Thought leadership articles

In this extract from Important Work: A History of Irish Chartered & Certified Public Accountants, authors Brenda Clerkin, Bríd Murphy and Martin Quinn reflect on the place of trust and accountability in modern accounting, where complex technologies such as AI play an increasing role, and how this affects the future of the profession. Trust has always formed the bedrock of professional accountancy. Yet, public confidence in the profession has periodically been shaken by corporate scandals, audit failures and the global financial crisis. In this context, the rise of AI and advanced analytical tools presents both a chal¬lenge and an opportunity. Paradoxically, if embraced strategically, these technologies may strengthen rather than erode trust in the profession. As machines take over routine, data-heavy tasks, accountants will increasingly be judged on how they handle exceptions, escalations, risk judgements, anomaly detection and interpretative insights. Their role will evolve from data processors to ‘sense-checkers’ of machine outputs – providing assurance that algorithmic systems (including AI) are properly built, tested, validated and free from bias. In this capacity, the accountant becomes a ‘data guardian’ or ‘model reviewer’, ensuring that AI oper¬ates under sound professional oversight. With automation handling the minutiae, human professionals can focus on higher-value work: exercising judgement, evaluating risk, interpreting scenarios and prioritising what truly matters to clients. However, the integration of AI also introduces new layers of ethical and governance complexity. Bias, fairness, interpretability and account¬ability become central concerns. A misclassified fraud or a flawed predictive model can expose organisations to severe reputational and regulatory risks. To manage these challenges, accountants must develop strong capabilities in ethics, transparency, explainable AI, and technology governance. The profession must therefore make ‘ethics + technology governance’ a core pillar of education and continuous development. Beyond internal capability, accountants must engage with regulators and legislators to help shape emerging standards for algorithmic financial reporting, AI auditing and oversight – ensuring that technology serves the public interest rather than undermines it. Conclusions on the direction of the profession In the coming years and decades, the accountancy profession in Ireland must evolve from being a labour-intensive, compliance-driven practice into a forward-looking, insight-led, trust-based profession. Technology – AI, automation, data analytics, cloud computing, blockchain – will do much of the mechanical work. But the real value will reside in human judgement, ethical leadership, strategic advisory capacity, risk oversight, domain expertise, client and stakeholder relationships and the govern¬ance of technology. To succeed, the profession must attract, retain and motivate talent by offering meaningful work, flexibility, diversification and personal devel¬opment. It must revamp education and CPD to build capacity for the ever-changing demands on the profession. It must shed stereotypes of long hours and drudgery, and project a more modern, purpose-driven brand. And, crucially, it must anchor all of this on trust – assuring clients, regulators and the public that even in an AI-driven world, the human professional remains the conscience, the overseer and the guarantor of integrity. Important Work: A History of Irish Chartered & Certified Public Accountants will be launched on Thursday, 19 March at 6pm at Chartered Accountants House, Dubin 2. You can order a copy of the book in our bookshop. You can register to attend the event which will feature addresses by author Martin Quinn, Institute President Pamela McCreedy and a keynote address by Professor of Economics at the University of Limerick, Professor Stephen Kinsella.

In this extract from his book Networking Matters: The Power of Human Connection, author Kingsley Aikins explains the importance of relationships and trust in a changing world. Former British Prime Minister Harold Macmillan was once asked what he considered the greatest challenge for a statesman and replied, “Events, my dear boy, events.” In the past, people’s lives were more predictable. However, now we live in a rapidly changing business environment where technology and globalisation are wiping out whole industries, disruption is the norm, and networks are increasingly important. Professor Anne Marie Slaughter, the first woman to serve as Director of Policy Planning in the US Department of State, has written extensively on networking and stated: “The information age is over. We now live in the networked world. In the networked world, the measurement of power is connectedness. We are moving from the vertical world of hierarchies to the horizontal world of networks. The 20th century was a billiard ball world with countries colliding off each other in military and economic conflict. Now we live in an interconnected world. Key is centrality in a dense global web. In this world, the state with the most connections will be the central player able to set the global agenda, unlock innovation and sustainable growth. The global economy is increasingly driven by networked clusters of the world’s most creative people. Only the connected will survive. Networked power comes from the ability to make the maximum number of valuable connections. In the 21st century corporations, civic organisations and government agencies will increasingly operate by collecting the best ideas from around the world.” Disruption and change In today’s world of VUCA – volatility, uncertainty, complexity and ambiguity – technology is eliminating lower-skilled, entry-level jobs while steadily raising the skill level of new jobs. Creativity and innovation are replacing raw materials, labour and capital as the key source of economic value. We are seeing the emergence of stakeholder capitalism with issues such as climate change, sustainable development and economic inequality becoming factors in how companies see their role in and engage with the world. Impact investing and ESG (environmental, social and governance) issues are going mainstream.Arguably, artificial intelligence (AI) will be as transformative for us as the controlled use of fire for our ancestors and the impact will be enormous. New technologies, data and social networks are impacting how we communicate, collaborate and work. There is also an emerging awareness of the darker side of technology and a sense that global production and consumption systems are not fit for purpose. Change has always been with us but not at the same trajectory, pace and momentum. Trust in a changing world The technological changes will put a premium on relationships and trust. For centuries, we made things, but now 80% of work is in the service industry where relationships are paramount. In addition, the top-down, command-and-control structure is being replaced by teams of teams – circles are replacing pyramids – so interpersonal skills are critical. Also the traditional parental career advice – work hard, keep your head down, keep out of trouble and let your good work speak for itself – is wrong, and why? Because good work doesn’t speak – other people speak. In this new dynamic, employers want candidates to demonstrate their employability. They want well-rounded individuals who have shown their ability to learn new skills and openness to new ideas. They are hiring those with skills for today and those who will continuously gain new skills to make them relevant to future needs. This will come from a combination of academic study, volunteer work and sporting and social endeavours. The implications of these shifts are significant. There is less demand for obedient workers who will show up on time and follow directions. Now, the demand is for self-directed workers who can adapt and learn quickly, think critically and are strong communicators and innovators. “It is not the strongest of the species that survives or even the most intelligent but those most able to handle change.” Charles Darwin In the networked economy, information and knowledge are no longer sufficient. Everyone has access to a multitude of content via the internet and you can’t compete with what everybody knows and has access to. As you progress up the corporate ladder, it becomes more difficult to compete on individual competency. The key, then, is not content but the context that comes from your network regarding comments, advice, views and opinions. As people become more dynamic and mobile in their careers, building a diverse web of relationships and community connections becomes more important. Leadership is becoming less about the corporate hero in the corner office and more about collaborative teams who work together and complement each other. Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is published by Chartered Accountants Ireland.

Ahead of the publication and launch of a new history on 19 March, authors Brenda Clerkin, Brid Murphy and Martin Quinn outline more than a century of the Irish accountancy profession’s work in the public interest and look towards its future. Introduction The amalgamation of the Institute of Chartered Accountants in Ireland (the Institute) and CPA Ireland in 2024 created a unified body to strengthen the accountancy profession’s voice and public interest role. CPA Ireland would have marked its centenary on 11 March 2026. In the spirit of this centenary and amalgamation, we were commissioned to write a history of the Irish profession since the Institute’s establishment in 1888. While prior histories have informed our efforts, we also offer updates and new insights. This article summarises our work, covering the changing nature of the accountant’s role, auditing, and technology – three pillars that have defined the profession’s trajectory over time. The expanding role of accountants When the Institute was formed in 1888, accountants’ work was largely confined to bookkeeping, insolvency, and some audit engagements. The Companies Act 1900 introduced a statutory requirement for all companies to appoint auditors, elevating the importance of audit and increasing this element of their work. The First World War broadened the profession’s remit. Accountants were instrumental in administering excess profits duty, with the Institute’s President, David Telford, in 1916 estimating that accountants prepared “80% or so of such returns”. Wartime conditions also accelerated the development of cost accounting, as governments curbed profiteering and ensured equitable pricing for war supplies. The brewer Guinness, for example, adapted its cost centre system to allocate war-related expenses (e.g. additional insurance costs of shipping to Great Britain), demonstrating the profession’s agility in responding to external shocks. More directly related to the war, prior histories of the Institute list 19 Irish accountants who died in active service. Our detailed research – made possible through digitised records of the Commonwealth War Graves Commission – has shown two were associated with the Institute of Chartered Accountants in England and Wales but worked for Craig Gardner in Dublin. All 19 were honoured at the Institute’s 1918 Annual General Meeting. The interwar years saw Irish accountants become more embedded in industrial enterprises, exemplified by the Electricity Supply Board (ESB). Under Chief Accountant Friedrich Weckler, ESB’s accounting systems evolved to reflect the growing complexity of the organisation. By 1943, ESB’s accounts spanned 21 pages (up from four pages in 1927) and disclosed assets of £18.1 million (about €940 million in 2025 values). The Second World War, or  ‘Emergency’ in Ireland, reinforced accountants’ role in public administration. Government debates reveal their involvement in price control and rationing, underscoring the profession’s contribution to economic resilience during a period of scarcity. Post-war recovery and industrial expansion in the 1950s and 1960s introduced new challenges. The Companies Act 1963 (Ireland) and the Companies Act (Northern Ireland) 1960 mandated group accounts and codified the ‘true and fair view’ standard, shifting accountants’ focus from mere compliance to professional judgement. Decimalisation in 1971 and accession to the European Economic Community (EEC) in 1973 further expanded the profession’s responsibilities, requiring system upgrades and acquiring proficiency in new taxation structures such as VAT and corporation tax. The late 20th century witnessed exponential growth in demand for accountants, driven by globalisation and foreign direct investment. From this boom, some weaknesses in regulatory oversight ultimately emerged, leading to the establishment of the Irish Auditing & Accounting Supervisory Authority (IAASA) in 2006 – the UK’s equivalent body, the Financial Reporting Council dates from 1990. The 21st century brought further challenges. The adoption of the euro currency in 2002 required systems reconfiguration, while the mandatory implementation of International Financial Reporting Standards (IFRS) for listed entities in 2005 represented a generational shift in financial reporting. The 2008 global financial crisis tested the robustness of these standards and intensified scrutiny of accountants’ role in safeguarding public trust. More recently, Brexit and the COVID-19 pandemic introduced new layers of uncertainty, compelling accountants to confront, amongst other things, regulatory divergence, remote working, and accelerated digital transformation. Auditing: from watchdog to strategic assurance Since 1888, auditing has evolved from a rudimentary check on ledgers to a sophisticated assurance function. In the 19th century, audit reports were perfunctory, often comprising a sentence affirming that accounts were “properly drawn up”. The Companies Act 1900 transformed this landscape by mandating independent audits for all companies and prohibiting directors from serving as auditors. Subsequent legislation, notably the Companies (Consolidation) Act 1908, strengthened auditors’ rights to access books and require explanations, embedding audit within the statutory framework.  The 20th century witnessed a steady professionalisation of audit practice. The ‘true and fair view’ requirement, first introduced by the UK Companies Act in 1948, and later incorporated in the Irish Companies Act 1963, elevated auditors’ responsibilities, demanding judgement beyond arithmetical accuracy. Influential publications such as Cooper’s Manual of Auditing (1966) codified best practice, emphasising system evaluation and internal controls over rote checking. Ireland’s accession to the EEC in 1973 further aligned audit standards with European norms, while the establishment of the Auditing Practices Committee in 1976 marked the beginning of formal standard-setting in the UK and Ireland. By the 1980s, auditing standards were consolidated under Statements of Auditing Standards (SASs), and the scope of audit extended to governance and risk management. The Cadbury Report (1992) and subsequent corporate governance codes reinforced auditors’ role in safeguarding stakeholder interests. The introduction of audit exemptions for small companies in 1995 (Northern Ireland) and 1999 (Ireland), while reducing compliance burdens, reshaped the audit market and prompted smaller practices to diversify into advisory services. The 21st century has seen auditing become increasingly regulated and internationally harmonised. IAASA now serves as Ireland’s competent authority for public-interest entity audits, with powers to inspect, sanction, and enforce compliance. EU Directives have introduced mandatory audit firm rotation and restrictions on non-audit services, while global convergence around International Standards on Auditing (ISAs) has enhanced comparability. Yet some post-Brexit divergences between UK and Irish ISAs illustrate the persistent tension between harmonisation and national autonomy. Audit reporting has also expanded dramatically. Contemporary audit reports for listed companies routinely exceed eight pages, incorporating key audit matters and disclosures on sustainability, governance, and risk. The advent of the EU Corporate Sustainability Reporting Directive (CSRD) signals a future where auditors will assure not only financial statements but also environmental and social metrics, reinforcing their role as guardians of trust in an era of heightened stakeholder scrutiny. Technology: from ledgers to artificial intelligence Technological innovation has been a key transformative force in accountancy. The journey from mechanical calculators to cloud-based platforms illustrates a profession experiencing perpetual change. As an example of early technology use in accounting in Ireland, in the 1930s firms such as Guinness pioneered the use of accounting machines (typewriters with mathematical functions), reducing clerical labour and accelerating ledger preparation. By the 1950s, electromechanical devices and punched-card systems enabled large-scale data processing, exemplified by the Irish Sugar Company’s adoption of the ICT1201 computer to manage complex contra transactions with thousands of farmers. The 1960s was the era of mainframe computing, with organisations such as the ESB and Aer Lingus deploying IBM systems for billing and reservations. These developments demanded new skills from accountants, who were required to understand data structures and machine logic alongside traditional bookkeeping. The 1970s saw the advent of minicomputers and, later, microcomputers, democratising access to computing power and paving the way for personal computers in the 1980s. Software packages such as Sage and TAS Books revolutionised small business accounting, while spreadsheets became ubiquitous tools for analysis and reporting. The 1990s introduced enterprise resource planning (ERP) systems, integrating accounting with broader business processes. The proliferation of email and broadband facilitated real-time communication and remote collaboration, while the euro conversion and Y2K compliance projects underscored the profession’s reliance on technology. The 2000s witnessed the rise of cloud computing, enabling scalable, secure, and collaborative accounting solutions. Data analytics emerged as a core competency, allowing accountants to extract insights from vast datasets and support strategic decision-making. Today, artificial intelligence (AI) and blockchain represent the frontier of technological change. AI-powered tools perform complex tasks such as anomaly detection, predictive forecasting, and natural language processing, augmenting accountants’ analytical capabilities. Blockchain offers immutable transaction records, reducing reconciliation and enhancing transparency. These innovations are reshaping audit methodologies, enabling continuous auditing and full-population testing. However, they also introduce ethical and governance challenges, requiring accountants to act as ‘sense-checkers’ of algorithmic outputs and custodians of data integrity. Education has evolved in tandem, with professional syllabi now including modules on AI, data analytics, cybersecurity, and sustainability reporting, and continuing professional development emphasising digital fluency and ethical oversight.  Looking to the future Reflecting on over a century of history can help us as a profession plan for the future. While the business environment is volatile and uncertain, and faces challenges – sustainability imperatives, rising costs, rapid technological change and talent challenges – history has shown the Irish profession be to adaptable, resilient and exhibiting trusted leadership. The profession has survived through political and economic shifts, war and conflict and financial crises. This resilience can endure and ensure profession continues to serve the public interest as it has done in the past.  Important Work: A History of Irish Chartered & Certified Public Accountants by Brenda Clerkin, Bríd Murphy and Martin Quinn is published on 19 March, when it will be launched at a special commemorative event at Chartered Accountants House, to which all members are invited.

As AI does more of the routine work of accounting and finance functions, this is a strategic opportunity to develop the trusted business leadership of professional accountants, and from the start of their careers, writes Professor Michelle Carr of UCC. In the ongoing conversations around artificial intelligence (AI), few topics are as paradoxical as the role of AI in accounting and finance. Despite being one of the most vital functions in any organisation, finance is often seen as particularly vulnerable to disruption by AI. This narrative persists, even as CEOs and boards continue to elevate their expectations for the finance function. Today’s organisations are demanding much more from their finance teams than just periodic reporting. They look to finance to provide forward-looking insights, scenario modelling, risk intelligence, and a clear view of organisational resilience. The growing importance of sustainability reporting, geopolitical volatility, and the need for real-time decision-making only reinforce the strategic significance of high-quality financial leadership. However, a structural tension exists. Many finance teams remain tied to the operational workload that has historically defined the accountancy profession: reconciliations, compliance cycles, manual data preparation, and regulatory documentation. While essential, these activities consume valuable capacity that could otherwise be directed toward strategic analysis and value creation. This tension is something I have experienced firsthand. While teaching a group of Chartered Accountants Ireland students preparing for their FAE exams – bright and dedicated future professionals – we were working through models on international pricing decisions, part of the Advanced Performance Management course. In the middle of the session, one student trainee asked me: “Will I ever actually get to use these things? My work is nothing like this.” His question was heartfelt, and it struck a chord. I realised that we train some of the brightest and best for years, yet so often, at least in the initial years of their careers, they are channelled into working at repetitive tasks that fail to utilise their full potential. Surely, there must be a better way. And there is. AI represents that opportunity. Rather than displacing or replacing accounting and finance professionals, AI has the potential to unlock the strategic contributions organisations have long sought from them. Intelligent automation can streamline routine processes, real-time analytics can uncover emerging risks and opportunities, and AI-powered financial systems can significantly accelerate decision-making cycles. The result is not a diminished finance function, but a more trusted and elevated one. When AI handles mechanical tasks, finance professionals can focus on work that truly drives organisational value: guiding strategic decisions with trusted insights; improving capital allocation and financial stewardship; strengthening risk management and organisational resilience; ensuring ESG integrity and long-term sustainability; advising on value creation through responsible leadership; connecting operations, sustainability, and financial impact. These capabilities are at the heart of organisational competitiveness and rely on human reasoning, ethical judgement, and contextual understanding – qualities that cannot be automated. It is these qualities that build trust, trust that accounting professionals will not only safeguard financial integrity but will also lead organisations towards their strategic goals with foresight, responsibility, and a focus on long-term value. For leaders, the message is clear: AI is not a cost-cutting tool, it is a capability-building tool. When implemented thoughtfully, AI enables finance teams to deliver the trusted insight, foresight, and governance that modern organisations require. The future of accounting should not be viewed through the lens of workforce reduction, but as an opportunity for strategic enablement and trusted leadership. AI equips accounting and finance professionals with the tools and bandwidth to step into more influential roles, which align with the priorities of executives and boards and uphold the core values of trust and integrity. At University College Cork, akin to Chartered Accountants Ireland, we view AI not as a threat to the accountancy profession, but as a powerful catalyst for its evolution. The redesign of our BSc Accounting programme and the accounting and finance modules across the business school reflect a deliberate shift away from training students for routine compliance work and towards preparing them for strategic, judgement-intensive roles in AI-enabled finance functions. When This shift is delivered through four interconnected initiatives: Preserving technical excellence while reducing the dominance of mechanistic content increasingly handled by technology. Cultivating a broader perspective and adaptability by exposing students to different institutional, regulatory, and cultural contexts. Embedding AI, digital technologies, and sustainability as foundational elements of modern financial judgement. Fostering integrative, ethical, and strategic thinking through modules focused on ambiguity, trade-offs, and long-term value creation. As machines take on and cover off more of the work of calculation and reporting, accounting education and professional development must focus on human insight, responsibility, and strategic judgement. This is an opportunity to recognise AI not as a threat to the accountancy profession, but as a catalyst for its renewal and ongoing relevance, built on a foundation of trusted business leadership. Dr Michelle Carr is Professor of Accounting, and Head of the Department of Accounting and Finance at Cork University Business School, University College Cork

Introduction The present enthusiasm for AI is rational, writes Emmet Kelly, but it needs to be balanced with proper governance, legal compliance, risk management, and human responsibility. Irish businesses are embracing artificial intelligence (AI) with enthusiasm. Across sectors such as professional services, finance, retail, manufacturing, logistics, as well as the public sphere, there is a widespread perception that AI, in a general sense, is a decisive productivity tool, capable of accelerating analysis, improving decision-making, and reducing operational friction. Most companies do not ‘adopt AI’ as a single initiative. Instead, they accumulate multiple AI systems over time – some explicit, some embedded, some user-driven, each with distinct risk profiles, data dependencies, and governance requirements. AI is not a single tool, nor a discrete system that can be cleanly ‘adopted’ or ‘switched on’. It is now a pervasive layer embedded across the software stack, the internet, and a set of tools to be easily accessed and used daily in the world of work. The principal challenge for companies therefore is not technical capability, but coherence: understanding where AI is present, what role it plays in decision-making, and how accountability is maintained across this fragmented landscape. The enthusiasm for AI is rational. AI systems continually demonstrate an impressive ability to summarise complex information, generate plausible text, detect patterns at scale, and automate tasks that previously required substantial human effort. However, this enthusiasm and use frequently outpaces a realistic appreciation of the complexity, opacity, and governance challenges that accompany AI deployment. For the accounting profession in particular – for whom judgement, verification and accountability remain foundational – this imbalance presents material risks. This article explores how Irish businesses are encountering AI in practice, why its complexity is often underestimated, and what recent research conducted by Amárach reveals about readiness among SMEs. Effective governance will require not only regulatory compliance, but a clearer understanding of the optimum relationship between humans and machines, one that preserves responsibility rather than attempting to outsource it. The illusion of simplicity For many organisations, the first encounter with AI is through publicly accessible systems such as OpenAI’s ChatGPT, Claude by Anthropic, or Gemini from Google. These large language models (LLMs) present AI as conversational, accessible, and apparently intuitive. Users ask a question, using ‘prompts’, and receive a fluent, structured response, from what appears to be a single, confident synthesis of vast amounts of underlying information. This interaction, or ‘chat’, creates a powerful illusion of simplicity. The complexity of the system, the scale of its training data, the probabilistic nature of the outputs, the constraints imposed by prompts, and the absence of any true understanding remains largely invisible. AI doesn’t understand anything. It merely matches words, numbers and context of the chat that best fits the data the AI is referencing. What appears to be a dialogue is a statistical process that predicts likely continuations of text based on patterns in data. The capacity to understand and interpret the quality and value of the AI response, or output, remains the responsibility of the human user. For professionals accustomed to contextual awareness, critical analysis and judgement, this distinction matters. LLMs do not ‘know’ when nuance is missing, when assumptions are incorrect, or when an answer is incomplete. They summarise, average, and generalise. In doing so, they may lose minority positions, edge cases, and context-specific considerations that are often critical in accounting, audit, tax, and governance work. AI in office and productivity software Beyond these publicly visible systems, AI is now embedded in many workplace productivity tools. Platforms provided by Microsoft, Google, and Apple increasingly incorporate AI-driven features: document drafting, spreadsheet analysis, email prioritisation, meeting summarisation, and even predictions of where trends in numeric data are likely to lead over time. Because these capabilities are integrated into familiar software, they are often perceived as incremental enhancements rather than as AI systems per se. Yet the AI governance implications still apply. For example, automated summarisation of discussions may omit critical qualifications or nuances. Predictive suggestions may reinforce historical biases. Decision-support features may subtly shape professional judgement without being formally recognised as decision-making inputs. The risk here is not malicious intent, but unexamined reliance. When AI-generated outputs are treated as neutral or authoritative simply because they are embedded within trusted tools, accountability can become blurred. AI in enterprise systems AI’s influence extends further into enterprise systems that underpin organisational operations. Enterprise resource planning (ERP), customer relationship management (CRM), and accounting platforms from providers such as SAP, Salesforce and Sage, now deploy AI for forecasting, anomaly detection, credit assessment, inventory optimisation, and workflow prioritisation. In these contexts, AI outputs can directly influence financial reporting, risk classification, and operational decisions. Yet they are often treated as system features rather than as models with assumptions, limitations, and potential points of failure. For accountants and finance leaders, this raises critical questions: Who validates these models? How are errors detected? What documentation exists? And how does professional responsibility apply when an AI-driven recommendation is followed? In-house AI models Larger organisations increasingly develop AI models ‘in-house’, using proprietary data to support functions such as fraud detection, credit-risk assessment, demand forecasting, and operational optimisation. These systems may be customised, powerful, and bring competitive advantage, but they also bring concentrated risk. In-house AI models depend entirely on the quality, scope, and representativeness of the data used to train them. They may reflect historical practices that are no longer appropriate, or embedded organisational biases. Without robust governance, policies, procedures, documentation, and on-going monitoring, such systems can quickly drift away from legal compliance and ethical acceptability. Regulation: the EU AI Act in context The European Union (EU) has sought to address these risks through the EU AI Act, which introduces a risk-based framework for AI governance. The EU AI Act emphasises transparency, human oversight, data quality, and accountability, principles that align closely with professional standards in accounting, auditing and assurance. However, regulation alone cannot resolve the underlying issues, as AI is no longer confined to discrete, easily identifiable systems. It will pervade software, services, and information flows from within an organisation, and often beyond. Organisations may be using dozens of AI-enabled tools without explicitly recognising them as such. Compliance, therefore, cannot be treated as a one-off assessment; it must become an on-going capability. Are Irish businesses AI-ready? Recent AI-readiness research conducted by Amárach Research in collaboration with InstaComply provides a clear picture of this structural gap. While the findings indicate strong enthusiasm for AI adoption among Irish SMEs, many of which are deploying AI at speed, there are also significant weaknesses in governance readiness. While many companies are experimenting with and deploying AI, far fewer have established clear ownership, policies, controls, and governance structures required to manage these systems safely, transparently, and in compliance with existing and emerging regulation. For example, only 37% have appointed a policy owner responsible for AI and data governance, while just 32% maintain risk registers that include AI-related risks. More than one-third have none of the basic structures that the EU AI Act will expect businesses to maintain. These findings do not show a failure of intent, but a structural gap. Use of AI is moving from an experimental phase to the operational core, yet the governance mechanisms needed to control it remain underdeveloped. The EU AI Act is not simply another compliance obligation – it requires a fundamental shift in how organisations must design, monitor, and document their automated systems. Taking responsibility Arguably, and as can be seen from our research findings, Irish businesses are engaging in “conversations with machines”, most often using LLMs, without fully understanding the mechanisms underlying the ‘conversation’ or the operations and quality of the machine with which the user is conversing. LLMs respond blindly based on the level, quality, and structure of the data that informs them. They do not challenge objectives, interrogate ethical implications, or assume responsibility for outcomes. Where complexity is poorly understood, responses tend to polarise. Some users may become distrustful, focusing on AI’s errors and limitations and rejecting its utility. Others may move in the opposite direction, treating AI outputs as authoritative and implicitly transferring responsibility to the system. Both kinds of behaviour present problems and risk. AI does not absolve individuals or organisations of responsibility, nor should it be dismissed as inherently unreliable. A useful analogy is that of tools in the physical world. The saying, “a bad workman blames his tools”, holds true for the use of AI, and a driver should not blame their car for their negligent driving. The workman remains bad, the driver negligent, and the tools and machines, just that: tools and machines. Responsibility remains with the human agent and the organisation deploying the tools. A new RACI model for human–AI collaboration What is required is a new articulation of responsibility, effectively, a new ‘RACI’ model that clarifies who is responsible, accountable, consulted, and informed when AI systems are used. This approach reflects a broader shift: compliance must move from static documentation to dynamic, operational governance, which embeds EU AI Act requirements, such as data quality, traceability, and human oversight, directly into development and operational processes as code. Human-in-the-loop approaches are not merely a regulatory preference; they are a practical necessity for maintaining standards, managing risks and sustaining businesses on the frontiers of rapidly changing, brimming with possibilities AI landscape. Conclusion: learning to drive the machine AI represents an extraordinary technological advance, and Irish businesses are right to explore its potential. But power without understanding presents risks. The accountancy profession, with its long-standing emphasis on judgement, accountability, and assurance, is well placed to lead a more mature, responsible and strategy-led engagement with AI. The challenge is not to slow innovation, but to learn to ‘drive’ these machines responsibly – within the limits of the law, ethics, business sense and professional judgement. AI is a tool, not an actor. Recognising that distinction will be central to protecting customers, clients, organisations, and public trust in the years ahead. Emmet Kelly is an AI data governance and compliance expert, and CEO of InstaComply, which empowers organisations to navigate regulatory complexity with smart automation.

Communication is a key skill of leadership. You can’t become a great leader until you become a great communicator. When you connect with people, that is when it becomes authentic, allowing you to speak directly to people’s needs. The same is true of networking. Two attributes are critical to your networking abilities. To communicate effectively you need to build relationships and central to that is trust. Trust is vital for forging a connection and is underpinned by how people see you. How you see yourself and the world will be reflected in your attitude, and this will also determine how you are seen.  Trust Trust is paramount. Although sometimes hard to define, we all know when it is not there. Economic uncertainty and lost faith in business and globalisation means trust is no longer the default position for cynical consumers. The annual Edelman Trust Barometer that surveys 33,000 people in 28 countries (2025) has reported that trust in four institutions – government, business, media and non-profits – is at an all-time low. Two-thirds of respondents believe they are being lied to by traditional societal leaders. Interestingly, the report shows that people trust what employees say about their company more than what it says about itself. Contrary to what many believe, trust is not some vague, squishy element of human relations; rather it is a vital component of all our interactions with each other. Put simply, high trust is a dividend and low trust is a tax. In our increasingly low trust world, trust has literally become the new currency of our global economy. What is trust? Trust is not an event. Trust is not an entitlement – trust is earned. You don’t meet somebody today and trust them tomorrow. You can’t go from anonymity to a trusted confidante overnight. Trust is won by doing what you say you will do and doing that consistently and regularly. Trust is a fundamental component of how our world works. It is a leap of faith – a belief that what we expect to happen will happen because someone did what they were supposed to do. The dictionary definition of trust is “belief in the reliability, truth, ability, or strength of someone to do something”. Trust can take years to win and be lost in a second. When damaged, trust takes a long time to regain. Networking plays a role in sales because to get a sale, two conditions must be met. First, you demonstrate that your product or service will benefit the buyer, fill their need and resolve a pain point. Secondly, you need to build a solid personal relationship based on trust.  "Trust is earned in the smallest of moments. It is earned not through heroic deeds, or even highly visible actions, but through paying attention, listening and gestures of genuine care and connection." —Brené Brown Networking is about giving to other people and adding value to their lives, comprising empathy and authenticity. In doing this, you develop trust and build a reputation for being trustworthy. People will then refer you to others, from short-term transactions come longer-term relationships. In an increasingly disconnected, fractured and untethered world characterised by an absence of trust, people search for beacons of trust and seek it in their networks. We crave belonging and want to belong to something bigger than ourselves. Companies now have to reshape their messaging around trusted employees and their networks. They need to appreciate that trust is not some mysterious element of human relations but is the foundation of everything we do – it is a hard-edged economic driver. High trust saves money and makes money.   Trust and reputation Reputation is important. It has been defined as what people say about you when you are not in the room. Reputation is a scoreboard kept by others. These other people grade your performance and tell the rest of the world. You cannot create your reputation alone, but you can influence it. ‘Reputational capital’ can be tracked and aggregated. As mentioned above, Edelman has studied trust for over 20 years and believes it is the ultimate currency in the relationship that all institutions, companies, brands, governments, NGOs and media build with their stakeholders. Trust defines an organisation’s licence to operate, lead and succeed. Trust is the foundation that allows an organisation to take risks and if it makes mistakes, to own responsibility and rebound from there. For a business, lasting trust is the strongest insurance against competitive disruption, the antidote to consumer indifference and the best path to continued growth. Without trust credibility is lost and reputation can be ruined.  “When you become leaders, the most important thing you have is your word, your trust. That’s where respect comes from.” —Michelle Obama In her book Presence Harvard Business School Professor Amy Cuddy writes that people ask two questions when they meet anyone. First, “Can I trust this person?” and secondly, “Can I respect this person?” Cuddy claims that trustworthiness is the most important factor in how people evaluate you. She says, “One thing I was always very conscious of was that people size up others in seconds and quickly decide whether they will like and trust the other person or not.” So the old cliché is true – you don’t get a second chance to make a first impression. Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is published by Chartered Accountants Ireland.

Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is launching on 4 December at Chartered Accountants House, Dublin. Members are invited to attend the book launch, at which Kingsley will give a mini masterclass on the essentials of networking, a flavour of which he provides below. In a world that is constantly changing and facing unpredictable challenges – such as financial crises, pandemics, and geopolitical conflicts – resilience is essential for both individuals and organisations. One of the most important assets in navigating these turbulent times is a strong and diverse personal network. Networking is a critical human skill that can help us survive disruptions, adapt to new circumstances, and thrive in an ever-evolving environment. Dealing with disruption Modern times are marked by unexpected events, often referred to as ‘black swan’ events, which are rare, unpredictable, and have far-reaching consequences. Examples include the COVID-19 pandemic, the invasion of Ukraine, and conflict in the Middle East. In the face of such shocks, personal networks are more important than ever. As companies adjust their workforces and individuals reconsider their careers, networks become essential for finding new opportunities. Today, job positions are often temporary, but networks provide enduring value. Whether times are good or bad, strong networks are critical for personal and professional success. The myth of individualism Success is often portrayed as the result of individual qualities such as talent, education, perseverance, courage, luck, and effort. However, relationships and connections with others are equally important. The myth of the self-made individual overlooks the fact that opportunities are attached to people, and creativity flourishes when talented individuals collaborate. While individuals can make a difference, they rarely achieve lasting success alone; strong networks are vital for both survival and achievement. As careers progress, it becomes clear that opportunities arise through people, and collaboration fosters innovation. Everyone we meet connects us to new possibilities and perspectives. Your next job: the changing nature of careers The traditional model of lifelong employment has changed dramatically. Job security is now rare, and the old social contract of loyalty in exchange for security no longer exists. Companies today have shorter lifespans, and people often outlive the organisations they work for. The step-by-step career ladder has been replaced by a more dynamic and flexible ‘jungle gym’ approach, where frequent moves and varied experiences are valued. Most new jobs are found through personal contacts rather than advertisements, and the most desirable positions are often never advertised. Research has shown that ‘weak connections’ or casual acquaintances at the edges of our networks, are especially powerful in uncovering new opportunities. The many benefits of networking Networking offers numerous advantages, including business development, customer acquisition, investment opportunities, supplier relationships, staff retention, and loyalty building. Beyond professional benefits, strong and diverse networks also contribute to longer life, better mental and physical health, greater earnings, and overall happiness. Networking helps combat loneliness and social isolation, which are known to harm health. The Harvard Longitudinal Study has found that our relationships are more important to health and well-being than our genes or lifestyle choices. A sense of belonging and purpose is fundamental to human needs, as recognised by psychologist Abraham Maslow. Strong networks enhance resilience and help individuals recover from adversity, highlighting the importance of authentic social connections in both work and society. Hire and wire: networking in the workplace Companies seek employees with strong and diverse networks, recognising that human capital includes not just knowledge but also connections. When hiring, they consider not only qualifications and experience but also the breadth and quality of candidates' networks. Success increasingly depends on who knows you, rather than just what you know. Many firms, such as McKinsey, have developed robust alumni networks, fostering ongoing engagement and business referrals. These networks also encourage the return of ‘boomerang employees’. who bring valuable experience and connections when they rejoin an organisation. Diversity vs. homophily People tend to form connections with others who share similar backgrounds, values, and interests – a phenomenon known as ‘homophily’. While this is natural, it can limit the diversity of our networks and our exposure to new ideas. Organisations that reflect societal diversity tend to perform better, and individuals benefit from seeking out different perspectives and experiences. Embracing diversity in our networks helps prevent predictable, homogenous thinking and opens us up to new opportunities and insights. Leveraging the intelligence of your network Each person's network is a unique and valuable resource that can transform both individual careers and organisations. Networks provide access to informal information – such as advice, insights, and tips – that is not readily available through formal channels. By engaging with our networks, we can gather critical intelligence, make better decisions, and gain a competitive edge. Many leading, global companies recognise the value of network strength, encouraging employees to build connections and leverage network intelligence. Trust is essential for employees to use their networks for the benefit of the organisation, and a strong network culture fosters both individual and collective growth. Referrals and testimonials One of the most significant advantages of networking is the potential for referrals and recommendations from satisfied contacts. Keeping in touch with past clients and colleagues can lead to new business and opportunities. Although some people hesitate to ask for referrals, it is an essential part of effective networking. Referrals are cost-effective, quick, and often lead to strong, mutually beneficial relationships. Portability of your network Your network is a personal asset that remains with you throughout your career. When you leave a company, your network goes with you, providing ongoing value and support for your career development. Investing in your network is an investment in your own future. Overcoming ‘stranger danger’ Many people feel apprehensive about approaching strangers, a feeling often instilled from childhood. However, most of our important relationships began with someone who was once a stranger. Networking helps us overcome this fear and recognise the potential for transformative opportunities that can arise from a single introduction or conversation. As our careers progress, it becomes increasingly important to expand our circles and stay aware of the achievements and movements of others. The ‘Network Gap’ LinkedIn has identified a ‘network gap’, where some individuals have a significant advantage in accessing opportunities based on their connections. Factors such as upbringing, education, and work history can provide up to a 12-fold advantage in opportunity access. Research shows that 70% of professionals are hired by companies where they already have a connection. Addressing the network gap is essential to ensure equal access to opportunities for people with similar talent and skills, regardless of their background. Digital opportunities Digital technology has revolutionised networking, making it easier and more affordable to connect with anyone, anywhere. Geographic location is now less important than what you do, and digital platforms enable rapid, direct communication. These changes, including the integration of artificial intelligence, have fundamentally transformed how we build and maintain networks. The ripple effect Networking creates a ripple effect, where your reputation and influence extend far beyond your immediate contacts. Your actions and interactions can impact people you have never met, and acts of kindness and generosity can inspire positive cycles within your network and beyond. Practising random acts of kindness can strengthen connections and foster a culture of generosity. Conclusion As you advance in your career, the importance of networks and relationships increases. The skills that helped you secure your initial position become less central, while the relationships you build become the key to ongoing success and growth.

A half-year on from those US executive orders, Michael Diviney and Tess Tattersall explore their current implications for this side of the Atlantic, and the benefits of holding firm on DEI values and programmes. Trump and DEI Diversity, equity and inclusion (‘DEI’) was at the top of Donald Trump’s agenda for the start of his second term in office. In January, President Trump’s executive orders included: EO 14151: “Ending Radical and Wasteful Government DEI Programs and Preferencing”, intended to dismantle all federal government DEI programmes as “discriminatory”; and EO 14173: “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” “to combat illegal private-sector DEI preferences, mandates, policies, programs, and activities”, impacting federal contractors. These executive orders mean that corporate America faces new challenges and risks, particularly around federal government contracts. An immediate effect is that many US companies and firms have reviewed, rolled back on and even cancelled their DEI programmes, or at least on how and if they are reported. According to the Financial Times: “Of the top 400 companies in the S&P 500 index, 90% of those that have filed an annual report since Trump’s election have cut at least some references to DEI, with many ditching the term entirely.” 1 Trump’s move did not come out of the blue but is symptomatic of a pre-existing range of concerns about DEI, for example that it prioritises race or gender over merit, leading to preferential treatment for some employees over others. Elon Musk’s X post on 15 December 2023 is indicative of such reaction: “DEI must DIE. The point was to end discrimination, not replace it with different discrimination.” The history of DEI in the US is long and complicated, and organisations have been struggling with the popularity and efficacy of their DEI programmes. Some companies were already moving away from DEI, and this has been exacerbated by the term ‘DEI’ becoming politicised. The criticism and scepticism that have been building for several years in the US have not just been among conservatives. In her 2022 book DEI Deconstructed, Lily Zheng, a liberal, progressive DEI consultant, outlines the problems faced and caused by DEI programmes in the US, for example that many are performative and do not work, i.e. do not substantially improve equality. Some of the language used is seen as exclusionary, and some initiatives as favouring some groups of people over others. Against such a background of DEI fatigue, Zheng and other DEI experts argue that a rethink and reset is required. Ripple effects for Ireland, the UK, Europe? Some companies in Ireland and the UK, particularly multinationals or subsidiaries of US corporations, may be challenged to follow suit and realign policies or harmonise approaches across global operations. For Irish and UK companies with operations in the US, DEI programmes are a source of new legal and business risks. Nevertheless, the context of DEI on this side of the Atlantic is shaped by different cultures, histories and, significantly, legal frameworks. The US and Europe are different. This is a complex issue, and companies here considering moving away from DEI commitments also need to consider the more immediate legal and business risks of such reversals. The issue is complex, yes, but at the same time it is possible to take a position, which we can summarise as follows: DEI makes legal sense, business sense, and is the right thing to do. The legal case for DEI The contexts for DEI differ between the US and Europe, and ‘affirmative action’ is an issue with which to illustrate the wider divergences. It can also shed some light on why there has been such a strong reaction to DEI in the US, and particularly to why affirmative action is seen by some as discriminatory. (Though not directly related to workplace equality, the US Supreme Court decision in 2023 effectively ending affirmative action in college admissions is symptomatic of the DEI ‘pushback’.) DEI in the US is rooted in the Civil Rights movement of the 1950s and 60s, which led to the requirement for government agencies and contractors to “take affirmative action to ensure that applicants are employed and that employees are treated during employment without regard to their race, creed, color, or national origin”. This is a position that has gone further than would generally be permitted in Ireland, the UK or Europe, where case law provides that affirmative action is permitted but only as an exception to the general rule prohibiting discrimination. In Ireland, the more restricted concept of ‘positive action’ allows measures to be taken to rectify inequality as long as one group is not automatically preferred to others. So, the US and Europe are different, and, in certain respects, the legal risks for Irish and UK companies of dropping DEI programmes appear to be the opposite of those in the US. This distinction is crucial, as it underscores why a direct adoption of the anti-DEI position of the US federal government may not align with EU and UK legal frameworks, and companies here seeking to move away from DEI may be at risk. In Ireland and the UK, DEI programmes can serve as key supports for helping employers comply with equality legislation and manage related risks. Having DEI policies, practices and training in place shows that all reasonable steps have been taken to prevent discrimination and comply with the law. In April, the Employment Lawyers Association in the UK warned that companies leave themselves open to “adverse findings of discrimination” if they unpick policies designed to enable DEI. As well as compliance with existing and robust equality laws, DEI initiatives will also help employers prepare for and align with new employment legislation on the horizon from both the EU and the UK government, for example regarding pay equity and transparency, gender balances on boards, etc. The economic case for DEI DEI programmes have become an economic necessity for the stewardship and management of contemporary and future workforces. In Ireland, for example, the latest national census of 2022 reports that there were 631,785 non-Irish citizens living in the country, representing 12% of the total population. This has brought huge demographic changes such as a seismic shift in the diversity of Ireland’s workforce, underlining the need for inclusive policies, practices and leadership. The trajectory of these profound demographic changes will continue upwards, and (partly) out of economic necessity. Developed economies like Ireland and the UK need more inward migration to maintain growth levels and the future funding of the retirements of today’s workers. In its 2025 global employment outlook, the OECD warned about the effects of falling birth rates in the developed world. As more workers retire, the size of the working age population will decrease, causing labour shortages and dampening productivity growth. Without immigration, Europe faces large declines in its population, 2 which implies that DEI should be an economic priority for businesses. As an emerging core business discipline, DEI is strategically vital for the recruitment, retention and leadership of new diverse workforces, as well as meeting the needs of the diverse customer bases that reflect these demographic changes. The business case for DEI Beyond the necessity to mitigate risk and comply with the law, there are sound, widely researched benefits for businesses that engage with DEI and build trust with diverse and inclusive teams. These include attracting talent, employee engagement and retention, greater innovation and performance, and, ultimately, strategic and competitive advantage. Productivity and performance Employees who feel accepted and valued in their workplace are more productive. Diversity, equity and inclusion increases collaboration and creates stronger teams. It is a key driver of workplace satisfaction and performance. DEI is recognised as a condition for better-performing boards, bringing a broader range of perspectives, experiences and skills, helping to avoid the failings of groupthink. Consulting firm McKinsey & Co, who have been tracking the effects of DEI for over 10 years, reported in 2023 a 39% increased likelihood of financial outperformance for those companies surveyed in the top quartiles of both gender and ethnic representation on executive teams versus the bottom quartiles. 3 Investors and portfolio managers increasingly review these metrics when making investment decisions. 4 Creativity and innovation “I think the most diverse group will produce the best product.” Tim Cook, Apple CEO With a multicultural, multigenerational workforce, diversity of background, experience and worldview can enhance the insights, creativity and innovation of teams, leading to better business results with products and services that better fit more diverse markets. Teams comprised of people with different perspectives informed by factors such as gender, age, ethnicity, etc., as well as their individual life and work experiences, have been shown to have enhanced problem-solving abilities, resulting in better decisions. Reputation A good reputation is a huge asset for a business; but once lost, it is hard to regain. A diverse, equitable and inclusive workplace reflects an organisation’s ethos and values. Today’s stakeholders (investors, customers, employees) are more socially conscious and expect organisations to match their values. They want to invest in, buy from and work for businesses that do the right thing. DEI raises an organisation’s reputation with all its stakeholders. Client and customer relationships Diverse teams, reflecting the change from homogenous to multicultural societies, can understand a broader range of customers and clients, which leads to deeper relationships and loyalty. A 2024 survey by marketing data and analytics firm Kantar of more than 23,000 people in 18 countries found 75% of consumers said that a brand’s diversity and inclusion reputation influences their buying decisions. 5 Conversely, a lack of diversity in an organisation risks it misunderstanding (or ignoring) its changing customer base, both in domestic and global markets.   Employee engagement and retention Employee wellbeing and DEI are related. We are happier if we feel respected by and connected to the people around us. An inclusive and equitable culture creates a sense of belonging and purpose, which fosters trust, engagement and loyalty. Such engagement helps to mitigate against staff turnover, saving on the time and money effects of constant recruitment, induction and upskilling. Recruiting talented people With today’s multigenerational, highly informed and selective talent pool, the DEI credentials of a business are core to its ability to attract and keep good people. Businesses need to wear their (genuine) DEI values on their sleeves to compete in a full-employment market for the top talent. A 2024 survey by ACCA of 10,000 accountants in 157 countries found that 73% believe a strong diversity and inclusion culture is a key factor in their deciding to work at an organisation. 6 Conversely, given that employers struggle to find people with the right skills, broadening the talent pool with DEI practices and strategies also makes excellent business sense.   Business transformation and resilience In a business context of constant flux, research has shown that inclusive organisations with diverse teams are better at dealing with and navigating change as they tend to be more adaptable, 7 resilient and open to communication, outperforming their peers. DEI is the right thing to do Ultimately, the human rights bases of DEI practices and strategies need to be recognised. At their core are the ethical principles of equality, making it a level playing field for all, and equity, ensuring that access to the playing field is fair by addressing any systemic barriers. While it may be understandable that some companies have reversed, or at least become silent about, their espoused DEI values, given the legal and commercial risks caused, inter alia, by US executive orders, it is also questionable how core these values were in the first place. It is those organisations that have DEI baked into their values and purpose, that hold fast and at the same time address and rethink DEI’s teething problems, who will benefit strategically in the longer term. Such commitment to diverse, equitable and inclusive workplaces will also benefit society, resonating with an evolved, 21st-century view of the corporation as purpose-driven and stakeholder-focused. Resetting and reframing ‘DEI’ In May this year, EY published a survey of 1,200 CEOs from large companies around the world, including 40 in Ireland. Over 80% of these Irish leaders said they are holding firm on their DEI commitments, continuing with existing policies or expanding them, compared with 75% of respondents internationally. According to Deirdre Malone, head of employment law at EY Ireland, most companies still see their DEI policies as “a source of resilience and competitive advantage”. We believe that companies should not be deterred by the DEI ‘pullback’ narrative but instead keep in sight the ultimate prize of DEI by adhering to their DEI commitments to realise the strategic and commercial benefits, such as customer and talent/staff growth and retention, as well as complying with the law, and respecting human rights. At the same time, however, DEI is overdue a ‘reset’, for which the current climate provides an opportunity. DEI in the workplace should not be ideological or activist but be balanced with business and organisational goals. On this side of the Atlantic we could learn from the US experience, and a new wave of pragmatic, problem-solving DEI experts determined to get this important work right. Instructively, the sub-title of Lily Zheng’s book, DEI Deconstructed, mentioned above, is “Your No-Nonsense Guide to Doing the Work and Doing It Right”. Key questions about some features of DEI are being asked, such as the use of quotas, as well as the reaction of some groups who feel DEI is preferential or even discriminatory. Also evident from the US experience is that some companies have stopped using the term politicised ‘DEI’, while remaining committed to equality and being inclusive. There has also been a trend to mention ‘merit’ more in people recruitment, development and promotion. In the end ‘DEI’ is only a label for important work that should continue. Joelle Emerson, CEO of Paradigm, a US diversity consultancy, quoted in the Financial Times, has phrased it as follows: “It looks like most companies are standing by their goals of creating fair, inclusive workplaces, while at the same time distancing themselves from a politicized acronym. The acronym is far less important than the work.” 8 Michael Diviney is Executive Head of Thought Leadership at Chartered Accountants Ireland. Tess Tattersall is a Content Editor and Project Manager at Chartered Accountants Ireland. “US companies drop DEI from annual reports as Trump targets corporate values”, Financial Times, 16 March 2025. ↩ “Visualised: Europe’s population crisis”. The Guardian, 18 February 2025. ↩ McKinsey & Company, Diversity Matters Even More: The Case for Holistic Impact (November 2023). ↩ International Labour Organisation, Transforming Enterprises through Diversity and Inclusion (2022). ↩ Kantar, “Three quarters of consumers say inclusion and diversity influence their purchase decisions” (July 2024). ↩ ACCA, Global Talent Survey findings (2024). ↩ C. Dixon, “The significance of a diverse workforce for advancing organizational change and development” (LinkedIn, July 2024). ↩ “The DEI backlash: Employers ‘reframing not retreating’, Financial Times, 3 February 2025. ↩

Burnout is no longer just an HR issue—it’s a leadership imperative. Here Niamh Manning, Marketing Executive for the Thrive Wellbeing Hub, explores how proactive, empathetic management can break the burnout cycle and build resilient, high-performing teams. Burnout has become one of the most pressing issues in the modern workplace, particularly for professional service industries where long hours, high-performance expectations, deadlines and client demands are quite typical. A work culture that prides itself on values of resilience, dedication and hard work can make burnout difficult to spot. While many organisations have HR policies and programs to combat burnout, it is managers who are often the cultural lynchpins and can be an impactful line of defence to break the cycle. It’s their ability to recognise and respond that can determine whether a team thrives or fractures. Managing burnout isn’t just a people issue – it’s a business-critical issue. A burned-out team are more prone to errors, more disengaged, and have low morale, resulting in an increased staff turnover and decreased client satisfaction. The manager toolkit: prevention through proactive leadership Understanding burnout Burnout doesn’t always look dramatic, and many suffer in silence, afraid to speak up fearing it could impact their career growth or be seen as a weakness. It often hides behind professionalism and a strong work ethic, but there are tell-tale signs. Burnout is a state of emotional, physical, and mental exhaustion caused by prolonged or excessive stress, often linked to work but also present in other areas of life. Burnout generally manifests itself in three key dimensions: emotional exhaustion, cynicism and lack of personal accomplishment. This can present in many ways such as reduced attention to detail, irritability or frustration, withdrawing from team collaboration, decline in responsiveness or reliability, or even overworking. As managers get a sense of employees from their daily interactions, they are uniquely positioned to detect behaviour changes and early signs of burnout and make meaningful interventions and changes, but only if they are equipped and empowered to do so. Modelling healthy work habits Leaders set the tone for what is acceptable and expected in the workplace, particularly for younger employees. Modelling healthy boundaries and habits such as logging off at the end of the normal working day, taking breaks and switching off when on annual leave allows employees the space to do the same. However, it is also important to be realistic that some busy periods with high workload volumes are often unavoidable; equally, it is important to know that burnout rarely arises from a busy period – it stems from sustained, unmanaged stress with little or no room for recovery. Psychological safety An integral aspect of high-performing teams and the foundation for creating a culture of wellbeing and productivity, psychological safety in a group involves individuals feeling safe to speak up and share their views and ideas without the fear of negative consequences. Managers can foster this sense of safety by intentionally creating an environment where team members feel safe raising concerns. This can be done in easy and practical ways such as encouraging open dialogue, creating space for feedback, actively listening and modelling vulnerability and empathy. Regular ones-on-one meeting is the perfect way to talk about project updates but also to check in on workloads, stress levels and the employee as a person. Reduce ambiguity, encourage growth Ambiguity and stagnation breeds anxiety. Those with undefined expectations and/or little autonomy in their roles are more susceptible to the effects of burnout. Managers must ensure that employees understand their responsibilities and how they contribute to the wider goals – clear expectations reduce cognitive load and allow employees to focus and prioritise their energies. Managers should encourage autonomy and growth by involving team members in decision-making, providing opportunities for skill development and encouraging ownership of project and duties. When people feel like they’re growing and contributing to something meaningful, they can become more resilient. Recognition and appreciation Reinforcing a sense of value and accomplishment in individuals and teams can help prevent burnout. Managers should regularly acknowledge team members’ efforts and accomplishments. Feeling seen and appreciated can go a long way in encouraging and providing meaning and purpose to team members. Managing burnout when it happens Despite best efforts, however, burnout does occur. When it does, the focus should shift to recovery and retention by allowing employees affected to step back without pressure and temporarily lighten their workload to allow for recovery. Burnout is a leadership issue Managers should not be expected to be therapists, but they are expected to lead and they can be influential agents of change. Despite this pivotal role, many managers are usually not trained to recognise or address burnout. Employers have a responsibility to invest in leadership development that includes emotional intelligence, mental health literacy, and coaching skills. Managers are the conduits of an organisation’s culture. When they are empowered to lead with empathy, clarity, and care, they can transform the workplace from a source of stress into a source of strength. A manager who prevents burnout is not only protecting their team’s health but also preserving the organisation’s long-term resilience and success. If you are experiencing burnout or looking to support someone with burnout, Thrive is the Institute’s dedicated wellbeing hub that can provide advice and support. For additional advice and manager resources, check out CAW’s Wellbeing Toolkit for managers in the accountancy profession.

Our brains shortcut for safety, not fairness, but this doesn’t mean bias should determine our decision-making. Andrea Demody explains how leaders can promote fairness and inclusion at all levels Most of us like to think we're fair-minded. Most leaders I work with genuinely believe they hire and promote based on merit. Their favourite articulation is often: "I always hire the best person for the job." But here's the thing: our brains weren't built for fairness. They were built for speed and safety. What does this mean for building a fair organisation? Imagine you're standing at a busy road crossing, the cars are whizzing by, and you're waiting for the lights to change so you can cross safely. Someone beside you starts to step out before the light changes. You instinctively reach out and stop them, without thinking this through consciously. This is your brain doing what it's designed to do—i.e. responding quickly to potential risk. It's scanning for cues, drawing on past experiences and acting fast to keep you safe. That same shortcutting also happens in the workplace. When reviewing CVs, deciding who to promote or assessing someone's performance, our brains are still looking for the familiar,  comfortable and safe option. And this is where bias can creep in. Bias is human We all have biases, conscious and unconscious. This isn’t a flaw in our character; it's just how our brains work. Understanding this is just step one, however. Step two involves designing ways to make fairer decisions despite this bias. Here are just a few examples of how bias can show up at work: Affinity bias: We tend to favour people who remind us of ourselves, such as those from the same school, background or previous employer. Halo and horns effect: A first impression can colour everything that comes after, meaning no automatic second or third chances. Confirmation bias: We notice what supports our beliefs and filter out what doesn't, making it difficult to consider contradictory perspectives. Recency bias: We give too much weight to what happened most recently, making it almost impossible to accurately judge a year's worth of performance. Groupthink: We self-censor to keep the peace, staying silent when we disagree with the majority opinion, especially if this is supported by the boss. Blind spot bias: We spot bias in others, but not in ourselves. These biases don't just affect hiring, promotion and other people processes, they can also impact strategy, innovation and team dynamics. Moving past our biases To move beyond the biases we carry, we need to establish a structure around our decisions. This might involve using rubrics for hiring or incorporating calibration into performance reviews. It could mean inviting challenge at team meetings or encouraging others to ask what evidence we are using to make decisions. The point is: you don't have to rely on willpower to be fair. You can design for it. Leaders can start small by getting curious about the voices they listen to, the perspectives they seek out and the assumptions they hold.  You may not be able to eliminate bias entirely, but you can interrupt it—and this is where progress begins. Beyond being the right thing to do, this makes smart business sense. An understanding that everyone will be included, regardless of how they might differ from the boss, is the secret sauce that makes diverse teams work together. One decision. One meeting. One moment where you put structure around the shortcut is how you state. Because designing for fairness isn't just good practice—it's good business. Andrea Dermody is Founder of Dermody Inclusion and Diversity

Artificial intelligence is rapidly becoming an integral part of daily life, but many organisations have yet to fully grasp its potential, limitations and associated risks, writes David O’Sullivan The introduction of the European Union’s Artificial Intelligence (AI) Act means organisations are now legally required to ensure that employees using AI, as well as those impacted by its outputs, possess adequate AI literacy. AI literacy is the ability to understand, evaluate and interact effectively with AI systems. It encompasses recognising risks and opportunities, interpreting AI outputs and making informed deployment decisions. Ensuring AI literacy within an organisation isn’t just about compliance – it reduces risk, fosters innovation and drives competitive advantage. For businesses seeking to enhance their AI literacy, the European Commission offers detailed guidance, accessible in their online library: AI Literacy Learning Repository. Leading organisations integrate AI literacy into AI governance frameworks, ensuring clear roles, responsibilities and key performance indicators. Here are the six most effective strategies. 1. Tailored training for different levels of expertise A one-size-fits-all approach to training rarely works. Successful organisations provide: Foundational courses for employees new to AI; and Advanced technical training for developers and data scientists. 2. Hands-on learning with practical applications The best way to understand AI is to use it. Companies should offer their employees: Workshops, case studies and simulations to demonstrate AI’s practical impact; and AI sandbox environments for employees to test and experiment with AI safely. 3. Role-specific AI training Different teams utilise AI in different ways. Finance teams, product managers and engineers all interact with AI in various ways. Tailored training can help to ensure employees receive the relevant knowledge necessary to integrate AI into their workflows effectively. 4. AI mentorship and cross-department collaboration Encouraging knowledge-sharing between AI experts and employees helps bridge skill gaps. Some companies establish AI mentorship programmes where experienced employees guide their peers in AI adoption. 5. Embedding responsible and ethical AI practices Many organisations are integrating responsible AI principles into their training, focusing on transparency, fairness and compliance with AI regulations such as the EU AI Act. In Ireland, the Government introduced principles for public sector organisations early in 2024, and these are still relevant today. 6. Continuous learning AI is evolving rapidly. Training should be ongoing with regular updates and refresher sessions to keep pace with advancements. The impact of AI literacy When AI literacy programmes are effectively implemented, organisations experience significant benefits, including: Increased AI adoption and engagement: Companies have seen an increase in employee participation in AI training and a higher usage of AI tools in daily tasks. According to the AI Literacy Learning Repository, one organisation that implemented an AI literacy programme reported a 30 percent increase in AI training participation and a 65 percent rise in AI tool utilisation. Improved workforce confidence and innovation: Employees who are comfortable with AI use it effectively, leading to better decision-making and new ideas. Operational efficiency gains: AI literacy helps automate repetitive tasks, streamline workflows and boost productivity. New AI-driven offerings: Some organisations have leveraged AI literacy training to upskill employees, leading to new AI-driven products and services. Greater consumer trust: Companies that prioritise transparency in AI usage – and educate affected individuals – see higher trust levels. Some businesses even involve clients in AI training sessions. Making AI literacy a business priority Organisations cannot afford to overlook AI literacy, given our rapidly changing world and the requirements of the EU AI Act. Investing in education, practical training and ethical AI practices equips employees with the skills they need to work effectively with AI and allows leadership to make informed decisions on deployment and controls. By addressing challenges and leveraging the best strategies, companies can build an AI-literate workforce that drives innovation, enhances efficiency and ensures responsible AI use while meeting compliance objectives. AI literacy isn’t just about understanding how AI works; it’s about ensuring businesses and employees can utilise AI effectively to create meaningful and positive outcomes. If your organisation hasn’t yet prioritised AI literacy, now is the time to start. David O’Sullivan is Director of Privacy, Digital Trust & AI Governance at Forvis Mazars

The Economic and Social Research Institute (ESRI) recently published its report Economic Overview of Ireland and Northern Ireland which provides a high-level comparison of the economies of Ireland and Northern Ireland (NI) over recent years. The report outlines similarities and differences between the two economies in terms of economic growth, labour market trends, living standards, education, health, general well-being and economic structures. The report highlights, that over recent years, the disparity in economic performance and well-being indicators between Ireland and NI is widening with the economy in Ireland displaying stronger economic growth and higher wages and living standards. Some of the key findings in the report are as follows: Ireland's population is growing faster than NIs, largely due to strong net migration in recent years. This has resulted in Ireland having a younger population, with a lower old-age dependency rate. There have been shifts in the labour market over time.  Labour market participation in Ireland has increased significantly since 2010, widening the gap with NI.  In 2022, the participation rate of those aged 16-64 was 76.8 percent in Ireland compared to 72.4 percent in NI. Employment rates in Ireland overtook NI in the period after the financial crisis, reflecting Ireland’s strong recovery. Ireland’s modified gross national income per capita in 2022 was 57 percent higher than NI’s gross domestic product per capita, reflecting stronger economic growth. In terms of wages, the data show a positive gap favouring Ireland, with hourly earnings 36 per cent higher than in NI in 2022. While Great Britain (GB) remains NI’s largest trading partner, NI’s trade with GB has declined since 2015, while trade with Ireland has increased. On a per capita basis, NI residents pay significantly lower personal income tax than those in Ireland (€2,980 in NI vs. €6,725 per capita in Ireland). Corporate tax receipts per capita in Ireland (€5,760) are over five times those in NI (€1,018), reflecting the dominance of multinationals.

Dealing with one crisis at a time is no longer effective as the onslaught of unprecedented events becomes the norm for businesses, writes Colette Devey A fire at a substation causes a catastrophic power outage. A cyberattack paralyses the operations of an organisation. A major storm deprives a business of power, water and telecommunications. The imposition of tariffs by major trading partners requires supply chain reshaping. These are all examples of real-world crises that have affected corporations in the recent past. While they may take many forms, together they form an urgent call to action that goes well beyond the normal course of business. The age of permacrisis Organisations today have shifted from managing multiple interconnected crises to operating in a constant state of crisis. We have entered the era of the permacrisis, an ongoing period of instability resulting from a series of catastrophic events. Business leaders can no longer rely on traditional one-off business continuity practices to manage this new reality. They have been forced into a state of constant firefighting, often supported by outdated plans and response mechanisms. Those that are managing best have shifting their approach to focus on resilience, with stronger capabilities and less organisational stress. When a crisis hits, the typical approach has been to apply a ‘playbook’ based on how previous business disruptions have been handled. There is no such thing as a standard or textbook crisis, however. Each event, and its consequences, tend to be unique in their own way. Instead of preparing organisations for all potential scenarios, this limited approach forces organisations to improvise when each new crisis hits, expending scarce resources in the process. Worse still, it can lead to flawed decision-making and missteps as the people involved are operating in unknown territory. More frequent unexpected events A different approach is required in the face of increasingly frequent crisis events—one that  can help to build organisational resilience. Catastrophic and once-rare events occur with greater frequency these days, including cyber breaches, IT outages such as CrowdStrike, and weather events such as Storm Éowyn and Storm Darragh. Each brings with it the potential to compromise an organisation’s ability to do business. The question for organisations now is how best to prepare for the increased frequency of such events and situations never encountered before. The nature of their response to unanticipated events is crucially important. In recent years, many organisations have found that just thinking about business continuity is probably too narrow an approach. It is more important to consider what is critical and core to the organisation. If yours is a services business, ask yourself: what are the most critical services we provide, whether that be to a patient, citizen or consumer? If you sell products, identify your core products and the operational processes critical to their production and distribution. This approach will help you identify and prioritise the aspects of the crisis requiring an immediate response, and determine the order of recovery that will enable the business to resume operations as quickly as possible. A successful resilience programme encompasses the process and plan of action that empowers an organisation to manage any crisis, no matter how improbable or unexpected. Five-step approach to crisis and risk management To effectively prepare for, and respond to, crises, organisations should follow these five steps: Anticipate – Plan ahead and consider the risks and threats that may arise in the future. Think about what might go wrong in the organisation and the impact this would have. Prepare – Establish a business resilience policy and framework encompassing crisis management, communications, business continuity and disaster recovery. Respond – It is critically important that everyone in an organisation understands their assigned role in a crisis response, and how to perform it. Learn – Organisations should examine what has gone wrong during a crisis response, and what should be done differently in the future. Equally important is the need to examine what went right. This will help you identify the strengths you can build on in future crisis responses. Improve – Drawing on these lessons, leaders should seize the opportunity to reshape their business in preparation for the next crisis. The increasing frequency of previously improbable and unprecedented events, requires a new approach to crisis response. What worked in the past will not necessarily be effective today or in the future. Organisations must focus on resilience and implement processes and action plans that will shield them for the full impact of unexpected events, and protect core operations. Colette Devey is Risk Consulting Partner at EY Ireland

The Minister for Enterprise, Tourism and Employment, Peter Burke recently announced the development of a new whole-of-government Action Plan on Competitiveness and Productivity, together with a range of measures aimed at enhancing business resilience and fostering competitiveness. The Programme for Government mandated the development of the Action Plan on Competitiveness and Productivity and by expediating this plan, the Government intends to align key decisions with the upcoming budgetary process.  The Government has also approved certain high-level short-term measures for implementation by May 2025, some of which are mentioned below: Enhancing International Trade Promotion: Actions will include a focus on implementing enhanced advisory supports for exporters facing disruption, developing a strategic approach to market diversification, and bringing forward a National Semiconductor Strategy. Addressing Business Costs:  Measures announced include adjusting the implementation timeline for the Living Wage to 2029 while outlining the Government’s continued commitment to the introduction of a Living Wage during its term. Amongst other measures announced, a new Cost of Business Advisory Forum will be established, and a Small Business Unit will be created. Improving Energy Infrastructure: Steps are to be taken to provide policy certainty regarding data centres, publish plans for connecting large energy users to the grid and to accelerate the deployment of critical electricity grid infrastructure. Commenting on the Action Plan, Minister Burke said: “We are living in a time of significant global change, marked by growing geopolitical tensions, trade uncertainties, and persistent cost pressures affecting businesses both large and small. To safeguard our economic future and support our enterprises, we must act decisively on the domestic factors we can influence. Therefore, the government has today agreed to fast-track the creation of a vital Action Plan on Competitiveness and Productivity, aiming to produce a draft within 12 weeks for discussion at a Ministerial Summit in July. This plan will identify concrete, actionable reforms across government to enhance our competitive edge. As part of this plan, we are implementing a range of immediate, targeted measures by May 2025. These actions focus on key areas including enhancing international trade promotion supports for firms facing disruption, addressing business costs through regulatory adjustments and targeted initiatives, and improving energy security and infrastructure delivery.”

Moira Grassick explores the implications of the new gender pay gap reporting portal set to launch in Autumn 2025 Norma Foley, Minister for Children, Disability and Equality, has announced that a gender pay gap reporting portal will be launched in Autumn 2025.   This is a significant update for Irish businesses, as the Department estimates that about 6,000 companies will need to submit a gender pay gap report to the online portal this year.   Foley also indicated that the reporting deadline is expected in November.  Gender pay gap reporting to date The Gender Pay Gap Information Act 2021 requires businesses to publish a report detailing the hourly gender pay gap in their business, across a range of specified metrics. The Act is part of a wider initiative to improve gender equality in Ireland and, more specifically, aims to bring about greater pay parity between men and women.  Initially, when the requirement was introduced in 2022, only companies with 250 employees or more were required to submit a gender pay gap report. This threshold has been increasing gradually each year and, in 2025, any company with 50 employees or more will be required to file a report.    The portal: what you need to know  Up until this point, companies have been required to post their gender pay gap reports either on their own website or somewhere else accessible to the public.   As well as submitting statistics and figures on gender-based pay information within the business, employers have also been required to publish an explanation for any gender pay gap that does arise from those findings.   With the introduction of the new portal, this system will change.   Once launched, employers will be required to upload their pay gap reports directly to the portal, and not just on their own website.   New reporting deadline  As well as announcing the upcoming launch of the portal, the Minister for Children, Disability and Equality also suggested that the reporting deadline this year will take place in November, and not in December as was the case in previous years.   Employers will be required to gather their gender pay gap data on a ‘snapshot’ date in June, and to publish those results in November. The exact reporting date will depend on the snapshot date selected by the employer. For example, if a business chooses 5 June as their snapshot date, they will be required to publish the results on the portal by 5 November.   Transparency and accountability If your business employs 50 or more staff and you need to file a gender pay gap report in November, it's essential to understand the required publishing method. Once launched, you must submit your report directly through the online portal.  The portal's design could enhance public access to gender pay gap reports compared to before. Individuals will be able to search all gender pay gap reports on one platform, facilitating easier comparison of multiple reports simultaneously and enabling clearer conclusions and comparisons. Moira Grassick is Chief Operating Officer at Peninsula

Who should drive your firm's growth? Mary Cloonan explores whether individual partners or a dedicated leader best fuels expansion Every ambitious firm wants growth, but who should take ownership of it? Is it down to individual partners, or does the firm need a dedicated leader to drive expansion? Many firms have treated growth as an afterthought. Yet, in today’s highly competitive market, this approach is insufficient. The firms that thrive are the ones that prioritise growth across the entire organisation, instead of depending solely on a handful of standout performers. There’s no single answer to the question of who should lead growth, but some models work, particularly in more mature markets like the US, UK, and Australia, where firms have refined their approach for years. Why growth needs to be intentional Growth isn’t just about winning new clients; it’s about maximising opportunities across the board and deepening existing relationships, expanding into new markets, and ensuring that every part of the firm contributes to revenue generation. Whether your firm is backed by private equity or partner-led, the real question is: are you making the most of the opportunities in front of you? Growth is often left to chance. Some partners excel at winning work, while others concentrate on execution. However, when growth relies solely on personal initiative, opportunities can be missed. Implementing a more structured approach ensures that business development isn’t just an added benefit – it’s built into the firm’s DNA. Three effective models for driving growth Firms take different approaches depending on their structure, leadership style, and ambitions. To ensure growth is prioritised and embedded, they use three models. 1. The Chief Growth Officer (CGO) model – a unified approach Appointing a Chief Growth Officer (CGO) can be a game-changer for firms that want a clear, structured approach to growth. This leadership role integrates business development, marketing, client experience and cross selling, ensuring that growth is planned, measured and executed effectively. Rather than simply focusing on new business, a CGO takes responsibility for the entire client journey:  Business development strategy – Aligning development, marketing and client expansion with the firm’s long-term goals. Client experience and retention – Ensuring clients receive excellent service, encouraging referrals and long-term loyalty. Cross-selling and collaboration – Breaking down silos and helping different service lines work together to identify opportunities. Market positioning and thought leadership – Raising the firm’s profile in key sectors to attract high-value clients. Data-driven growth insights – Using client and market data to identify trends and opportunities. This model works well for larger firms, particularly those with ambitious growth plans or PE investment. It ensures growth is handled strategically rather than left to individual efforts. 2. The partner-led growth model – with structure & accountability Many firms still prefer a partner-led approach to business development. This approach can work well if it has structure and accountability. Business development isn’t just left to chance in firms that succeed with this model. Instead, there’s a clear framework: Partners have individual growth targets that are measured and reviewed. Client expansion strategies are mapped out rather than being ad-hoc. There's support from marketing and business development teams to enable partners to focus on high-value relationships. Business development is built into the firm's culture, rather than being something squeezed in between client work. For this model to work, there needs to be a firm-wide commitment to growth, not just an expectation that some partners will bring in work while others don't. 3. The hybrid model – growth champions and collaboration A middle ground between a centralised CGO and a fully partner-driven model is to appoint “growth champions” within the firm. These are senior partners or directors who take responsibility for business development within their practice area or sector. They focus on: Developing relationships and identifying opportunities in their market. Encouraging collaboration between service lines to increase cross-selling. Working with marketing and BD teams to ensure the firm’s positioning aligns with market demand. This approach works well in mid-sized firms where partners are engaged in growth but need more structure and coordination. Your firm’s growth model The best approach depends on the size, ambition, and market focus of the firm: Smaller firms may not need a CGO but should have a structured growth committee. Mid-sized firms often benefit from a hybrid model that balances accountability with collaboration. Larger firms, particularly those preparing for a merger or acquisition or private equity investment, gain the most from a dedicated CGO. What matters most is that growth is not left to chance. Regardless of the model, firms that take growth seriously and build a strategy around it succeed. Your firm and culture Growth isn’t something that just happens. It’s something firms need to be intentional about. In a numbers-based world, there will only be one indicator to say what is right for your firm so tracking the growth KPIs is key to understanding what will work best in your firm with your culture. Mary Cloonan is Founder of Marketing Clever

Supporting the diverse and intersectional experiences of individuals within the LGBTQIA+ and Ability communities is a must for employers in today’s workplace Making it in today’s professional world isn’t always easy, but some people have extra obstacles to overcome.  Mark Scully, FCA, founder of Braver Coaching & Consulting said that, as a neurodivergent person who was undiagnosed for some time, he had faced significant challenges at work as he “attributed all the fault” to himself for tasks he felt he could not do to the same level as his colleagues.  “That seriously impacted my mental health—I was kicking myself for not being able to do these tasks like everyone else,” Scully explained.  “I was continuously working harder or longer, trying to compensate, until I burnt out—and because I didn’t know I was neurodivergent, I was engaging in a lot of masking and compensation strategies in order to make the workplace more tolerable.  “Once I did find out that I am autistic, I was afraid to let people know because I didn’t know how they would take it or thought they would not believe me and would question my credibility.” A state of isolation With little to no talk of neurodiversity in the workplace at the time, Scully found himself feeling isolated and fearing what people may say if they found out. “I couldn’t see anyone there whom I could relate to as being neurodivergent. Of course, there are lots of famous, high-profile people who are neurodivergent— but I couldn’t relate to them. So, I felt very alone and didn’t feel like there was anyone I could turn to for help,” Scully said. Sensory differences also made work difficult for Scully, as he has hypersensitive hearing and found himself straining to understand what was being said at times.  “I was genuinely in fear of going to client lunches due to the noise levels in some places. I would struggle to hear anything at the table,” he said.  “Other issues included not understanding workplace norms or ‘unwritten rules’ and trying to understand what people were looking for or what their expectations of me might be, so I just assumed I had to be perfect. This all had a big impact on me, and I found it very challenging.” Despite these challenges, Scully followed an impressive career path as a qualified barrister, Chartered Accountant and Chartered Tax Advisor, who had ascended to director level in a Big Four practice by the time he was diagnosed with autism. “It was a big relief being diagnosed,” he said, “finally, I could have some compassion for myself and know that there are areas I’m not going to be as good as everyone else in. However, there are other areas I’m incredibly good at. It is just about focusing on the strengths and asking for help in other areas. I’m in a really good place now.” Removing fear from the conversation Feeling safe enough to ask for help or understanding from colleagues and managers is crucial, said Scully, as “fear needs to be removed from the conversation”.  “I was afraid to let anyone know I was neurodivergent, because I didn’t know how it would be accepted and, in that vacuum, I had built it up so much in my head,” he said.  “But when I did let people know, there was no bad reaction, and it was actually received well, but I didn’t know this in advance, and it makes you start fearing the worst. We need to talk about it so neurodivergent people know that they have support in the workplace and feel safe to ask for help.  “Managers may be terrified of saying the wrong thing, so while training on language is useful, it’s also important for them to know that it’s okay to make mistakes in one-on-one conversations as long as they have the right intention. It’s much better to talk about this and make mistakes than not talk about it all.  “Talk, engage and be curious. Nobody is expected to be an expert in somebody else’s neurodivergence, it’s totally unique to them. So, managers and HR people should learn about what neurodivergence means for that particular person by talking to them.  “They should look past the label and get to understand the person, their particular needs and their strengths as everyone is unique. It’s all about starting the conversation.  Following his own diagnosis, Scully went on to found Braver Coaching and Consulting (gobraver.com) to promote neurodiversity in Irish workplaces and provide executive coaching to young professionals, both neurotypical and neurodivergent. Organisation-wide benefits of neuro-inclusion Scully said that, by providing training and making the necessary accommodations, employers could help to improve mental health for neurodivergent people, delivering organisation-wide benefits.  “If people feel like they’re working in a place that accepts them, and they don’t have to engage in masking or compensation strategies each day, it will have such a benefit for their mental health, in my opinion,” he said.  “If an organisation is not talking about neuro-inclusion, then it is not serious about mental health.   “By taking steps to be more inclusive, companies should see increased employee retention and productivity, and there is substantial funding available to support employees with disabilities.” From a bottom-line return-on-investment perspective, it makes sense to have a culture of neuro-inclusion, Scully said.  “Learning how to be a neuro-inclusive manager just results in better managers for everyone, full stop. It’s also the right thing to do, from a reputational perspective, because graduates are looking at employers that they may potentially work for and they are very well-informed about diversity.  “In the battle for talent, neuro-inclusive workplaces will entice the exceptionally bright and wonderful graduates who can offer a diverse range of thought, creativity and strength.”   Celebrating love, acceptance and diversity Jaimie Dower, Executive Director, Audit Quality Programme at EY, agrees with Scully that employer support for all employees with diverse experiences, is crucial. As a transgender woman who has struggled with identity, Dower acknowledged the important role EY, her employer, had played in being “vocally and visibly an ally and advocate for LGBTQ+ inclusion for a long time”. “As an employee with 30 years’ experience with the firm, this was a source of immense pride for me,” Dower said.  “To work for a firm that acknowledges and celebrates love, acceptance and diversity really makes a difference.  “Work isn’t and shouldn’t be the most important part of our lives, but it is a place where we spend a huge amount of time, so the relationships and experiences we have there are key to our emotional and physical wellbeing.  “The knowledge that I work somewhere that people are free to be, and to bring their authentic selves to work, really matters.” Dower, who initially tried to keep her “authentic self a secret from all but closest family” decided to come out during the COVID-19 lockdown.  She received immediate support from work colleagues, but the process was not without challenge.  “As I started to navigate conversations with HR, our DE&I team and my friends and colleagues, I started to realise that the firm’s commitment to LGBTQ+ inclusion was not just lip service or pinkwashing, it was a genuine part of the culture of the firm and its people,” she said.  “Despite this, there are very distinct challenges I faced, which employers need to be conscious of.  “The first one was how to tell people. It’s important to allow people the space to work this out and to acknowledge that there is no ‘right’ way; no one-size-fits-all answer. I had support in planning those conversations. Clear boundaries and guidelines  “It is really important that there are clear boundaries with regard to what any individual wants to share. I didn’t want to be—and, emotionally, couldn’t have coped with being—a walking ‘Transgender 101’ class for everyone.  “It was important for that to be acknowledged. Another challenge was that I never anticipated the number of times I would need to update my name, gender marker and picture. What seems like a simple ask can sometimes become mired in a morass of procedure. There has to be a way to make this simpler. “The issue most people will be aware of is around bathrooms and it’s hard to explain how much mental and emotional space such a small thing now occupies in my life. It’s a consideration every time I go outside the door and the important thing is that employers are very clear in their policies and transparent on this.” The EY Executive Director said that there had been tough days but also “so much joy and positivity, including being able to assist in the refresh of EY Ireland’s Gender Identity, Expression and Transition Guidelines”.  And while her personal journey is not complete, Dower said she feels privileged to work for a firm where she is free to be herself—something which should be the norm. “We all have to work together to combat homophobia, biphobia and transphobia and to actively ensure acceptance and understanding in everything we do,” she said.  “Employers should consider ensuring that there are guidelines to cover discrimination of all sorts, and everyone should respect the pronouns of transgender or non-binary colleagues or friends. That’s just one conscious mindful step that can make someone feel respected, included and valued. “Any organisation that flies a flag that says ‘you can be yourself here’ is going to attract the best candidates and get the most from them.” This article has been produced in collaboration with BALANCE, Chartered Accountants Ireland’s LGBTQIA+ networking group, and the Institute’s Diversity and Inclusion Committee. To find out more about their work or how to get involved, contact Karin Lanigan, Head of Members Experience, tel: +353 1 637 7331, email: Karin.Lanigan@charteredaccountants.ie.

As Irish businesses navigate economic uncertainty and technological disruption, Ger Twomey explores key insights from PwC and the WEF on future workforce challenges Irish organisations, like their global counterparts, are facing unprecedented transformation as they navigate technological disruption and economic uncertainty. As such, understanding the future of work has become critical.  The World Economic Forum’s (WEF) Future of Jobs Report 2025 and PwC’s 28th Annual CEO Survey offer valuable insights into the evolving labour market. Drawing on data from over 1,000 leading global employers and close to 5,000 CEOs worldwide, these reports provide a roadmap for Irish organisations and employees preparing for the changing landscape of work. If Ireland’s workforce was represented by just 100 people, 67 would require further training by 2030. To break this down further: 31 could be upskilled within their current roles; 25 could be upskilled and redeployed within their organisations; and 11 would be unlikely to receive the necessary upskilling, putting their future employment at risk. This analogy paints a stark picture of the strategic workforce challenges organisations will face in the coming years. An evolving labour market The WEF's Future of Jobs Report 2025 projects significant changes in the global labour market, with 22 percent of today’s total jobs expected to be affected worldwide. This encompasses both job creation (equivalent to 14 percent of today's employment) and displacement (equivalent to 8 percent of current roles). This dynamic shift is characterised by two key trends. First, frontline jobs in sectors such as farming, construction, food processing and sales are expected to experience the largest growth in volume. Second, technology roles are anticipated to be the fastest growing by percentage. Among the roles poised for rapid growth are big data specialists, fintech engineers, artificial intelligence (AI) and machine learning experts, software developers and professionals in green transition and renewable or environmental engineering. This evolving landscape underscores the critical need for organisations to invest in developing relevant skills. Skills demand The evolution of the job market is driving significant changes in the required skills. The “skill instability” rate of 39 percent suggests that by 2030, two in five workers will need to transform their existing skill sets or risk obsolescence. Skills gaps have emerged as the primary barrier to organisational transformation. In Ireland, 75 percent of respondents identify this as a major challenge for the next five years, compared to 63 percent globally. This concern is echoed in PwC's CEO Survey, in which 91 percent of Irish CEOs express concern over skills availability. There are several skills that appear to be in demand: Analytical thinking remains the most sought-after skill, with 70 percent of organisations deeming it essential by 2025; Resilience, flexibility, agility, leadership and social influence are also core skills; and AI and big data top the list of fastest-growing skills, followed by technology literacy and cybersecurity. Notably, Ireland ranks most of these skills higher in importance than the global average. However, despite the emphasis on AI skills, only one-third of CEOs plan to integrate AI into their workforce and skills strategy, according to the PwC CEO Survey. Navigating the future of work The World Economic Forum's Future of Jobs Report 2025 and PwC's CEO Survey offer crucial insights into the evolving landscape of work. These findings provide a roadmap for Irish businesses to build a resilient, adaptable and inclusive workforce ready for future challenges and opportunities. The global work environment is increasingly complex, influenced by factors such as: Growing geo-economic fragmentation; Rising cost of living; and Widespread adoption of AI tools. Despite these challenges, the outlook remains net-positive for employment. The rate of skills obsolescence is falling, thanks to successful reskilling, upskilling and redeployment initiatives implemented in recent years. Employers across various industries demonstrate a greater awareness and proactivity in addressing workforce challenges. However, skills gaps persist as the primary barrier to transformation. Future priorities are likely to include facilitating proactive and dynamic job transitions, as well as balancing deeper automation with broader workforce augmentation. By embracing these insights and taking decisive action, Irish businesses can position themselves at the forefront of the evolving work landscape, ensuring their workforce is well-equipped for the future. Ger Twomey is Director of Workforce Consulting at PwC

Accounting firms can gain a valuable competitive edge by developing professional skills to complement technical excellence, writes Mary Cloonan For mid-sized accounting and advisory firms, growth and expansion isn't just about technical excellence. Winning new clients, strengthening relationships and building a standout reputation requires more than just number-crunching. When it comes to standing out in a competitive market, professional services can mean the difference between growth and stagnation. Your team may have deep expertise in tax, audit or corporate finance, but do they have the confidence to build relationships, communicate complex ideas clearly and position your firm as a trusted advisor to clients? Too often, firms fail to actively develop their team’s professional skills as a core element of their service offering. Why communication and commercial skills matter Traditionally, technical ability was enough to climb the ladder in accounting. If you were a brilliant accountant, career progression followed naturally—but not anymore. Clients now expect more than just technical expertise. They want commercial awareness, proactive advice and a relationship-driven approach. The most accomplished leaders in the profession have mastered their technical skills. What separates them from the pack is their ability to connect with clients, lead teams and create commercial opportunities. As artificial intelligence and automation become more embedded in accounting and advisory work, the human skills of communication, engagement and trust-building will likely become more prominent differentiators. The firms that recognise this shift are more likely to do well in the future—and, let’s be honest, calling these skills ‘soft’ is misleading. It makes them sound easy, like they can be picked up over tea and a chat. Anyone who has watched a technically brilliant, but socially awkward, colleague try to ‘build rapport’ with a client knows otherwise. Honing effective professional skills takes work, just like any other form of professional expertise. For a long time, many in the accounting profession believed these interpersonal competencies couldn’t be taught. However, professional skills can be improved and developed with practice, coaching and the right support One thing is for sure: if you don’t try, it definitely won’t happen. Firms risk losing talent if they don’t invest in professional development. Today’s accountants and advisors want more than a competitive salary, they want training, opportunities for career progression and scope to develop the skills needed to succeed in today’s dynamic business environment. Forward-thinking firms are responding by embedding business development, communication and leadership training into their culture. Recognising the importance of these professional skills is one thing, embedding them into your firm’s DNA is another. Here is how to make a real impact: 1. Offer training Firms invest heavily in continuing professional development and technical training but often neglect client-facing skills. Structured programmes covering business development, negotiation and executive presence should be built into career progression at every level. These skills are fundamental to long-term success. 2. Use mentoring to reinforce learning These skills cannot be developed in a seminar room alone. They require real-world practice. Pairing younger professionals with experienced partners can help build their confidence in client conversations, pitching and networking. However, mentoring only works when it is viewed and managed as a structured, firm-wide priority—not just an informal arrangement. A quick ‘shadow me in this meeting’ approach won’t cut it. 3. Measure what matters You are missing a trick if your performance metrics focus solely on billable hours and technical skills. Tracking client engagement, business development efforts and leadership contributions can help to reinforce the value of these skills. Encourage team members to record their networking activities and new business wins. This promotes accountability and highlights the contribution of rising stars in the firm. 4. Encourage client interaction Waiting until a team member is a senior manager before you put them in front of clients is a mistake. The sooner professionals gain experience in meetings, negotiations and relationship management, the better. Encourage managers and associates to lead discussions, present insights and handle follow-ups. This builds confidence and capability. (And let’s face it, the sooner they learn how to recover from a botched pitch or awkward introduction, the better.) 5. Embed a supportive culture If the partners at the top of a firm view business development as an obligation rather than an opportunity, this mindset is likely to filter down through the organisation. Senior leaders should lead by example by attending events, engaging in client conversations and mentoring their teams. A firm prioritising communication and relationship-building will stand out in a crowded market. The competitive advantage Firms that invest in interpersonal and leadership skills can potentially gain a real edge. They can build deeper client relationships, uncover more opportunities and create a culture in which growth is viewed as everyone’s responsibility, not just that of a few ‘rainmakers’. For managing partners, the message is clear: technical ability alone won’t drive your firm forward. The real differentiator is how well your team connects, communicates and builds trust. Make these professional skills a strategic priority, and the results will speak for themselves. If this sounds like hard work, so is tax legislation—and you mastered that just fine. Mary Cloonan is the founder of Marketing Clever

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

Strong leadership isn’t just about strategy—it’s about trust. Michael O’Leary explains how leaders can build lasting trust to the benefit of their organisations If we expected that the post-pandemic era would stabilise employee/employer relationships, we were mistaken. Remote work, hybrid working, the “great resignation”, quiet quitting, falling employee engagement, staff shortages, wellbeing challenges and the rise of artificial intelligence all present challenges to organisation cultures and leadership. These pressures may also impact the engagement, purpose and satisfaction experienced by management. According to a LinkedIn survey, the actions of disaffected or poor leaders account for 70 percent of the reasons employees decide to engage or disengage at work. People don’t leave organisations, they leave managers. In Neurosicence of Trust, Paul J Zak shares how employees in high-trust companies enjoy their jobs 60 percent more, are 70 percent more aligned with their organisation's purpose and feel 66 percent closer to their colleagues. Empathy and a sense of accomplishment are higher in such firms, while burnout is 40 percent below that in low-trust cultures. Not only does trust improve organisation performance, but, according to Zak’s report, employees in high-trust companies are paid, on average, 17 percent more than those in other firms. In his research, Zak identified eight management processes that build trust for leaders: 1. Recognise excellence Research indicates that recognition has the most impact when it occurs immediately after the task or goal has been achieved. Recognition from management is most powerful when personalised to the employee and occurs in a public setting. 2. Assign difficult but achievable challenges to teams Pressure to achieve releases neurochemicals which intensify employee focus and strengthen social connections. Zak explains that when team members need to work together to reach a desired outcome, this brain activity coordinates their behaviours efficiently. 3. Employee autonomy Autonomy promotes innovation that management control can inhibit. Being trusted to find solutions to problems is a big factor in an employee’s engagement. Encourage staff to question established practices, especially those that have persisted for years. 4. Enable job crafting Encourage employees to focus their energies towards projects about which they are passionate while ensuring clear expectations, accountability and 360-degree evaluations are in place. 5. Share information broadly Poor management communication remains one of the big employee bugbears. Uncertainty about company direction can lead to stress, which in turn inhibits the release of oxytocin, a natural hormone which drives the social connections necessary for collaboration. Organisations that communicate plans broadly reduce uncertainty and increase teamwork effectiveness. 6. Intentionally build relationships Too often, managers communicate the message to “focus on your tasks” rather than encourage social connections. Zak cites neuroscientific experiments that show that when people intentionally build social bonds at work, their engagement and performance improve. Social events, which may appear to some to be “forced fun”, significantly enhance employee connectivity, particularly when such events include competitive team elements. 7. Facilitate whole-person growth High-trust workplaces help people develop personally as well as professionally. Though setting goals, learning plans and reviewing progress are key to professional growth, understanding how an employee is managing work-life balance or well-being is equally important. Leaders aware of personal challenges their employees face can often help through flexibility, rather than lose a valued contributor. 8. Show vulnerability Asking for help from colleagues is a sign of a confident leader and fosters trust and collaboration from those colleagues. It indicates that the leader is someone who involves everyone in achieving goals while valuing the opinions and expertise of others. High-trust culture boosts inclusion Building trust is a continuous process, and many colleagues and reports will start from different points in their willingness to believe the trust is authentic. Taking the time to understand that starting point and being patient while the trust emerges is essential. Being self-serving, not meeting commitments, being assumptive and jumping to conclusions are sure ways to breach any trust built. A culture characterised by high trust is more inclusive, performs better and is central to organisational success. Michael O'Leary is Chair of HRM Search Partners

As Ireland’s accounting landscape evolves, Mary Cloonan explores how managing partners are embracing strategy, talent and technology to drive sustainable growth Ireland's accounting and advisory landscape continues to change rapidly, driven by shifting client expectations, rising regulatory demands and the relentless advance of technology. In this dynamic environment, managing partners are setting their sights beyond technical excellence, focusing on the strategic priorities underpinning sustainable growth. 1. Strategic growth: moving beyond compliance services Compliance remains the foundation of many firms, but the real opportunities lie in advisory services. Firms that successfully integrate advisory services into their core offering articulate their value beyond audit and tax. Managing partners are doubling down on deepening client relationships, leveraging data-driven insights and building service lines that proactively solve business challenges. The firms leading here don’t just respond to client needs—they anticipate them. Whether operating as a private equity-backed firm or an ambitious, partner-led practice, this forward-thinking approach is essential in a market where maximising opportunities is key. 2. Talent and leadership: expanding the skills at the top table Attracting and retaining top talent remains a pressing challenge. The demand for skilled professionals continues to outstrip supply, making investing in people, once you have them, more critical than ever. Beyond competitive salaries, firms are re-evaluating their reward structures—moving beyond traditional partner compensation models to recognise and incentivise high-performing professionals at all levels. Retention strategies now include structured career development, leadership training and clearer pathways to partnership or senior roles. In response, firms are also reshaping their leadership structures, recognising that sustainable growth demands more than technical expertise. Many are introducing chief operating and growth officers to drive efficiency and business development, allowing partners to focus on client service and strategic direction. This shift doesn’t dilute the role of partners—it strengthens it. Successful firms focus on creating leadership teams with complementary skill sets—bringing together deep technical expertise with strong commercial and strategic oversight to drive long-term success. 3. Technology: a business enabler, not just an efficiency tool Artificial intelligence (AI), automation and cloud-based platforms are reshaping how firms operate. However, the most successful firms view technology as more than an efficiency driver—it is a catalyst for growth. Managing partners are focused on embedding digital tools to enhance client experience, improve decision-making and open new revenue streams. The challenge is not simply adopting technology but ensuring it aligns with long-term strategy and delivers real, tangible value. 4. Evolving client expectations: the shift to proactive advisory Today’s clients expect more than just number-crunching. They want proactive, strategic advice. The firms thriving in this environment prioritise client experience—offering insights beyond compliance, providing forward-looking business advice and positioning themselves as indispensable strategic partners. Accessibility to senior leadership is also becoming a key differentiator. Firms fostering a culture in which partners actively engage with clients—offering guidance, insight and responsiveness—will build stronger, longer-lasting relationships. (Subhead) 5. Sector expertise and the power of visible experts Many firms have deep expertise in key sectors, but too often, this knowledge stays within the firm rather than being shared with the market. Managing partners recognise the need to position their professionals as visible experts, ensuring their insights reach the right audiences. The firms that stand out are those actively showcasing their sector specialisms through thought leadership, media engagement and targeted industry participation. From publishing reports to speaking at events, firms that invest in visibility strengthen their reputation, attract new business and reinforce their position as trusted advisors in specialist fields. 6. Future-proofing: succession, sustainability and the long view Sustainable growth requires thinking beyond the next financial year. Managing partners are placing greater emphasis on leadership development, succession planning and business models that support long-term success. Whether through equity restructuring, alternative fee models or cultural shifts towards more collaborative leadership, firms are reimagining their future. Environmental, social and governance (ESG) also plays a growing role in client advisory services and shaping firms’ strategies. This is particularly relevant as private equity investment reshapes parts of the sector, presenting opportunities for ambitious firms—both partner-led and externally backed—to capitalise on emerging trends. Looking ahead The role of the managing partner is evolving. Success today requires balancing technical expertise with commercial acumen, embracing diverse leadership perspectives and ensuring firms remain agile in a changing landscape. Those who put client care at the heart of their strategy—while fostering accessible, forward-thinking leadership—will be best placed to seize the opportunities ahead. Mary Cloonan is the Founder of Marketing Clever 

Mentorship is key for young accountants transitioning to business development, offering guidance on effective networking, client engagement and relationship-building, says Mary Cloonan The challenge can feel significant for young accountants stepping into roles with business development targets for the first time. New responsibilities, particularly those requiring skills like networking and relationship-building, are often far removed from their previous technical focus. This is where mentorship can help, providing guidance and support to help them grow into the demands of their new role. Business development requires more than technical expertise. It involves cultivating relationships, strategic thinking and communicating value—skills not typically part of an accountant’s formal training. A mentor can: Provide practical guidance: Teach the mentee how to approach client engagement, network effectively and communicate persuasively. Build confidence: Support them as they tackle new challenges and unfamiliar scenarios. Set the example: Offer insights through real-world experiences and professional behaviour. Align efforts with strategy: Help them understand how their contributions support the firm’s broader goals. Effective mentoring: seven steps Here are seven steps experienced accountants can take to be a good mentor. 1. Simplify the starting point Break down business development into manageable steps. Help your mentee see this as relationship-building exercise rather than purely sales-focused. Concentrate on: Recognising potential opportunities in their network. Understanding the firm’s unique value proposition. Developing a genuine interest in client needs. 2. Set measurable goals Define clear and realistic targets. For example: Attend one networking event per month. Schedule two introductory meetings with prospective clients. Contribute to a team pitch or proposal. These bite-sized goals can help to build momentum without overwhelming them. 3. Practice through role-play Simulated scenarios are invaluable for building confidence. “Practice” situations with your mentee, such as: Introducing themselves at events. Explaining the firm’s services to a potential client. Handling objections effectively. Role-playing in a safe environment can help to prepare them for real-world challenges. 4. Encourage observation Let your mentee shadow experienced professionals. Whether it’s a client meeting, negotiation or event, watching mentors in action is a powerful learning tool. Follow up with discussions to reinforce key takeaways. 5. Emphasise listening Strong business development is rooted in active listening. Encourage them to: Ask open-ended questions. Pay close attention to what clients are really saying. Build trust by understanding challenges from the client’s perspective. 6. Give constructive feedback Feedback is essential. Review your mentee’s performance after meetings or pitches— highlight strengths and suggest improvements. Recognising small wins can boost confidence and foster growth. 7. Highlight the bigger picture Help your mentee to connect their efforts with your firm’s success. Discuss how building relationships can drive growth, create opportunities for cross-selling and enhance career prospects. Benefits for both mentors and mentees An effective mentorship programme benefits everyone. Firms gain future leaders with technical and business development skills, while clients will likely experience better service through improved relationship management. For young accountants, developing these skills early can boost their confidence and open up potential avenues to career advancement. Mary Cloonan is Founder of Marketing Clever

With some organisations initiating a return-to-office mandate, what impact will this have on workers’ productivity and work quality? Ian Brinkley explores Few recent changes in the labour market have been so dramatic over such a short period as the rise in working at home during the pandemic. And much of that change has persisted in the post-pandemic period. In 2019, just four percent of employees in Ireland usually worked at home, while just over 11 percent reported doing some work remotely. By 2023, these figures had risen to 19 percent and 15 percent respectively, meaning about a third of all employees were involved in remote work, according to Eurostat. These percentages are relatively high compared to the overall standards in the EU. It is often argued that home-working makes workers more productive, improves job retention and increases job quality, such as work-life balance. It has certainly proved popular with workers, and there is some unmet demand from people who would like to work at home but cannot. However, the evidence to support these claims is not as clear-cut as we would like. Productivity While some studies have confirmed a positive impact on productivity, others have suggested it has no impact either way, and some find negative impacts. A 2023 survey from the CIPD found that while more employers reported a positive impact than a negative one, nearly half reported no impact one way or the other. Unsurprisingly, employers were much more enthusiastic about the potential positive impact on retention and recruitment than productivity. Many studies rely on self-assessment by individuals and employers as to whether they think employees are more productive at home, but do not measure actual output when working in the office versus remote work. We should not dismiss self-assessments, but they do make it hard to know just how big any positive or negative impact might be. What we can say is that in both Ireland and the UK, the rise in homeworking is not associated with better productivity performance across the whole economy. According to the Central Statistics Office, productivity performance since 2019 has been poor in both countries. It might be that any positive impacts of home working are being swamped by other changes in the economy, hampering productivity growth. Home working and work quality Homeworking may deliver more significant benefits as a flexible work option which employees value. However, the CIPD’s large-scale Good Work Index survey of workers in the UK does not show much change in most indicators of job quality between 2019 and 2024, despite the big rise in home working.  This is a bit of a puzzle. It could be that many of the people who shifted to homeworking since 2019 – mostly those in managerial, professional and technical occupations –already had good jobs, so moving to a different location did not greatly change their response.  For example, those who did work at home occasionally reported much higher levels of autonomy over how they did their work than those who did not, but it is likely that they would have said the same even if they had been working in the office.  These headline comparisons are instructive but not conclusive. We need to look at reported work quality for workers in similar jobs, with a mix of some working at home and some working in the office. It may also be that the standard work quality questions do not fully capture all the benefits of home-working to employees. The future of home-working There have been high-profile reports that some major employers – often in the US – are either insisting their workers return to the office or limit the number of days they can work at home. In the UK, civil servants working at home have also attracted criticism, albeit without much evidence of any detrimental impacts. The 2023 CIPD survey found that senior managers expressed concern about home working in about 40 percent of all employers surveyed. However, concerns about getting people back into the office when needed, managing teams, and reduced opportunities for communication, collaboration and innovation were more common than concerns that employees either could not be trusted or were less productive at home. On balance, home-working probably does have positive impacts on both productivity and work quality, but to date they have been modest. The shift to homeworking is here to stay despite attempts in some organisations to reign it back. The CIPD 2023 survey found that 20 percent of employers were putting in active steps for more hybrid working over the next 12 months. For many organisations, a better option will be to manage home-working more effectively rather than risk making themselves less competitive in labour markets by limiting a flexible work option that many employees have come to see as an expected and valued part of the work offer. As more organisations learn how to get the best out of home-working employees, perhaps homeworking will eventually start to move the dial on aggregate labour productivity. Ian Brinkley is a labour market economist and commentator

The Irish Corporate Governance Code represents a progressive approach to ensuring best practice among companies listed on Euronext Dublin and enhances the reputation of ‘Ireland Inc’ globally. Níall Fitzgerald and Louise Gorman explain why Did you know that Ireland hosts one of the most extensive corporate governance infrastructures in Europe?  In Ireland, there are specific governance codes applicable to listed companies, charities, state bodies, financial services institutions, funds and sports organisations.  This is in addition to other entity-specific requirements that may also apply – charities may have to comply with multiple governance requirements as a condition of receiving state funding, for example.  Yet, until recently, Irish listed companies have relied on the best practice principles of the UK Corporate Governance Code (UK Code).  It is therefore worth considering the extent to which the recent publication of the Irish Corporate Governance Code 2024 (Irish Code) presents a new opportunity to tailor best practice in corporate governance to Irish listed companies. The Irish Code will apply initially to a small number of companies listed on Euronext Dublin, the Irish Stock Exchange, for financial years commencing 1 January 2025. Those dual-listed in both Ireland and the UK have the option to either follow the Irish Code or the UK Code in respect of their Irish listing.  The introduction of the Irish Corporate Governance Code is nonetheless significant.  Four years on from the UK’s departure from the European Union (EU), the Irish Code signals that the time has come for Irish companies to follow a path aligned with EU policy and practice, while remaining loyal to the overarching best practice principles established by the UK. It also reflects welcome proactivity in protecting and enhancing the reputation of ‘Ireland Inc’ on the global stage.  Historically, many corporate governance codes and laws internationally have been introduced in response to corporate failings.  By contrast, the Irish Code has emerged out of a desire to ensure that best practice is suitably tailored to the specific circumstances of Irish listed companies.  This comes at no cost to our competitiveness. We retain our well-established ‘comply or explain’ principles-based approach, while also remaining globally connected via our EU membership. Further, we host a US Public Company Accounting Oversight Board presence relating to both Irish companies listed on US Stock Exchanges and US listed companies operating in Ireland. What does this mean for Irish companies? Irish companies already complying with the UK Code will, for the most part, maintain their existing governance practices. They will need to address some specific Irish Code requirements, however. The extent of any differences here will vary depending on each company’s governance policies and structures.  Some companies may find the adjustment process less challenging, particularly those already preparing for the new UK Code applying from 1 January 2025 (apart from Provision 29, which applies from 1 January 2026).  The UK Code served as the basis for developing the Irish Code. Euronext Dublin has made changes only where necessary to ensure proportionality and relevance.  To enhance the principle-based approach, Euronext Dublin has also taken the decision not to include some of the more prescriptive requirements driven largely by the UK regulatory environment.  Maintaining close alignment makes sense as the UK Code is highly regarded and sets a high standard for corporate governance that is emulated internationally.  Our table illustrates some of the key differences between the Irish and the UK Code. Some of these differences, and what they mean for Irish companies, are further explained below. Internal control and risk management: A significant new requirement in the UK Code is included within Provision 29. This requires boards to provide a “declaration of effectiveness” on internal controls, identifying any ineffective controls as of the balance sheet date. Compliance will require boards to establish an independent framework to monitor and assess their internal control and risk management systems. The Irish Code also requires boards to review and report on the effectiveness of these systems, but it is less detailed, not requiring specific declarations or publication of ineffective controls at the balance sheet date. Audit committees: The UK Code requires audit committees to adhere to the Financial Reporting Council’s (FRC) “Audit Committees and the External Audit: Minimum Standard.” In contrast, the Irish Code outlines the roles and responsibilities of audit committees, which are consistent with Companies Act 2014 (Section 167) requirements, without reference to an additional standard, specifying that their work should be detailed in the annual report. Maintaining the principle-based approach in this area is practical, as best practices for audit committees are evolving in accordance with emerging recommendations on audit tendering oversight and sustainability reporting coming from bodies such as the FRC and Accountancy Europe. Less prescriptive and more proportionate: The Irish Code retains core principles, such as workforce engagement, but leaves it to boards to choose the most appropriate methods for their companies’ needs. This facilitates greater flexibility relative to equivalent parts of the UK Code which specify detailed considerations or criteria. The Irish Code aligns some provisions with those in smaller EU capital markets, enabling a proportionate governance approach. For example, while one of the criteria for assessing non-executive directors’ independence in the UK Code requires a five-year employee cooling-off period to be considered, the Irish Code sets this at three years, balancing market size and available talent. Regulatory oversight and enforcement: Like the UK, the Irish Code relies on the market mechanism. It aims to promote high standards of integrity, transparency and accountability. Investors and stakeholders can evaluate disclosures and make comparisons across companies in assessing corporate governance quality. These assessments then inform decisions and actions taken in the markets, such as the decision to buy or sell shares. The implication of this in the UK experience is that the FRC has no sanctioning authority in instances of weak compliance; sanctioning is left to the market mechanism. The FRC does, however, conduct thematic reviews to guide improvements in corporate reporting and governance. Ireland currently has no equivalent body for corporate governance assessment. However, the Irish Auditing and Accounting Supervisory Authority reviews annual reports for EU Transparency Directive compliance, without a specific corporate governance focus. While sanctions do not apply for weak governance compliance, Euronext Dublin can impose sanctions or suspend listings for violations of the listing rules. The Financial Conduct Authority in the UK has a similar approach.   The Irish Code and the UK Code: key differences Workforce engagement  The Irish Code requires boards to explain workforce engagement methods and their effectiveness, without mandating a specific method as in the UK Code. Additionally, it requires a board review of policies for raising concerns. This requirement aligns with the OECD Corporate Governance Principles 2023.  Threshold for addressing shareholder dissent The threshold for consulting with shareholders on a dissenting vote against a board recommendation is set at 25 percent under the Irish Code (20% in the UK Code). Unlike the UK, there is no requirement to provide a six-month shareholder update on the consultation, but it should be addressed in the next annual report. Non-executive director independence  When considering the independence of a non-executive director (NED), the criteria relating to previous employment by the company is whether they have been an employee of the company within the last three years (compared to five years in the UK Code). Board appointments The Irish Code does not include the UK Code restriction on the number of appointments a non-executive director has in a FTSE 100 or other significant undertaking. The Irish Code requires all commitments to be considered when determining whether the NED has the capacity to fully commit to the board. Company Secretary The Irish Code further elaborates on the role of the Company Secretary in ensuring a good information flow within the board, its committees and between management and non-executive directors – recording accurate minutes, facilitating induction and assisting with professional development of non-executive directors. Board evaluation The Irish Code replaces the UK Code reference to FTSE 350 companies with “companies with a market capitalisation in excess of €750 million” in the requirement to conduct an external board evaluation at least once every three years. Board skills and expertise The Irish Code includes an additional requirement for the nomination committee to use the results of a board evaluation to identify the board’s skills, knowledge and expertise requirements. This should be reflected in board succession plans, professional development plans and steps taken to ensure the board has access to the skills, knowledge and expertise it requires. This requirement is consistent with good governance practices in other EU countries, e.g. the 2020 Belgium Code on Corporate Governance. Diversity and inclusion Whereas the UK Code includes reference to UK equality legislation for diversity characteristics, the Irish Code requires companies to have a diversity and inclusion policy regarding gender and other aspects of diversity of relevance to the company and includes measurable objectives for implementing such a policy. The Irish Code requires this policy to be reviewed annually. Audit Committee To ensure consistency with the Companies Act 2014, the requirement for one member of the Audit Committee to have “recent and relevant financial experience” is changed to “competence in accounting or auditing”. Reference to “financial reporting process” is replaced with “corporate reporting process” to better reflect the audit committee’s role in monitoring financial and non-financial reporting, e.g. sustainability reporting. Reference to the UK specific Financial Reporting Council guidance on “Audit Committees and the External Audit: Minimum Standard” is also removed. Internal controls and risk management systems The Irish Code does not include the UK Code provision for the board to include a declaration of effectiveness of material controls, but the requirement to monitor the company’s internal control and risk management systems and review their effectiveness remains.  Remuneration Under the Irish Code, share awards in long-term incentive plans must vest over at least three years, unlike the UK’s five-year minimum. Malus and clawback provisions should be described generally in annual reports, and executive pensions require thoughtful comparison to workforce pensions, with less prescriptive rules than the UK Code. What next for the Irish Code?  Euronext Dublin is in the process of revising the Listing Rules to give effect to the new Irish Code and is further streamlining the requirements.  An Irish Corporate Governance Panel will be established, with responsibility for reviewing and advising on changes to the Irish Code in the context of the evolving corporate governance landscape in Ireland, the UK and Europe alongside other factors.  What impact the Irish Code will have remains to be seen. It represents a sensible approach to building on the reputation and quality of the UK Code, and while there are some differences between the Irish and UK Code, they are mostly aligned.  We have been careful to note that the Irish Code initially applies only to a small number of companies, so one may be forgiven for questioning its true significance. Nonetheless, key issues on the European regulatory horizon suggest that it may mark the start of a greater departure from the UK’s approach to governance.  The recent transposition of the Corporate Sustainability Reporting Directive into Irish law provides another example of this as the CSRD’s required disclosures on governance introduce an EU influence into governance in Irish companies.  Future revisions to the Irish Code may further reflect this newly established autonomy in governance in Ireland, particularly as we adopt the Corporate Sustainability Due Diligence Directive and other directives the European Commission will inevitably introduce over time.  Currently, best practice principles for Irish private companies are limited to voluntarily following the UK’s Wates Corporate Governance Principles for Large Private Companies. Just as the UK Code has influenced these principles, the Irish Code may provide a basis for further extension to large private entities.  There is also a strong argument that any evolution in corporate governance guidance deserves due consideration, particularly as boards deal with increasing risks and opportunities from environmental, social, economic and technological developments.  As it happens, there are no immediate plans to draft guidance to support the Irish Code, and the FRC’s Corporate Governance Code Guidance should, in the short term, be sufficient to fill the gap.  Experts in the area have long noted that attention tends be paid to corporate governance only when a failure occurs.  Given the level of public scrutiny such failures attract, and the associated reputational costs borne by board members, any Irish listed company director should be asking themselves if they can really afford not to pay attention to the new Irish Corporate Governance Code. Níall Fitzgerald, FCA, is Head of Ethics and Governance at Chartered Accountants Ireland Louise Gorman is Assistant Professor at Trinity Business School

Smaller employers completing gender pay gap reports for the first time in 2025 have a wealth of information to draw on but much work ahead, write Aoife Newton and Andrew Egan A lot can be learned from the first three years of gender pay gap reporting in Ireland, which means those employers new to this reporting in 2025 have a wealth of valuable data to learn from.  Many large employers are already producing in-depth and illustrative annual gender pay gap reports. Although primarily focused on statutory reporting requirements, they also reflect best practice approaches to tackling gender pay gaps and outline clear, insightful ways to explain these gaps.  For employers preparing to report for the first time, these reports are worth reading, if only to give you a sense of the approach others have already taken. As much as you can learn from this, however, you should not underestimate the volume of HR, payroll and other data required for gender pay gap reporting, the complexity involved in merging this data, the calculations required and the scrutiny you can expect to face when communicating your findings to stakeholders internally and externally.  Gender pay gap results published in 2025 will be based on data collected over 12 months, typically from July 2024 to June 2025, though the exact dates will depend on each employer’s chosen snapshot date.  This means employers not already focusing on gender representation across their organisation may find themselves having to explain sizable gender pay gaps. With Irish employers employing as little as 50 people in scope for reporting next year, we expect to see a lot more focus on this area from the media, employees and other stakeholders.  Smaller employers are subject to the same legislative requirements as their larger counterparts; there are no exemptions for employers with limited resources. This means they will be required to produce a report reflecting accurate results aligned with 11 statistical gender pay gap metrics along with a narrative detailing the reasons for existing gaps and measures (both existing and planned) to reduce or eliminate these gaps.  New 2024 regulations – new results? The Employment Equality Act 1998 (section 20A) (Gender Pay Gap Information) (Amendment) Regulations 2024 were introduced last May and it will be interesting to see what impact they have on this year’s gender pay gap reporting results. Under the 2024 Regulations, social welfare payments relating to certain periods of protective leave can now be included in gender pay gap calculations. This is a welcome development as it may help reflect parity of payment in line with notional hours worked.  Prior to this, the regulations have only included ‘top-up’ payment made by employers as relevant pay for gender pay calculations, providing that social welfare payments should be excluded (notwithstanding that full hours have been included).  The impact of this approach has been to reflect a lower hourly rate of pay for employees in receipt of certain welfare payments.  For 2024 reporting and beyond, employers will need to include both maternity leave benefit along with a maternity ‘top-up’ payment (i.e. 100% pay) matched with 100 percent hours.  This should reflect a notional increase in pay for women, thus helping to ‘reduce’ an employer’s gender pay gap compared to last year’s reporting. The 2024 Regulations also adjust the treatment of share options and interests in shares. These are now considered benefit-in-kind rather than forming part of bonus payments.   This could have a significant impact on the gender pay results of in-scope employers as benefit-in-kind is not included in either overall gender pay calculations or separate bonus calculations. Previously, share options and interests in shares were included in both.   The issue of actual shares (to be valued on the date of issue) continue to be part of the bonus calculation. So far in 2024, we are seeing steady results in completed reports compared to reports in the two years prior.  Typically, any significant variations in results can be explained by reference to changes in personnel at a senior level or due to business restructures. Both will continue to impact annual reporting.  Comparison is key An important aspect of reporting for many employers is how favourably, or otherwise, they compare with their peers operating in the same sector or industry. For example, if an employer operates in a sector that is traditionally male dominated (e.g. engineering), this will clearly influence their gender pay gap results.  In certain sectors, such as professional services, where employers are recruiting in the same talent pool as their competitors, how their organisation compares to their peers really matters.  Ideally, employers will want to see results that are either “similar to” or “more favourable than” their competitors.  If their results are not, boards and management should query why they are out of line with competitors with a similar resourcing structure recruiting from the same talent pool. In particular, it is worth examining whether there are discriminatory practices behind any results revealing a wide gender pay gap as this could be affecting female representation at the higher levels of the organisation – or perhaps the organisation’s pay and bonus structure is weighted in favour of men?  Ultimately, gender pay gap results serve to root out any embedded issues that may be impeding more equitable pay across the board. New developments in 2025 The biggest change in 2025 will be the extension of the gender pay gap reporting obligation to employers with just 50 employees. In addition to this development, we expect to see some changes to how the gender pay gap reporting process is carried out.  As it stands, employers must include their gender pay gap data and statement of information on their website – or have it available for public inspection.  We understand the Government has issued a tender for the development of an online gender pay gap portal, with development due to start in the coming weeks and testing earmarked for the new year.  It is expected that the portal will have similar functionality to an online gender pay gap portal already in operation in the UK.  If this is the case, the portal will allow employers and other interested parties to compare and contrast results with ease, rather than having to rely on the current, more laborious, manual process.  This new system of reporting is also expected to result in the reporting deadline being brought forward to the end of November 2025.  Employers – both those already reporting and new to the regime – will therefore have a five-month window in which to report, slightly shorter than the current six-month timeframe.  All employers in scope for reporting next year must thus be vigilant and ensure they are up to date at all times with the portal requirements and potential new deadline.  The EU Pay Transparency Directive Looking further ahead, as the EU Pay Transparency Directive (the Directive) is due to be transposed by June 2026, we expect to see many more changes to the reporting regime in the coming years.  The implementation of the new rules under the Directive will not only change the amount of data required but will also align gender pay gap reporting more closely with the employee engagement agenda.   Further, gender pay gap reporting under this Directive will not simply be about producing an annual report of results and narrative; it could also open up data results to scrutiny from trade unions and other employee representatives.  Where there are gaps of more than five percent in any category of worker (these categories are yet to be defined), which cannot be objectively justified and cannot be rectified within a six-month period, the employer may have to engage in a joint pay assessment.  Such joint pay assessments are expected to involve trade unions or other employee representatives.  Employers and all relevant stakeholders should, therefore, be more concerned about how the Directive will shine a light on their organisation’s gender pay gaps, bringing current reporting closer to the principle of equal pay and overall pay transparency.   Acknowledge the gaps Given the additional layer of data scrutiny under the EU Pay Transparency Directive, we are encouraging all employers with gender pay gaps in favour of male employees to commit to deeper analysis.  By better understanding the causes of such gaps at every level of their business, they will find these discrepancies easier to explain (based on objective criteria), and also potentially easier to rectify.  And while not all gaps may be fixable in the short-term, a deep analysis can give employers a good starting point to devise a longer-term solution, as well as greater scope to explain these gaps to legislators with reference to objective criteria. Ultimately, employers who are not focused on gender parity, closing gaps or preparing for the impending new regime, may be exposed to time-consuming and potentially contentious joint pay assessments.  Aoife Newton is Head of Employment and Immigration Law, KPMG Law LLP  Andrew Egan is a Director with KPMG, leading the firm’s tax data and analytics service offering

Maria Johnson, Head of Finance for Capital Investments at Iarnród Éireann, talks to Liz Riley about her journey to becoming a Chartered Accountant, the value of balance, and the lessons learned from a diverse and rewarding career Starting out, my journey to accounting was somewhat convoluted.  First, a late change to my CAO form brought me to the University of Limerick where I did a degree in Business Studies and French at the University of Limerick, ultimately choosing to major in Economics and Finance and minor in French.  I undertook the Professional Diploma in Accounting at Dublin City University (DCU) and I am now a Fellow of Chartered Accountants Ireland and Head of Finance for Capital Investments at Iarnród Éireann.  I am also lucky enough to be a mother, a stepmother, a daughter, a wife, a sister and a friend.  Capable business advisor I participated in the “milk round” while studying at DCU and decided that training in audit with BDO should be my next step.  The firm proved the ideal choice to commence my career as a Chartered Accountant.  As the audit department was not split into sector-specific teams, I was exposed to numerous sectors, including pharmaceuticals, financial services, professional services and manufacturing, during my training contract.  I also completed two client-based secondments, which gave me valuable real-world experience early in my career.  The BDO philosophy was to ensure the firm’s graduates would become capable business advisors as well as confident accountants through consistent exposure to partners and senior managers, genuine dealings with clients, attendance at relevant meetings and opportunities to present findings and solutions.  This philosophy has benefited me throughout my career, enabling me to work across sectors undaunted and ensuring that I can have valuable conversations with clients and colleagues as required without reservation.  I learned not to be pigeonholed either through education or early career choices. Up-and-coming accountants should aim for a degree and graduate programme that is established and will give them maximum exposure to sectors and professions in their chosen field.  Trading in facts I completed my graduate programme in October 2008, just as the Celtic Tiger was waning and the recession approached.  I was asked to join the Corporate Advisory and Recovery Team at BDO. I worked on this team until June 2014, moving from manager to senior manager during this tenure.  It was an unimaginably busy but rewarding time. All insolvency processes involve an investigation and an evaluation of how the company ultimately failed. These investigations involve forensic reviews of the books and records of the company and meetings and interviews with the officers of the company.  I learned to always remain resolutely professional, treating everyone I meet respectfully and equally – never make assumptions, trade only in facts and always back up all conclusions with evidence. Managing “the juggle” In July 2014, I moved to London with Mazars to work on an engagement for the Financial Conduct Authority. From there, I came back to the Dublin office to work in the financial consulting and decision-making support team. Our team specialised in financial modelling, data analysis and capital business cases. I became a Director on this team in September 2019.  During my time at Mazars, I became a proud dog owner, got married and became both a stepmother and a mother. We also moved from the highly convenient Harold’s Cross to a more family-friendly Portmarnock.  So, I became very well acquainted with “the juggle”.  When I returned from maternity leave, I received some timely advice suggesting I should become very aware that my time was no longer ‘elastic’, meaning I needed to set strict boundaries and stick to them.  This advice has always stuck with me and helps me to set my priorities for the day or week and allocate focus time to achieve those priorities. While it is always good to be flexible, this can no longer be a constant when crèche closing times are set in stone.  Making a different to Ireland’s future In March 2020, I joined Iarnród Éireann as Head of Finance for the newly formed Capital Investment Division. Capital Investments is tasked with building the “railway of the future”.  The Capital Investments team is currently delivering the DART+ Programme, the Cork Area Commuter Rail Programme, the reopening of the Foynes Line in County Limerick and many more projects across the island of Ireland.  I always loved practice. My move was not planned. It was simply that a role I was truly interested in pursuing crossed my path and I couldn’t resist exploring it further.  I have seen many colleagues and friends take roles specifically based on monetary rewards. While this is, of course, important, it rarely results in long-term career success.  I am enjoying working on a multidisciplinary team that is making a real and enduring difference to the Ireland of the future. This role allows me to leverage all the lessons learned in my career to make a real contribution to a busy senior management team. Don’t rush and take time to learn from and enjoy the many opportunities that come your way. I have held many different roles within the accountancy profession.  The work I have undertaken and the professionals I have had the privilege to work with along the way have shaped how I interact with colleagues, approach the work I do and represent my team at an organisational level today.  I’ve learned several things over my career that has influenced my work at Iarnród Éireann: Where possible, always work for companies that have a culture and strategy you are comfortable with.  Real flexibility and respect for work-life balance are lived experiences rather than buzzwords in graduate brochures and company websites.  Organisation is key. I have a great team who are highly committed to their work. I am grateful to them for all that they do, but I also respect that they all have competing priorities. Everyone has competing priorities in life irrespective of their gender, age or stage of life. We try to identify additional priorities and ad hoc tasks well in advance and plan for them around business-as-usual responsibilities to ensure everything is done in a timely and professional manner Balance in teams is essential. I have been a manager in one guise or another since I was 25. I have always happily gotten to know each of my teams. Impromptu coffees and lunches and, most of all, genuine interest are much more valuable than expensive annual outings, etc. Respect, organisation, a shared goal and camaraderie must be a constant in any successful team. Striving for balance Life is a balancing act. I have always worked for organisations that respect diversity and inclusion. I have had colleagues from all backgrounds and across many nationalities. I don’t believe being female has strongly influenced my career and I have been awarded opportunities on merit where deserved.  Where the juxtaposition of gender roles does come into play is in the mid-career juggle between career and family. Society’s expectations are enormous and growing, and the pressure to be the best at everything is real.  I am lucky to have a husband and life partner who also holds a demanding role and who is committed to working with me to do our “best” with life’s challenges and professional obligations in a given week – not “be the best”, but do our best.  I once heard at an International Women’s Day event in London that in any relationship there is an ebb and flow as to whose “time” it is. This is how we run our household every week. It is not always any one person’s “time”, but rather everyone gets their “time” when they need it.  In reflecting on my journey, I recognise that every step – whether carefully planned or serendipitous – has contributed to the professional and personal life I lead today.  To those beginning their own journeys, I would say this: remain open to change, stay true to your values and strive to balance ambition with the things that truly matter in life. The path may be winding, but it’s the experiences and people along the way that make it rewarding.

For Jaimie Dower, having a supportive work environment has played a critical role in helping her to navigate her gender transition positively and proactively When Jaimie Dower made the decision to transition in May 2022, she knew how important it would be to take a proactive approach to communicating her experience, not just in her personal life but also at work to her colleagues and clients at EY Ireland. For Dower, who is an Executive Director in EY’s Audit Quality Programme, her transition marked a watershed moment in her life. She was, she says, finally ready to “stand up in front of the world and say, ‘this is me’.”   “This is something that has been with me my whole life and something I had up until that point struggled with and hid,” Dower explains.  “There was always a disconnect – the person I knew I was inside and the person I was on the outside were not the same.  “It impacted my life in so many ways because there was always this noise in my head – this static – and the way I dealt with it for many years was to mentally compartmentalise and throw myself into things and say to that noise, ‘go away; I’ll deal with you another time.’” For Dower, who lives in Waterford and works at EY’s southeastern hub in the city centre, it was the onset of the COVID-19 pandemic in early 2020 that proved the catalyst for her transition. Working long hours at home and surrounded by the uncertainty that had engulfed the world as the pandemic took hold, she found she was no longer able to rely on life-long coping strategies. “I think this will resonate with a lot of people for their own reasons, but that first COVID lockdown in March 2020 really brought things to a head for me,” she says. “Out of everyone in our family, I was the one working alone from home the most. I had a lot of time to myself and, suddenly, I couldn’t manage those boxes I’d compartmentalised everything into anymore.  “Looking at what was happening in the world around me at that time, there was also this really strong sense of, ‘life’s too short.’  “It wasn’t just that I didn’t want to hide who I was anymore; I wanted to celebrate it. I wanted to stand up in front of the world and say, ‘this is who I am.’ That really came home to me during COVID.” First steps and early conversations Dower’s first step was to seek professional help. Working with a therapist helped her to ‘clarify’ her thoughts and begin to plan the practicalities of managing her transition.  “Talking to someone at that stage was very important – to have that help and support in coming out to myself, really, and the sheer relief of being able to say it out loud. It was powerful,” she says. By mid-2023, having begun hormone treatment, she was ready to start thinking about how to communicate her transition at work. “The hormone treatment changed my life. I can only describe it as coming into full focus for the first time. The dissonance I had felt all my life faded away. Now, I had to think about how to start telling people about my transition – to put a plan in place I was comfortable with.”  Initially, Dower decided to get involved in Unity, EY’s global LGBTQ+ network. “I took things slowly at first, getting involved in things like helping to organise Pride events. I got to know colleagues in the network and had one or two small conversations – really just to begin to gather my own thoughts on how to approach this.” By late 2023, Dower was ready to take more formal steps, and she reached out to EY’s HR team for support. “Their support was incredible. I was able to work directly with a colleague on the HR team I knew I could trust to work out a plan. That trust was immense for me.  “We talked about when I would start speaking to people, who I needed to speak to and when, and about what I wanted to say.” Intentional communication Dower began communicating with her colleagues in mid-February 2024 in advance of presenting at work as her authentic self. “There was a lot of anxiety for me initially around those conversations. Having worked at EY for 30 years, I did feel a lot of pressure because I have long-standing relationships with colleagues within the firm and clients externally and they trust me.  “I had faith that there would be a positive response, but in the back of your mind, there is always the worry that someone might not react well. “I will never forget that first call we set up for 2pm on a Friday afternoon with all the Assurance Partners across EY in Ireland – that was our starting point. “I work with EY people all around the country, but primarily in our Dublin office, and I needed to communicate to everyone.  “So, once I had that call with our Assurance Partners, I set up another group call with everyone on my team and then I sat down face to face with everyone in our Waterford office.” Although intense and, at times, overwhelming, the process also proved to be “empowering” for Dower who welcomed the positive feedback and support offered by colleagues.   “It was the support that came afterwards that really meant so much to me – people reaching out to say, ‘I’m delighted you were able to come to me and tell me this. I am with you – I support you.’  “Just knowing I could come to work as myself and it would be okay was incredible, because not everyone has that experience. Not everyone has that support.” While not easy, the process held great value for Dower, who felt empowered by being able to work proactively with her colleagues at EY to communicate her transition. “Every one of those conversations was difficult, no matter how many times I did it. Effectively, it was just me having to strip away all my defences to tell my story in different ways to different people depending on the nature of our working relationship and how well we knew each other.” “In some ways, it is a never-ending journey, but all I am fundamentally saying is, ‘I am still me, but I am the authentic me – a better version of me’.” Meaningful support and guidance In supporting employees at work as they transition, Dower sees enormous value in collaborative diversity, equity and inclusion initiatives, such as EY’s Unity network, which can help to foster a sense of community and act as a crucial conduit for support and communication. “Through my involvement with Unity, I had the privilege of being able to play a role in revising EY’s Transgender Identity, Expression and Transition Guidelines and I was also able to take part in a Transgender 101 Webcast for staff across the organisation.” As Dower sees it, such initiatives are vital in helping to foster a supportive environment for transgender employees and providing guidance and resources for the wider workforce. “From the employer’s perspective, education is so important. I’m not in a position myself to go around every day educating every person I meet. That’s where things like guidelines and webcasts can have real value. Even just a little bit of education can go a long way.” In particular, Dower sees value in establishing clear guidelines that are equally applicable to all and give everyone a simple and transparent baseline to work from. “I’ve had a sense sometimes that some colleagues may be a little nervous. It’s not that they are not supportive, it’s maybe that they are afraid that they might say the wrong thing or use the wrong terminology, and inadvertently cause offense or upset – and that is the last thing I want,” she says. EY’s Transgender Identity, Expression and Transition Guidelines include sections on gender identity and expression and the correct or inaccurate use of terms relating to gender expression, including pronouns. Guidance is also offered to managers on how to support transitioning employees and to individual employees who are transitioning. “I am very fortunate that EY as a firm, as an employer, has been so willing to work with and support me. When I reached out, the response wasn’t, ‘this is what we need from you,’ it was, ‘what do you need from us?’  “Now, I really want to communicate how important this is to the wider world, because I feel a responsibility to others who are transitioning and may not have the same support I have at work,” Dower says. “Because I have been with EY for 30 years, I have the privilege of a longstanding presence in the organisation and all the trust that comes with relationships built over that time. “Right from the outset I’ve thought, ‘if I can get this right, it might make it easier for someone who is younger and newer in the door who is going through the same thing.’  “Representation matters; visibility matters. Ultimately, I want to do what I can to help make this process easier for others in the future.” Interview by Elaine O’Regan Supporting employees transitioning at work For any person undergoing gender transition, the support of their employer, managers and colleagues will be crucial, and open, honest communication will play an important role in building trust and supporting a positive experience.  “At EY, we are committed to supporting individuals as they go through gender transition and working closely with them to provide personalised support, aid in establishing an action plan and setting expectations,” says Derarca Dennis, EY Ireland’s Assurance Partner and Sustainability Services Lead. “We value diversity and inclusion and the creation of a safe workplace in which everyone has the best opportunity to reach their full potential.” Based on EY Ireland’s own Transgender Identity, Expression and Transition Guidelines, Dennis shares seven key ‘best practice’ focus areas for all employers and managers seeking to support their own employees undergoing gender transition: Develop a transition plan When an individual approaches you with their intention to transition, it is imperative that you are supportive, open-minded and honest. Be prepared to discuss their aims and expectations, and what they intend your role to be in the transition. Make sure to consider stakeholders, colleagues, policies and procedures existing in the workplace. Ask your HR team for guidance and support as needed. Prioritise effective communication Clear, open and honest communication from managers, employees and the transitioning individual is essential. Communication will be different in all transitioning plans and dialogue can help alleviate any potential difficulties or issues. Hosting information and awareness sessions for team members and other stakeholders should be considered when developing this plan. Other fundamental communication areas to consider include what the transitioning individual is comfortable and willing to share.  Practise sensitivity and respect Be prepared to treat any employee who is transitioning with respect and an open-minded attitude. Be ready to ask questions, listen and understand their needs and concerns. All employees deserve to be treated with respect and sensitivity when related to their personal lives.  Use pronouns correctly Using the correct pronouns (he/she/they/ze etc) is extremely important. Simply ask the individual which pronoun they would like people to use and then ensure that everyone knows this. It may seem like a small thing, but it is incredibly important to get right as it demonstrates validation of the individual’s authentic self, which will go a long way towards helping them know they are fully accepted in their expression of their gender identity. Educate and raise awareness While everyone is expected to behave in accordance with policies, there should also be an opportunity for education and questions to be asked related to the transition process. It may be useful to host information sessions and forums to address concerns and educate employees who work in the team.  Guide on client conversations Should the individual be client-facing, they should be offered support (if required) in facilitating a conversation with any clients they work with. It is important to reinforce that their technical abilities will not have changed as a result of their expression of their gender identity and clients should be made to understand that all team members working with them must be treated with the same support and respect.  Respect confidentiality and privacy You should always maintain an appropriate level of confidentiality and privacy in relation to employee matters. Information should only be disclosed to those who need to know (such as HR, for example), those involved in the process, or those who have the consent of the transitioning employee. 

As we draw the curtain on a challenging year, three Chartered Accountants offer their personal insights and predictions for the Irish economy in 2025 John Donoghue, Chief Executive Officer at Ifac As we look ahead to 2025, Ireland’s farming and agribusiness sectors face a pivotal year marked by both opportunities and challenges. While 2024 has delivered favourable weather conditions and decent commodity prices, regulatory and environmental hurdles will test the resilience of agricultural enterprises in 2025. The most pressing concern is the potential loss of Ireland’s nitrates derogation. The derogation has been crucial in enabling Irish farms to maintain high productivity levels, and its removal would require significant operational changes. At Ifac, we are conducting extensive stress testing with dairy farmers to assess various scenarios, including reduced herd sizes, expanded storage facilities and land acquisition strategies. We recently welcomed Dr Rosie O’Neill as Director of Sustainability, and she is working closely with businesses in food and agriculture to help them plot their sustainability journey. Sustainability has emerged as the defining challenge across farming, food production and agribusiness. Large food producers face mounting pressure from retail customers to demonstrate not only their own environmental credentials but also the sustainability of their entire supply chain. The dairy sector appears to be reaching a plateau after years of expansion. Current trends suggest the number of dairy farmers in Ireland could decline from 16,000 to about 12,000 over the next five to six years, presenting significant output risks and a big challenge for our major dairy co-operatives. The regulatory burden continues to grow, particularly with the Corporate Sustainability Reporting Directive (CSRD) coming into effect. From 2025, a broad group of our corporate clients will need to report on their sustainability metrics, adding another layer of complexity to business operations. Export markets offering growth opportunities and expansion into larger markets, particularly the UK and US, remain crucial for our food producers. The road ahead demands a delicate balance between maintaining productivity and meeting environmental requirements. Success will require investment in sustainability initiatives, careful strategic planning and continued innovation across the sector. Sarah Meredith, Tax Partner at Grant Thornton From the perspective of a tax advisor, my hopes for 2025 include simplifying and bringing certainty to the tax code. We have witnessed some seismic changes to the tax landscape in recent years, driven largely by the Organisation for Economic Co-operation and Development (OECD) and European Union initiatives. For groups within the ambit of the OECD’s Pillar II rules, the approach to tax compliance has fundamentally shifted from 2024, regardless of whether there is ultimately further top-up tax due.centre The Department of Finance has launched several initiatives centred around simplification, including the interest review and examining the SME sector to streamline tax-related matters. It would be hugely beneficial to see tangible results from these reviews. Alongside the tax regime, I would also hope that Ireland – and, in particular, the new government – will address issues such as housing, infrastructure, planning and the funding of higher education. These are the crucial pieces of the jigsaw for Ireland to remain competitive. With falling interest rates, supported by lower inflation rates, I would be hopeful of higher deal flow and activity within the economy. The modified domestic demand (a proxy for the domestic economy) is forecast to grow at circa 2.6 percent annually from 2024 to 2026, buoyed by the continued strength of the labour market. These factors should all provide a good foundation for maintaining Ireland’s competitiveness and attracting inward investment. Overall, Ireland's future looks bright, but we need to ensure we provide a solid framework within which businesses can continue to grow and expand, which should be supported by both infrastructural improvements and the provision of tax certainty. Mark Flood, Director at Renatus Capital Partners Parking the obvious global geopolitical elephant in the room, we are very positive about the outlook for businesses in Ireland in 2025 for three reasons: The wave of inflation we have seen in recent years appears to be receding – the hangover remains for some, but in the main, many have either recovered increased inflation-driven cost to the top line or learned to be nimbler with their costs to counter its effect. There is historically low leverage out there among SMEs – they can withstand a lot. The healthy position of the Irish exchequer. Notwithstanding, there is a cohort of people and companies trapped by higher costs and capped income. Though these are in the minority, we should spare a thought for them. We have the best entrepreneurs in the world, and there are so many companies going global. At the same time, foreign funds are coming to Ireland because they see us as a country of great businesspeople and entrepreneurs. I spoke recently to a restaurant owner in a university town where, unlike others, accommodation has been injected. She told me her labour challenges had been largely solved by people living in her town and working part-time. It would be great if we could solve the accommodation crisis on a broader basis to improve the situation for all. Let’s hope we can solve our housing problem, that global geopolitical developments do not create further challenges and we can continue to drive on in 2025.

With the EU Accessibility Act on the horizon, now is the time for organisations to step up and make sure their digital content is accessible before June 2025. Sacha Brinkley explains What is the European Accessibility Act? The European Accessibility Act is a directive to ensure certain products and services are accessible to persons with disabilities. It was transposed into Irish law in 2022 and will apply in Ireland from 28 June 2025. The sectors in scope of this act are commerce (including e-commerce), banking, telecoms, transport and technology. These are very broad and cover a range of companies. For most, e-commerce would probably fall under this legislation, meaning any websites that sell services will need to be accessible. Non-compliance and exemptions There are ramifications for non-compliance, which include: a fine (€5,000) or imprisonment of up to six months or both; a fine of up to €60,000 or imprisonment of up to 18 months or both; or litigation. However, there are some limited exemptions. If your product or service fundamentally changes due to this legislation, or if compliance would create an undue burden for your company, the organisation may be exempt. In both cases, it is essential to ensure you have the proper documentation for the relevant authorities, especially if it leads to litigation. Steps to accessibility With the deadline looming, making digital content and services accessible can be seen as an onerous, overwhelming task. However, there are some practical steps that you can initiate today to help you get ahead of the curve. Stay informed: Stay updated on the latest news concerning the directive and regulations, as this will guide the necessary steps for you or your clients to ensure accessibility. Accessibility audit: Consider conducting an accessibility audit of your online offerings. While this can be expensive and may not be feasible for everyone, it is worthwhile if you have the extra budget. If you are using a third-party service to host your website, such as Wix or SquareSpace, check what accessibility measures they have implemented. Accessibility statement: After your accessibility audit, write an accessibility statement on your website outlining what’s accessible currently, what isn’t accessible, and what you’re working on to make accessible. Invite your users to email you with any concerns or feedback. Being transparent and honest about your accessibility journey will not only demonstrate to users your dedication to inclusion but will also help your case if it comes to litigation. Accessible content: Going forward, make sure all your content is accessible, as well as your marketing. Easy wins The quick wins all involve your digital content. Some require a little more effort than others, but if you can follow these steps then you’ll be well on your way to compliance come June 2025. PDFs When creating PDFs, consider the following: Use accessibility tagging in your PDF so screen readers can navigate your content. This can be done in Word or PowerPoint before exporting to PDF. Write alternative text for every image unless decorative. Provide contact details for an accessible version of your document (for example, in a Word or Excel format) to show that you are being inclusive and compliant. Consider ditching PDFs entirely – could this document be a webpage instead? Images It is important to consider colour contrast. Proper attention to this detail can significantly enhance visual clarity and overall effectiveness in design. You can check colour contrast online. Use text sparingly and make sure your font size is big enough to be legible – at a minimum, the font should be 12pt. Social media and newsletters Always provide alternative text for your images. Write your hashtags in CamelCase. For example, #charteredaccountantsireland should be #CharteredAccountantsIreland. Not only is it easier to read, but you also avoid potentially embarrassing mistakes. Audio and visual When setting up online events, use headphones and a dedicated microphone rather than rely on laptop hardware. This reduces ambient noise and distractions for all users, as well as those with accessibility and sensory needs. Provide captions for your video and transcripts for your audio, as well as a descriptive voiceover when you just have music playing. You may need a sign language interpreter at events where someone deaf is present – check with the attendee first, however. Key takeaways With the rise of artificial intelligence technology and accessibility regulations, we’ll be seeing a digital revolution over the next five years when it comes to digital inclusion. By embedding the steps outlined above in your everyday practices, you’ll get a good head start on your digital inclusion journey. Sacha Brinkley is Content Editor at Chartered Accountants Ireland

Neil Hughes explains how mastering emotional intelligence can empower leaders to build trust, improve communication and enhance team performance One of the most critical factors shaping leadership today is the capacity to manage one’s own emotions while also understanding and responding to the emotions of others – also known as emotional intelligence (EI). Daniel Goleman, one of the pioneers of the concept of EI at work states: “technical skills will only take you so far. EI will take you farther”. Goleman identifies five components of EI that can help individuals navigate and maximise their personal and professional relationships effectively:  Self-awareness refers to the ability to recognise and understand your emotions and how they affect others.  Self-regulation is the ability to manage or redirect disruptive emotions and adapt to change. Motivation is about a leader’s drive to achieve meaningful goals for reasons beyond external rewards.  Empathy is the ability to understand the feelings of others by recognising and considering others’ perspectives. Social skills refer to proficiency in managing relationships and having the ability to inspire and influence others positively. Much has been written about Satya Nadella’s success as the CEO of Microsoft. His approach to leadership is grounded in EI, with a strong emphasis on empathy, building relationships and developing a collaborative work culture. With his leadership, Microsoft has experienced a profound transformation with its share price growing an impressive 969 percent since Nadella took over. So, what can leaders learn from this? By fostering EI in themselves and their organisations, leaders can cultivate a deeper understanding of themselves and their teams. An emotionally intelligent leader can build trust within their teams by applying behaviours and practices which are rooted in Goleman’s components of emotional intelligence.  Leaders who possess social skills, practice empathy and understand motivational drivers can set a foundation for building strong relationships. These qualities enable leaders to understand, connect and support their employees. Emotionally intelligent leaders who are effective at managing their emotions and understanding the emotions of others excel in areas such as communication and decision-making. They are adept at expressing themselves clearly and tailoring their communication styles to suit individuals and situations, which cultivates open dialogue and reduces misunderstandings. They remain calm under pressure and take a holistic view of situations, leading to rational and empathetic decision-making.  Leaders with high levels of emotional intelligence also tend to practice self-regulation, which means they avoid impulse reactions, making them better equipped to manage conflict. By remaining composed during disputes, they fully understand different perspectives and lead their teams towards constructive solutions and growth opportunities.  By focusing on these components of EI, leaders can establish lasting trust within their teams driving higher performance. The Journal of Organisational Behaviour has found that high levels of trust can increase team performance by up to 20 percent.  Leaders who invest in understanding and developing their emotional intelligence are much better equipped to handle their own emotions and those of others, which makes them more capable of leading their teams to success.  What steps will you take to harness the power of EI to transform your leadership, build trust and increase performance within your team? Neil Hughes is Director of People and Change Consulting at Grant Thornton

As some companies pivot back to full-time office work, Mark Fallon examines the sustainability of remote work and its impact on business culture and talent retention The first few months of the year changed the landscape of the professional working week. From the onset of the COVID-19 pandemic up until 2022, office workers were predominantly ‘working from home’ (WFH). Then came the shift to a hybrid working model, with professionals working part-time in the office and part-time at home. Today, in thew fourth quarter (Q4) of 2024 and trending into 2025, the dynamic is changing once again with many companies doing a U-turn on their WFH policies, demanding their employees to return to the office five days a week. Resurfacing culture concerns In 2020, Coopman Search and Selection ran a survey of more than 400 professionals in Ireland about working from home in the first winter of COVID-19. Out of several interesting findings in this survey, the biggest fear from corporations at this time was the ‘lack of collaboration’ and ‘loss of culture’ with employees not being present in the office environment. Fast-forward to Q4 2024 and this concern has come to fruition, with business leaders ‘feeling’ that employees need to be in the office more , as stated by Andy Jassy, CEO of Amazon, in September 2024, “to be better set up to invent, collaborate and be connected to each other”. There is mixed data on the advantages and disadvantages of WFH. Some claim productivity has dropped since its introduction, while employees who benefit from hybrid working feel more empowered, better at balancing personal and professional responsibilities. Flexibility remains key to talent attraction Flexible remote work policies can significantly impact the quality of talent they attract. Companies based in major cities might miss out on top talent by requiring full-time office attendance, as many skilled workers are located outside of the commuter area. Offering hybrid or remote work options can help businesses remain competitive in the talent market. While studies have shown mixed results on productivity, some report up to a 13 percent increase in output from remote workers, though others suggest a drop in collaboration and engagement. Looking ahead to 2025, many large companies are expected to increase mandatory office days, while smaller businesses may stick to hybrid models. Employees unhappy with stricter office requirements will likely seek more flexible employers, giving those companies a chance to secure top talent. Fully remote workers may face more challenges securing roles as the trend shifts toward in-office work. A future of retention and growth As the debate over remote work continues, companies that balance flexibility with in-office collaboration will likely be best positioned to attract top talent and meet employee needs in Ireland for talent attraction and retention. Organisations must carefully assess their policies to foster environments that encourage both individual efficiency and collective creativity, ensuring a sustainable future in the evolving work landscape. Mark Fallon is Director and Co-Founder at Coopman Search and Selection

AI is reshaping the workforce, blending human creativity with technology. Tim Bergin explores how organisations can leverage generative AI to unlock potential and drive transformation Generative artificial intelligence (Gen AI) may be perceived as a risk to human employment, but it can also be viewed as a catalyst for redefining the contribution of individuals in the professional environment. Increased access to Gen AI is allowing workers to fill capability gaps in creativity, team dynamics and content generation with a new technology-driven assistant. The challenge now lies in encouraging our organisations to embrace the advantages while unlocking the potential for workforce workplace restructuring. Unlocking human potential Gen AI provides the ability to rethink how work is organised at operating model, functional level an team level. How can employers unlock the full potential of their workforce at these levels? Team AI is a proven catalyst for better communication, how we interact with colleagues and customers, and how we collaborate and get work done. For example, virtual and augmented reality allow real-time collaboration with people across the globe, facilitating richer conversations, skill sharing and exposure to other areas of the organisation. According to the EY Workforce Reimaged 2023 survey, there is a 33 percent net positive sentiment of employers and employees who believe Gen AI will boost productivity and new ways of working, and an even greater 44 percent net positive of those who expect the technology to enable greater flexible working. Aside from additional capacity, AI systems can provide insights into team performance, sentiment and connection by tracking and analysing data. This could give employers insight into how their team is feeling through survey feedback. This can help promote a more productive, collaborative environment, enabling employers to proactively address employee issues. Organisation The adoption of AI at an organisational level can revolutionise current ways of working from front-line customer-facing functions, to operations and corporate functions such as finance and HR. The transformative impact can be seen on all fronts, demonstrating the potential to improve not only efficiency and effectiveness but also employee experience. For example, using Gen AI to predict consumer needs can help organisations refine their stock systems and supply chain to ensure products are ready at the point of need, rather than stockpiling and incurring unnecessary storage costs. This use case can also free up time for consumer-facing staff to have more considered conversations with their customers about potential future purchasing needs, and demonstrates the rounded positive impact we can expect to see if Gen AI is used responsibly, and thoughtful consideration is given to the workforce impact and opportunity. It is clear from a team and organisational perspective that AI’s role is pivotal in the evolution of the workforce and the increasing requirement for upskilling and reskilling. Success lies in the coming together of emerging technologies and vital human interventions; releasing the power of technology while emphasising the importance of what makes work human. Collaborative partnership While AI's rapid proliferation might trigger fear of unprecedented changes in the working environment, organisations must remember that by embracing AI and investing in the upskilling of their workforce, they are fostering a collaborative partnership between human creativity and artificial intelligence. Tim Bergin is Partner of People Consulting at EY 

Older professionals have much to offer in today’s multigenerational workplace, but many continue to experience the ill effects of negative attitudes and bias As Honorary Treasurer and Interim Chair of Age Action Ireland, Colm Nagle, FCA, continues to apply the experience honed over the course of a 45-year career begun in 1979 when he joined Stokes Kennedy Crowley as a trainee. The longest-serving director of Age Action Ireland, the national advocacy organisation for older people and ageing in Ireland, Nagle is proud of his ongoing contribution to its work, in particular its annual Positive Ageing Week. Kicking off this year on 30 September and continuing through the first week of October, Positive Ageing Week (PAW) celebrates the contributions of older people and promotes their agency. As the dust settles on another successful PAW, which this year featured over 500 events around the country, Nagle is turning his attention to other priorities on the agenda of Age Action Ireland, which has published two annual State of Ageing reports since 2022, highlighting the reality of growing older in Ireland. “Age discrimination is often under-represented in discussions of diversity, equity and inclusion, and, in the workplace, ‘age’ is often left out of company’s DE&I policies and initiatives,” Nagle says. “So far in our culture, we just have not had the same conversations and awareness-raising around ageism that we have had around other forms of discrimination. People haven’t learned to stop and think about ageing or question implicit beliefs they might have internalised.”  The World Health Organisation’s Global Report on Ageism, published in 2021, found ageism to be a prevalent and serious form of discrimination.  “The report demonstrated that we come to accept ageist beliefs from as young as four years old, and that these beliefs – about ourselves and others – can have seriously negative consequences, including worse health outcomes,” Nagle says.  There is, he adds, evidence suggesting that ageism is especially sharply felt in the labour field.  “Age Action’s ‘Are We Ageist’ poll found that unemployed persons were most likely to report recently experiencing age discrimination,” Nagle says. “Ageism is also known to interact with and compound other forms of discrimination like misogyny, classism or ableism, and so, to effectively eliminate these kinds of discrimination, we must also be aware of what ageism is and how it works.” A priority for Age Action is to involve everyone in our society in the project of reframing ageing and changing how we think, act, and feel about older persons.  Rethinking mandatory retirement age Many people now are living more active lives well into retirement age and want to defer full retirement for as long as possible.  “Fundamental to all of us continuing to have choice and control over our employment as we age is the existence of mandatory retirement clauses in contracts,” Nagle says. “Currently, our Equality Acts make an explicit exemption that allows for this kind of age discrimination, so that people can be forced to leave their jobs for no other reason than that they have reached a certain age. This is based on harmful stereotypes of older persons, that deny their skills and capacity.” Mandatory retirement implies that in older age, we are all the same, Nagle says. “It is deeply concerning that through our laws, the State is currently legitimising these kinds of ageist beliefs. It forces older persons out of workplaces and thus contributes to social exclusion,” he says.  “At Age Action, we have spoken to people who, 10 or 20 years on, are still angry and hurt by having been forced to retire. “We have long campaigned for the abolition of mandatory retirement and, in April, we made our case before the Oireachtas Committee on Employment, which subsequently recommended it be abolished. “It has already been outlawed in Canada, Australia, New Zealand and the US, in some cases for decades, and their labour markets are still functional and productive.” Negative bias and discrimination Well before retirement age, professionals can feel the negative effects of unhelpful biases as they mature through their careers. Seventy-five percent of respondents in the most recent Workplace Equality Study published by Matrix Recruitment identified ageism as an issue in today’s workplace. More than two-thirds, meanwhile, said workers over the age of 50 have fewer promotional opportunities then their younger colleagues, up 19 percent points on the previous year’s findings.   Commenting on the findings, Kieran McKeown, Managing Director of Matrix Recruitment, said they were “hugely disappointing.” “There is a widespread view that professionals aged over 50 have fewer promotional opportunities than their younger colleagues, but the reality is actually quite the opposite,” McKeown says.   “On a more positive note, the majority of respondents surveyed (89%) agreed that people over the age of 50 have as much to contribute to the workplace as those under 40, and this is an opinion we, at Matrix Recruitment agree with, given the calibre of the candidates we speak to on a daily basis in this age group.”  Despite this, McKeown believes older and more experienced professionals in the Irish market remain something of an “untapped talent pool.” “It is quite a complex issue but there appears to be an unconscious bias against older candidates and a poor understanding of, or appreciation for, what they can bring to a workplace,” he says.  “There is a view – a misguided one, in my opinion – that if you are older, you are less likely than your younger peers to be considered capable, adaptable or willing to embrace something new. “We are living in a digital age in which transformation is constant. Given that half of our respondents were of the view that more mature candidates may not have ‘21st century’ IT and digitalisation skills, it is likely that employers think the same way.   “In my experience, the over-50s are highly skilled and actively embrace technological change. Together with their years of experience, this is a group whose contribution to the workplace cannot be underestimated.  “Of course, how people in their 50s are perceived varies greatly from person to person but populations are aging, working lives are lengthening and graduates are joining the workforce later – so 50 is young.” The Matrix Recruitment Workplace Equality Study found that mature workers were considered to have better life skills and those aged over 50 were also rated higher when it came to mentoring and guiding colleagues.  “Forty-eight percent of our respondents consider mature employees to be more reliable workers than their younger cohorts, who statistically are more likely to job hop,” McKeown says.  “Employers find that there are lower staff attrition rates with more mature workers who also have strong interpersonal skills and an equally strong work ethic. And of course, they bring to the workplace years of life experience alongside the expertise they have built up in other roles.” The biggest challenges facing older candidates in today’s job market often “come from within,” McKeown says.  “Losing confidence, feeling they are too old to move job or upskill – or simply not knowing how to go about driving change – are all barriers we see among candidates in this age group,” he says.  “I would encourage anyone considering a career or job move to speak to a recruitment expert.  We can help identify any gaps in their skill set or job spec and help them recognise and promote their transferrable skills.  “There are also lots of tools, such as LinkedIn, which can help individuals stay on top of industry trends and grow their network and connections.  “At Matrix Recruitment we have supported and placed dozens of candidates over the age of 50, including those looking for a new job, a different career or re-entering the workforce after many years. My advice is to get off that fence, speak to an expert and go for it!” Liberation from the rat race For Pat Barker, FCA, sitting on the fence has never been an option. A trailblazer for women in the profession, Barker sat her accounting exams in 1973, becoming only the 20th female Chartered Accountant in Ireland. “I didn’t have a master plan, but seemed to rocket from one opportunity to another,” she says now.   “Generally, I was offered chances and I probably said ‘yes’ to too many and found myself active all the time. Luckily, I am fit and healthy and had lots of energy, and I reflect back on a very packed work and non-work life.”  Barker served her articles with Stokes Bros & Pim in Dublin and then relocated to the UK for a time, becoming Partner with an accounting firm in Manchester and working at Manchester University as a Principal Lecturer.  She was appointed Lecturer at Dublin City University in 1980 and progressed to Senior Lecturer, Associate Dean of the Business School and Vice-President, Academic. Today, Barker continues to lecture in business ethics at DCU. “When you get older, you are liberated from the competition of your career trajectory and you must then decide, ‘What am I going to do now? Am I going to take up golf and play bridge and drink Chardonnay in the afternoon?” she says. “I thought about that and decided it wasn’t for me and the joy for me in continuing to lecture and to serve on boards is that I no longer feel the need to prove myself through my work. “I do not want to lose my capacity – my skills – as a Chartered Accountant. I do not want to stop applying these skills. I want to continue learning about what interests me, and to apply what I learn in the work I do. “That professional decision-making and problem-solving part of me continues to matter enormously to me and, these days, it is enhanced by an ethical overview. Continuing to work when you are older and out of the rat race is a kind of liberation.” Benefits of a multigenerational workforce With an ageing population, longer life expectancy and delayed retirement, workplaces in Ireland are becoming increasingly multigenerational, says Dee France, Wellbeing Lead with Thrive, Chartered Accountants Ireland’s wellbeing hub.  “Fostering a positive age culture is crucial to the Irish workforce and its future, but the importance and value of older employees in their workplace can be seriously overlooked,” France says. “An ageing workforce isn’t a burden; it is an opportunity and there are many business benefits to having a multigenerational workforce.  “With age comes a wealth of experience and with skill and labour shortages reported, employers should not overlook older employees but focus instead on actively retaining and retraining them to address growing talent shortages.” As France sees it, older workers bring an abundance of knowledge, experience and skills that can be invaluable to employers.  “Longer periods in the working environment allow employees to acquire and cultivate significant soft skills that are often so important and beneficial to both the company and younger employees – interpersonal and communication skills, for example, problem-solving and critical thinking along with other leadership qualities and abilities,” she says. Supporting and advocating for age-inclusivity By supporting and advocating for an age-inclusive environment, employers can retain these important qualities in teams, ensure knowledge transfer and provide meaningful and symbiotic mentorship opportunities.  “Failure to address the needs of an ageing workforce is a common issue when employers look to implement supportive work practices,” France says. “In this digital era, there can be preconceived notions and age-related assumptions surrounding older workers, such as their ability to embrace digital transformation, reluctance to adopt new processes and ways of working, or difficulty shifting to changes in company culture. “Many employers can also overlook the importance of providing flexible working arrangements for older employees, making it easier for them to remain in the workforce.”  It is crucial to implement policies that allow accommodations for an ageing workforce for part-time work, job-sharing or remote working, France says. “I would also advise considering phased retirement plans that allow employees to reduce their working hours gradually while maintaining a connection to the workforce.  “This approach can improve retention and reduce stress, allowing employees to continue contributing to the business for longer.” Supporting older workers: advice for employers  Embracing age inclusivity is not just a social matter, it is a business matter too, writes Dee France.  As Ireland’s demographics evolve, businesses must adapt and embrace the potential an age-diverse workforce can unlock. Creating a culture of belonging to foster equitable, inclusive and thriving workplaces that value diversity, including age diversity, is key to supporting a growing workforce.  Employers should actively promote age-friendly policies, avoid reinforcing stereotypes and encourage intergenerational collaboration by fostering mentorship programs that allow employees to share their generational knowledge, creating a mutually beneficial learning environment. Employers should also develop and prioritise well-being initiatives that support an ageing workforce.  Offering health insurance benefits, wellness programs and access to resources like mental health support or fitness programs can significantly improve employees’ quality of life.  Additional tailoring of benefits such as regular health check-ins and adjusting job demands to accommodate any limitations an individual may have, can help ensure that employees can continue working comfortably. Supporting the well-being of older workers through tailored policies on health, flexibility and career development can help them stay engaged and productive, ultimately benefiting the wider organisation.  Positive ageing initiatives can also help reduce turnover, increase job satisfaction and enhance loyalty within the organisation. Positive ageing in the Irish workforce is not just a trend but a critical component of building a resilient, productive and inclusive workplace.  Employers must recognise the value of older employees and take proactive steps to support them.  By addressing common pitfalls and adopting best practices, employers can create a work environment in which workers aged over 55 feel valued, supported and empowered to continue contributing to the success of the organisation. Dee France is Wellbeing Lead with Thrive, Chartered Accountants Ireland’s dedicated wellbeing hub  

Carmel Moore, FCA, Director at the One Moment Company, has seen the number of women in senior positions rise throughout her career, but, she says, true equality has yet to be reached From my convent school days to becoming a Chartered Accountant, an in-house Tax Director, a Big Four Tax Partner, and now running my own business, my career has been far from linear.  I never followed a grand plan or five-year roadmap – just trusted my gut, took risks and made mistakes along the way. My original aspirations were creative, but the harsh reality of Ireland’s job market steered me towards the accountancy profession.  As a law graduate, I started my career with KPMG. On the first day of my training contract, despite the new suit, the shoulder pads and the briefcase, the bus conductor still charged me the children’s fare.  This early career path laid the groundwork for an unexpected, yet deeply fulfilling, professional journey.  I moved to London (for romantic reasons) in the late 1980s. My heart was broken while I was there, but my career flourished. I spent 13 happy years on the in-house tax team at Barclays.  My next chapter took me to Pfizer, as Senior Director of the European Tax Centre. That role, filled with challenge and variety, alongside a hugely talented team, sparked my interest in coaching and leadership development. I became a Partner at EY in London, specialising in tax transformation, honing my expertise in change management and leadership development for deep technical experts, focusing on balancing subject matter expertise with soft skills, communication and handling ambiguity. Since 2017, I’ve been on a different path, co-founding the One Moment Company with my wise and wonderful business partner, Marty Boroson.  An unlikely combination of a zen priest and a Chartered Accountant, we are a specialist consulting and leadership business that is 100 percent focused on time, with a radical approach that is very different from traditional time management.  I believe that women have been taught to think about time differently to men. Growing up, I learned that time was a resource to be used for the benefit of others.  The women around me put their own needs last. It’s still a deep-seated belief that underpins the busy lives of the women I coach, and it holds them back.  I’ve always had an academic side hustle. I like to say it’s a love of learning, but it’s really a love of pens and stationery!  I have a master’s degree in English literature from King’s College London and I am a Master Practitioner in Neuro-linguistic Programming.  I’ve studied organisational development. I’ve done an Advanced Diploma in Personal, Leadership and Executive Coaching at Kingstown College. And now, my son has just signed me up for a refresher course in Irish. Every day really is a school day. Gender equity in the accounting profession I’ve witnessed significant progress in gender equity over the years, but it is never enough. I’ve been the only woman on a team several times (including at the gym this morning). I didn’t work for a woman until 2006.  I’ve experienced everything from clumsy flirtation, to pay disparity, to being overlooked for an overseas promotion opportunity (“But you have a baby! We didn’t think you would want to go!”) to being formally reprimanded for my more eccentric fashion choices.  I’ve run the gamut of the many indignities a woman can experience in the workplace.  My way of dealing with things early on was to be very, very professional – aka terrifying. One particularly mortifying round of 360 feedback revealed that is exactly how people experienced me: scary.  Even my handbag received an honourable mention in the feedback: “She wields her handbag like a battle shield.”   Being this way was exhausting. I would come home wrung out every evening, remove the suit of armour and collapse with a Chardonnay. A coaching course taught me that flexibility, softness and openness are part of leadership.  I haven’t always been vocal and visible when it comes to women in the workplace. As I became busier with family and with work, I relaxed my vigilance. I had this vague idea that things were better, weren’t they? I was so wrong.  A chance hosting of a young female leader’s event revealed that, despite advancements, women were still not feeling there had been any change.  They had the same questions that had troubled me all those years ago: imposter syndrome, not speaking up in meetings, not advocating for oneself, work-life balance issues, fear of failure, networking difficulties and lack of mentorship.  I resolved to do better and use my coaching and leadership development skills to support others. It has been a joy.  Today, more women are stepping into influential leadership positions in finance with grace and strength, though the journey is far from complete.  I would love to see a continued push towards not just increasing the number of women in leadership, but also ensuring their voices are heard and valued equally and integrated into commercial decision-making processes. Navigating career advancement and mentoring My career has been one of many organic steps. It has evolved through recognising opportunities as they have arisen.  I will give anything a go – I am open to new experiences. That, and retaining an Irish sense of humour. It’s defused many a tense steering committee! Mentoring and networking relationships are crucial for women as they progress in their careers. Everyone needs to take all the help they can.  There are potential mentors everywhere. Make a list of people you admire in your company, ex-colleagues, or someone interesting you met at a conference. Ask for advice. Good people love to help.  My own experiences with mentoring have been enriching; particularly the dynamic exchange in my reverse mentoring relationships. I would recommend it.  The quest for work-life balance Achieving work-life balance has been tough, especially in high-demand roles.  A major spine operation in 2014 forced me to reevaluate my priorities and slow down, reminding me that self-care isn’t optional.  I learned the hard way. The key is setting boundaries and being intentional about how you allocate your time.  If I could give one piece of advice to my younger self, it would be to trust your instincts.  The times when I ignored or overrode my gut feelings didn’t end well. Trusting your intuition in decision-making is crucial, as it aligns with your core values and aspirations.  The future of gender equality I joined a group of women leaders at the Institute recently to meet with the Minister for Finance, Jack Chambers. We discussed the unique challenges faced by women in their career journeys and how these barriers can be more effectively addressed by policymakers.  But the discussion went deeper. There was a profound exchange on how society needs to change for the better, to create and foster truly inclusive workplaces.  Women shouldn’t have to contort their lives to fit in. The Institute is committed to taking this agenda forward and we’ve been shaping what a dedicated women’s programme could offer. I would advocate for more courageous workplace conversations in real-time, rather than relying solely on policies and events.  It is important to address inequities as they occur and foster a more immediate and impactful learning environment for everyone. But women need the skills and confidence to host these conversations. This is where coaching and mentoring play their part. Reflecting on my journey, I find that each step and misstep along the way has contributed to a broader understanding of work and life.  Despite the miles travelled, I still feel as though I am just starting, eager to learn and contribute.

The world of academia is crying out for accountants who can teach valuable skills to students based on real-world experience, writes Dr. Neil Dunne, FCA Universities need accountants to teach accounting. This seemingly obvious fact is sometimes overlooked in third-level institutions, however, where academic credentials such as a PhD outrank professional accounting qualifications.  Consequently, universities may assign non-accountants to teach technical accounting courses, a situation hard to imagine in other professional fields – law or medicine, for example.  Professionally experienced personnel truly bring a subject alive. Without them in our lecture theatres, we forsake education rooted in the ‘real world’ of professional accounting, and thus risk deterring students from an accounting career. Academia needs qualified accountants, but we also need them to join academia in an informed manner. Here are four points to consider if you are thinking of making this move. Heed the signs There may be indicators that academia is for you. For me, my parents were both teachers, and I was always comfortable in explaining things to others when working as an accountant. Additionally, I enjoyed accounting at school, at university and during my ACA training. Speak up Don’t let a fear of public speaking hold you back. Although my own natural disposition is far from extroversion, I teach (which is a role I am passionate about) to students (whose progress I care about) in an ‘extroverted’ manner. When you are involved in something you care about, you can transcend quietness, shyness or introversion. Research is king To work at most colleges, you will need to have commenced a PhD at the very least. A PhD needs a supervisor. So where to begin? My approach was to attend the annual conference of the Irish Accounting and Finance Association (IAFA). I knew nobody there my first time, but everyone was welcoming. There, I found an especially interesting seminar, which led me to my own PhD supervisor, Professor Niamh Brennan at University College Dublin.  Mind the gap There is usually an initial income fall associated with moving from a professional role to academia, but with time and progress this gap can be bridged. What newcomers may not anticipate, however, is a parallel status change. Moving to academia means we ‘start again,’ in a sense, at the foothills of a whole new mountain. For me, this was a short-term price worth paying for the autonomy, flexibility and meaning associated with an academic role. I would advise any Chartered Accountants curious about academia to investigate more. Reach out to the IAFA, a professor whose classes you may have enjoyed, or to others that have completed PhDs. I ‘made the leap’ myself 17 years ago and have never regretted it.    Dr. Neil Dunne, FCA, is Programme Director and Assistant Professor in Accounting  at Trinity Business School, Trinity College Dublin

IDA Chair Feargal O’Rourke, FCA, talks to Accountancy Ireland about the inward investment agency’s plans and priorities at a “critical juncture” in Ireland’s FDI journey Feargal O’Rourke, FCA, assumed the role of Chair of IDA Ireland in January 2024 at a significant time for the inward investment agency, which celebrates its 75th anniversary this year – and, he says, a “critical juncture” in Ireland’s foreign direct investment (FDI) journey. O’Rourke joined the board of IDA Ireland after stepping down as Managing Partner of PwC Ireland in October 2023 following a storied 37-year career with the firm. In his new role, working alongside IDA Ireland Chief Executive Michael Lohan, time is, he says, “of the essence.” “The one thing I am always paranoid about is complacency, and I think you really do need to have a paranoia about that,” O’Rourke tells Accountancy Ireland.  “Right now, I think Ireland has ‘amber lights’ on infrastructure and we need to put the foot down. We need to invest in more housing. We need to invest in the grid. We need to invest in offshore energy.  “My biggest concern is speed. There are plans in place, but I constantly ask myself, ‘Are we moving fast enough? Can we move faster?’ “I think there is a broad consensus emerging that infrastructure is moving up our list of priorities.  “I take the view that capital spend on infrastructure is an investment. It is not an outflow of money. Deferring a project is a cost. It is not a saving because we will have to do it at some point, and it may cost more then.” New five-year strategy The single biggest task for IDA Ireland as an organisation currently is finalising a new five-year strategy, which will run from 2025 to 2029, O’Rourke says.  “We are doing this against the backdrop of significant geopolitical uncertainty. There is a more muted pace of growth in the global economy and more active industrial policy from some competitor nations,” he says. “There is also the challenge of climate change and the opportunity of the green transition, companies globally grappling with the next step on their diverse digitalisation journeys and, of course, the revolution that is taking place in artificial intelligence.” Ireland’s ability to continue competing in this fast-changing world will be dependent on having the right set of enabling conditions in place”, O’Rourke says.  “As we face challenges in terms of our national competitiveness relating to energy costs and renewable energy provision, housing, infrastructure and utilities, countries around the world are vying to win the race for the next generation of FDI growth. “The opportunity cost of not addressing these issues in a timely manner – particularly sustainable energy supply – risks being sizeable,” he warns. Storied career in practice A native of Athlone, O’Rourke studied commerce and accounting at University College Dublin and qualified as a Chartered Accountant with PwC in 1989. He is also an Associate of the Irish Tax Institute and current Chair of the Institute of International and European Affairs, the Irish-based international think tank. “My father left school at 16, so he always placed a big emphasis on education and business,” O’Rourke says. “He thought I should qualify as a Chartered Accountant and the ‘Chartered’ bit was very important to him, because he felt it had a cachet. That was back in the eighties, and I think the qualification still holds a distinction today. “I remember sitting my final accounting exams thinking, ‘I wonder what this bit of paper will do for my life?’ “There is no doubt that having the Chartered Accountant qualification contributed so much to me living out my professional dreams in the years that followed. The status it brought with it is hugely important and I think the standing of the qualification is as strong today as it was when I qualified.” O’Rourke joined PwC in Dublin in 1986 and remained with the firm for 37 years, holding the position of Managing Partner for the last eight. “I joined what was then Price Waterhouse on 8 October 1986, with the intention of qualifying as a Chartered Accountant and then returning home to Athlone,” he recalls. “Thirty-seven years later – to the day – I retired from PwC having had a wonderfully fulfilling career that was beyond any expectations I had when I joined.” His experience with the firm instilled in O’Rourke the importance of strategic planning for long term success – and it is a lesson he has brought with him to IDA Ireland. “You can’t just think about an organisation as it exists today, and the current generation. You must ask yourself, ‘when I’m 20 and 30 years gone, will I have seeded the fields to ensure it continues to succeed long into the future?’” With Central Statistics Office figures released earlier this year predicting Ireland’s population could grow to over seven million by 2057, O’Rourke’s vision for IDA Ireland is equally long term. “In my role with IDA Ireland today, I am thinking ahead to 25 or 30 years from now and asking, ‘what will Ireland look like then?’ “We have got to play our part in advising the system today if we want to have the right industrial base in the years ahead, not just to continue to attract FDI but also to support indigenous businesses and wider society at a time of ongoing population growth. “I feel a responsibility, as do many others in the system, to say, ‘okay, how does this organisation contribute to ensuring that we will have a successful society in which there are plenty of jobs for people? Do we have the infrastructure we need – both societal and industrial – whether that be in terms of housing, energy supply, water or transport?’  “These are as much societal issues as they are business issues and IDA Ireland will play its part. Building capacity is crucial. Ireland is facing infrastructural capacity issues, and they are a priority for IDA Ireland, particularly over the next five to six years.” FDI and global tax developments Having been appointed as a Tax Partner in 1996 and Head of PwC’s Tax Practice in 2011, O’Rourke spent a significant portion of his career working in Foreign Direct Investment (FDI).  “I worked extensively – but not exclusively – with household names from the West Coast of the US. I was privileged to work with many of the companies that now rank among the largest FDI employers in the country,” he says. “I still have the memo in which my then Partner Tadhg O’Donoghue said, ‘I’m going to ask you to focus on a particular area of tax – FDI.’ That one line in a memo almost 40 years ago completely determined my career and my life thereafter.” O’Rourke saw the evolution of Ireland’s FDI landscape firsthand over that span of time. “Tax became central to Ireland’s FDI proposition, delivering a major competitive advantage for us back in the eighties and nineties. It has really played a central role in how Ireland has positioned itself to attract FDI,” he says. As Head of PwC’s Tax Practice, O’Rourke also collaborated extensively with companies, officials, governmental bodies and the Organisation for Economic Cooperation and Development on the Base erosion and profit shifting (BEPS) initiative introduced in 2013 to curb tax avoidance among multinationals operating across different jurisdictions. “Successive Irish Governments over the past 15 years have really got it right on our FDI-related tax policy and we are now seeing the benefits of this in terms of our corporate tax take,” he says.  “That contribution to the State coffers is being used to build hospitals and schools, but other countries in the post-BEPS era are moving fast on their own FDI-friendly tax strategies, and I think we need to move quickly as well and make sure we continue to be agile and responsive, looking around the world and asking, ‘what lessons can we learn here from what others are doing?’” “A world-class organisation” Just over 10 months into his role with IDA Ireland, O’Rourke’s pride in the organisation is palpable. “In sporting terms, IDA Ireland is like Limerick in hurling or Manchester City in football,” O’Rourke says. “We have a fantastic record of success, but once the season is over, we must do it all again. We can survive a year where we are not top of the pile, but we can’t afford to enter a period where we are living off past glories. “You wouldn’t say to the Limerick hurling team, ‘you need to ease off the training for a few years and let everyone else catch up,’ nor would you say to Manchester City, ‘you shouldn’t buy any good players for now.’ “I don’t think IDA Ireland as an organisation should ever say, ‘we are doing really well, we could pull back a bit’. Life doesn’t work like that. Michael Lohan, our Chief Executive, often says, ‘when you turn off the tap, there is no guarantee that, when you turn it back on again, water will come out.’” As it stands, O’Rourke sees IDA Ireland as a “world-class organisation.” “This is not just my own view,” he says. “Over the course of my 37 years in professional services, I was repeatedly told this by clients who had experience of being ‘courted’ by a variety of inward investment agencies from around the world. “Today, our IDA Ireland clients tell me time and again, ‘we feel welcome in Ireland; we feel supported’.” These IDA Ireland client companies employ 300,583 people directly, accounting for 11 percent of total employment in Ireland currently. They spend a combined €35.8 billion annually on payroll and Irish-sourced goods and services, and €15.5 billion in capital expenditure. In total, 248 investments were approved by IDA Ireland in 2023 and a further 131 in the first six months of this year, with the potential to create some 27,000 jobs. “While I expect the pipeline of projects to continue to be strong as we move through 2024, the challenges we face to stay at the forefront of attractive locations to invest in are significant,” O’Rourke says. “If we stand back, there is no doubt that FDI flows have slowed a bit compared to, say, four or five years ago.  “This is, in part, because we have probably already seen the high watermark in globalisation. In retrospect, I think that occurred somewhere towards the end of the last decade.  “The good news for Ireland is that we are continuing to win FDI projects of substance and the 300,000 FDI direct employment figure is a new plateau for us.  “For many years, the benchmark for direct employment was 200,000. Now, our focus is on keeping that figure above 300,000 as we look to build on the next FDI cycle.” Emerging opportunities As IDA Ireland looks to future FDI growth, its focus will be centred on emerging opportunities in the ongoing green and digital transitions reshaping the global economy, O’Rourke says. “We recognise the need to help the Irish operations of global firms transform to thrive in a world that is changing fast.  “We actively partner with client companies on investments in talent development, digitalisation, research and development, innovation and sustainability, including decarbonisation,” he says. “When I was Managing Partner at PwC and we were at our most profitable and successful, we decided we needed to invest heavily in digitisation.  “It wasn’t just an investment in technology, it was an investment in our culture. Even though there were no clouds on the horizon, we could see that, if we stayed still, we might have another few great years – but, really, we needed to invest in the technology to continue growing beyond that. “Our focus now at IDA Ireland is on helping our clients to invest in the areas they need to focus on to do the same – to prepare to continue succeeding in the future. This means supporting them on investment in digitalisation and sustainability.” Collectively, IDA Ireland client companies spend over €7 billion on in-house research, development and innovation (RD&I) annually.  IDA Ireland approved 25 sustainability projects last year, focused on carbon abatement and building Ireland’s green economy.  New RD&I projects won by the semi-state agency in 2023 came with associated client spend commitments of €1.4 billion.  “With the requisite enabling conditions in place at a national level, aligned to emerging FDI attractiveness factors – such as AI skills and renewable, reliable and affordable energy – I think we will be well-placed to capture new investment opportunities,” O’Rourke says. A particular focus is Ireland’s future capacity to generate renewable energy – specifically, offshore energy. “We have been very vocal about the importance and potential of offshore energy. If Ireland gets its offshore energy strategy right – both fixed and floating – we could be in a surplus energy position in 10 years’ time,” he says. “That could transform our capacity to attract energy-intensive multinationals from various industries, because we would potentially be in a situation where have no constraints in relation to our ability to supply green energy.” O’Rourke is, he says, a born optimist. “When it comes to our strategy at IDA Ireland over the next five years, I do genuinely and fully believe that our best years are ahead of us.”

While I’m the youngest President in Chartered Accountants Ireland’s history, it’s still over twenty years since I sat Leaving Cert Accounting. Despite this passage of time, I studied the same syllabus, frozen in time since the 1990s, as the students who received their results today. Juxtapose this stasis with the absolute transformation of the accountancy profession in the last twenty years and you can see the mismatch. Add to this the fact that the Irish accountancy profession made a €19.8 billion contribution to the Irish economy in 2022, supporting over 83,000 jobs in Ireland and generating €1.8 billion in tax revenues, and the mismatch starts to have significant material impact. Back to the 90s Senior cycle is where most young people first interact with accounting as a subject, and the passage of time has not been kind to it. Students effectively need to “unlearn” much of what they learn at senior cycle and learn the subject anew at third level and in their professional training. The need for companies to provide reliable and transparent information beyond financial metrics has increased exponentially in the last decade, and the dated syllabus does not reflect the work that accountants do, and will do, in a modern economy. I want to acknowledge the work teachers around the country do to bring it to life for students, but they are nonetheless bound by the syllabus. We work closely with Leaving Cert students through our online second level accounting programme Boot Camp which now runs in every county in Ireland. Feedback from teachers we speak to indicates that in some cases, students were more attracted to Business at Leaving Cert as they saw Accounting as requiring a particular skillset, i.e. needing to ‘be good at maths’ to perform well in it. In speaking to our ACA students, many pursued accounting at third level despite, not because of, their experience at second level. Perception is critical. Chartered Accountant Ireland research among Gen Z respondents shows a clear gap in terms of how accounting is perceived by school leavers versus those who had commenced their professional training. Terms such as challenging, numbers-based, and boring were used by the former, dropping dramatically among the latter when they engage with a modern curriculum with the latest advances in technology and emerging accounting practices. Impact on the talent pipeline Anecdotally, the talent pipeline problem is clear right across the profession, from practices of all size to industry, resulting in attraction and retention challenges. It is driven by a huge increase in competition for talent from non-accounting roles; but also, this gap in perception of what accountants do. The accountancy profession is fundamental to Ireland’s economic prosperity. Our members support SMEs the length and breadth of the island, as well as playing a critical role in supporting investment from all corners of the world to Ireland. There is continued strong growth in demand for the services of the profession, but this demand can only be met if there is a strong pipeline of talent coming through, and this begins with our Leaving Cert students. I would say to students getting their exam results, employer demand for accountants is extremely strong. Salary levels for qualified accountants reflect this demand and the vitally important roles that accountants perform in all organisations. This demand continues to grow and so too does the range of opportunities. Reform is on the way This Institute has been engaged with the Department of Education for some time on the need to reform the Leaving Cert Accounting syllabus. Earlier this year we took our place on the National Council for Curriculum and Assessment’s Leaving Cert Accounting development group. We are now in the redevelopment process, but this change is so long overdue, and the rate at which the profession is innovating and transforming is in sharp contrast to the lack of agility over the last couple of decades at Department level in keeping pace.   It is envisaged that a revised specification for Leaving Cert Accounting will be introduced in schools from September 2026. It will provide a much-needed opportunity to ensure that the subject is relevant for students beyond second level education. And this is critical, as accountants are found across most business functions now, they are no longer confined to finance teams. There is an increased demand in industry roles, business process transformation, data analytics, regulatory technology, Fintech, compliance, risk management and ESG reporting. Senior cycle accounting of the future will feed a pipeline of students through the many entry routes into the profession, whether as school leavers or graduates, to meet this demand. So, the syllabus needs to reform, and then keep reforming. Remarkably, even with all the flaws of the current syllabus, accounting is the second most popular subject in the business suite for students in senior cycle and between 12-14% of students have been choosing the subject annually. It is exciting to imagine what a reformed syllabus could do to attract the best and brightest of our future business leaders.

“Auto Enrolment has been talked about for decades – now it is finally happening.” The words of Social Protection Minister Heather Humphreys after the Automatic Enrolment Retirement Savings System Bill passed through the Houses of the Oireachtas. Ireland is one step closer to catching up with every other OECD country that already has some form of auto-enrolment. It might be finally happening, but when is less clear. Momentum is needed to avoid the work of the last two decades being squandered. Two-thirds of Chartered Accountants Ireland’s members work in business, many of whom will be required to put such a scheme in place for their employees. The most recent formal communication from government suggests a start date sometime in 2025. And yet, putting in place the infrastructure to facilitate a system of pensions auto-enrolment is a mammoth task, and the list of outstanding deliverables at Department level is concerning before it even comes time for businesses to act. Hurdles to clear The legislative hurdle has now been cleared, but the Department of Social Protection has only in recent weeks appointed a company to build and run the new system. We are encouraged to see they have chosen a company that has a record of success in building the UK equivalent. We urge the Department to now expedite the appointment of a firm to manage the underlying investments. In recent weeks, it was reported that the Department of Finance has raised concerns that the auto enrolment legislation has been framed in a way that will force the regulator to apply a lower standard of oversight than that imposed on firms in the private pensions market. Other details also need to be clarified. In recent months, this Institute has requested such clarity in several areas. Many employers with staff who are likely to come within the remit of auto-enrolment will already have occupational pension schemes in place. To avoid the administrative complexity of setting up and operating a second staff pension scheme under auto enrolment, such employers may instead offer to extend participation in their current pension scheme to currently non-pensionable employees. However, if even just one of these employees refused to join the staff scheme in favour of being automatically enrolled, the employer would still be compelled to undertake the cost of setting up and operating a second scheme. We also sought more information around the meaning of “employee”, defined in the legislation as “a person in receipt of emoluments”. Such a definition would extend to individuals already in full-time pensionable employment who also undertake additional work who will therefore be required to contribute to a second pension scheme. Communication is going to be key The government’s recent SME package put a premium on the importance of consultation and dialogue with SMEs and other groups before introducing new legislation or policy affecting them. Auto enrolment is an opportunity to put this into practice. The government now needs to publish a road map and stick to it. While feedback was invited as part of an initial public consultation in 2018, since then only a very basic four-page guidance note for employers has been issued by government. To gain and maintain momentum, extensive and continuous stakeholder engagement is needed - not least with employers and payroll providers, upon whom the successful operation of the new system will be largely dependent. In a survey of small businesses conducted by Chartered Accountants Ireland, almost 90% felt that businesses had not been adequately informed of the steps needed to be taken by them to comply with pensions auto-enrolment in time for an early 2025 start date. Interestingly, three quarters of those surveyed will be required to introduce the new pension scheme, and for many this will be alongside their existing occupational pensions. Businesses need to see what the journey to implementation will look like. In a high-cost environment, this will give much needed reassurance and help to allay concerns. What is a realistic timeline? In its pre-legislative scrutiny report on the Bill introducing auto-enrolment, the Joint Committee on Social Protection recommended a two-year lead-in period, following the Bill being signed into law, to allow sufficient time for implementation. Payroll providers have been consistent in highlighting the need for an initial pilot phase to facilitate testing of the new system and to allow sufficient time to assimilate auto enrolment with current payroll systems. Neither of these fit into a 2025 implementation timeline. If officials truly want auto-enrolment to be a success, this timeline should be revisited and a 2026 or beyond start date announced. They may wish to avoid yet another postponement to the launch of auto enrolment but what should really matter here is getting it done right and giving businesses a chance to adapt. This additional time needs to be wisely used, by facilitating ongoing dialogue between departments, third party partners in implementation, and the many business groups and stakeholders who have walked this long road to auto enrolment.

Fractional executives can bring genuine value to business leaders, offering specialised knowledge and niche experience on a flexible basis, writes Tony Dignam The business landscape has undergone significant transformation in recent years, driven by advances in technology, economic shifts and evolving work patterns.  One notable trend that has emerged is the rise of the fractional executive. These seasoned professionals offer their expertise to multiple companies on a part-time or “fractional” basis, providing strategic leadership without the commitment of a full-time role.  What is a fractional executive?  A fractional executive is an experienced leader who offer their services to businesses on a flexible basis as and when needed.  They can occupy various roles such as Chief Finance Officer, Chief Marketing Officer, Chief Technology Officer, and more.  These professionals can bring a wealth of experience and specialised skills to the table, helping companies navigate complex challenges and phases of growth or change.  Benefits of the fractional executive The concept of a fractional executive is not entirely new, but it has gained significant traction in recent years.  Economic uncertainties and the need for cost-effective solutions have driven many businesses to reconsider traditional employment models.  Hiring a full-time executive can mean a substantial overhead, especially for small and medium-sized enterprises that may not have the budget for high salaries and benefits packages.   Fractional executives offer a more affordable alternative, potentially allowing companies to access top-tier talent “on demand”.  The gig economy has revolutionised the way people work, with a particular emphasis on flexibility and project-based engagements.  Fractional executives fit perfectly into this model, offering their expertise for specific projects, limited periods or ongoing for an agreed number of days per week or per month.  This flexibility benefits both the executive, who enjoys diverse work experiences, and the company they work with, which can tap into specialised skills as needed.   Access to specialised expertise  Fractional executives often have broad subject matter expertise and plenty of relevant experience they can bring to the table and fast. Many will have held senior positions in their field and possess a deep understanding of best practices in their industry.  This knowledge can be invaluable for businesses looking to implement strategic initiatives or navigate complex change or growth.  Flexibility and scalability  One of the main advantages of fractional executives is their flexibility. Companies can engage them for specific projects, short-term needs, or on an ongoing fractional basis.  This scalability can give businesses more scope to adjust their executive resources according to their existing needs without long-term commitments.  Cost-effective leadership  Hiring a full-time executive can be a significant financial burden, especially for smaller companies. Fractional executives can offer a cost-effective alternative, potentially providing access to top-tier leadership at a lower cost.  This financial efficiency can be crucial for start-ups and SMEs operating on tight budgets, or for employers for whom long-term senior executive needs are harder to forecast.  Fresh perspectives  Fractional executives often work with multiple companies across different industries. This diverse experience means they can bring fresh and innovative perspectives to the businesses they serve.  Their ability to think outside the box can help companies to overcome challenges and seize new opportunities.  These executives sometimes also bring the benefit of fresh contacts and networks to senior teams, which can add value to scaling businesses. This means that the fractional executives can support and enhance business leadership by offering specialised expertise on a flexible, cost-effective basis.  Tony Dignam, FCA, is Managing Director of The Agile Executive

Advocating for yourself at work is vital, especially if you're a neurodivergent person. Antje Derks explains how to navigate workplace challenges and secure the support you need Advocating for yourself in the workplace can be challenging for anyone, but it can be especially daunting for those who are neurodivergent. Neurodivergence encompasses a range of conditions, including autism, attention-deficit/hyperactivity disorder (ADHD), dyslexia and other cognitive differences that affect how individuals think, learn and interact with the world. While these differences can bring unique strengths to the workplace, they can also create specific needs and challenges. Understanding how to ask for reasonable accommodations and advocate for yourself is crucial for thriving in your professional environment. Neurodivergent individuals often have distinct ways of processing information, communicating and completing tasks. These differences can be assets, bringing innovative perspectives and problem-solving skills to a team. The traditional workplace environment may not always be conducive to neurodivergent work styles, however, leading to potential misunderstandings and obstacles. Workplace challenges Neurodivergent individuals often face specific challenges in the workplace. Sensory sensitivities, such as noise, lighting or office layouts, can overwhelm a neurodivergent brain, leading to overstimulation. Organisational and time management difficulties can also arise, as can challenges with social interactions and communication. Many neurodivergent colleagues appreciate clear, explicit instructions and feedback. The more precise and direct the language, the better. While this approach works well for many, it's important to remember that neurodivergence varies greatly from person to person. There is no one-size-fits-all solution. Self-advocacy Self-advocacy involves understanding your own needs and communicating them effectively to others. For neurodivergent individuals, self-advocacy is essential for creating a work environment that supports their success. Here are key steps to advocate for yourself effectively. Familiarise yourself with workplace policies and legal protections related to disabilities In many countries, laws provide the right to reasonable accommodations. Take time to reflect on your specific needs and how certain accommodations can help you perform your job better. This might include flexible work hours, noise-cancelling headphones or written instructions for tasks. Schedule a meeting with your manager or HR representative to discuss your needs. Prepare to explain your neurodivergence in a way that highlights both your strengths and the challenges you face. Remember to use clear and specific language when requesting accommodations. For example, instead of saying, "I need a quieter workspace," you might say, "I need a desk in a quieter area of the office to help me concentrate better." It is important to try and frame your requests in a way that shows you are looking for solutions that benefit both you and the company. Emphasise how the adjustments will help you to be more productive and contribute effectively to the team by suggesting reasonable accommodations that are specific and actionable. For example, "Can I have a standing desk to help me stay focused?" or "Can we have a weekly check-in meeting to ensure I am on track with my projects?" will show your manager that you are actively seeking to take responsibility for yourself rather than shifting all the expectation on to them. Make reasonable adjustments depending on your needs Reasonable adjustments vary depending on individual needs and job requirements. Flexible work arrangements, such as remote work, flexible hours or modified schedules, can help manage sensory overload and align work with peak productivity times. Assistive technology, including speech-to-text software, organisational apps or noise-cancelling headphones, can aid concentration and efficiency. Physical workspace adjustments, like a quieter workspace, a standing desk or specific lighting, can create a more comfortable and productive environment. Structured communication, with clear, written instructions and regular feedback, ensures understanding and proper task execution, while regular check-ins can provide ongoing support and clarification. Additionally, access to a mentor or job coach who understands neurodiversity can offer valuable support and guidance. Monitor the effectiveness of the adjustments Communicate with your manager or HR about how well (or not) the adjustments are working for you. If things need tweaking slightly, don't hesitate to request them. Keep records Keep a record of your communications and any agreements made. This documentation can be helpful if you need to revisit the discussion or if there are any disputes. Promoting an inclusive workplace culture Advocating for yourself is an important step, but fostering a more inclusive workplace culture requires broader efforts from the whole organisation. Employers and colleagues can contribute by promoting awareness and understanding of neurodiversity through training and education, as well as encouraging open dialogue about individual needs and adjustments. But most importantly, it is about helping to create a supportive environment where all employees feel valued and included – whether they’re neurodivergent or not. By advocating for yourself and working towards a more inclusive workplace, you can not only enhance your own job satisfaction and performance but also contribute to a diverse and dynamic work environment where everyone's unique strengths are recognised and valued. Antje Derks is a Marketing Executive with Chartered Accountants Worldwide

The ethical use of AI and how it is governed today and as it continues to evolve in the years ahead is top of mind for many in the profession. Accountancy Ireland asks three Chartered Accountants for their take on the ethics of AI Owen Lewis  Head of AI and Management Consulting KPMG in Ireland It is crucial for all of us in the profession to ensure the integrity and transparency of solutions driven by artificial intelligence (AI).  We must audit and validate AI algorithms to ensure they comply with regulatory standards and ethical guidelines. Monitoring systems for biases and inaccuracies is also crucial to ensuring that financial data and decisions remain fair and reliable. By providing independent oversight, we can help to maintain trust in AI-driven financial processes and outcomes for clients.  Where AI is used to inform large-scale decisions, it should be supplemented with significant governance measures, such as explainability, transparency, human oversight, data quality and model robustness and performance requirements. This technology is continuing to advance rapidly, and we need to be open to both its current and potential capabilities.  By putting the correct governance mechanisms and controls in place – beginning with low-risk test applications and building from there – organisations can adopt AI safely and obtain real benefits from its use. I am working with organisations to help them think through what AI means for them, develop strategies for its adoption, put the necessary governance and controls in place, scale solutions sensibly and ensure business leaders get real value from their investment.  Whatever their goal may be – more efficient operations, accelerated content generation or improved engagement with stakeholders – we help organisations decide if AI can help, and if it can, how to use it in the right way. >Bob Semple Experienced Director Governance and Risk Management Artificial Intelligence (AI) is one of the most misunderstood, yet transformative, technologies impacting the way we work today. Here are 10 essential steps Chartered Accountants should take to navigate the landscape of AI effectively. Take a leadership role – If we don’t take the lead, we risk missing the golden opportunity AI presents. Conduct an AI “stocktake” –According to a recent Microsoft survey, 75 percent of employees are already using AI. Identifying current AI usage within your organisation is essential. Assess the downside risks of AI – Legislative and regulatory requirements are exploding (e.g. NIS 2, the AI Act, DORA and more) and risks abound (AI bias, explainability, privacy, IP, GDPR, cyber security, resilience, misuse, model drift and more). Organisations must act on their AI responsibilities. Conduct a dataset stocktake – Just as the Y2K challenge was about identifying IT systems, today’s challenge is to catalogue all datasets, as these are crucial for AI functionality. Draft appropriate policies and procedures – Establish clear responsibilities and accountability for AI initiatives. Pay special attention to how AI impacts decision-making processes. Strengthen data curation – Implement new processes to improve how data is collected and used. Identify opportunities for the smart use of AI – Brainstorm and prioritise AI use-cases that can drive efficiency and innovation. Provide training – Ensure that board members, management and staff are all adequately trained on AI principles and applications. Manage the realisation of benefits – Safeguard against excessive costs and subpar returns by carefully managing the implementation of AI projects. Update audit and assurance approaches – Seek independent assurance on AI applications and leverage AI to enhance risk, control and audit processes. As we adopt AI, it is critical that we pay particular attention to distorted agency – i.e. giving too much agency to, or relying unduly on, AI outputs and doubting our own agency to make the most important decisions. Exercising professional judgement is the key to minimising the risks associated with AI and realising its benefits, and that surely is the strength of every Chartered Accountant. *Note: GPT4 was used to assist in drafting this article.   Níall Fitzgerald Head of Ethics and Governance Chartered Accountants Ireland Artificial intelligence (AI) is proving to be transformative, impacting competitiveness and how business is done.  Chartered Accountants Ireland has engaged with members working in various finance and C-suite positions, including chief executives, chief financial officers and board members, to understand how AI is impacting their day-to-day work.  One thing is clear. AI is being used in some shape or form in many businesses across the country.  In 2023, the Institute’s response to the UK’s Financial Reporting Council proposals on introducing governance requirements for the use of AI noted several governance mechanisms that are likely to be impacted by AI currently or in the very near future in many organisations.  We highlighted the focus on corporate purpose and how market forces, emerging threats and opportunities driven by AI, may challenge the purpose of an organisation and its long-term objectives.  AI may impact how organisations decide on their strategic focus in terms of how they deliver their product or service and, indeed, how their product or service is designed in the first instance.  It may also impact these organisations’ values as they consider how to deploy and use AI in an ethical manner. The EU AI Act, which enters into force on 1 August 2024 over a phased basis, introduces requirements for the development of codes of conducts, risk and impact assessments and staff training to ensure adequate human oversight around the use of AI systems within organisations. This has specific resonance for Chartered Accountants who are members of a profession bound by a code of ethics governing objectivity, confidentiality, integrity, professional behaviour and competence and due care. Chartered Accountants must now ensure that they understand how AI uses, analyses and then outputs data.  Organisations must ensure that any AI-driven information they share, and how they deploy the technology itself, satisfies principles of integrity, honesty and transparency.  Chartered Accountants are well-positioned, with their ethical mindsets, to ensure the integrity of AI systems, and their use within organisations.

Cormac Lucey explores the misunderstood roots of Ireland’s FDI success and questionable management of surging tax revenues against the backdrop of rising state spending Two important aspects of Ireland’s multinational success story are generally misunderstood.  The first concerns the low-tax strategy that has been the key reason many multinationals have located in Ireland.  As Professor Frank Barry of Trinity College Dublin revealed in his essay “Foreign Investment and the Politics of Export Profits Tax Relief 1956”, this low-tax strategy resulted from then Taoiseach John A. Costello overruling the Department of Finance and forcing an idea promoted by the Department of Industry and Commerce into the Budget.  Underlining the precariousness and capriciousness of life, this strategy didn’t begin to really function until the 1990s.  The second aspect of our multinational story, not generally understood, is how utterly dependent our economy is on American business.  While it is widely known that more than 85 percent of the state’s corporation tax revenues come from multinationals, their contribution to other tax headings is not so well-known.  When you consider multinationals’ 55 percent share of Ireland’s income taxes and 54 percent share of VAT – and apply this lower 54 percent rate to other tax headings – you will see that the multinational sector contributes over 60 percent of the State’s total tax revenues.  How well is the state managing the resulting surge in tax revenues? Well, it’s all being spent, and then some.  According to the Irish Fiscal Advisory Council’s Fiscal Assessment Report published in June 2024, “Excluding excess corporation tax receipts, a deficit of €2.7 billion (0.9% GNI) is forecast for this year. This comes despite a strong economy, with record high employment and historically low unemployment. The question arises: if underlying surpluses are not being run now that the economy is strong, when would they be run?” The quality of much of this spending is highly questionable. The epicentre of rampant State spending growth is occurring in healthcare. A recent Department of Health report analysed hospital activity and expenditure between 2016 and 2022.  It reported a 3.8 percent increase in overall activity, compared with an inflation-adjusted rise in expenditure of 45 percent (nominal rise of 68 percent) and a 29 percent increase in staffing numbers. The Department of Health badly needs budgetary incontinence pads. Or maybe members of the Irish public service simply need to learn how to manage.  Consequence-free management is the key obstacle to effective budgetary control. When staff are treated the same regardless of whether they perform extraordinarily well or extraordinarily badly, should we be surprised when mediocrity results?  The Republic’s governing political class is happy to bask in the reflected glory of multinational-induced prosperity. However, according to the 2023 annual report from the IDA, Ireland’s inward investment agency, the global foreign direct investment landscape is becoming “increasingly challenging and complex.”  And, if he becomes the next US President, Donald Trump plans to significantly undermine Ireland’s attractiveness to US multinationals by putting a 10 percent tariff on US imports. Even though it accounts for 69 percent of employment, Ireland’s domestic sector of small and medium-sized enterprises (SMEs) is the orphan of this story. SMEs need targeted tax incentives along the lines of those outlined by Deloitte’s Kim Doyle in the Accountancy Ireland newsletter Briefly. The SME sector also needs a systematic programme to reduce the regulatory burden imposed upon it. Under the guidance of Michael Diviney, Chartered Accountants Ireland recently published Reducing Red Tape, a detailed position paper showing just how that could be done.  The instinctive mindset of government – that ministers are in charge of a great national trainset they can play with at will – flies in the face of the reality that policy decisions involve tricky trade-offs not amenable to facile headlines.  Cormac Lucey is an economic commentator and lecturer at Chartered Accountants Ireland *Disclaimer: The views expressed in this column published in the August/September 2024 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.  

Ireland’s medium-sized businesses are more optimistic than their global peers but a more ambitious approach is needed to deliver their expectations, writes Patrick Dillon Ireland’s medium-sized businesses are uniquely optimistic in their outlook ahead of the upcoming US presidential elections and in the wake of the recent elections in France and the UK.  Just 17 percent see geopolitical disruptions as a barrier to growth, compared to 42 percent in the Eurozone and 49 percent globally. This confidence follows through in the main findings among the Irish respondents to our latest Grant Thornton International Business Report (IBR), which captures insights into the outlook of 10,000 mid-market firms across the globe.  Our Irish IBR respondents are optimistic about the outlook for the Irish economy in the 12 months ahead. Close to three-quarters (73%) of the Irish medium-sized companies we surveyed predict a positive future. The findings are reflective of the resilience of Irish companies that have had to navigate a polycrisis in a short period of time, trading through the pandemic, cost-of-living challenges and disruption to global supply chains. This is not just a case of looking at the world through rose-tinted glasses, however. Irish medium-sized companies are anticipating a healthy bottom line over the next year.  Close to three-fifths of the Irish companies we surveyed predict a rise in revenues (57%), profits (59%), and headcount (52%) in the 12 months ahead. While it is fantastic to see such a strong sense of confidence among this cornerstone of the Irish economy, if the last few years have taught us anything, it is that none of us knows what’s around the corner.  To this end, the companies that will continue to succeed in the future will be those that remain hyper-focused on staying one step ahead of the competition – and this is where our International Business Report makes for slightly more concerning reading.  There is a significant difference in attitudes to innovation among Irish firms compared to their international peers. Just under a quarter (24%) of Irish businesses are preparing to increase investment in research and development over the next twelve months compared to three-fifths (60%) of their global peers.  We found a similar gap in levels of planned technology investment, with just under half (48%) of Ireland’s medium-sized firms budgeting for an increase, compared to 67 percent globally. Ireland is a small pool compared to the ocean that is the global marketplace. If Irish firms are to realise their ambition and potential, then they need to look to new markets.  Investing in innovation is key to unlocking these opportunities, whether it is leveraging digital channels to reach customers in every corner of the world or developing tailored products or services for a specific customer segment internationally.  A confident economic outlook is great, but it doesn’t put money in your pocket. To paraphrase Benjamin Franklin, an investment in innovation pays the best interest.   Patrick Dillon is Head of Deal Advisory with Grant Thornton Ireland *Disclaimer: The views expressed in this column published in the August/September 2024 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.

Revisions to International Standard on Auditing (Ireland) 600 will result in higher-quality group audits, but more work will be required to deliver this benefit, writes Noreen O’Halloran The International Standard on Auditing (ISA) (Ireland) 600 has been revised. Issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), the revised standard applies to the audit of group financial statements.  Effective for periods beginning on or after December 15, 2023, these revisions aim to enhance audit quality and address inconsistencies in practice. They bring some challenges, however.  The purpose of ISA (Ireland) 600 Revised (the revised standard) is to enhance the quality of the audit delivered, by ensuing better co-ordination and understanding  between the group auditor and the auditor of a group component.  Audit committees, along with group and component management teams, will also experience changes in how the group auditor conducts the group audit.  Roles and responsibilities Various definitions are amended within the revised standard. These include the definition of a component, which now includes entities, business units, functions or business activities, or some combination thereof, determined by the group auditor for the purposes of planning and performing audit procedures in a group audit.  This concept of the auditor’s view of a component marks a departure from the previous standard. Under the previous standard, a component was identified by the group auditor based on the level at which the group or component management prepared the financial information.  As a result, audit committees can expect to see some changes in the identification of the components for the purpose of the group audit. The group engagement partner is responsible for the work performed by the engagement team. The definition of “engagement team” within ISA (Ireland) 600 Revised includes component auditors.  Therefore, it must be clarified that the group engagement partner along with members of the engagement team – other than component auditors (i.e. the group auditor) – will take responsibility for the nature, timing and extent of the direction and supervision of the component auditor’s work and the review of such work.  To fulfil this obligation, in addition to engaging with group management, the group engagement partner will need to be more involved with component auditors and, potentially, component management.  The definition of “significant components” has been removed. This means that there is no longer a set quantitative threshold above which a significant component’s financial information must be audited.  Rather, a more risk-based approach is required. Emphasis has been given to the consideration of the risk of material misstatement at the assertion level of the group financial statements associated with components.  This will mean that more decisions are made by the group auditor in terms of the level of work that is to be performed by each component and by whom this work will be performed. Component auditors may, therefore, expect changes to the scope of their work compared to previous years. The definition of group financial statements has been clarified. The standard focuses on the concept of a consolidation process. This includes the aggregation of the financial information of business units and is wider than the definition of the consolidated financial statement in financial reporting. As a result, audit committees may see a change in the approach to auditing an entity with multiple branches or divisions, as this is now considered to be a group audit.  The standard emphasises the need for a comprehensive approach to auditing all components contributing to group financial statements, ensuring that the audit covers all relevant aspects of the group’s financial reporting. The clarity regarding the definition of a component (including the removal of the significant component), the involvement of the engagement team and the responsibility of the group auditor, may enhance the quality of the audit delivered.  However, additional time will be incurred by the group auditor as a result, who must now ensure that all component auditors are adequately supervised.  The changes to the definition of a component will provide greater flexibility for the group auditor when identifying components. However, this may result in the entity’s management receiving requests for information regarding components that were not previously in scope. Risk-based approach One of the most significant changes in ISA (Ireland) 600 Revised is the alignment of the standard with the principles in ISA (Ireland) 315 Identifying and Assessing the Risks of Material Misstatement.  This requires the group auditor to focus more on identifying and assessing the risks of material misstatement at the group level when planning and performing the group audit, rather than simply defaulting to a full scope audit at the component level.  The alignment to ISA (Ireland) 315, and the requirement for the group auditor to take a more active role in identifying and assessing the risks of the material misstatement of group financial statements, will assist in improving audit quality.  It will also require more time, resources and effort on the part of the engagement team, however, and particularly the group engagement partner.  The group auditor will be heavily involved in identifying and assessing the risks of material misstatement at the group level and planning the approach to the entire audit, rather than delegating this to the component auditor.  The additional time and effort required will be most evident in large groups with components in multiple locations. The entity’s management may also receive additional, or more granular, requests for information from either the group or component auditor to support the group auditor’s risk assessment procedures.  Communication and documentation ISA (Ireland) 600 Revised reinforces the need for two-way communication between the group auditor and component auditor to ensure that both parties are in sync.  The group and component auditor together comprise one engagement team, so a collaborative environment is essential. The revised standard also emphasises that all ISAs, including ISA (Ireland) 230 Audit Documentation, must be applied in a group audit.  In applying ISA (Ireland) 230, the group auditor must demonstrate in their documentation how they are directing, supervising and reviewing the component auditor’s work.  The group auditor must consider the scenarios where access to either individuals or information at the component auditor level is restricted and how these restrictions are overcome. Enhanced documentation and two-way communication from the beginning of the audit will improve audit quality.  However, it will also require more co-ordination and collaboration, which may be challenging, particularly for complex groups with many components.   Early communication will be essential to addressing the changes in scope, higher levels of group auditor involvement and in identifying any challenges to this involvement, including restrictions on sharing audit documentation electronically or at all, or restrictions on travel to a specific area.  To fulfil their supervisory role, the group auditor may need to navigate various obstacles, including different time zones and language barriers.  Other practical challenges may include how to ensure that component auditors are part of the discussions required by the other ISA (Ireland) standards, including the fraud discussion required by ISA (Ireland) 240. Professional scepticism The revised standard clarifies how the requirements in ISA 220 (Revised) Quality Control for an audit of financial statements – particularly the importance of professional scepticism – applies to achieving audit quality in a group audit.  The group auditor must exercise professional scepticism by remaining alert to inconsistent information from component auditors, component management and group management, regarding matters that may be significant to the group financial statements.  The group auditor must take appropriate actions when inconsistencies are identified. In addition, the group auditor must emphasise the importance of exercising professional scepticism to each of the engagement team members, including the component auditors.  Exercising professional scepticism at the component level may result in the group engagement partner needing to engage more extensively with component auditors and component management throughout the audit.  Crucial supervisory role The revisions to ISA (Ireland) 600 introduce more requirements for group auditors and their component auditors. This requires increased resources, enhanced communication, increased documentation and a greater emphasis on professional scepticism.  Audit committees and group and component management will also see an increase in the level or type of information required from the group or component auditor so that the group auditor can fulfil their requirements in accordance with ISA (Ireland) 600 Revised.  The need for greater group auditor involvement in the planning and risk assessment stages, and the two-way communication required, highlights the importance for all auditors to understand the new requirements and ensure that they have the skills and resources needed to meet them.  To align with the revised standard, group and component management may see a change in the type or nature of information requested by auditors.  The supervisory role the group auditor plays is crucial to the execution of high-quality group audits.  Both the group auditor and the component auditor will need to be familiar with the new requirements and align their audit methodologies accordingly, while group and component management should be willing to provide the additional information required by the auditor.  While the revisions to ISA (Ireland) 600 will undoubtedly increase the workload of both auditors and group and component management, it will result in higher quality audits. This will, in turn, generate greater benefits to the public interest and may avoid high-profile group audit failures in the future.   Noreen O’Halloran is Principle, Audit Quality and Professional Practice Department, KPMG Ireland

AI is revolutionising accountancy by automating routine tasks, enhancing data analysis and providing valuable insights for strategic decision-making. Conor Flanagan explains how Artificial intelligence (AI) has emerged as a transformative force across various industries and accountancy is no exception. As AI technologies advance, they are reshaping the accounting landscape by enhancing efficiency, accuracy and strategic decision-making.  The emergence of AI can be traced back to the 1950s when pioneers like Alan Turing began exploring the concept of machine intelligence.  Turing’s famous “Turing Test” proposed that a machine could be considered intelligent if it could engage in conversation with a human without being distinguishable from a human interlocutor. Since the 1950s, AI has continued to evolve through different phases, including the notable period in the 1970s known as the “AI Winter” when there was a significant fall-off in funding and interest in the technology.  Since then, and coinciding with advances in computational power coupled with the development of machine learning algorithms, interest in AI has been reignited, with breakthroughs in natural language processing, computer vision and data analytics paving the way for more practical applications.  This progress, although impressive, has been somewhat dwarfed by the advent of Generative AI in recent years, with companies like OpenAI and its now infamous ChatGPT platform sparking widespread interest in the technology and its potential.  Generative AI has given rise to exciting new systems now capable of performing complex tasks, such as image recognition, language translation and content creation. And for the sceptics among us – no, this article was not written by ChatGPT. The Microsoft experience AI is revolutionising accountancy by automating routine tasks, enhancing data analysis and providing valuable insights for strategic decision-making. At the recent Chartered Accountant Technology Conference, held in January 2024, Daragh Hennelly, Senior Finance Director with Microsoft in Ireland, shared the story of how the company is unlocking business value through AI-enabled outcomes in finance. Microsoft began its AI journey over seven years ago, leveraging traditional AI to create models that could recognise patterns in data and use this to predict and act on potential outcomes, driving significant efficiency gains. Some examples include: Task automation and content creation Microsoft is using AI to automate tasks such as setting up purchase orders and logging expense reports. Streamlining processes and reducing risks Invoice approvals: AI assigns real-time risk scores to automate more than one million low-risk invoices and cuts the manual effort required for the rest by 50 percent, resulting in 125,000 hours of time saved for finance team members who can now use that time to focus on more strategic tasks. Journal entry anomaly detection: Machine learning algorithms have been built to review thousands of journal entries to detect anomalies with the aim of reducing reporting risks or misstatements.  Enhancing contract review efficiency: AI reads and scores thousands of contracts, reducing the time needed for manual review by 50 percent and allowing finance professionals to focus on high-risk contracts. The recurring theme in all these examples is how AI can be deployed to either automate manual tasks previously carried out by Microsoft’s finance team or unearth and present anomalies requiring additional review.  This demonstrates how AI can create efficiencies in finance functions and processes, but as accountants, we still need to be professionally trained to make decisions based on a smaller and more focused sample base.Over the past 18 months, in particular, the opportunity to transform business and finance processes has accelerated with the roll-out of Generative AI and its ability to create original content – such as text, images, video, audio or software code – in response to user prompts and requests. Today, Microsoft is adopting Generative AI to further enhance processes and unlock business value. This opportunity can be categorised across four main areas: Summarise information. Generate content. Recommend actions. Simplify tasks. 1. Summarise information Recap meeting transcripts to capture key points and assign actions. Distil collection agents’ call notes into actionable plans. Flag key terms in contracts related to payments, pricing and discounts. Synthesise complex workflow documents to highlight handoffs and commonalities. Summarise earnings scripts to identify significant trends and highlights. 2. Generate content Draft financial close decks and write analytical comments and insights. Write contractual language based on simple notes. Draft collection calls and follow-up emails in different languages with payment plan details. Write initial internal audit reports and investor relations earnings call scripts. Produce market sentiment analysis using transcripts from corporate earnings calls and central banking authorities. 3. Recommend actions Analyse financial close variances and recommend areas of the business to investigate variance drivers. Define collection strategy based on customer payment history. Evaluate audit workpapers and resolution disputes against audit controls.  Guide users in setting up purchase orders, invoices, expenses and payments. Recommend policy adherence within workflows. 4. Simplify tasks Accelerate financing requests by automating credit checks and policy reviews. Review sourcing contracts to ensure compliance and reduce human error.  Automate Sarbanes-Oxley Act (SOX) operational controls and summarise insights. Prioritise collection emails, tag disputes and identify resolution owners. Streamline tax and customs procedures by identifying compliance obligations from different global jurisdictions. Central to the success of this transformation of finance at Microsoft is a strong culture of encouraging and rewarding employees to leverage new technologies to transform finance processes. As Amy Hood, Microsoft’s Executive Vice President and Chief Financial Officer, puts it, “by adopting innovative technologies, finance will strengthen its business leadership through compliance, accuracy and efficiency.”   Microsoft is at the forefront of the Generative AI wave, advancing ideas of what is possible and investing in AI solutions such as CoPilot. CoPilot is integrated into Microsoft’s applications (Word, Excel, PowerPoint, Outlook and Teams), working alongside the user with the aim of helping them to work more creatively and efficiently.  It is also enhancing business application products such as Power Platform, Business Central and Dynamics Sales, facilitating advanced data analytics and the creation of complex workflows using natural language that would previously have required the intervention of a developer.  AI’s other early adopters Outside Microsoft, there are other examples of organisations that have successfully implemented AI in their accounting processes, demonstrating the technology’s practical benefits in our field.  HSBC The multinational banking and financial services company has implemented AI to enhance its fraud detection capabilities. HSBC’s AI system analyses transaction data in real-time, identifying suspicious activities and flagging potential fraud cases. This has resulted in a substantial reduction in fraudulent transactions and improved security for customers. Xero The cloud-based accounting software provider uses AI to automate bookkeeping and financial reporting tasks for small and medium-sized businesses. Xero’s AI-driven platform can categorise transactions, reconcile bank statements and generate financial reports, saving time and reducing the risk of errors for business owners. AI and ethical risk While AI offers numerous benefits to the accounting profession, it also raises some ethical concerns. These issues must be carefully considered to ensure the responsible use of AI in accountancy. Data privacy and security AI systems rely on vast amounts of data to function effectively. This raises concerns about data privacy and security, as sensitive financial information may be at risk of unauthorised access or misuse. Organisations must implement robust data protection measures to safeguard against data breaches and ensure compliance with privacy regulations. Bias and fairness AI algorithms are only as unbiased as the data they are trained on. If the training data contains biases, the AI system may produce biased or unfair outcomes. This is particularly concerning in areas such as fraud detection and financial forecasting, where biased algorithms could lead to discriminatory practices. It is essential to ensure that AI systems are trained on diverse and representative datasets to minimise bias and promote fairness. Transparency and accountability AI systems often operate as “black boxes,” making it difficult to understand how they arrive at their decisions. This lack of transparency can be problematic in the context of financial reporting and auditing, where accountability is crucial. Organisations must strive to develop explainable AI models that provide clear insights into their decision-making processes. AI and the work of the accountant The automation of routine accounting tasks through AI has raised concerns about job displacement and the future of the accounting profession.  While AI can handle repetitive and mundane tasks, it cannot replace the strategic thinking and judgment accountants bring to the table.  That said, accountants may need to adapt to new roles and develop new skills to remain relevant in an AI-driven landscape. Like electricity, the roll-out of AI will have a major impact on every industry and many professions, but only those who embrace it will learn to harness its power. Accountants must be prepared to adapt to the changing landscape by acquiring new skills and knowledge. Continuous learning and professional development will be essential for accountants to thrive in an AI-driven world. This includes gaining proficiency in data analytics, machine learning and other emerging technologies. Rather than viewing AI as a threat, accountants should embrace it as a valuable tool that can augment their capabilities. By leveraging AI to handle routine tasks, accountants can focus on higher-value activities, such as strategic planning, financial analysis and advisory services. AI is undeniably transforming the field of accountancy, offering numerous benefits in terms of efficiency, accuracy and strategic decision-making.  From automated data entry and fraud detection to financial forecasting and auditing, AI is revolutionising traditional accounting processes. Its widespread adoption also raises important ethical questions, however. To fully realise the potential of AI while addressing this challenge, organisations must prioritise ethical considerations while also investing in reskilling and upskilling their people and fostering collaboration between humans and AI.  By doing so, the accounting profession can harness the power of AI to drive innovation and deliver greater value to clients and stakeholders. If you have found this article interesting, join us for the next Chartered Accountants Ireland Technology Conference on Friday 24 January 2025. Conor Flanagan is ERP Lead with Storm Technology and a member of the Technology Committee of Chartered Accountants Ireland

The European Union’s new Artificial Intelligence Act brings opportunities for businesses but will not be without challenge, writes Keith Power Just seven percent of Irish businesses currently have governance structures in place for artificial intelligence (AI) or generative AI (GenAI). Despite this, the overwhelming majority (91%) believe that GenAI will increase cybersecurity risks in the year ahead. This is according to PwC’s latest GenAI Business Leaders survey, published in June 2024.  The European Union’s Artificial Intelligence Act (EU AI Act) is a sweeping new regulation aimed at ensuring that businesses have the appropriate AI governance and control mechanisms in place to deliver safe and secure outcomes.  Indeed, a large majority (84%) of our survey respondents welcomed the introduction of the EU AI Act, saying regulation is necessary to prevent the potential negative impact of AI in the future.  The new EU AI Act will also bring challenges, however. Its aim is to protect businesses, consumers and citizens in the EU from potential risks associated with AI in terms of health, safety, fundamental rights, democracy, rule of law and the environment.  By introducing standards and providing legal certainty, the Act also seeks to foster innovation, growth and competitiveness in the EU’s internal market.  It is the EU’s first comprehensive legal framework for AI and will level the playing field for businesses using the technology.  The Act adopts a risk-based approach, with its biggest compliance requirements applying to “high risk” AI systems.  These requirements include addressing data governance concerns, mitigating bias, ensuring transparency and implementing a system of quality management.  The Act also requires that users must be informed when they are interacting with chatbots, and that any AI-generated content must be clearly identifiable as such.   Several specific risks are particular to the EU AI Act, including failure to identify all uses of AI across a business as well as the potential for the inaccurate risk classification of AI uses.  The Act also obliges organisations to assess all of their use cases for AI. This may prove an onerous and time-consuming task given the dispersed nature of the use of AI in many companies. The risk of misclassification is high as risk classifications may change as an organisation’s use of AI evolves over time.  This necessitates the implementation of appropriate ongoing governance and control procedures to maintain compliance, bringing its own challenges. There is also a risk that the focus on compliance may lead to a drag on innovation.  The nuanced nature of some of the language used in the Act, coupled with risk classifications and role designations being subject to change, may prove problematic for some organisations.  The use of AI systems by third parties acting on behalf of organisations may also cause a degree of complexity.  There is much to be considered by Irish businesses to ensure they will be compliant with the new EU AI Act.  It will bring competitive opportunities, but complying with the new regulations will be a complex process. Keith Power is a Partner with PwC Ireland *Disclaimer: The views expressed in this column published in the August/September 2024 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.

Numra co-founder David Kearney, FCA, sees a world of potential in the advent of AI for accountants who can now expect to see their work move up the value chain David Kearney vividly recalls the release of the first version of ChatGPT, the artificial intelligence (AI) chatbot, by US tech firm OpenAI in November 2022. A Chartered Accountant, entrepreneur and self-confessed “techie,” Kearney had sold Peblo, his first start-up, just months earlier and was on the look-out for ideas for a new venture with global potential. “That first ChatGPT release was really the first time I’d come across the concept and capabilities of generative AI (GenAI) and large language models (LLMs),” Kearney says. “It was all I could think about at the time. I remember spending a full week of evenings staying up late just playing with ChatGPT, getting to know it, reading all about GenAI and LLMs and learning about how it all works. I was fascinated.” Almost immediately, based on his own experience as a Chartered Accountant, Kearney could see a potential commercial application for the technology in the professional field he was most familiar with. “There are literally dozens of use cases out there for GenAI. The one I zeroed in on was accountancy,” he explains.  Kearney established Numra in August 2023 and, alongside his co-founder Conor Digan, began to develop an AI-powered automation platform for finance teams.  Numra closed a €1.5 million seed funding round in December led by Elkstone Partners, the early-stage venture capital firm, and released the first version of “Mary,” its AI assistant for finance teams. Numra’s AI platform is aimed primarily at mid-sized companies with in-house finance teams processing high-volume transactions. “One of the biggest things Mary can help these teams with is workflow automation. She excels at repetitive tasks, such as invoice processing, three-way matching, payments and reconciliations,” Kearney explains. “If we take accounts payable as an example, Mary can identify an invoice from an email, extract the required invoice data and enter it into the accounting system. She can then send the invoice to whomever needs to approve it and, from there, she can execute the payment.” Kearney says Mary has been designed to behave like a “real-life team member.” She can be trained up on existing company processes and can interact with communication platforms already in use, such as email, Microsoft Teams and Slack.  “You onboard Mary, just like a normal team member. You train her on your internal processes, you give her access to your systems and then get her to start helping you with your workload,” he says. “She can manage complex tasks like answering vendor queries and performing detailed cost allocations, improving over time through user feedback. “That’s really the beauty of GenAI. It has this capability to ingest and process vast amounts of unstructured data and take on tasks that were previously too complex to automate.” The result, Kearney says, is that the role of the Chartered Accountant will be elevated with a new focus on higher-value activities that require strategic thinking and creativity. “There has been quite a lot of fear mongering around how AI is going to impact jobs in the future, including jobs in the accounting profession,” he says. “That’s kind of understandable, but AI actually represents more of an opportunity than a risk for accountants and other professions. I think it should be embraced.” Kearney began his own career as a Chartered Accountant as an undergraduate studying commerce at UCD. He undertook a one-year placement with PwC and went on to train in the firm’s audit department. “The Chartered Accountant qualification had been on my radar for a long time and I specialised in accounting in my final year at college to get the CAP1 exemption,” he explains. “I always had a very strong interest in business and entrepreneurship and I felt that the Chartered Accountant qualification would be a really good launchpad for my career. It’s very dynamic and it gives you a lot of career options.”  After qualifying, Kearney moved to southeastern Australia in 2018 where he spent three-and-a-half years in Melbourne working for large-scale organisations like PZ Cussons, RACV and National Australia Bank.  “I worked in finance departments, mainly in financial planning and analysis. I had an amazing time and built up some great experience in commercial roles, but it was always in the back of my mind that I wanted to do something for myself,” he says. After returning to Ireland with his partner Grace in the early stages of the COVID-19 pandemic, Kearney hit upon the idea for Peblo, his first venture.  Peblo was a financing platform for content creators and influencers. Kearney established the start-up in late 2020 with co-founder Jake Browne and sold Peblo less than two years later to Wayflyer, the Irish-owned e-commerce funding platform. “Peblo was a bit of a crazy idea. It was an invoice factoring company for influencers and their talent agencies.  We were basically buying sponsorship invoices from influencers, so they could get paid sooner for sponsored work for brands. It took off. It grew legs really quickly and we sold in early 2022.” Peblo’s rapid growth and early acquisition was like “lightning in a bottle,” Kearney says now. “It’s rare enough that a start-up would scale that quickly and attract interest from a buyer,” he says. “It was good timing, a good value proposition. Sometimes things just work out.” Peblo may have taken off at lightning speed, but Kearney’s interest in technology goes right back to childhood. “One of my earliest memories is of my grandad’s Apple Macintosh computer. That was back in the early nineties. I was glued to the thing every time we visited and he ended up gifting it to me before I had even started primary school.  “I must have been about four and I still remember the excitement. Since then, I’ve been a bit of an early adopter of new technology. I love trying new things. Technology has always been a big part of my life.” Now, with Numra’s seed funding round secured, Kearney has ambitious plans for the fledgling venture. “We’ll use the funding to accelerate customer acquisition in the US and to invest further in product development,” he says. “Our main target market will be the finance teams in mid-sized organisations. These teams often have too much work and too few heads. They are the most likely to recognise, and benefit from, this kind of AI-enabled workflow automation from the get-go.” For Chartered Accountants fearful that the advent of such automated financial platforms could upend the profession, Kearney says the critical role the profession plays across all sectors will not be replaced. Rather, it will evolve. “The data entry, the document processing and the ‘number-crunching’ is going to go away. AI can do all of that better than we can,” he says. “AI is very good at doing a lot of the time-consuming work people don’t tend to enjoy and that is a positive for Chartered Accountants who can instead start to focus on more valuable strategic work. “Ultimately, I think we can expect to see the day-to-day work of Chartered Accountants move away from ‘the doing’ and more towards orchestrating and reviewing.”

Artificial intelligence is ushering in a new era of tech-enabled efficiency in many sectors, but its widespread adoption also throws up ethical dilemmas. Dr Susan McKeever digs into the details Dr. Susan McKeever is Head of Discipline for Data Science and Artificial Intelligence (AI) at Technological University Dublin’s School of Computer Science. Here, McKeever talks to Accountancy Ireland about the benefits AI is bringing to sectors reliant on data and how regulators, Chartered Accountants and other professions must ensure its ethical adoption as it continues to evolve at a rapid pace. How is the emergence of AI impacting the world of accounting and other professions and sectors? Any profession, function or industry reliant on large amounts of data and repetitive data-related tasks traditionally carried out by people will be impacted by the advent of AI, if they are not being impacted already. These repetitive tasks might involve data entry, data assessment and the generation of reports and correspondence based on this data. AI is very “friendly” to taking over these kinds of tasks. It is really good at getting to grips with a lot of data, interpreting and analysing this data and generating knowledge from it.  The medical sector is one example of an AI-friendly sector, as is the legal sector and insurance. Accountancy is, in a sense, data-driven, but uses a very specific kind of data that needs to be assessed and interpreted, so it is quite specialist.  You can train AI to do simple, repetitive, data-related tasks in accounting. It won’t get tired and it won’t forget what it has already learned.  You can continue to re-train AI as the world moves along, or as the situation changes, and it will continue to build on its existing knowledge and become more and more intelligent. People are excited about the emergence of AI, but also fearful – is this fear well-founded? One of the fears surrounding AI is the general concept that it will “take over” in certain fields. I do believe that the widespread uptake of AI across industries will displace certain kinds of repetitive jobs further down the value chain – the kind of roles that can easily be automated.  The silver lining – and I do truly believe this – is that, as a result, we will see an uptick in higher-value roles. If you take accountancy, we will likely see a shift away from the very granular, detail-driven examination of individual transactions, for example.  Instead, with AI gathering and analysing this data, the accountant will be able to focus on higher-value work, spotting interesting patterns or anomalies of immediate value to their organisation. My advice to accountants, as with all professions, is to go with it. AI is here to stay.  ChatGPT really seeded the concept of AI in the public imagination. It is just one of the larger language models out there, but it just happens to be the one that has really landed in the public consciousness. You have all sorts of people already using ChatGPT to write letters, draft CVs and so on. Change is inevitable. The widespread use of AI is inevitable. My advice to all professionals is to adapt and prepare. Re-train or upskill if you need to. Try not to resist it too much.  What else should we be concerned about when it comes to the widespread adoption of AI? There is a fear out there that AI will start to make decisions we, as humans, used to own.  What is really important here – and this needs to be enshrined in legislation – is that, at all times, humans must be responsible for any decisions made.  So, while AI may be by your side, acting as an “intelligent” support to you in your work as an accountant, you – the human – must always be responsible for any decisions made.  Once you move away from this principle, you enter problematic territory. AI must be accountable to humans. People must maintain ownership of any and all decisions made, always. We train AI based on existing data and data sets – does this carry its own risk? In AI, machine learning models are trained using previous examples. This subset of AI uses algorithms to interpret large amounts of data. It learns from experience. So, if you use a machine learning model to train an AI algorithm to recognise suspicious transactions, for example, you might give it a dataset of 1,000 transactions in which 100 are suspicious. The model will start to figure out the pattern of what makes a transaction suspicious where a human might not have been able to decipher the “rules” underpinning these suspicious transactions.  If you train your AI algorithm based on 1,000 transactions, it might get a certain level of detail. If you up this training to a larger dataset comprising 100,000 examples, your AI algorithm will start to get really good at recognising the patterns in suspicious transactions.  One issue with this kind of machine learning is bias. If you are training your AI algorithm on what has gone before, you are also embedding biases that have existed over time. You are enshrining the world as it is, or was, into the trained examples you use. You have to be very careful that you do this well.  Already, we have seen how the use of AI-driven CV evaluation systems has brought bias to the hiring process based on race, gender, age and other factors. It is something we need to be very aware of. Are we doing enough to regulate and legislate for the safe and ethical use of AI now and in the future? The effective regulation of AI is something I feel very strongly about. This technology, like so many others, is already shaping our society and will continue to do so in the future. Our legislation is lagging behind the rapid evolution and deployment of AI in Ireland and across the world. We are behind the wave, and this is a problem. In the European Union, the Digital Service Act came into full effect in February and the Artificial Intelligence Act is also coming down the line. Its aim is to ensure that AI systems placed on the European market, and used in the EU, are safe and respect fundamental rights and EU values. These regulations are welcome, but their introduction is too slow. It is not keeping pace with AI. Our legislators are falling behind, and this has to be addressed. Otherwise, we could be looking at a society that is framed by technology instead of the democratic and legislative code that should prevail. This is not to paint an entirely negative picture. AI can be used for so much good. There is so much to be positive about in this extraordinary technology. It is up to us to make sure that it is used for good, however, and that the necessary controls are in place to make sure that we continue to have the kind of society we want. To do this, the legislation needs to get in front of the technology, and this is something we need to prioritise today. 

Attracting top graduate talent requires a strategic recruitment plan focused on strong employer branding, fostering internal relationships and academic partnerships, explains Mary Cloonan In today’s highly competitive job market, attracting top graduate talent is more challenging than ever. With a plethora of career opportunities at their fingertips, graduates seek firms that stand out through their values, culture and development opportunities. Organisations need a strategic and well-structured recruitment plan to engage this year’s graduate cohort. This strategy should holistically focus on brand building, celebrating the success of current graduates, nurturing strong internal relationships, establishing collaborations with academic institutions and communicating the recruitment process clearly and transparently. Building a compelling employer brand To attract top graduates, it is important that your organisation’s brand offers them what they are looking for in an employer. There are three elements to focus on in your employer brand: Corporate identity and values: Graduates gravitate towards firms that profess clear values and live by them. Firms must communicate their core values effectively, emphasising social responsibility, sustainability and ethical practices to resonate deeply with potential candidates. Employee testimonials and success stories: Showcasing current graduates’ real-life success stories of through social media, blogs and video testimonials can powerfully augment a firm’s brand. These narratives provide authentic proof of the professional growth and development facilitated by your company, making it an attractive place for ambitious graduates to start their careers. Interactive engagement: Proactive engagement through webinars, virtual career fairs and interactive Q&A sessions enables potential recruits to gain insights into the company’s culture and employee experiences. This level of interaction can significantly boost a firm’s appeal, drawing in candidates who are a good cultural and ethical fit. Fostering strong internal relationships Creating an environment that promotes growth and development is crucial in maintaining a dynamic and supportive workplace. This is achieved by understanding and responding to the current team’s needs and ambitions by: Mentorship and comprehensive training: By implementing robust mentorship programs and offering comprehensive technical and soft skills training, companies can equip graduates with the necessary tools to succeed and integrate seamlessly into the professional environment. Listening to learn: Regular feedback sessions help cultivate a culture of openness and ongoing development, which can be used to tailor training programs and career development initiatives to suit individual and organisational goals. Recognition and advancement opportunities: Publicly acknowledging and rewarding graduates’ achievements helps to foster a motivational workplace atmosphere and demonstrates the firm’s commitment to investing in its employees’ success. Collaborating with academic institutions Forming strategic alliances with universities and colleges is essential to accessing emerging talent and enhancing brand visibility among students. Collaborations that offer students practical experience and internship opportunities allow companies to assess potential employees in real-world contexts, benefiting both students and employers. By participating in educational programs and delivering workshops, companies provide valuable industry insights and help demystify the professional world for students, preparing them effectively for their future careers. Firms contributing their expertise to academic curricula ensure that the education provided is relevant and up to date, enhancing graduates’ employability and ensuring they are well-prepared for their professional journey. Transparently communicating the recruitment process Clear and proactive communication about the recruitment process is crucial for setting correct expectations and creating a positive candidate experience. The firm’s careers page should clearly detail each step of the recruitment process, from application to selection, explaining it and reducing applicant anxiety. A comprehensive FAQ section, along with supportive materials such as year-by-year training breakdowns and process videos, provides candidates with all the necessary information to navigate the application procedure confidently. Finally, videos, photography and tagged posts featuring current graduates talking about their experiences can give insights into the day-to-day realities of working at the firm and showcase the vibrant community and dynamic work environment. A proactive and transparent recruitment strategy is paramount in these competitive times. By effectively building a robust brand, fostering strong internal relationships, empowering graduates, forming educational partnerships and clearly articulating and showcasing the recruitment journey, firms can attract, engage and retain top talent, paving the way for sustained success. Mary Cloonan is the founder of Marketing Clever

Managing a new generation of workers and hybrid working effectively requires regular performance conversations, clear direction and strategic alignment with business goals, writes Seán McLoughney A new generation of workers requires a different approach to managing performance. Younger employees need and expect more frequent conversations about their performance and want clarity and direction in terms of their work and career progression. Another issue facing managers is how best to manage working from home. The debate over hybrid working arrangements is ongoing, but there is a lot of research on the benefits and pitfalls of remote working. While managers may prefer that their team works in the office, people often prefer the flexibility of working from home at least two days a week. This presents a problem when it comes to managing performance, however. Managers tend to manage performance based on what they see and hear and their interactions with their team. There is a lack of visibility when people work from home. This can lead to people feeling that their efforts are not being recognised and valued by management. Here are simple steps managers can take to overcome these issues. Give time and support Show you care about your team by giving them your time and real support. Setting aside at least one hour once a quarter to focus on performance and career progression is the minimum that talented people expect. This investment in your team is important in retaining your best people. On average, people will give you 1,900 hours of their time per year. How much one-to-one time do you give them as their manager? Regular performance conversations are about more than just discussing people’s key targets and objectives. These conversations also allow you to check in with people who work from home and keep up to date with what they are working on. Regular and meaningful conversations and feedback underpin a high-performance culture. Discuss the business plan Give context to your team’s performance by discussing your organisation’s business plan. Your role is to translate the business strategy at its highest level into what it means for the team and each individual within it. People are more engaged when they know that their work matters. Discussing the business plan will show them how they can make a positive contribution to the business. At a team meeting, outline the key areas of the plan and how it impacts the team. Describe what success looks like by the end of the year. Ask the team what they think needs to happen to achieve these expected results. You can also encourage everyone to set goals for themselves based on this discussion. This will increase personal responsibility by fostering a sense of ownership for their performance. Discuss strategy Always explain the business reason when goals change. Surviving in a dynamic business environment requires people to be flexible and agile because companies need to adapt to market conditions. Ensure that everyone’s priorities are aligned with current team goals to stay on top of your ever-changing demands. This will encourage your team to focus on what matters to your business in the present moment rather than spending time working on goals set at the start of the year, which are now outdated. Regular performance conversations will bring clarity and direction to your team. They provide managers with a great platform to communicate expectation levels and ensure that their efforts are focused on the current priorities that matter. Show real support If the achievement of your business goals is dependent on how you manage your team and new team members, then it is important to show real support. Set aside regular time for meaningful performance conversations regardless of where your team members are located, bring context to their efforts and ensure everyone is focused on current priorities. Seán McLoughney is the founder of LearningCurve and author of Time Management, Meaningful Performance Reviews and Slave to a Job, Master of your Career, all published by Chartered Accountants Ireland

Tax measures to be introduced in Budget 2025 must not add to the already heavy compliance burden facing SMEs and promote greater investment in domestic business. Kim Doyle explains why The Irish economy needs both domestic direct investment (DDI) and foreign direct investment (FDI) to grow and diversify while supporting a sustainable tax base. According to the CSO Business in Ireland 2021 report, small and medium enterprises (SMEs) accounted for 99.8 percent of all businesses and over 69 percent of persons employed in Ireland. This demonstrates the vital role SMEs play, acting as the “engine room” of the Irish economy. While there are numerous forces already driving a successful entrepreneurial landscape in Ireland – such as a skilled workforce, digitalisation and technological advances – our tax system is critical and should act coherently to drive domestic investment and support a strong SME ecosystem. Additional tax measures should be implemented to build stronger DDI and provide an attractive entrepreneurial landscape for SME growth and scale-up. Now is the time. Budget 2025 is a couple of months away. New tax policies and changes to current tax measures may be announced on budget day. I hope the following tax measures for SMEs are included. Capital gains tax retirement relief Age limits on retirement relief of €10 million for individuals aged between 55 years and 69 years and €3 million for individuals from 70 years, where the disposal is within the family and made on or after 1 January 2025. These limits will deters the transfer of family businesses during the lifetime of an entrepreneur and presents problems in the transfer of a family business to the next generation. While a business may be valuable and exceed these limits, there may not be liquid funds to discharge a tax liability arising on a transfer of that business. This would be for the benefit and longevity of the business. This may delay family successions until such time that the transfer occurs as part of an inheritance. Such an outcome is counterproductive, considering that the purpose and intent of retirement relief is to facilitate transfers of businesses to the next generation at an optimum time for the business rather than on the death of the owner. Stamp duty relief Currently, relief from CGT (e.g. retirement relief, revised entrepreneur relief) and Capital Acquisitions Tax (CAT) – e.g. business relief – may apply to the passing of a business to the next generation. Such transfers often include commercial property. There is no relief for the 7.5 percent stamp duty charge arising on the transfer of the property, however. Consanguinity relief should be extended to encourage and support lifetime transfers of business property to the next generation. Angel investor relief Angel investor relief could be simplified and conditions eased to provide the intended benefits to innovative SMEs. The reduced CGT rate of 16 percent (or 18 percent in the case of investment through a partnership) for angel investment in innovative start-ups is a positive measure and should open the door to much-needed investment. This may help the sector to grow and foster entrepreneurship in Ireland. Numerous conditions must be satisfied to qualify for this relief, however, and there are penalties for getting it wrong. Practically, this means this relief may be difficult to avail of and the flow of benefits to innovative SMEs may be hampered. The relief needs to be simplified and the conditions made less onerous in order for this relief to provide the intended benefits to innovative start-ups and their investors. Decarbonisation and digitalisation New decarbonisation digitalisation credits would assist in addressing the reality that SMEs are working to keep up to speed with mega trends in both areas. They may be doing this either by researching, developing and delivering products to address the impact of these trends or by implementing relevant technologies in the business. This could be modelled on the research and development (R&D) tax credit regime, such that a new decarbonisation credit would support businesses seeking to lower carbon emissions and accelerate the decarbonisation process.   Similarly, a new digitalisation tax credit could support businesses with their digital transformation. Simplification A review of the statutory corporation tax return (Form CT1) and the Irish tax legislation is needed.   The Form CT1 has become cumbersome in recent years, mainly due to the volume of significant tax policy changes requiring additions to Form CT1. There is an opportunity to simplify the Form CT1 and ease the administrative burden, particularly for SMEs not within scope of recent tax policy changes driven by international tax reform.   The establishment and ongoing work of the  Tax Administration Liaison Committee Sub-Committee on the Simplification and Modernisation of Business Reliefs for SMEs is an important forum for stakeholders to work together to identify opportunities to simplify and modernise the administration of business supports. Now, though, the government must review other areas of the Irish tax system. Irish tax legislation, particularly the Taxes Consolidation Act 1997, should be reviewed with a view to simplification as a matter of priority. The SME Test The Department of Enterprise, Trade and Employment’s SME Test is to help policymakers consider the potential impact of any new legislation or regulation in terms of the regulatory burden it places on SMEs. The SME Test should support the design of tax policies that reflect less stringent compliance requirements for SMEs. It is vital that new tax policies do not add to the already heavy compliance burden facing SMES, while also providing support, opportunities for growth and promoting greater domestic investment. Kim Doyle is Director of Tax Policy and Technical Services at Deloitte

As Ireland enters its third year of gender pay gap reporting, Andrew Egan and Aoife Newton outline legislative updates, bonus gap impacts and new reporting requirements As many employers in Ireland commence their third year of gender pay gap reporting, it is essential to understand the legislative changes and analyse bonus trends following the introduction of the Gender Pay Gap Information Act 2021, and identify important changes for employers to note as they begin this year’s gender pay gap reporting cycle. Bonus gap analysis A fundamental feature of the Gender Pay Gap Information Act 2021 reporting requirements relates to bonus gap calculations. These calculations are used to understand the disparity in bonus payments between genders within an organisation. Bonus payments can also considerably impact total remuneration (as bonus pay is built into ordinary pay results), affecting the overall pay gap within an organisation. As a result, the observation of a large bonus gap is often reflected in the overall pay gap. Pay gap trends More than 1,000 gender pay reports from 2022 and 2023 have been analysed by KPMG’s data team to identify key trends in Ireland across different industries: From 2022 to 2023, the average bonus gap in Ireland rose by 1.5 percent, up from 16.5 percent to 18 percent. In 2023, 87 percent of the employers analysed reported a bonus pay gap in favour of men. The most common reason cited by employers for their pay gap related to a higher proportion of men occupying senior roles. The bonus gaps are biggest in the insurance, real estate and construction, financial services and professional services industries. Senior roles are typically associated with higher bonus remuneration. We expect bonus and pay gaps to persist if women remain underrepresented at senior levels. Correctly determining the cause of an employer’s gender pay gap is critical in addressing the problem and improving the gap in future reporting cycles. We are seeing employers having to more clearly define their bonus pay models to ensure greater transparency and consistency of treatment of men and women to reduce or eliminate bonus pay gaps, which in turn will positively impact their overall gender pay gap. Gender Pay Gap Reporting in 2024 In late May 2024, the Employment Equality Act 1998 (Section 20A) (Gender Pay Gap Information) (Amendment) Regulations 2024 (the 2024 Regulations) were introduced. Following this, the Department of Children, Equality, Disability, Integration and Youth updated its Gender Pay Gap FAQs for employers document (the FAQs) and the associated Guidance Note document. The 2024 Regulations amend the original Employment Equality Act 1998 (Section 20A) (Gender Pay Gap Information) Regulations 2022 (the 2022 Regulations) to reflect the obligation of relevant employers with over 150 employees to report on their gender pay gap in 2024. This reporting threshold will expand to those with over 50 employees in 2025. The 2024 Regulations also provided an update on the definition of ‘basic pay’ to include payment when an employee is on certain types of statutory leave (adoptive leave, maternity leave, parents leave (or transferred parents leave) paternity leave (or transferred paternity leave), entitling them to a corresponding social welfare benefit. Employees entitled to the relevant benefit for each of these types of leave under the Social Welfare Consolidation Act 2005 shall now have these payments included as a component of their basic pay calculations. Employers should incorporate salary top-ups to employees on statutory leave as listed above when calculating employees’ pay. The FAQs guides employers who do not pay a top-up to employees to ‘report on the benefit the employee is paid where eligible.’ Online reporting We understand that the development of an online reporting system is underway. We expect this will consist of a central portal where all employer data will be uploaded. While we think it is unlikely this will be in place for 2024 reporting, we are awaiting further details on its implementation and whether its operation will move the reporting deadline from December to November in future years. This change would result in employers having five months from their June snapshot date to report on their gender pay gap, instead of the current six-month period. Gender pay gap and shares One of the most significant changes brought about by the 2024 Regulations was the shift in the approach to how share options and interests in shares are treated for gender pay gap calculations. After the 2022 Regulations were introduced, many employers struggled with the application of these elements as a part of bonus remuneration calculations. Share options and interests in shares are now included in the benefit-in-kind calculations rather than under bonus remuneration. The definition of benefit-in-kind now includes “any non-cash benefit of an estimated monetary value and, for the purposes of these regulations, includes share options and interests in shares.” Shares (distinct from share options and interests in shares) are still part of bonus pay and, as such, the value of shares issued during the reporting period should be included in bonus remuneration calculations. Andrew Egan is Director at KPMG and Aoife Newton is Director at KPMG Law

Here, Dee France, Member & Student Support and Well-being Lead at Chartered Accountants Ireland, explores what diversity and inclusion means in the workplace, the important role it plays for employee well-being, and why employers should foster a culture of belonging and inclusion. Diversity and inclusion (D&I) has become a driving force in the changing organisational landscape. Companies and business leaders are placing greater emphasis on their approach to D&I and are embracing policies and strategies to create a more diverse, fairer, and resilient workforce.  Employee well-being and D&I are closely connected. In fact, employee well-being awareness can be seen as an intrinsic element of a company’s effective D&I strategies and policies.  An essential and significant feature of good overall well-being is our feeling of purpose and belonging. Programmes and initiatives that promote inclusion, diversity, and belonging can support and cultivate positive employee well-being. In its entirety, D&I in the workplace can have an impact on our overall happiness at work.  Emotional tax Employees from diverse backgrounds who experience a non-inclusive workforce can face an additional burden of an ‘emotional tax’ – the experience of being treated differently from peers due to race/ethnicity or gender, triggering adverse effects on health and feelings of isolation and making it difficult to thrive at work. This emotional tax can have an extremely negative impact on employees’ mental health and wellbeing. Feeling undervalued, overlooked, or excluded due to your identity can heighten a person’s vigilance to protect themselves from acts of bias or prejudice. Thrive, Chartered Accountants Ireland’s dedicated well-being hub, continues to receive regular calls from our members and students who seek support from the damaging impact a non-inclusive workplace can have on their wellbeing.   Managing diversity and inclusion  Implementing effective and successful D&I strategies and policies can take time, but a coherent and structured approach to these ensure that work practices and values support an inclusive culture that embraces different people, views, and perspectives. Producing a D&I policy allows a company to go above and beyond legal obligations and set a standard of expectation for the organisation and for its employees.  There are several ways companies can begin to incorporate inclusivity into the workplace.  Leadership and employee training  Providing training for leadership, management and employees increases awareness, aids the understanding and engagement in the company’s values and policies, helps embed these initiatives into the culture of the workplace, and allows for the development of empathy for others.  Employee network groups  Building an employee network group is an effective way to allow people to connect with others from different groups, and raise a sense of belonging, affinity, and kinship.  For example, the Institute has several different committee groups such as Balance, our LGBTQ+ committee, Student Committee, and D&I committee.  Open communication and feedback  Developing open and clear communication channels that are easily accessible to employees breeds better dialogue. It ensures employees and managers alike feel safe in airing grievances, giving feedback, and the feeling of being heard and valued.  Employee surveys on D&I initiatives allow companies to take onboard employees’ experiences and action feedback. It permits companies to assess if policies and strategies are working and evaluate and benchmark their efforts from year-to-year.  The Thrive Wellbeing Hub provides counselling, wellness coaching, practical advice and more to all members of the Institute. You can contact the Thrive wellbeing team by visiting our website, via email at: thrive@charteredaccountants.ie, or by phone: +(353) 86 0243294. 

Thought leadership can be highly effective in professional services marketing, especially for accountancy firms. By showcasing expertise, firms can enhance their reputation and attract clients. Mary Cloonan explains how In today's competitive business-to-business landscape, thought leadership has emerged as a vital marketing strategy, especially for the accountancy profession. By establishing themselves as industry experts, firms can differentiate their services, build trust and attract high-value clients. Outlined below are seven steps you can take to enhance your firm’s marketing offering through the medium of thought leadership. Establish authority: thought leadership positions firms as knowledgeable leaders in their field. By consistently sharing insights, research and expert opinions, they demonstrate their expertise and reliability. Enhance brand visibility: regular publication of thought-provoking content can help firms stay top-of-mind among potential clients and industry peers. This increased visibility can lead to greater brand recognition and credibility. Build trust and relationships: clients are more likely to trust and engage with firms that provide valuable, insightful content. Thought leadership can foster long-term relationships by demonstrating a deep understanding of industry challenges and solutions. Drive business growth: thought leadership content can generate leads by attracting professionals seeking expert advice. It helps in converting prospects into clients by showcasing the firm's ability to solve complex problems. Validate and engage: content published by thought leaders acts as a validation point, which can reinforce your firm's expertise. This content can be shared on social media and forwarded to clients and prospects, further extending its reach and impact. Differentiation: in a crowded market, thought leadership sets firms apart. By sharing unique perspectives and innovative solutions, firms can differentiate themselves from competitors. Continuing Professional Development (CPD): Hosting, or offering to participate in, CPD events and workshops can help to educate clients on industry trends and also demonstrate the firm's expertise, fostering a culture of continuous learning and professional growth. How to implement thought leadership content To implement your thought leadership content, consider the following: Content creation: publish whitepapers, blogs and research reports regularly and bear in mind that this can be more effective if the research is industry-specific. Speaking engagements: participate in industry conferences and webinars. Social media: leverage platforms like LinkedIn to share insights and engage with your audience. Client education: host CPD events to educate clients on industry trends. The power of thought leadership For accountancy and advisory firms, thought leadership can be more than just a marketing tactic. It can offer a strategic approach to building authority, fostering trust and driving growth. By consistently demonstrating expertise and providing value, firms can create lasting client relationships and achieve sustainable success. Moreover, leveraging published content as validation on social media and for client communications amplifies its effectiveness with a view to building credibility with prospective clients. Mary Cloonan is the founder of Marketing Clever.

Organisational practices and culture often drive workplace conflicts. Ian Brinkley examines the impact of conflict and how it can be resolved and prevented in the future The modern workplace is often a place of harmonious or at least tolerable relationships, but sometimes things go wrong. Ranging from one-off tiffs to more serious and systematic incidents, conflict can occur even in the best run workplace. In early 2024, the Chartered Institute for Personnel Development (CIPD) conducted a large-scale workplace survey in the UK focused on the incidence, impact and resolution of conflict. What is conflict? According to the survey, conflict included feeling humiliated or undermined at work, being shouted at or in a heated argument, verbal abuse, unfair allegations, sexual and physical harassment, intimidation and assault and discrimination for a protected characteristic such as race, gender, disability or age. (The survey question did not mention religion.) About 25 percent of the UK workforce reported at least one form of conflict in the preceding 12 months. The most common conflicts involved being humiliated or undermined at work, being shouted at, followed by verbal abuse and discrimination linked to a protected characteristic. The most serious incidents, such as sexual and physical assault were thankfully rare. Most attention focuses on formal processes such as industrial tribunals, grievances and mediation as a means to resolve disputes. However, in practice, very few reported conflicts ever make it to this stage – just one percent ended up in employment tribunals, for example. The most common reactions are informal. About half of those who reported conflict reported that they let it go. Involving managers and HR was the second most common way of resolving conflict. Unresolved conflict About two-thirds of conflicts are either fully or partially resolved. However, one-third are not resolved at all. Unresolved conflicts may not be escalated because they are not serious enough, especially “one-offs”, or because people fear the repercussions if they do. The survey does not tell us directly which is more likely, though evidence on the impact of the conflict suggests the former is more common. Most people who reported conflict also said they had good working relations with managers and colleagues. However, they were more negative when it came to specific actions – for example, whether they were always treated fairly. We think this apparent contradiction is down to people making a distinction between working relations in general and specific incidents. Conflict also had relatively little impact on voluntary effort. Those who reported conflict were almost as likely to say they were willing to work harder than they needed to in order to help their organisation and just as likely to say they would help colleagues under pressure or make innovative suggestions. However, we do find a clear negative association between conflict and a range of other indicators of the quality of work. For example, those who report conflict are much more likely to say work had adversely affected their mental health and that they experienced excessive workloads and work pressures most or all of the time. We cannot tell from the survey whether the conflict was the cause of these negative impacts or whether workplaces, where work quality was already poor, are more likely to suffer conflict. Both are likely to be true. A decrease in workplace conflict The survey asked about conflict in 2019 and since then there has been a significant decrease from 30 to 25 percent of the workforce. There are, however, two important caveats. First, the improvement was largely confined to older white males in permanent, higher-skill white-collar jobs without disabilities. There was little or no improvement for the young; those in temporary or zero-hours jobs and short-hour contracts or those with disabilities, ethnic minorities and women. Non-heterosexual workers also saw less conflict over this period, but it still remains at a high level. In 2024, the latter groups reported significantly higher levels of conflict than the former, and since 2019 that gap has widened. Second, the fall in conflict has also been greatest for those groups that saw the biggest rise in home-working. Those who work at home are less likely to report conflicts such as being shouted at or subject to verbal abuse. Reducing workplace conflict No strategy to improve the quality of work can fully succeed unless the incidence of conflict is reduced, especially among the “left behind” groups. Improving the relative bargaining power of those who are more likely to report conflict may help. Legislative change focusing on formal dispute resolution may be justified but is unlikely to make much difference to the overall incidence of workplace conflict. The biggest impact is going to be from organisational practice. Improving work quality in workplaces with below-average work quality is an obvious priority, but even well-run organisations can suffer conflict. In both cases, mitigating some of the underlying causes of conflict, such as excessive workload combined with helping line managers manage conflict better in the future, will be required if progress is to be made over the next five years. Ian Brinkley is a labour market economist

As businesses navigate technological disruptions, economic fluctuations and global crises, leaders must prioritise investing in resilience, writes Neil Hughes Resilience is defined as the ability to adapt to change positively, recover from difficulties and persist in facing challenges. The pace of change in business today is relentless, and for business leaders, resilience is a more crucial attribute than ever. Organisations need leaders capable of staying focused, being consistent and remaining inclusive under pressure. Building a resilient workforce can help organisations to navigate change more effectively, sustaining competitive advantage, growth and long-term success. Best practice suggests several key areas of focus for leaders and organisations to consider. Prioritising wellbeing and mental health According to a 2023 survey by the Chartered Institute of Personnel and Development, 76 percent of UK employees reported that mental health support at work directly contributes to their overall job satisfaction. Mental health is foundational to resilience. Business leaders should strive to create a supportive environment that prioritises mental health through comprehensive wellness programmes. This includes providing access to mental health professionals and resilience tools to support employees in managing stress and adapting to change. Encouraging open conversations about mental health can foster a culture where employees feel safe and supported. Fostering a resilient and inclusive team culture Resilience should be embedded within the organisational culture. Leaders must foster a workplace culture that encourages collaboration, open communication and psychological safety, where small wins are recognised, feedback is encouraged and acted on and failures are seen as learning opportunities rather than setbacks. Creating an inclusive culture where diverse perspectives are valued can enhance problem-solving and innovation. Regular team-building activities, training focused on resilience, and creating a safe space for employees to voice their concerns can significantly boost team morale and cohesion. Investing in continuous learning and development Continuous learning is critical to building a resilient workforce. By investing in ongoing training and development programmes, leaders can equip employees with the skills needed to adapt to new challenges. Offering opportunities for professional growth helps employees stay current and confident in their roles. Encouraging a growth mindset, where challenges are seen as opportunities for learning, can foster resilience and innovation. Role modelling resilience and self-care To lead effectively, business leaders need to invest in their own wellbeing and resilience. Resilient leaders are those who continuously learn, adapt, and maintain their physical and mental health. This involves regular training, seeking coaching or mentorship, and embracing a growth mindset. Leaders who prioritise self-care practices such as regular exercise, adequate sleep, and mindfulness activities can manage stress more effectively, maintaining mental agility. . Leaders play a critical role in modelling resilience and those leaders who prioritise resilience not only enhance their capacity to grow and move forward in the face of adversity but also inspire their teams to do the same. Whilst building resilience involves effort, commitment and time, it can be the protective layer required to equip leaders, their teams and organisations to face the challenges of the ever-changing landscape of work. Neil Hughes is a Director in People and Change Consulting at Grant Thornton Northern Ireland

Sandra Healy explains the importance of a strong organisational culture and how it can lead to satisfied and long-term employees Organisational culture is the personality of the organisation, shaping how employees interact with each other, management and customers. A strong organisational culture can have a significant impact on employee retention because it creates a sense of belonging and purpose. When employees feel that they are part of a community that shares their values and goals, they are more likely to stay with the company for the long term.  A positive organisational culture can also lead to greater employee engagement. When employees feel that their work is meaningful and that they are making a difference, they are more likely to be motivated and productive. This can lead to better business outcomes, such as increased revenue and customer satisfaction.  On the other hand, a negative organisational culture can have the opposite effect. If employees feel that they are not valued or that their contributions are not recognised, they may become disengaged and demotivated leading to high turnover rates.  Organisational culture can impact employee retention in other ways, as well. A strong culture of work-life balance can help employees feel that they are able to maintain a healthy balance between their personal and professional lives. Similarly, a culture of learning and development can help employees feel that they are growing and developing professionally.  Key components to a good organisational culture  A strong organisational culture is built on a foundation of shared values and beliefs that guide the behaviour of employees. These values and beliefs are communicated through various channels, such as company mission statements, vision statements, and core values. When employees understand and embrace these values, they are more likely to feel a sense of belonging and purpose within the organisation.  Another key component of a strong organisational culture is effective communication. Leaders who communicate regularly and transparently with their employees can help to build trust and foster a sense of community within the organisation. Employee recognition and appreciation are also important components of a strong organisational culture. When employees feel that their contributions are valued and recognised, they are more likely to feel motivated and engaged in their work. Finally, a strong organisational culture is one that promotes work-life balance and employee well-being. When employees feel that their personal needs and well-being are valued by the organisation, they are more likely to feel satisfied and committed to their work. Measuring organisational culture Measuring the current organisational culture can be done through various methods: Surveys can be distributed to employees to gather their opinions on the company's values, communication, leadership, and overall culture. Interviews with key personnel such as managers and executives can provide insight into the company's goals and how they align with the culture. Focus groups can also be conducted to gather opinions from a diverse group of employees. These methods can help identify areas where the company's culture is strong and where it needs improvement.  Another way to measure the organisational culture is to look at employee turnover rates. High turnover rates can indicate a negative or toxic culture, while low turnover rates can indicate a positive and supportive culture. Exit interviews can also provide valuable feedback on why employees are leaving and what can be improved to retain them.  Once the current organisational culture has been measured, the company can identify areas for improvement by analysing the data collected from surveys, interviews, focus groups, employee turnover and exit interviews, then create an action plan to address the areas that need improvement. Improving the organisational culture is an ongoing process. The company should regularly measure the culture and make adjustments as needed. This will help ensure that the culture remains strong and supportive, leading to greater employee engagement and retention.  Best practice One of the best practices for building a positive and inclusive organisational culture is to establish a clear set of values and principles that guide the organisation's actions and decisions and then communicated to all employees and integrated into all aspects of the company's operations. Organisations must also encourage open communication and collaboration among employees by engaging everyone in regular team-building activities, open-door policies, and opportunities for feedback and input. When employees feel that their voices are heard and their contributions are valued, they are more likely to feel invested in the success of the organisation and less likely to seek opportunities elsewhere.  Creating a supportive and inclusive work environment is also crucial for building a positive organisational culture. This means promoting diversity and inclusivity in all aspects of the workplace, from hiring practices to daily interactions among employees. Finally, it is important to create formal recognition programs, such as employee of the month awards or performance bonuses, as well as through informal gestures such as thank-you notes or public praise. When employees feel that their hard work and dedication are appreciated, they are more likely to feel motivated and committed to the organisation over the long term.  Sandra Healy is Founder of Inclusio

Three Chartered Accountants consider the Government support on offer to SMEs in the North and south and the wider environment for entrepreneurship on the island of Ireland Shaun McGlade Managing Director SMCG Ltd Homegrown businesses in Ireland, North and south, face a myriad of challenges. These include geopolitical, environmental and economic uncertainties in addition to the impact of digital disruption, skills shortages and the evolving needs of the workforce – and all while they continue to grapple with inflationary pressures.  Government-backed organisations such as Invest Northern Ireland and Enterprise Ireland provide valuable support to businesses, with a focus on export-oriented companies and high-potential start-ups, both of which are seen as vehicles to boost the economy of the island of Ireland. Businesses across Ireland have been navigating the post-Brexit landscape, while businesses in Northern Ireland are also dealing with challenges and opportunities presented by the Northern Ireland Protocol – now the Windsor Framework – which provides access to both the British and EU markets.  This represents a significant opportunity for businesses in Northern Ireland, but it also introduces complexity and uncertainty in completing transactions across borders.  One key strand of Government support for businesses in Northern Ireland has been the establishment of the Trader Support Service. This is aimed at helping companies to contend with changes in the way goods move under the Windsor Framework.  Thousands of businesses have registered with the free-to-use platform since its launch in 2020. This service is due to end after December 2024, however, and this is something the recently restored Northern Ireland Executive must lobby the British Government to retain so that businesses in Northern Ireland can continue to avail of it beyond the end of the year. As a relatively small practice, we at SMCG Ltd have found that the professional network built over time with colleagues in the profession, along with professionals in other industries, has been a source of great support.  This is reflective of the ethos and culture prevalent in Irish society down through the generations to “help your neighbour” even though they may also be a competitor.  It is even more imperative, therefore, that the governments in the North and south proactively address the challenges facing our community of SMEs on the island of Ireland.  This requires a strategic approach, avoiding reactionary politics, and fostering an environment that encourages business investment and provides critical infrastructure for homegrown businesses to flourish. Susan HayesCulleton Managing Director The HayesCulleton Group Our company started in September 2010 and in the years since, I believe Ireland has steadily improved as a place to do business. The entrepreneurial ecosystem has become far more inclusive. In the past, the broad supports offered by the Local Enterprise Offices (LEOs) were tailored towards internationally traded services and manufacturing, but this has changed drastically.  The Local Enterprise Offices Policy Statement 2024–2030, released in May, stated that the LEOs would have an increased capital budget of €44.8 million in 2024 available to 37,000 businesses, excluding those supported by IDA, Enterprise Ireland and Udarás na Gaeltachta. Further, we are now seeing far more trade missions, funded initiatives for environmental and social sustainability, and opportunities to build relationships across borders.  At the time of writing, Enterprise Europe Network has 5,659 available partnering opportunities, enabling us to partner with distributors and procure goods from around the world.  InterTradeIreland has a target to help 10,000 businesses every year with comprehensive online cross-border trade information. The expanding diplomatic footprint of the Department of Foreign Affairs – with 57 Embassies and 108 Consulates – also offers a landing pad for Irish businesses that want to export. While Ireland is perhaps better known for accommodating foreign direct investment, I think the ecosystem for homegrown businesses here is hugely supportive. Enterprise Ireland does a fantastic job in the provision of seed investment, advice and – in my experience – has a passionate team of people at home and abroad who take as much pleasure in seeing homegrown businesses win in international markets, as the business founders themselves.  At HayesCulleton, we have encountered some wonderful people and they have led us to engagement opportunities that have resulted in new business for our firm. If I were to make one change, however, it would be to making it easier to navigate the SME support system in Ireland.  Kealan Lennon Chief Executive CleverCards Ireland has tax incentives to drive investment in research and development and well-educated talent coming out of our universities and colleges.      The big challenge for homegrown business support in Ireland is not at the early seed stage, however, but at the scaling stage – particularly for ambitious founders with a global vision.  The number one challenge for businesses scaling up is access to capital. The Government and Enterprise Ireland have funded several venture capital funds in Ireland to deploy investment at the seed and Series A stages. There is a complete gap from the Series B stage and onwards, however, and this has been the case for years.  Bridging this gap, in my view, would be the difference between scaling companies “exiting” through acquisition by international players (in the absence of capital to scale further) and continuing further along the journey themselves to build global businesses that are “homegrown” in Ireland.  CleverCards has developed a digital payments platform that enables businesses and public sector organisations to configure digital Mastercard accounts themselves.  By serving many multinational companies headquartered in Ireland, the US is our nearest market to the west while Britain and the European Union represent a huge market to the east.  So, our experience is that Ireland is a great place from which to scale internationally. However, early-stage growth and expansion requires risk capital to bridge the gap where later-stage private equity and debt markets are more readily available.

The Institute’s latest thought leadership papers outline a series of measures needed to support Ireland’s SMEs, write Cróna Clohisey and Michael Diviney. The Institute has published the latest in its series of thought leadership papers. Supporting SMEs was informed by the views of our 33,000 members and sets out the measures that we believe are needed to achieve strategic, systemic improvements for SMEs operating across Ireland. SMEs make up the vast majority of all businesses in Ireland, and collectively they employ close to seven out of 10 people working in the business economy. It is clear from engagement with members that a critical marker of Ireland’s future economic success will be supporting our SME sector by reducing the cost and complexity of doing business. SMEs have faced an unprecedented number of new legislative requirements in recent months which significantly adds to their cost and administrative burden. In 2024 alone, the minimum wage has increased by 12 percent and additional sick leave entitlements have added one percent to payroll costs. From 1 October, the rate of Employer, Self-Employed and Employee PRSI will increase by 0.1 percent, while pensions auto-enrolment will add a further 1.5 percent in costs during 2025. Supporting SMEs calls on the Government to be cognisant of the challenges all of the above brings. While the measures are extremely important for employees, consideration must be given to the timing of implementing new employment law, and the impact on SMEs when all are introduced within a short timeframe. The paper sets out a series of proposals, grouped under four headings: Resilience and growth; Government supports and funding; Sources of business finance; and Reducing the cost of business through the tax system. Alleviating the administrative and cost burden for SMEs is at the forefront of our asks which include the following proposals: Minimum wage workers, working a full week, should be exempted from Employers’ PRSI. Tax discrimination against professional service companies must end so that they can benefit from the various investment reliefs available to comparable trading companies. Reducing Capital Gains Tax from 33 percent to 25 percent to stimulate business and personal transactions that will bring additional funds into the Exchequer. The real time reporting requirement for enhanced reporting requirements (ERR) for employers should be removed and replaced with monthly or even annual returns. Additionally, we ask for a commitment from Government not to extend ERR for at least three years until the system is embedded and an appropriate cost-benefit analysis of the current system has been properly completed. Chartered Accountants Ireland believes that more resilient businesses will be better positioned to weather crises and uncertainty, and have confidence to invest, to scale, and to create employment. Financial stability is paramount to this. The Institute is calling on Government to support SMEs in accessing finance, optimising governance structures, and investing in developing their workforces. Proposed measures to ensure resilience and the continued growth of this vital sector of the economy include: Widening the eligibility criteria for the broad range of grants available to include more ‘traditional’ industries and the service sector. Ensuring more consistent availability of grants and supports nationwide. Our members tell us that services provided in one part of the country may not be available to similar businesses elsewhere; much depends on the approach and funding at a local level. With the advent of remote working, a common approach to supporting all small businesses, regardless of location, is needed. Promoting healthy competition in the business lending market, by enhancing the role community-based lenders and alternative lenders can play in addition to the pillar banks. It is well documented that record corporation tax receipts will not always be with us and there is a strategic imperative to ensure long-term economic health for SMEs. This can only come from understanding the unique challenges facing them, not simply by virtue of their size, but also specific to the sector they operate in, and supports they need. CCAB-I’s Pre-Budget 2025 submission focuses on supporting and sustaining our SME sector Continuing the focus on the importance of the SME contribution to the Irish economy, the Institute, under the auspices of the CCAB-I, delivered its pre-Budget 2025 submission to Minister McGrath last month. The paper highlights the constraints experienced by SMEs as a result of increasing labour costs and also states that a lack of supply of housing and childcare places, in addition to high personal tax rates, are making it increasingly difficult for people to live and work affordably in Ireland. The submission identifies four key areas for budgetary focus: support SMEs by exempting minimum wage workers from employers’ PRSI and simplifying tax legislation; increase the number of childcare places available and offer working parents a €1,000 tax credit to return to the workforce; introduce a 30 percent intermediate rate of income tax to retain and attract workers and help people live affordably; continue to stimulate and support the completion of new houses. The CCAB-I believes that Ireland’s tax code has become increasingly complex in recent years and is calling for simplification of the tax rules to support businesses, enable them to grow and also ensure that Ireland remains competitive on an international stage. Childcare provision In terms of childcare, the submission includes measures to improve the supply of childcare places for pre-school children. To address the impact of working parents leaving the workforce following the birth of their children on the labour supply, the CCAB-I is calling for the introduction of a €1,000 tax credit for working parents to encourage them to return to the workforce. The CCAB-I also asks that the government plans for adequate capacity in the childcare sector by analysing local needs and ensuring adequate funding for the sector. Income tax reforms The CCAB-I believes that introducing a third rate of income tax of 30 percent would make the system more equitable. Workers in Ireland pay income tax at a rate of 40 percent once they earn €42,000. This entry point is below the average wage and is significantly lower than most countries across the UK and Europe, where incidentally having more than two tax rates is extremely common. We are a mobile profession where many are in the early stages of their careers and are planning their futures. Introducing an intermediate 30 percent rate would make the system more attractive and more equitable, lessening the tax burden on workers and putting more money in their pockets. Housing measures The submission proposes: extending the Help-to-Buy Scheme by two years to 31 December 2027; abolishing vacant homes tax; increasing the rent-a-room relief from €14,000 to €20,000 and removing the cliff-edge; abolishing the non-resident landlord withholding tax system. Cróna Clohisey is Acting Director of Advocacy and Voice at Chartered Accountants Ireland Michael Diviney is Head of Thought Leadership at Chartered Accountants Ireland.

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

After a decade of little change, the tax regime for research and development in the UK has undergone a ‘credit style’ revamp, writes Liam McHenry  New research and development (R&D) rules for businesses in the UK with an accounting period beginning on or after 1 April 2024 have commenced. These entities are within the remit of the newly merged, research and development expenditure credit (REDC) expenditure scheme – with the exception of “highly R&D-intensive companies”. Companies with over 30 percent of their yearly expenditure qualifying for R&D tax relief can still claim under a restricted version of the SME scheme. Given this high bar, however, it is likely that only small technology start-ups will qualify.  For everyone else, the new rate will provide a benefit worth about 15p per £1 of qualifying expenditure, so not all is lost for those exiting the SME scheme, as a generous tax incentive remains for potential claimants. Reduced complexity? The stated aim of the merged scheme is to reduce complexity for claimants and their advisors. With two schemes remaining post-merger, however, the new scheme is actually more complex than its predecessor.  Subcontracted expenditure had previously been excluded under the RDEC scheme in any meaningful way. Under the new merged scheme, a new system has been put in place with the aim of rewarding whichever party decides to undertake the R&D activity. This adds a new dimension to determining the eligibility of qualifying R&D expenditure insofar as a subcontractor will now need to determine whether they believe their customer knew in advance that a project would require R&D activity. The theory is that this approach will remove the potential for both parties to claim on the same project, but it is easy to see how ambiguity might arise. When agreeing the terms of contracts with customers, claimants must pay additional attention to any clauses relating to intellectual property (IP) generation and whether they indicate that R&D will be required. Taking care at this stage could help claimants identify and preserve their right to claim the corresponding tax relief. Overseas expenditure A restriction on overseas expenditure was also introduced on 1 April 2024. Unless there is a compelling reason why the expenditure could not reasonably have been incurred in the UK, it will not be eligible for inclusion in the claim. However, recognising the unique position of Northern Ireland and its significant integration with the neighbouring Republic of Ireland, claimants can bypass this new restriction. By doing so, they could gain up to a maximum additional benefit of £250,000 every three years. This may require some additional administration, but it is still a welcome reprieve from the restriction, which would have been costly. Increased scrutiny This article offers a summary of the main rule changes coming into effect this month. In reality, there are more of which claimants should be aware. His Majesty's Revenue & Customs (HMRC) has dramatically increased its compliance efforts, with recent revelations from the Public Affairs Committee indicating that upwards of 20 percent of new R&D claims are now under scrutiny. While this fact alone should not be a major concern, it is worth noting that this increased scrutiny often comes with an aggressive stance, beginning with the assumption that R&D claims should be disallowed. The experience of one claimant to another can dramatically vary depending on which caseworker is allocated to the enquiry. Regardless, opening an enquiry can be a prolonged process before a conclusion can be reached. In the event of an unsuccessful enquiry defence, HMRC will be obligated to consider whether any penalties should be levied, depending on whether they determine that the claim was prepared carelessly. In addition, depending on the level of disclosure provided in previous claims made in recent years, HMRC can (and is actively encouraged to) look into these previous claims beyond the normal enquiry window. Planning ahead The implementation of the new R&D tax rules marks a significant shift for businesses heavily reliant on R&D activities for growth and innovation. As businesses adapt to the new regime, strategic planning and collaboration with tax advisors will be essential in maximising the benefits. Liam McHenry is Director of Tax at Grant Thornton

Recent comments by the CEO of America’s biggest bank suggest AGMs are losing power and relevance. David W Duffy delves into the details Annual general meetings (AGMs) are crucial in corporate governance. They are a legal necessity and provide a valuable opportunity for shareholders to speak to leaders. These days, however, criticism is surfacing in some companies that AGMs are becoming a nuisance. Activist pressure So, what exactly is turning the tide on AGMs and their perceived value? In short, the activist pressure exerted recently at some very high profile AGMs.  At Disney’s most recent AGM in early April, for example, shareholders were encouraged to vote in favour of a proposal that would see the entertainment giant pay for services for people choosing to detransition. The Disney proposition had no material impact on the company’s strategy, and JPMorgan Chase Chief Executive Jamie Dimon took issue.  According to Fortune, Dimon claimed that AGMs were falling victim to “spiralling frivolousness”, dominated by lobbyists, activists and interest groups, which bear little relation to the company’s strategic direction.  There’s no “right or wrong” for a statement like this; it is really just a measure of whether or not other corporate leaders agree.  The leaders of some companies could easily agree with Dimon, especially those at the helm of companies whose AGMs are rife with debate. In companies where AGMs are quieter – sometimes to the point of formality – leaders may not need to worry. Importantly, board members and other stakeholders must remember that anything is possible at an AGM. They could, for example: serve as a hotbed for debate; become a forum for topics considered politically charged (anything from geopolitics to religion to social issues to climate change); feature shareholder proposals put forward solely to make a point, win support or express anger; or seem like a waste of time to corporate leaders because of all the above.  None of this is a given, however. It is far more likely in bigger, global companies – household names consumers feel are so big that their impact stretches beyond their mission statement. In these scenarios, stakeholders generally want the company to take a stance on every political issue, and shareholder proposals at AGMs are part of this. Are AGMs fit for purpose? The threat of any of the above scenarios may mean that some companies’ AGMs are not fit for purpose. It depends on the goals of the people who attend. Companies can’t just get rid of AGMs, however.  AGMs are a cornerstone of business. They often serve as the one opportunity many small shareholders have to speak to the company’s leaders – and, by law, this chance must always be available.  An organisation considering changing its AGM must first examine its articles of association. These are usually where AGM rules like voting procedures and scheduling are found. Beyond this, there may be wiggle room. AGM options It is advisable that leaders and participants accept that the AGM will be active, full of differing opinions and multiple proposals that go nowhere, making it feel like a distraction. If you approach the situation with this prepared mindset, you might find it easier to register the elements of impactful processes beneath the noise.  It’s also advisable to get proactive about issues. You may be better prepared if you anticipate the problems that shareholders are likely to raise and discuss them at the executive and board levels. In the process, you could gain critical insights that shape your understanding of shareholder opinions and frame a more robust conversation. However, if an organisation still wants to change their AGM – and the articles of association allow it – boards can change things like length, the requirement for in-person attendance and the time balance between corporate leaders and shareholders. It must be noted, though, that if a board changes any of these elements, it may appear to be attempting to be creating barriers to debate and shareholders might not respond well. The bright side Many companies have seen their AGMs dominated by activist noise in recent years. While this issue can be addressed by making changes, the bottom line is that the AGM as a concept is here to stay. Organisations should view the “noise” as an invitation to develop relationship management skills and stay on top of emerging trends. These are hugely important for good corporate leaders, and a busy AGM could be the time to flex those muscles. David W Duffy is a founder of the Corporate Governance Institute

Childcare reform key to greater female participation in workforce: two-thirds of members pay up to €2,000/ month for childcare Workers need certainty in tax system to reflect hybrid working norms and bring an end to pandemic experimentation period.    5 January 2024 – Stronger government action to improve childcare costs and availability would boost capacity in the workforce, according to a new policy paper published today by Chartered Accountants Ireland. The Next Financial Year: Building Capacity is the first of several policy papers that the Institute will publish this year on priority areas identified by Institute members which would support the economy.  The Institute is the largest and longest-established professional accountancy body on the island of Ireland.  It has 33,000 members, two-thirds of whom work in business. Published as an open letter to policymakers and legislators, the policy paper sets out recommendations on how Government can build capacity in the economy by: Enabling greater female participation in the workforce through targeted childcare reforms  Easing cost pressures for developers & landlords to stimulate housing supply  Giving certainty to workers on place of work & commuter costs in the tax system  Building digital capabilities & resilience for businesses to succeed  Childcare reform can unlock economic contribution of female professionals Institute members identified the steep cost and lack of availability of childcare as the biggest challenge facing working parents in the profession today, with two thirds of members currently paying up to €2,000 per month in childcare costs, and 16%, mostly female members, having to reduce their working hours to care for a child. Chartered Accountants Ireland highlights solutions available to Government to increase female labour market participation such as: Increased funding, capital investment and grant support to the sector to better match the cost of providing childcare services, to meet surging demand for places & to encourage providers to grow. Reform of National Childcare Subsidies (NCS) to encourage childminders to register with Tusla, giving parents of up to 80,000 children easier access to subsidised childcare. Sinead Donovan, President of Chartered Accountants Ireland, said: “For too long, policymakers have framed childcare policy as a social issue, not an economic one. Our evidence shows that affordable, quality childcare drives more sustainable, inclusive economic growth and competitiveness. Government’s ambition to tackle the provision of childcare is welcome for businesses in today’s tight labour market. Paving the way for greater female participation in the workforce should be a priority for policymakers in 2024.”  On housing, the policy paper identifies specific measures to ease cost pressures for developers and landlords to stimulate supply, including: A deferral of PAYE and VAT payments for developers and builders on salary, material, and other costs incurred during construction, to be payable as the units are sold. This would reduce development costs, ease cash-flow concerns and make investment more appealing.  Further encouraging private landlords to remain or move into the Irish market through the taxation system. Allowing Local Property Tax as a deduction against rental income and allowing non-resident landlords to collect rents directly from tenants, rather than through Revenue or a collection agent, could provide such an incentive. In the workplace, giving certainty to workers on how their place of work and commuter costs are to be treated in the tax system would put Ireland’s employment environment on a more progressive footing, and bring to an end the pandemic experimentation period. Measures proposed include:   Introducing a more flexible version of the TaxSaver Commuter Ticket Scheme, to offer tax relief on season tickets to commuters who only use public transport 2-3 days a week, reflecting new norms around hybrid working, while promoting public transport use.  Rules to establish a normal place of work, fundamental to the tax treatment of employee travel and subsistence reimbursements, should be updated to reflect the changed circumstances that hybrid working has created.  Digital skills are essential to meet current and future workforce needs. Building digital capabilities & resilience for businesses to succeed requires Government to do more to meet its target of 80% of adults having at least basic digital skills by 2030. The Institute recommends that the digital transformation of education and training focuses on schools, equipping children with the skills needed for the jobs of the future, underpinned by the Digital Strategy for Schools to 2027. Dr Brian Keegan, Director of Public Policy for Chartered Accountants Ireland, said: “In Building Capacity, Chartered Accountants Ireland has put forward practical recommendations to help our economy thrive. Our members have once again provided vital insights into the major societal and economic challenges that both businesses and employees are facing. Our recommendations reflect their experiences and realities.  “We welcome Government engagement with many of our policy proposals in the last year, but more needs to be done. Building capacity in our economy does not stop at the bricks and mortar of much-needed housing supply. It must include targeted measures that actively facilitate women who want to work, and reflect the reality of a more dispersed, and digital-first workplace if businesses are to succeed long-term. It is within Government’s gift to put in place measures to increase economic capacity across the board, and futureproof jobs for generations to come.” ENDS

97% of parents surveyed by Chartered Accountants Ireland report that their career or working pattern has been impacted by childcare responsibilities. The findings show that 16% reduced their working hours, one quarter (27%) requested to work flexible hours, and one in five (19%) are currently considering adjusting their working hours. The survey, which gathered responses from chartered accountants in the Republic of Ireland has shed light on the significant challenges facing parents seeking childcare in Ireland. It highlights the crucial issues of cost barriers and their impact on career progression, while calling for increased childcare support. Chartered Accountants Ireland represents over 32,000 professional accountants, two thirds of whom work in business. When asked what they saw as the main barriers to securing appropriate childcare in Ireland, members highlighted both cost and capacity as being the biggest issues facing working parents. The financial burden is clear, with one third of members paying up to €1,000 a month per child on childcare, and one third paying between €1,000 and €2,000 per month. Commenting Cróna Clohisey, Tax & Public Policy Lead, Chartered Accountants Ireland said “The significant cost burden is one element of the problem, but even accessing places in childcare facilities in the first instance is a big barrier. As most of us know, this process begins long before a child is even born. Members are clear that both cost and the lack of available spaces need to be addressed by Government in order to better support working parents.”  This month’s Budget announcement provided for an increase in the national childcare subsidy (NCS) from €1.40 to €2.14 as well as extending the NCS to certain childminders, but the Institute argues that while this will help with the cost of childcare, it will not address capacity constraints within the market. Clohisey continued “A longer-term strategy for tackling ongoing capacity issues in the sector is critical – quite simply more places need to be made available but that can only happen with appropriate funding so that staff are adequately paid and therefore attracted and retained. We have an economy at full employment, and our members are overwhelmingly reporting childcare as a barrier to their full participation in the market. “While a government commitment was made to address supply issues through core funding, this funding must go beyond just keeping the sector from collapse. We are asking government to recognise that childcare provision is part of the critical infrastructure necessary for a functioning economy. The crisis needs to be addressed with a long-term strategy with children at the forefront, that adequately funds the sector, increases capacity, and supports working parents.”  

Michael Diviney and Níall Fitzgerald explore the ethical challenges arising from artificial intelligence (AI), particularly ‘narrow’ AI, and highlight the importance of ethics and professional competence in its deployment Earlier this year, artificial intelligence (AI) industry leaders, leading researchers and influencers signed a succinct statement and warning: “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.” Was this a publicity stunt? Well, probably not, as the generative AI ChatGPT was already the fastest-adopted application in history.  Was this an over-the-top, alarmist statement by a group possibly trying to steal a march on self-regulation of a rapidly emerging technology and growing industry?  Again, this is unlikely if one considers the warnings of pioneer thinkers like Nick Bostrom, Max Tegmark, Stephen Hawking and Astronomer Royal Martin Rees. They concur that there is an existential threat to humankind if human-level or ‘general’ AI is developed and the ‘singularity’ is reached when AI surpasses human intelligence.  Autonomous weapons and targeting are a clear risk, but more broadly, unless we can ensure that the goals of a future superintelligence are aligned and remain aligned with our goals, we may be considered superfluous and dispensable by that superintelligence.  As well as the extinction threat, general AI presents other potential ethical challenges.  For example, if AI attains subjective consciousness and is capable of suffering, does it then acquire rights? Do we have the right to interfere with these, including the right to attempt to switch it off and end its digital life?  Will AI become a legal entity and have property rights? After all, much of our economy is owned by companies, another form of artificial ‘person’. Ethical challenges from ‘narrow’ AI Until general AI is here, however – and there is informed scepticism about its possibility – the AI tools currently in use are weak or ‘narrow’ AI. They are designed to perform a specific task or a group of related tasks and rely on algorithms to process data on which they have been trained.  Narrow AI presents various ethical challenges:  Unfairness arising from bias and opacity (e.g. AI used in the initial screening of job candidates include a gender bias based on historical data – in the past more men were hired); The right to privacy (AI trained with data without the consent of the data subjects); Threats to physical safety (e.g. self-driving vehicles); Intellectual property and moral rights, plagiarism and passing-off issues in the use of generative AI like ChatGPT and Bard; and Threats to human dignity from the hollowing out of work and loss of purpose. Regulation vs. ethics Such issues arising from the use of AI, particularly related to personal data, mean that regulation is inevitable.  We can see this, for example, with the EU’s landmark AI Act, due to apply by the end of 2025, which aims to regulate AI’s potential to cause harm and to hold companies accountable for how their systems are used. However, as Professor Pat Barker explained at a recent Consultative Committee of Accountancy Bodies (CCAB) webinar, until such laws are in place, and in the absence of clear rules, ethics are required for deciding on the right way to use AI.  Even when the regulation is in place, there are likely to be cases and dilemmas that it has not anticipated or about which it is unclear. Legal compliance should not be assumed to have all the ethical issues covered, and as AI is evolving so quickly, new ethical issues and choices will inevitably emerge.  Ethics involves the application of a decision-making framework to a dilemma or choice about the right thing to do. While such a framework or philosophy can reflect one’s values, it must also be objective, considered, universalisable and not just based on an instinctual response or what may be expedient. Established ethics frameworks include: the consequentialist or utilitarian approach – in the case of AI, does it maximise benefits for the greatest number of people?; and the deontological approach, which is based on first principles, such as the inalienable rights of the individual (an underlying philosophy of the EU’s AI Act). (The Institute’s Ethics Quick Reference Guide, found on the charteredaccountants.ie website, outlines five steps to prepare for ethical dilemmas and decision-making.)  A practical approach While such philosophical approaches are effective for questions like “Should we do this?” and “Is it good for society”, as Reid Blackman argues in Harvard Business Review, businesses and professionals may need a more practical approach, asking: “Given that we are going to [use AI], how can we do it without making ourselves vulnerable to ethical risks?”  Clear protocols, policies, due diligence and an emphasis on ethical risk management and mitigation are required, for example responsible AI clauses in agreements with suppliers. In this respect, accountants have an arguably competitive advantage in being members of a profession; they can access and apply an existing ethical framework, which is evolving and adapting as the technology, its opportunities and challenges change.  The Code of Ethics The International Ethics Standards Board for Accountants (IESBA) recently revised the Code of Ethics for Professional Accountants (Code) to reflect the impact of technology, including AI, on the profession. The Chartered Accountants Ireland Code of Ethics will ultimately reflect these revisions.  IESBA has identified the two types of AI likely to have the most impact on the ethical behaviour of accountants:  Assisted intelligence or robotic process automation (RPA) in which machines carry out tasks previously done by humans, who continue to make decisions; and  Augmented intelligence, which involves collaboration between human and machine in decision-making. The revisions also include guidance on how accountants might address the risks presented by AI to ethical behaviour and decision-making in performing their role and responsibilities.  Professional competence and due care The Code requires an accountant to ensure they have an appropriate level of understanding relevant to their role and responsibilities and the work they undertake. The revisions acknowledge that the accountant’s role is evolving and that many of the activities they undertake can be impacted by AI.  The degree of competency required in relation to AI will be commensurate with the extent of an accountant’s use of and/or reliance on it. While programming AI may be beyond the competency of many accountants, they have the skill set to:  identify and articulate the problem the AI is being used to solve;  understand the type, source and integrity of the data required; and assess the utility and reasonableness of the output.  This makes accountants well placed to advise on aspects of the use of AI. The Code provides some examples of risks and considerations to be managed by professional accountants using AI, including: The data available might not be sufficient for the effective use of the AI tool. The accountant needs to consider the appropriateness of the source data (e.g. relevance, completeness and integrity) and other inputs, such as the decisions and assumptions being used as inputs by the AI. This includes identifying any underlying bias so that it can be addressed in final decision-making. The AI might not be appropriate for the purpose for which the organisation intends to use it. Is it the right tool for the job and designed for that particular purpose? Are users of the AI tool authorised and trained in its correct use within the organisation’s control framework? (One chief technology officer has suggested not only considering the capabilities of the AI tool but also its limitations to be better aware of the risks of something going wrong or where its use may not be appropriate.) The accountant may not have the ability, or have access to an expert with that ability, to understand and explain the AI and its appropriate use.  If the AI has been appropriately tested and evaluated for the purpose intended. The controls relating to the source data and the AI’s design, implementation and use, including user access. So, how does the accountant apply their skills and expertise in this context?  It is expected that accountants will use many of the established skills for which the profession is known to assess the input and interpret the output of an AI tool, including interpersonal, communication and organisational skills, but also technical knowledge relevant to the activity they are performing, whether it is an accounting, tax, auditing, compliance, strategic or operational business decision that is being made.  Data and confidentiality According to the Code, when an accountant receives or acquires confidential information, their duty of confidentiality begins. AI requires data, usually lots of it, with which it is trained. It also requires decisions by individuals in relation to how the AI should work (programming), when it should be used, how its use should be controlled, etc.  The use of confidential information with AI presents several confidentiality challenges for accountants. The Code includes several considerations for accountants in this regard, including: Obtaining authorisation from the source (e.g. clients or customers) for the use of confidential information, whether anonymised or otherwise, for purposes other than those for which it was provided. This includes whether the information can be used for training AI tools.  Considering controls to safeguard confidentiality, including anonymising data, encryption and access controls, and security policies to protect against data leaks.  Ensuring controls are in place for the coding and updating of the AI used in the organisation. Outdated code, bugs and irregular updates to the software can pose a security risk. Reviewing the security certification of the AI tool and ensuring it is up to date can offer some comfort.  Many data breaches result from human error, e.g. inputting confidential information into an open-access web-based application is a confidentiality breach if that information is saved, stored and later used by that application. Staff need to be trained in the correct use and purpose of AI applications and the safeguarding of confidential information. Dealing with complexity The Code acknowledges that technology, including AI, can help manage complexity.  AI tools can be particularly useful for performing complex analysis or financial modelling to inform decision-making or alerting the accountant to any developments or changes that require a re-assessment of a situation. In doing so, vast amounts of data are collected and used by AI, and the ability to check and verify the integrity of the data introduces another level of complexity.  The Code makes frequent reference to “relevancy” in relation to the analysis of information, scenarios, variables, relationships, etc., and highlights the importance of ensuring that data is relevant to the problem or issue being addressed. IESBA was mindful, when revising the Code, that there are various conceivable ways AI tools can be designed and developed to use and interpret data.  For example, objectivity can be challenged when faced with the complexity of divergent views supported by data, making it difficult to come to a decision. AI can present additional complexity for accountants, but the considerations set out in the Code are useful reminders of the essential skills necessary to manage complexity. Changing how we work As well as its hugely beneficial applications in, for example, healthcare and science, AI is proving to be transformative as a source of business value.  With a range of significant new tools launched daily, from personal effectiveness to analysis and process optimisation, AI is changing how we work. These are powerful tools, but with power comes responsibility. For the professional accountant, certain skills will be brought to the fore, including adaptability, change and risk management, and leadership amidst rapidly evolving work practices and business models. Accountants are well placed to provide these skills and support the responsible and ethical use of AI.  Rather than fearing being replaced by AI, accountants can prepare to meet expectations to provide added value and be at the helm of using AI tools for finance, management, strategic decision-making and other opportunities. Michael Diviney is Executive Head of Thought Leadership at Chartered Accountants Ireland Níall Fitzgerald is Head of Ethics and Governance at Chartered Accountants Ireland

 Originally posted on Business Post, 2 August 2020.Increases in VAT usually pass the acid test of tax policy – the extraction of the most amount of money with the least amount of complaint.  Compared to an income tax increase, the general population rarely gripes about increases in VAT rates.  Hiking the standard rate of VAT of 21% to 23% in 2012 generated hardly any noise compared to the introduction of USC and the reduction of allowances and credits the previous year.  So will people really notice the VAT decrease of 23% to 21% in the July Jobs Stimulus? VAT is a truly European tax in that the rules are devised in Brussels and then implemented in EU member countries.  It is Brussels that decides that the maximum rate of VAT cannot exceed 25%. .  European rules tell us that a box of teabags is charged 0% VAT, but a cup of tea in a café is charged 13.5% VAT while a tin of iced tea in the supermarket is charged 23% VAT.  There’s little enough any Irish government can do to tinker with the VAT system, except make marginal rate adjustments. VAT is a major contributor to the Irish Exchequer.  In 2019, over €15 billion was collected in net VAT receipts which is more than one quarter of the total tax receipts for that year, yet it is a notoriously blunt instrument of public policy.  No VAT is charged on the clothes of the children whose parents are on social welfare, but no VAT is charged either on the clothes of the children of high earners.  Maybe that’s why governments avoid using it for public policy purposes unless you include the now defunct 9% rate of VAT for the hospitality sector.    So it was all the more surprising that the July stimulus knocked two percentage points off the main VAT rate.  The cost of this measure is €440 million, which is a little less than 10% of the total value of the package.  This estimate for the cost of this six month VAT reduction period is in line with Revenue estimates for good years.  In a moribund economy the Department of Finance seems to expect a spending spree.  Remember too that the 23% rate only applies to about half of the items or services we buy.  The rest are charged at lower rates or are exempt. Outside of the retail sphere, the education sector and the banking sector pay sizeable amounts because their activities are largely VAT exempt.  These sectors cannot recover the VAT they pay on purchases because they don’t charge VAT on their sales.  In the main VAT is therefore a consumption tax ultimately falling on the consumer.  So will the VAT reduction boost sales of clothing, alcohol, electrical and other household goods and luxury foodstuffs which fall into the 23% VAT category?  It might not, even if businesses pass on the VAT rate reduction to their customers.  Despite suggestions otherwise from some political quarters, Minister for Finance Paschal Donohoe was quite clear that the 2% reduction should be passed on to consumers.  That's not going to make a huge difference for many items because the value of a 2% VAT reduction approximates to about €1.60 for every €100 spent.  It only becomes a different story if you go out to buy a big-ticket item like a car, where the VAT saving could perhaps insure it for a year. There is no law obliging traders to reduce their prices because there has been a reduction in the VAT rate.  As long as they charge the correct amount of VAT at the correct time, they can take whatever margin they wish.  Past history however suggests that small VAT reductions like the current 2% reduction tend not to get passed on to consumers.  Part of the rationale when the 9% rate of VAT on hospitality was introduced was that a full 4.5% reduction to the normal 13.5% rate would be visible and palpable and therefore consumers would expect to see the difference.So even if it is passed on, a 2% VAT reduction may be inadequate to drive additional volumes of consumer spending.  In terms of business benefit it might have been better to apply the projected €440 million cost towards reducing the vast amounts of VAT debt currently being warehoused against the day when businesses can finally pay their tax liabilities.  Given that the EU state aid restraints are temporarily lifted, that €440 million could have been targeted, for example, specifically to forgive some of the historical VAT due from the SME sector.  The July Jobs stimulus was good.  Ministers and their officials alike did well to deliver what in effect is a full scale national budget in the space of few weeks.  The purpose and rationale of many of the measures like the extension of the wage subsidy, the extension of the pandemic unemployment payments, and the extinguishing of commercial rates is readily apparent.  The object of this VAT reduction is not as clear. I've never seen a tax reduction I didn't like.  However, many consumers may not notice this tax reduction and many businesses could benefit more from this element of the jobs stimulus if the cost of the VAT reduction was diverted to reducing their current and not their future tax debts.  Dr Brian Keegan is Director of Public Policy at Chartered Accountants Ireland