corporate buzzwords. They should define workplace culture. Sustaining progress requires more than policies. It demands emotional intelligence, empathy and a willingness to challenge bias. The success of DEI will not be measured by whether programmes persist, but by whether their impact endures. Understanding and celebrating difference is not just the right thing to do; it is what makes workplaces stronger, teams more innovative and organisations more successful. Mark Fenton, CEO & Founder, MASF Consulting Ltd For years, diversity, equity and inclusion (DEI) practice has shaped workplaces globally and enhanced performance by embracing diverse contributions and driving innovative decision-making. Recently, however, we have seen some high-profile corporations and educational institutions begin to dismantle their DEI initiatives. DEI is seen by some as non-essential, with initiatives viewed as a zero-sum game or unhelpful political correctness. So, are DEI programmes still important? The answer is yes. DEI programs are not just about fairness; they drive business success. Research consistently shows that diverse teams are more innovative, perform better financially and make better decisions. Inclusive workplaces lead to higher employee engagement, retention and job satisfaction. While Meta, Google and Amazon’s about-face on DEI has grabbed the headlines, there are many more organisations (Apple, Coca-Cola and Citigroup, for example) that have come out in favour of DEI and reaffirmed their strategic intent. Indeed, at the recent Davos summit, the CEOs of both JP Morgan Chase and Cisco delivered strongly supportive statements on the impact of DEI. Nonetheless, the DEI ‘industry’ is partly to blame for the current backlash in that some of the language it uses is viewed (ironically) as exclusionary, and some initiatives as favouring certain groups over others. This can hamstring diverse viewpoints, prioritising identity factors over merit and muddying the link between diverse perspectives and innovation and performance. Leaders need to: Engage the audience: Simplify the message of what DEI means for each individual and release the constraint of ‘mandatory training’. Refine, not reduce: Review language used and mitigate negative perceptions of DEI supporting unfair quotas and/or unwanted activism—do not, however, reduce efforts and continue to maintain progressive company values. Link to business: Ensure measurable outcomes and better integration into corporate strategies. Our world is evolving and the need for inclusive and equitable workplaces remains. Organisations that stay committed to DEI will not only gain a competitive edge in an increasingly diverse and dynamic marketplace but will also benefit society as a whole.

Feb 10, 2025
READ MORE
Audit
(?)

Internal audit: Key themes in 2025

At a time of unceasing change and disruption, internal auditors are under more pressure than ever before to get ahead of potential risks. Colm Laird outlines some of their most pressing priorities for 2025 Internal auditors must remain agile and responsive to change as their organisations contend with fast-evolving challenges.  Having endured unprecedent levels of uncertainty and disruption in recent years, many organisations continue to face threats and challenges posed by prevailing economic and geopolitical conditions, changing stakeholder outlooks, stringent regulatory requirements and heightened digitisation.  Outlined here are some of the key thematic areas and related risks internal auditors should consider in 2025 when assessing their organisation’s risk profile and control environment. Economic and geopolitical uncertainty Despite years of economic and geopolitical instability, global economic growth remained resilient in 2024, with further recovery expected this year. The geopolitical landscape remains unstable, however, with escalating conflicts, trade tensions and political transitions all posing potential risk.  Inflation is falling, leading to lower interest rates in the European Union, Britain and the US, as evidenced by the three rate cuts introduced by the European Central Bank in 2024.  Despite this trend, some sectors remain cautious due to ongoing uncertainties and potential supply chain disruptions.  Organisations should prioritise implementing long-term strategies to navigate these challenges and manage associated risks.  Internal auditors should assess how the first and second lines of defence can effectively mitigate increased risks and impacts, focusing on long-term strategies, third-party supplier vulnerabilities and capital planning and management procedures.  Operational resilience Mounting global interdependency, technology-led transformation and recent service outages all point to increased potential for organisational disruption.  Alongside economic, geopolitical and environmental instability, this trend highlights the need for organisations to: Manage operational risk. Plan for contingencies.  Maintain up-to-date business continuity, disaster recovery and cyber response plans.  Having taken effect in January 2025, the EU’s Digital Operational Resilience Act (DORA) applies to financial entities and their third-party information and communication technology (ICT) providers.  Published by the EU Commission, DORA creates a comprehensive framework designed to help financial firms endure ICT-related disruptions and remain operational.  To support this, internal auditors should assess the effectiveness of operational resilience and crisis management protocols, ensuring key threats are addressed and response plans are adequate.  They should also review business continuity measures to ensure emerging risks are considered.  Third-party relations and supply chain Supply chain risks have been heightened by the fragmented geopolitical landscape dominated by ongoing conflicts in Ukraine and the Middle East, protectionism, policy interventions and shifting consumer expectations.  These factors influence organisations’ supply chain strategies and investments, increasing complexity and cost. Here, the robust risk management of outsourced relationships and supplier diversification is critical.  Organisations must also enhance transparency, ethics and environmental, social and governance (ESG) implications in their supply chains, carrying out risk assessments and due diligence of third parties.  Additionally, automation of supply chains using artificial intelligence (AI), blockchain and machine learning is increasing.  Internal audit must, therefore, assess the maturity and resilience of supply chains and advise on the suitability of the supply chain operating model, ensuring all risks associated with current macroeconomic and geopolitical conditions are considered.  Talent management and retention The recruitment and retention of skilled personnel remains a significant hurdle for many employers who continue to face challenges sourcing talent in a candidate-led recruitment market.  Exacerbating factors include the availability and affordability of housing, salary expectations and flexible working demands.  Many organisations are reverting to pre-pandemic working arrangements, with current trends suggesting we will see more of this in 2025.  Employees are increasingly seeking out more meaning, purpose, fulfilment and flexibility in their work. Those organisations that fail to adapt their value proposition to this shift may struggle to attract and retain the people they need.  Here, internal auditors should appraise their organisation’s workforce planning, talent acquisition and retention strategies, with the aim of understanding and mitigating the impact of staff shortages and turnover.  Management oversight should also be assessed alongside initiatives aimed at enhancing the value proposition for employees with a particular emphasis on soliciting employee input and feedback.  Environmental, social and governance  Beyond mere compliance, many organisations view ESG as a means to enhance value, attract talent, strengthen employee engagement and drive financial performance.  The EU’s Corporate Sustainability Reporting Directive (CSRD) mandates in-scope organisations to be transparent and accountable regarding ESG matters.  In 2025, those companies first in-scope for CSRD will be required to disclose detailed ESG information for 2024, and more organisations are set to fall within scope of the Directive in the years ahead.  Increased non-financial reporting requirements, combined with stakeholder expectations, compel organisations to integrate ESG into their core strategies. They must consider both their own “inside-out” impact on people and the environment and the ESG-related risk and opportunities they face from an “outside-in” perspective.  For their part, internal auditors should review their organisation’s CSRD reporting readiness assessments to ensure that the appropriate processes are in place to support the introduction of ESG metrics.  ESG risks and strategies should be aligned with initiatives such as the United Nations’ Sustainable Development Goals and the European Green Deal.  Fraud and financial crime The prevalence and potency of fraud and financial crime is escalating globally. Sophisticated techniques have intensified the velocity, veracity and volume of fraudulent activity, heightening risks as traditional defences struggle to keep pace.  Advances in technology have given criminals greater scope to exploit organisational vulnerabilities, highlighting the need for robust, adaptive approaches to combat evolving threats.  Fraud and financial crime transcend borders, complicating investigations and prosecutions. Increased global connectivity exacerbates these threats, as instability in one region can impact global markets.  In response to these developments, internal audit should assess the strategies, tools and technologies deployed in their organisation to ensure that risks associated with fraud and financial crime are managed, while also providing advice on governance and control matters. Cyber security As we look to the year ahead, cyber security will continue to be a key focus for organisations.  Cyber-attacks and data breaches rose in 2024, with increasing velocity, volume and sophistication, exacerbating threats to business continuity and heightening the risk of both reputational damage and financial loss.  The ongoing digitisation of business models and processes, and increasingly sophisticated technology available to cyber criminals, necessitates the introduction of robust cyber security measures so that organisations can maintain operations, safeguard stakeholder trust and mitigate future attacks.  Organisations must embed cyber security in core processes and raise workforce awareness to reduce the impacts of inevitable cyber-attacks.  Internal auditors should assess existing controls to mitigate cyber security risks and provide assurance on governance and oversight structures across the three lines of defence. Data privacy and governance In a technology-enabled environment, organisations must prioritise data privacy and protection.  The EU’s General Data Protection Regulation (GDPR) enforces strict regulations protecting personal data, granting individuals control over their information.  Organisations must review their data privacy frameworks to ensure GDPR compliance. Non-compliance amplifies legal and financial risks and exposes organisations to reputational damage.  Global interconnectedness magnifies the importance of complying with international data transfer rules.  The Data Protection Commission Annual Report 2023 highlighted issues regarding the unauthorised access and disclosure of personal data, often due to employees’ lack of understanding of their responsibilities.  Internal auditors should assess their organisation’s data privacy and protection framework, ensuring compliance with regulatory requirements in data collection, retention, disclosure and transfer, as well as ensuring sufficient staff awareness and appropriate training. Reviews should identify third-party processors and monitor their access to organisational data. Digital disruption and emerging technology The emergence of AI has garnered many headlines and much excitement among those convinced of its potentially transformative effects on life and business. In tandem with this potential, however, comes a raft of new AI-enabled risks and concerns regarding appropriate usage.  In response, the European Parliament has approved the EU AI Act, effective from 1 August 2024, with the aim of ensuring a balanced approach to AI adoption and safeguarding against risk.  The Act establishes tiered regulatory requirements for AI applications based on risk levels, with prohibitions on certain AI systems coming into effect in February 2025 and the majority of provisions applying from August 2026.  Here, organisations are advised to adopt an integrated approach across legal, compliance, IT and product delivery functions to navigate AI’s complex regulatory environment while also addressing emerging technology risks.  Internal auditors can advise on governance and control matters, engaging with management to enhance AI governance frameworks and internal controls.  Regulatory-driven risk Organisations face an unprecedented level of regulation in 2025. Regulatory environments continue to evolve, requiring compliance in areas such as ICT, AI, ESG, anti-money laundering and data privacy and security.  This regulatory burden challenges organisations to ensure compliance while remaining agile and adaptable to new obligations. Internal auditors must understand the regulatory landscape so that they may thoroughly assess governance structures and controls for compliance.  Management oversight and control structures should also be evaluated to determine the organisation’s preparedness for future compliance requirements.  Internal auditors should also remember that the Institute of Internal Auditors 2024 Global Internal Audit Standards, the main component of the International Professional Practices Framework, are effective since 9 January 2025. Colm Laird is a Director with KPMG Ireland, specialising in risk, governance and internal audit 

Feb 10, 2025
READ MORE
Member Profile
(?)

“We are seeing continued growth with cautious optimism”

Sumer Northern Ireland is gearing up for further growth as it recruits to meet rising demand from the SME sector, says Managing Director Brian Clerkin With optimism on the rise in Northern Ireland’s small-and-medium sized enterprise (SME) sector, Sumer Northern Ireland is poised to support future entrepreneurial success with a growing team and plans for future expansion.  Established in July 2024 when the Belfast office of ASM Chartered Accountants joined the UK-headquartered Sumer Group, Sumer Northern Ireland is led by Managing Director, Brian Clerkin, a Chartered Accountant who has been at the head of the firm for over 12 years. Clerkin joined the Belfast Office of ASM Chartered Accountants in 1997, qualifying as a Chartered Accountant with the firm in 2000. In the years since, he has seen the firm go from strength to strength. “When I joined, we were completely different to the firm we are today. For a start, we were much smaller. There were probably only 20 people in the firm back then,” he says. “I was lucky to spend most of my training contract working for one of the founders, Stephen Sproule, and that was an invaluable experience. I’ve often described it as the best business education I didn’t have to pay for. “Having passed my FAEs and placed in the top ten, I sat down with the Stephen and we worked out a route for the next few years that would give me the best chance of achieving an equity stake.” Clerkin became a Director of the firm in 2004 and a shareholder in 2005. He was appointed Managing Director of the Belfast office of ASM Chartered Accountants in 2012. “Last year, the shareholding directors in the Belfast office decided to join the Sumer Group and we did so officially on 1 July 2024,” Clerkin says. “We were seeing lots of opportunities in the marketplace to take on new work and we felt we needed to make a strategic decision to best enable the firm to grow further and provide opportunities for our future leaders to come through.” Consolidation trend This decision reflects the wider trend towards consolidation that has taken root in the accountancy sector in recent years. “There is a lot of consolidation at the moment, probably to be fair more so in England, Scotland and the Republic of Ireland, than in Northern Ireland to date,” Clerkin says. “Regardless of jurisdiction, however, firms are all facing similar issues, including an appetite for external investment, increased regulation, succession challenges and the need for mid-tier firms to invest in people and technology.” The merger marked Sumer Group’s entry into the accountancy market in Northern Ireland and a new chapter for the team in Belfast. “We were confident this strategic partnership would not only enhance our growth prospects but also expand the range of services and expertise we can offer our clients,” Clerkin says. “Sumer is already a top 15 UK accountancy practice on a mission to champion SME businesses. It was recently recognised in the 2024 Top 50+50 Accountancy Firms by Accountancy Age for being the fastest growing accountancy firm in the UK.” Since the merger, Sumer Northern Ireland has increased its headcount by 20 percent to 120 in response to rising business demand. “We have seen a significant increase in client business since July 2024 coming from clients we already worked with and new clients in the sectors we serve—hospitality, tourism and leisure, manufacturing, distribution, not-for-profit and the public sector, engineering, technology and IT,” Clerkin says. SME outlook in Northern Ireland  Sumer Northern Ireland continues to provide a range of services to SMEs in Northern Ireland, spanning audit and accounting, corporate finance, insolvency, forensic accounting, internal audit and tax services. “The business landscape is constantly evolving, and our clients are subject to an array of economic challenges and opportunities,” Clerkin says. “The issues with our infrastructure and planning systems here in Northern Ireland have been known for years and will take some time to fix. “However, I think businesses in Northern Ireland would like to get a sense that the Northern Ireland Executive recognises these problems and has a tangible plan to address them.  “The blame game, and waiting for Exchequer monies to arrive from London, can’t be an acceptable position to maintain. “Other than that, I think businesses are waiting to see the full impact of the increase in employment costs announced in the 2024 Autumn Budget on both their own cost bases, but also on input costs and consumer confidence.  Despite these challenges, businesses in Northern Ireland are optimistic about their future prospects, according to a Sumer Group report published last September. Produced in partnership with the Entrepreneurs Network, the United Growth report highlighted Northern Ireland as a key region with “particularly bright prospects”.  Seventy-three percent of the Northern Ireland businesses surveyed in the report signalled their intention to increase staff numbers over 12 months, while 78 percent said they anticipated a rise in turnover.  This level of optimism showcased Northern Ireland’s potential as a hub for entrepreneurial growth, the report stated. “I think what we are seeing on the ground is continued growth with cautious optimism,” Clerkin says.  “Northern Ireland has been able to take advantage of opportunities to significantly grow both our tourism and IT industries over the last 10 to 15 years. “If a similar approach is taken to aligning the education sector, local government and the Executive, there is no reason why other sectors such as professional services, high-value engineering, agri-food and biopharma couldn’t also see a similar rise in output and productivity.” Future expansion Sumer Northern Ireland is ready to support this growth with its recent merger allowing the firm to take a “more robust, technology-driven and cost-effective” approach to the non-client facing side of the business in areas such as recruitment, compliance and marketing, Clerkin says. “Personally, I am really enjoying collaborating with the other firms in the Sumer Group to identify and take on cross-referral opportunities, which play to the different areas of expertise within the group,” he says. The firm is now exploring opportunities to grow organically and through potential future acquisitions.  “We expect to announce a number of acquisitions over the course of 2025,” Clerkin says, “and, on the broader stage, the Sumer Group is actively looking at making strategic acquisitions both in those areas of the UK where we are not yet represented and in the Republic of Ireland.”

Feb 10, 2025
READ MORE
Comment
(?)

Trump’s foreign policy shakes EU foundations

Urgent policy action is needed to protect the EU from Trump’s protectionist foreign policy and rescue a West increasingly beholden to China and Russia, writes Judy Dempsey  The years after the devastating Second World War shaped the cooperative relationship between the US and Europe. Washington launched the German Marshall Fund to put what was then Western Europe back on its feet.  Inspiring European figures led by French foreign minister Robert Schuman, and supported by the US, founded the European Coal and Steel Community—the precursor to today’s European Union (EU). This was a special era. For Europe, after the nightmare of the Holocaust and Nazism followed by Stalinism, it was about forging an ideology based on peace, democracy, economic prosperity and integration—all in a divided Europe.  In Washington, multilateral institutions prospered. They included the World Bank, the International Monetary Fund, the World Trade Organisation, and US support for United Nations (UN) bodies, such as the International Atomic Energy Agency, the World Health Organisation and other multilateral agencies.  More recently, the US, the EU and many other countries ‘updated’ their approach to multilateralism with the signing of the Paris Agreement. This legally binding international treaty on climate change was adopted by 196 parties at the UN Climate Change Conference in 2016.  By contrast, US President Donald Trump’s inauguration speech this year dispensed with aspects of multilateralism and cooperation, making transnationalism and bilateralism his administration’s leitmotiv.  Trump has walked away from the Paris Agreement and the World Health Organisation, and intends to slap heavy tariffs on EU exports to the US unless, of course, European companies move across the Atlantic…or Europeans buy more American energy…or Europeans spend a whopping five percent of their gross domestic product on defence to take on the costs of their own security.  They will also be encouraged to buy American military equipment. Most European leaders have professed shock at Trump’s pronouncements—as if they didn’t know what to expect. They say they want to get on with the new US administration, but on what basis? Trump is no admirer of the EU. He challenges the bloc’s ideological edifice, built on accountability, the rule of law and fundamental values such as an independent media, an independent judiciary, human rights and asylum—and multilateralism.   These qualities don’t have a ‘shop price’. Trump’s policies do. His focus is on deals and trade-offs.  This may suit some EU countries, such as Hungary and Slovakia, whose leaders are pro-Putin—although it is worth noting here that Hungary, under Prime Minister Viktor Orban, is becoming a hub for Chinese investments which may not please Trump.  There is also Italy’s Prime Minister Giorgia Meloni, the only European leader to attend Trump’s inauguration. She could be pivotal in making the EU-US relationship constructive. Further, European countries are unprepared to strategically work together for their collective security, whether or not they are neutral. Russia’s war on Ukraine should have provided adequate warning to European countries, particularly Germany, to prepare for Europe’s security, the security of Ukraine and their eastern neighbours. It hasn’t. With some exceptions, European countries such as Poland, Denmark and the Nordic states understand the threats posed by Russia. The same cannot be said for the European perception of Trump’s new ‘transactional’ administration which lacks the post-1945 focus on Atlanticism. Instead, Europe’s liberal elites continue to resort to their complacent comfort zones.  Criticising Trump does not provide the basis for concrete policy safeguarding multilateralism, protecting Europe and rescuing a West increasingly beholden to China and Russia. Who in Europe is taking the lead? Judy Dempsey is Non-resident Senior Fellow at Carnegie Europe *Disclaimer: The views expressed in this column published in the February/March 2025 issue of Accountancy Ireland are the author’s own. The views of contributors to Accountancy Ireland may differ from official Institute policies and do not reflect the views of Chartered Accountants Ireland, its Council, its committees or the editor. 

Feb 10, 2025
READ MORE
Personal Impact
(?)

“Time is the most critical resource we have”

Paula Travers, founder of Travers Accounting Services, has spent close to three decades forging her own path in the world of finance. Now at the helm of her own firm, she reflects on the personal and professional traits that have shaped her success As a child growing up in Donegal, I thought I would like to one day work in a bank. At some point, around the age of 16, I decided that being an accountant would be better.  We had a great accounting teacher in school, and I always enjoyed the subject.  In the pre-internet age, I reviewed as many university prospectuses as I could get my hands on and decided that, rather than study pure accounting, I would do a broader degree.  I opted for commerce at University College Galway (now NUI Galway), choosing the accounting stream in my second year.  After college, I spent the summer working in a bar in London, then came home and applied for as many trainee accountant roles as possible. Eventually, I started work as a trainee with a small practice on the north side of Dublin.  Transitioning from being a college student to training was a shock to the system. I had to work full-time, attend lectures in the evenings and weekends, and I was paid next to nothing. It was tough going, but I was very determined to succeed. Career advancement I would say I have very much steered my own course regarding career advancement.  I learned through experience to trust my gut and make “the next move” when the timing felt right to me. I never let the grass grow under my feet and moved when others may have stayed.  The qualities that have helped me progress my career have included making my immediate boss’s life easier by being reliable, a good communicator and not being afraid to voice my professional opinion when needed.  The ability to communicate effectively to people at all levels has been crucial. As accountants, we work in a people business. It feels good to smash the stereotype of the “boring accountant” by showing you have a personality!  I moved back to Donegal in 2006 at a time when the job market here was quite limited. I spent several years taking on maternity leave cover roles before securing a longer term position as Financial Controller with a company in west Donegal.  Lessons in perspective and boundaries My experience is likely quite different from most pursuing a career in Chartered Accountancy.  My daughter was born during my training contract and I undertook my Professional 3 (now CAP 2) exams when she was only three months old.  I combined my maternity (then just 14 weeks) and study leave, took one week off after my exams, and was straight back to work.  It was very tough, but at that time, the expectation was that you just had to get on with it, and I was very determined to prove that having a child would not derail my career.  I would hope that the situation is better today, but, while statutory leave entitlements have improved considerably, statistics show that motherhood does negatively affect a woman’s career progression, which is unfortunate and unnecessary.  To retain this cohort of talented and experienced professionals, employers must facilitate flexibility above all else. For me, the key to work-life balance remains elusive, however. This is something I’m still figuring out.  As I get older, and with the passing of both my parents within the past 10 years, it is a question of priorities. Work must take priority at certain times, and life must take priority at others.  Challenges that may have stressed me out 20 years ago, don’t anymore. This comes down to perspective and realising that time is the most critical resource we all have.  The biggest challenge for me is establishing a good balance between work and rest. Being self-employed, the temptation is there to work all the hours.  If you do that, however, other important parts of your life and wellbeing will eventually suffer, such as your health (both mental and physical) or your relationships.  It is crucial, therefore, to protect your time at all costs by establishing boundaries that align with your life.  Your energy is a valuable resource; don’t waste it on people and situations that drain you. Have the confidence to set unapologetic boundaries, rather than taking on the role of a martyr. The challenge lies in setting up boundaries and structures in your working life and adhering to them. Always strive to maintain perspective, as it can significantly alleviate the stress of balancing work and personal life.  Finding confidence and support Since becoming self-employed, I have connected with networks of female business owners and joined smaller groups of other accountants, both women and men.  I have only tapped into mentoring and networking since becoming self-employed. These networks have been invaluable in providing a sense of companionship and a recognition that most challenges are shared, giving me the confidence to persevere.  I highly recommend hiring a professional coach, particularly for self-employed people who need a sounding board and a space to offload to someone outside their immediate circle.  A coach can provide valuable insights, help you set and achieve goals and hold you accountable for your actions. Coaching is also great for maintaining focus and staying on track. Twenty-nine years of success The foundational training and experience you receive as a Chartered Accountant sets you up to work in practice, industry or as your own boss. That has been my trajectory.  The advancements in technology and the advent of social media mean that self-employment as an accountant is incredibly accessible, and I have created a business that works for me.  When I entered this profession (29 years ago this month), this was not something I thought was possible.

Feb 10, 2025
READ MORE
News
(?)

The coach's corner (February 2025)

Julia Rowan answers your management, leadership and team development questions. Question I work in HR in a large organisation. We put great store in supporting managers to select the best talent with job descriptions, interviews, onboarding, managing probation and so on. We stress the importance of feedback and tackle any issues that arise during probation. We often hear that everything is fine. Then, when things go wrong, managers call on us to sort out issues that were known about during probation. We have tried to tackle the issue in many ways, but the problem continues. Answer It is tough to work in HR. HR straddles the challenging divide between ensuring compliance—managing systems, procedures and policies to meet legal and organisational standards—and curating the culture that enables leaders to create an engaging, inclusive and high-performing environment. This dual responsibility requires HR to act as both the guardians of organisational integrity and the architects of a thriving workplace culture. Under pressure, compliance almost always wins. The question you have shared is very common, and there are several issues at play. First, the need to urgently ‘fill a gap’ caused by an impending departure or increased workload may take precedence over finding the right fit. Second, managers often wish to emphasise the positive and worry that developmental feedback will demotivate their team. They might not have established, whether at the interview or during induction, that sharing feedback is a normal practice. Under pressure, they may hesitate, hint or hope that instances of poor performance do not reoccur. Third, managers often lack the language to address subtle issues, such as high performance paired with poor behaviour (or vice versa), and they fear they do not possess sufficient ‘evidence’ to support any concerns they have. The plethora of policies, procedures and laws surrounding these issues can be daunting. Most importantly, managers often believe they are accountable for their team’s performance and that underperformance reflects poorly on them. This perception often drives them, leading them to overlook or conceal issues, even rejecting offers of assistance. HR can help managers realise that nobody can ‘own’ the performance of another person—people own their own performance. However, the manager owns the responsibility for setting appropriate goals, creating the right environment, sharing positive and developmental feedback and running great meetings. HR should assist managers in introducing the topic of feedback during both the interview and induction. This creates an expectation in the new hire that they will receive feedback, making it easier for the manager to access this space. My advice to you is to maintain close communication with managers during probation and avoid depending solely on the probation forms/procedure. Engage with managers about their new hires and reflect on the interview: Are the promised skills evident? What positive feedback has the manager provided to the new hire? What developmental areas are being worked on? Is the new hire the right fit? It may be smart for the senior manager to conduct this process with the hiring manager, as it predominantly concerns the organisational culture, which should be championed by senior leadership. Encouraging senior leadership to fulfil their ongoing role as shapers of organisational culture can be a challenge for HR, requiring consistent advocacy, a clear vision and deep commitment to the cause. If you read one thing... Flourishing: How to achieve a deeper sense of well-being, meaning and purpose—even when facing adversity by Dr Maureen Gaffney. This book helps individuals to build confidence and self-awareness, which is very helpful for leaders. Julia Rowan is Principal Consultant with Performance Matters Ltd, a leadership and team development consultancy. To send a question to Julia, email julia@performancematters.ie.

Feb 10, 2025
READ MORE
Member Profile
(?)

“If you’re successful with us, you tend to be successful with others”

Special guest speaker and Tesco Group CEO Ken Murphy, FCA, shared his career insights and outlook for the future of business and the Irish economy at this year’s Annual Dinner As Tesco Group Chief Executive, Ken Murphy is at the helm of the UK’s largest grocery retailer with an annual turnover of £61.5 billion and over 4,500 stores in the UK and other markets employing some 330,000 people. Speaking on stage at the Chartered Accountants Ireland Annual Dinner in Dublin on Friday, 24 January, in conversation with MC Sarah McInerney, Murphy discussed his career, expectations for the Irish economy and shifting trends in the world of retail and business. “The most obvious change I’ve seen since taking on this role is the impact technology has on every decision you make today,” Murphy said. “When I joined Tesco, we had about 2,000 people in technology. Today, we have 5,000 and I wouldn’t be surprised if we have 10,000 by the end of the decade.  “It’s just such a critical part of any business today. Almost anything you want to do now has a technology dependency. “The opportunities are phenomenal. AI will absolutely turn everything we know on its head over the next five to ten years. Energy is the only real limiting step I can see at the moment.” Originally from Cork, Murphy studied commerce at UCC and trained as a Chartered Accountant with Coopers & Lybrand (now PwC), beginning his career with Procter & Gamble. By the time he had been appointed Finance Director with Alliance Unichem just a few short years after qualifying, it was clear to Murphy that his professional future lay in the world of business and retail. “I am bad at maths and even worse at physics, but I’m good on numbers. I hated auditing but numbers came easy. At the end of my training, my Audit Partner said to me, ‘Ken, you really enjoy business; auditing, not so much’, which was a gentle nudge to do something else.”  It was when he joined Procter & Gamble that, Murphy says, his career really “got into gear” and remaining open to opportunities has been the cornerstone of his success in the years since.  His advice to young accountants starting out today is to “open more doors than you close—and take risks”. “It doesn’t always work out,” he said, “but you definitely learn more from the failures than the successes and you have a lot of fun along the way, as long as you can take the knocks.” Murphy was appointed Managing Director of Health and Beauty, International and Brands, at Boots in 2013. He subsequently became Joint Chief Operating Officer at Boots UK & Ireland before rising to Executive Vice President, Chief Commercial Officer and President Global Brands at Walgreens Boots Alliance.  He was appointed to the Board of Tesco PLC as Group Chief Executive in October 2020.  Although the transition from health and beauty to food retail proved a steep learning curve, Murphy describes his current role as “the best job I’ve ever had”. “There is a much higher level of intensity in food retailing,” he said. “When you’re a high-street brand like Tesco, the public scrutiny is extraordinary. Nothing prepares you for that. “It is extraordinarily intense, and, at the same time, we are thinking very long term in some of our strategies. I love the business. I love what we do. I love the people I work with. “We have a lot of fun in an intensively competitive environment. We never have a day where we’re bored or thinking, ‘what will we do today?’” Tesco has a growing presence on the island of Ireland, where it operates 181 stores in the south and 50 in the North.  Last October, Tesco committed close to €200 million to the renewal and expansion of existing multi-year partnerships with Irish suppliers in the south.  The retailer is, Murphy said, the world’s leading purchaser of Irish food and drink, buying €1.6 billion of Irish food and drink annually—more than the value of Irish food and drink exported to any country in the European Union. “We have over 500 suppliers in Ireland and three quarters would be classified as SMEs employing 250 people or less,” Murphy said. “One of the things that really struck me when I started this job and went out visiting our suppliers, were the stories they would tell me about how they were basically working out of a shed 35 years ago, then they got a contract with Tesco and now they have a massive organisation. “That’s true of a number of our biggest Irish suppliers who have been extraordinarily successful in partnership with Tesco.  “We love working with our suppliers and helping their brands grow. We are fair and transparent, but we are quite tough. “If you’re successful with us, you tend to be successful with other people. “We like to think we reward real entrepreneurial spirit and innovation–particularly in Ireland where food is enormously important and something we’re famous for globally.” The future fortunes of the Irish economy will not be without challenge, however. “If I look at what Ireland has done in terms of its brand relative to other countries, I’d say we do a pretty good job. We could always do better but, with the work of some of our semi-state bodies, whether it be Enterprise Ireland or Bórd Bia, we punch above our weight,” Murphy said. “The challenge now is, ‘how do we really take that for a spin over the next five to 10 years in a global way?’ and I would be nervous of our dependency on US foreign direct investment.” With US President Donald Trump’s ‘America first’ trade policy starting to gather steam, Murphy cautioned against a cavalier approach to transatlantic relations. “I think Ireland punches above its weight in terms of our influence in the EU and in terms of the US, but we shouldn’t overplay our hand with the US.  “I am very encouraged by the fact that there is hugely deep investment in Ireland over a very long period of time, but I feel we shouldn’t assume our special relationship with the US will endure forever.  “There are competing interests, and we should be mindful of that but there is a lot of capability and competence in Ireland, so I feel like we have an opportunity. “Ireland has the most stable political environment in Europe. We still have one of the best educational standards in Europe. We have a lot of other challenges, but I believe it’s all to play for.”

Feb 10, 2025
READ MORE
Sustainability
(?)

Demystifying the double materiality assessment

The experiences of the first wave of entities preparing CSRD sustainability statements hold important lessons on the complexities of the double materiality assessment.  Gareth Martin, Jennie Kealey  and Luke Bisson delve into the details Some of the largest entities in Ireland are in the process of issuing their first mandatory sustainability statement under the EU’s Corporate Sustainability Reporting Directive (CSRD). They are part of the first wave of reporters following transposition of the CSRD into Irish law for accounting periods beginning on or after 1 January 2024.  To identify sustainability information for disclosure, an entity is first required to complete a double materiality assessment (DMA) to determine material impacts, risks and opportunities (IROs) in relation to environmental, social and governance (ESG) matters.   Double materiality is a new concept aimed at enhancing the existing understanding of financial materiality already familiar to accountants. It extends financial materiality considerations to encompass an understanding of both the entity’s impact on the environment and society, and the impact of sustainability matters on its own prospects, performance and position—i.e. double materiality considers both inside-out and outside-in perspectives.  The DMA process must comply with the requirements of the European Sustainability Reporting Standards (ESRS), as this is one of the components of a CSRD limited assurance report under International Standard on Assurance Engagements (Ireland) 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information - Assurance of Sustainability Reporting in Ireland (ISAE (Ireland) 3000). ISAE (Ireland) 3000 is the assurance standard that has been adopted in Ireland for sustainability statements prepared under the CSRD. An entity’s CSRD reporting is dependent on a robust DMA output. This is the foundation of the sustainability statement. Here, we offer some practical insights into completing an effective DMA, drawn from our experience supporting clients in this area. Overview of the DMA process  The ESRS do not mandate how to conduct a DMA and, accordingly, each entity should apply judgement to design a DMA process that complies with the ESRS. Figure 1. shows one potential approach to the DMA process. The DMA is comprised of the two interconnected assessments of impact materiality (ESRS 1 3.4) and financial materiality (ESRS 1 3.5). Figure 2 illustrates the double materiality concept. DMA: illustrative examples Some high-level illustrative examples of sustainability IROs are as follows: Impact (positive): Actual positive impact on the environment through adaptation of manufacturing facilities to use renewable energy sources. Impact (negative): Potential negative impact on the working conditions of workers in the value chain through contracting of suppliers in geographies with sub-standard labour laws. Risk: Risk of increased costs in the form of fines from non-compliance with wastewater disposal regulations. Opportunity: Opportunity to increase revenues from sustainability conscious customers through development of biodegradable products. Key practical DMA considerations Some practical considerations should be factored into the DMA process as required by the ESRS. 1. Disaggregation of the assessment The appropriate level of disaggregation must be determined before beginning the DMA process.  The assessment may be disaggregated by business division, country of operation, subsidiary, significant site or significant asset (depending on the nature of the entity) in order to effectively identify IROs at the correct level of granularity and assess their materiality.  For example, groups must consider whether the DMA should be performed centrally at the group level, or at a disaggregated level. 2. Stakeholder engagement approach Stakeholders include key actors in the value chain, such as suppliers, employees and customers, but can further comprise groups such as indigenous communities and silent stakeholders, such as nature. Therefore, while conventional methods of engagement like surveys, interviews and workshops are commonly used, it is also important to consider alternative approaches. This might include analyses of ecological, pollutant or geographical data. Engagement may also be indirect, through stakeholder representatives or subject matter experts. Stakeholders should only be engaged in the assessment of topics where they have the appropriate experience and/or expertise required to provide accurate and reliable input. They may be mapped to specific IROs on the longlist to facilitate the provision of IRO inputs, where appropriate, to their position in the value chain. 3. Value chain boundary When performing the value chain analysis step of the DMA process, management should determine the point or “boundary” in the value chain up to which information should be collected. If this boundary is not effectively defined during the DMA, there is a risk that IROs related to components of the value chain will not be identified. Consequently, value chain information may not be presented completely in the sustainability disclosures.  For example, if only first-tier suppliers are considered as part of the value chain, the impacts of second- or third-tier suppliers connected with the entity’s operations may be overlooked in the DMA, even though they are within the scope of impact materiality. 4. Material financial effects Sustainability risks and opportunities are often drafted without properly considering their material effects on financial position, financial performance, cash flows, access to finance or cost of capital—or evaluating their consistency with the information disclosed in the financial statements. Likewise, it is common for management to only consider and score the likelihood and magnitude of a risk or opportunity, even though ESRS 1 stipulates that it is the likelihood and magnitude of the financial effects that should be assessed. 5. Dependencies on natural, human and social resources Risks and opportunities derive not only from impacts, but also from an entity’s dependencies on natural, human and social resources. It is therefore important for management to consider dependencies as potential sources of risks and opportunities when assessing the financial effects triggered by sustainability matters. For example, a manufacturing entity should consider its dependencies on energy, raw materials, customer relationships and healthy and skilled workers, among others, when drafting and assessing the materiality of IROs on the longlist. Dependencies on biodiversity and ecosystems should also be identified and assessed under the ESRS 2 IRO-1 requirements of ESRS E4. This includes an assessment of sites located in or near biodiversity-sensitive areas.  6. IRO scoring approach The ESRS do not define an IRO scoring approach. However, the factors for scoring are outlined in ESRS 1 and elaborated on in European Financial Reporting Advisory Group Implementation Guidance 1 (EFRAG IG 1) Material Assessment. Scoring should also align with the entity’s existing risk management framework where possible. ESRS 1 does prescribe the use of an appropriate quantitative and/or qualitative threshold to determine which IROs are material.  EFRAG IG 1 provides graphical representations of such materiality thresholds in both columnar and matrix formats. It is important to note that this guidance is purely illustrative. Management should document the rationale supporting their choice of scoring scales and thresholds—and ensure that these decisions have undergone robust review and validation. 7. Entity-specific disclosures When an entity concludes that an IRO is either not covered or not covered with sufficient granularity by an ESRS—yet is material due to its specific facts and circumstances—additional entity-specific disclosures must be provided to enable users to understand the sustainability-related IROs. Given that sector-specific standards have not yet been incorporated into the ESRS, it is paramount that management implements robust processes to assess potential IROs to identify any that are not aligned to the ESRS topical standards. For such topics, entity-specific disclosures should be drafted which adhere to the general disclosure requirements set out in ESRS 2 and meet the qualitative characteristics of information in accordance with ESRS 1. DMA: useful insights Here are eight insights that can be applied to support the DMA process: 1. The DMA process requires detailed step-by-step planning. Often, input is needed from across the organisation, particularly where a materiality assessment of sustainability information is being carried out for the first time. 2. Before beginning the DMA, an entity’s organisational structure should be appropriate for management to effectively lead and oversee the DMA process, and sufficient training should be provided. Identifying key internal stakeholders, such as members of the sustainability, environmental and financial reporting functions, will facilitate an effective assessment, as will forming a working group to co-ordinate day-to-day aspects of the DMA. 3. Validation roles for key decisions at each stage of the DMA should be clearly defined and documented. A board level steering committee could be formed for the purpose of reviewing and validating key decisions before the working group proceeds to the next stage of the process. 4. Documentation of the DMA process should begin at the inception of the assessment. This documentation should be clear, specific and detailed enough to enable assurance practitioners to understand and assess each stage of the DMA process. A centralised change log should be maintained to provide a clear and traceable trail of amendments and judgements, including their supporting rationale, over the course of the DMA. 5. Methods of engagement likely to garner the most effective coverage of views across all affected stakeholder groups should be considered. These might include surveys, interviews and workshops. A first step here might involve mapping affected stakeholder categories to sustainability matters, and prioritising different categories for engagement purposes. 6. Management should gain an understanding of the ESRS disclosure requirements, datapoints and transitional reliefs early on in the DMA process so they can effectively map material IROs to disclosure requirements and implement interconnectivity between the DMA process and disclosures. 7. When drafting the longlist of IROs and determining material sustainability matters, it is important to benchmark against disclosures prepared by peers and early reporters. This is especially pertinent in the first year of reporting, in order to effectively compare the information that is being disclosed within sectors and industries. 8. A plan for the refresh of the DMA should be agreed on from the outset. Management should implement an annual review of the DMA, comprising procedures such as a landscape review and revalidation of the DMA results. The circumstances requiring a full refresh of the DMA should be defined in accordance with the requirements of ESRS 1 and EFRAG IG 1. The frequency at which a full refresh should be performed regardless of change events must also be considered. Planning for quality and efficiency The DMA is a complex exercise, and each organisation will encounter its own challenges when preparing for the first year of CSRD reporting.  Despite this, there are learning points that can be applied broadly to the DMA in order to improve the quality and efficiency of the process.  Planning each step of the DMA and establishing a process compliant with the requirements of the ESRS will allow entities to develop and perform a robust DMA. Gareth Martin is a Managing Director in  Deloitte’s Sustainability Reporting and Assurance team Jennie Kealey is a Manager in Deloitte’s Sustainability Reporting and Assurance team Luke Bisson is a Senior in Deloitte’s Sustainability Reporting and Assurance team  

Feb 10, 2025
READ MORE
...51525354555657585960...

Back to News
Back to CSR page

Was this article helpful?

yes no

The latest news to your inbox

Please enter a valid email address You have entered an invalid email address.

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
Chartered Accountants Worldwide homepage
Global Accounting Alliance homepage
CCAB-I homepage
Accounting Bodies Network homepage

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.