Hot topics covered in the June edition of the HR Newsletter for CPA Members include:

• Agency Workers – Rights under employment legislation & employer obligation
• Discriminatory Dismissal Case Report
• HR Helpdesk Query of the Month – Lone workers and what organisations must consider if they have or plan to have employees working alone 

View the June HR Newsletter for CPA Members.

The HR Newsletter for CPA Members, brought to you in conjunction with Adare Human Resource Management, is created specifically for CPA Members and will be delivered to you each month via the CPA Member News ebulletin. Each month it will be full of advice, information and updates on the latest HR news and developments.

Photo taken on the occasion of CPA's recent visit to the Cork Institute of Technology, Bishopstown.

Left to right, Caroline O’Reilly, Head of Department of Accounting & Information Systems, CIT, Don Crowley, Head of Department of Continuing Education, CIT, Suzanne Shaw, CPA, Joe Ahern, Munster CPA Society and Vice President CPA, Gerard O’Donovan, Head of School of Business, CIT, Muireann O’Neill, Lecturer, CIT, Michael O’Regan, Munster CPA Society & Chairman of Education & Training Committee, CPA, Ann Marie Twomey, CPA programme Coordinator, CIT, Paul Heaney, CPA.

• Leinster CPA Society – Upcoming Events
• British CPA Society – Upcoming AGM 20th July

Leinster CPA Society – Upcoming Events

Employment Law  

• Date: 29^th September
• Time: 7pm-9pm
• Venue: Elm Park Golf Club, Donnybrook, Dublin 4
• Speaker: Agatha Taylor, KMB Solicitors
• Cost:€40
• CPE Hours: 2 hours structured CPE
• To book:  Email leinstercpa@yahoo.com  

Turning Challenging Times to Opportunity  

• Date: 20^th October
• Time: 7pm-9pm
• Venue: Elm Park Golf Club, Donnybrook, Dublin 4
• Speaker: Avine McNally, Small Firms Association (SFA)
• Cost: €40
• CPE Hours: 2 hours structured CPE
• To book:  Email leinstercpa@yahoo.com

Taxation Seminar

• Date: 24^th November
• Time: 7pm-9pm
• Venue: Elm Park Golf Club, Donnybrook, Dublin 4
• Speaker: Brian Purcell, Purcell McQuillan Tax Partners Limited
• Cost:€40
• CPE Hours: 2 hours structured CPE  
• To book: Email leinstercpa@yahoo.com

British CPA Society – Upcoming AGM 20th July

The AGM of the British CPA Society will take place on Wednesday 20^th July in London.

Details are as follows:

• Event - British CPA Society AGM & Institute Update
• Date - Wednesday 20^th July 2011
• Time - 6.30pm to 8.30pm 
• Location - Societe Generale, SG House, 41 Tower Hill, EC3N 4SG
• CPE Hours - 2 CPE Hours will be awarded for attending this event  
• Cost - There will be no cost for this event

Schedule

• 6.30pm: Registration 
• 6.45pm: Start
• 8.30pm: Meeting Close 

The event will also be attended by Gail McEvoy (Institute President) and David FitzGerald (Director of Member Services, CPA).  

If you would like to attend please email Kelly Marie at the Institute at kmolloy@cpaireland.ie.

Due to security requirements members attending must submit their names by no later than Monday 18^th July.

Photo shows:Ian Boccaccio (WTP New York) with Eugene McQuillan (Purcell McQuillan) & Brian Purcell (Purcell McQuillan).

Purcell McQuillan recently became the Irish member of the WTP Tax Advisors Group. WTP is a leading firm of New York tax advisors specialising in providing tax advice to Fortune 500 companies. The WTP Group has members in the United Kingdom (London), France (Paris), The Netherlands (Amsterdam), Germany (Munich, Berlin, Hamburg), Spain (Barcelona), Japan (Tokyo), Australia (Sydney), Canada (Ottawa) and Hong Kong.   

The new alliance enables Purcell McQuillan to offer an expanded range of tax services for existing clients and increases WTP Advisors’ tax and advisory offerings in the region. 

Brian Purcell CPA is co-founder and partner at Purcell McQuillan. 

Source: Purcell McQuillan and WTP Advisors

Susan Cullen CPA AITI outlines some of the tax policies that can help businesses including jobs initiative programme, existing schemes, exemptions and reliefs.  

The Irish economy has seen three successive years of declining economic activity – between 2007 and 2010 the volume of goods and services produced in Ireland fell by about 12%. The recently published Stability Programme Update forecasts positive GDP growth this year which is a welcome development following the last three years. 

For 2012, The Department of Finance projects that GDP will grow by 2.5%, with average growth of 3% per annum possible over the period 2013 to 2015. 

In this article I intend to set out how some taxation policies are helping businesses in the context of the jobs initiative programme and some existing schemes, exemptions and reliefs.  I have not gone into the finer details but instead just outlined the benefits. In the current economic climate I think it is worth visiting some of the very basic tax policies, schemes and incentives in place which can mitigate the tax burden for businesses.  

Jobs Initiative Programme

I will start with the Governments most recent initiatives introduced. “The Jobs Initiative Programme”. The Government brought in the initiatives in an effort to stimulate growth and boost job creation. In summary, the tax reduction measures announced in the programme are:- 

• Reduction in the lower rate of employers PRSI from 8.5% to 4.25% on weekly earnings up to €356 from 1^st July 2011 to 31^st December 2013.
• Share-Based Remuneration  - Abolition of employer’s PRSI.
• Lowering of the reduced VAT rate in relation to certain goods and services. 
  • This reduction is primarily designed to support services relating to the tourism sector. From 1^st July 11 to 31 Dec 2013 the Vat rate will be reduced from 13.5% to 9%.  The new 9% rate will apply mainly to restaurant and catering services, hotel and holiday accommodation and various entertainment services such as admissions to cinemas, theatres, museums, fairgrounds, amusement parks and sporting facilities. In addition, hairdressing and printed matter such as brochures, maps, programmes and newspapers will also be charged at the new rate.
• Air Travel Tax is to be reduced to 0%.  The commencement of the new rate is to be fixed by ministerial order.
• The Government has re-iterated its commitment to the 12.5% Corporation Tax Rate.
• The Research & Development tax credit legislation to be amended to enhance its accounting treatment flexibility. 

Tax Exemptions and Reliefs 

There are other areas that companies and individuals in business could revisit in order to reduce their tax burden. 

Employer Schemes

In relation to employment one should not forget the following provisions:- 

The Employer Job (PRSI) Incentive Scheme 

This scheme provides for an exemption to employer PRSI for 12 months providing certain conditions are met. The scheme will remain in place until the end of this year so that enterprises and businesses that had planned to take on staff under this scheme in that period may continue to avail of the exemption. 

Revenue Job Assist 

This scheme allows employers to take a double deduction for wages and employers PRSI paid in respect of a “qualifying employee” for a “qualifying employment.”  The definition of a qualifying employee is quite broad and is worth taking a look at.  Two examples of qualifying employees are (1) someone that has been on the live register for 12 months; and (2) someone in receipt of the loan parent’s allowance.  The procedure for claiming the deduction is very simple.  A qualifying employee may also be entitled to claim additional tax credits. 

Further information on these schemes can be found on the Department of Social Protection website (www.welfare.ie) and Revenues website (www.revenue.ie) (leaflet IT59 and IT58). 

Corporation Tax 

Start-Up Exemption 

The Finance Act 2011 extended the 3-year Corporation Tax relief for start-up companies to those companies which commence a trade in 2011.

The relief was modified so that the value of the relief will be linked to the amount of employers’ PRSI paid by a company in an accounting period, subject to a maximum of €5,000 per employee and an overall limit of €40,000. Credit is also given for any employers’ PRSI exempted under the Employer Job (PRSI) Incentive Scheme in respect of a company’s employees in determining the amount of corporation tax relief available to the company.  The purpose of these changes is to better target the relief at start-up companies generating employment. 

The Finance Act changes mean that where the total corporation tax payable by a qualifying start-up company for an accounting period does not exceed €40,000, the aggregate amount of corporation tax referable to income and gains of the qualifying trade in that period will be reduced to nil or, if greater, to that aggregate as reduced by the amount of qualifying Employers’ PRSI. There is marginal relief available if the CT charge is between €40,000 and €60,000.  

Further information can be found on the Revenue website (www.revenue.ie). 

Income Tax 

Employment and Investment Incentives (EII) 

This scheme replaces the Business Expansion Scheme (BES). The qualifying trades’ limitations will be removed and the scheme will become available to the majority of small and medium sized trading companies. 

This scheme will be easier for companies carrying on green energy activities to qualify and certification requirements will be simplified, such that they will be handled, in the main, by the Revenue Commissioners. 

The maximum amount that can be raised by a company in 12 months will be increased from €1.5 million to €2.5 million and there will be a lifetime limit of €10 million. The EII is being introduced to try and increase the amount of equity available to companies in the current economic climate.   

The type of trades that qualify under the new incentive scheme is much broader than that which qualified under the BES.

The investor can invest €250 to €150,000 for shares and must hold the shares for a minimum period of 3 years. Tax relief is 30% or an additional 11% providing the company can show that the level of employment has increased. 

The scheme will continue to run until 2013 and is currently waiting for approval from the European Commissioners. 

For a more detailed explanation of the above EII scheme please refer to the “Employment and Investment Incentives Scheme” article in Accountancy Plus June 2011, written by Padraig O’Feinneadha. 

Susan Cullen CPA AITI is a member of the CPA Taxation Sub-committee and a Tax Manager in McInerney Saunders, Chartered Accountants, Swords, Co. Dublin.

The days when the envelope with the harp comes through the door are nearing an end as Revenue announce new regulations which dictate that certain tax returns must be filed and the relevant tax payments made online via Revenue Online System (“ROS”).

These regulations are being announced in phases and the most recent group of tax returns affected are listed below.

• All stamp duty returns or payments on or after 1 June 2011 must be filed electronically.
• Employers with 10+ employees will be required to file all returns and payments electronically.
• A fully electronic system for RCT will be implemented from 1 January 2012

Affected tax payers and their respective tax advisors have been issued letters by Revenue to advise of this requirement. Those affected will receive a letter from Revenue for the first registration stage for ROS if they have not already registered. Paper returns will no longer issue to these individuals or businesses.

Certain persons may be excluded from the obligation to file electronically where they do not have sufficient access to the internet or due to age or physical or mental infirmity are unable to file electronically.

In addition to the above, Revenue have announced that third party returns (i.e. Form 46G) are now regarded as specified returns for the purposes of online filing.  Hence there will be penalties imposed if these return is not filed with Revenue. 

Source:  RSM Farrell Grant Sparks

“Stamp Duty - Mandatory Electronic Filing and Payment” 

Stamp duty returns and payments presented to Revenue on or after 1 June 2011, must be filed electronically, regardless of the date the instrument was executed. For further information view eBrief No. 33/11. 

Changes to the Operation of Relevant Contracts Tax (RCT)

Revenue has published an information note which provides further details on the new RCT scheme and outlines the main benefits for principals and subcontractors. The information note and relevant changes can be viewed at eBrief No. 34/11. 

Returns of Payments (Government Departments and Other Bodies) Regulations 2011

Revenue has made regulations entitled “The Returns of Payments (Government Departments and Other Bodies) Regulations 2011”. These regulations are available by viewing eBrief No. 35/11. 

Source: Revenue  

Revenue recently issued a Tax Briefing relating to “Individuals described as 'locums' engaged in the fields of medicine, health care and pharmacy”. The purpose of this article is to set out Revenue's position as regards the status (employed or self-employed) of individuals described, correctly or otherwise, as 'locums' in the fields of medicine, health care and pharmacy. 

Read the Tax Briefing here. 

Source: Revenue  

The Minister for Finance Michael Noonan T.D. recently published the Finance (No. 3) Bill 2011. The Bill provides for changes to existing tax legislation as a consequence of the passing of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010. 

The Bill will allow registered civil partners to receive the same tax treatment as married couples in respect of income tax, stamp duty, capital acquisitions tax, capital gains tax and VAT.

In addition, the Bill allows for the taxation consequences of the redress scheme for opposite-sex and same-sex cohabiting couples provided for in the 2010 Act. 

Section 1 and Schedule 1 give effect to the changes necessary to the Taxes Consolidation Act 1997 

Section 2 and Schedule 2 give effect to the changes necessary to the Stamp Duties Consolidation Act 1999 

Section 3 and Schedule 3 give effect to the changes necessary to the Capital Acquisition Tax Consolidation Act 2003

Section 4 and Schedule 4 give effect to the changes necessary to the Value-Added Tax Consolidation Act 2010 

Section 5 contains provisions relating to short title, construction and commencement. 

For further information view Finance (No.3) Bill 2011   Explanatory Memorandum. 

Source: Department of Finance

CPA Member Firm Fitzgerald & Partners deliver a brief overview of the recent Jobs Initiative announced by the Government.  

The new government has published a jobs initiative plan which they hope will stimulate job creation in the Irish economy. This plan differs from a budget as it focuses primarily on job creation rather than on tax changes. The initiative contains four main provisions:

1. Introduction of third VAT rate of 9%.

2. Reduced lower rate of employer’s PRSI.

3. Launch of loan guarantee system for businesses.

4. Changes to Research and Development tax credit. 

It is hoped that the combination of the above provisions will enable businesses to grow by reducing costs and providing access to capital. To pay for these incentives a pension levy of 0.6% will be applied on pension funds.

Other points: 

• Commitment to maintain Ireland’s corporation tax rate of 12.5%
• Employer’s PRSI on Share Award Schemes abolished with affect from 1st January 2011
• 30,000 work placement schemes for unemployed individuals
• Capital budget focused on more job intensive schemes (e.g. school upgrades, local roads and the national energy retrofitting programme)
• Travel tax abolished subject to Ministerial order

Introduction of Third VAT Rate 9% 

A new rate of 9% has been introduced for certain goods and services. 

This new rate is focused on services/goods provided to the tourism sector and will apply to the following areas: 

• Restaurants/catering
• Holiday accommodation
• Entertainment expenses
• Printed matter
• Hairdressers 

Full details of all goods and services which can avail of this rate will be included in the Finance Bill which will be published shortly. 

This new rate of VAT will apply from the 1st July 2011 and continue to 31st December 2013.

Reduced Lower Rate of Employer’s PRSI 

Employers are currently charged 8.5% employer’s PRSI on employee week this will result in an annual tax saving of over €760 per year to the employer. This reduced rate is to apply until the end of 2013.

There have also been changes to minimum wages. The statutory minimum wage has been increased to €8.65 – the same rate prior to Budget 2011.This will take effect from 1st July 2011. 

Minimum wage rates set out under Registered Employment Agreements (REAs) will be reduced. A report has been received by the government on an overhaul of these agreements and will be published shortly. This will reduce costs for businesses in a wide number of service industries (e.g. hospitality sector, retail sector etc.).  

Launch of Loan Guarantee System for Businesses

The government has announced a new loan guarantee system for businesses. This will provide a guarantee on loans to qualifying businesses. This scheme will be focused on new and expanding businesses and should increase the availability of loans to them. 

Full details will be published in June 2011. It is hoped that the scheme will be in place by this autumn. 

A micro-finance scheme is also being reviewed and is to be included in the December 2011 budget. 

Changes to Research and Development Tax Credit 

The accounting for Research and Development tax credit has been amended to allow greater flexibility. The new rules will allow companies the option to claim the credit “above the line”. This means the tax credit can be set against the employer’s PRSI costs. 

Summary 

Overall the jobs initiative is welcome as it provides measures to reduce costs for businesses. However, the full benefits of these measures will not become known until full details are published in the coming weeks. 

These include details on: 

• Changes to employment agreements in areas such as the retail and hospitality sectors
• The new loan guarantee scheme for companies
• Details on the proposed microfinance scheme

Source: Fitzgerald & Partners

The IIRC seeks to bring together a diverse group of companies interested in leading the development of Integrated Reporting for its Pilot Programme. 

About the Pilot Programme

The Integrated Reporting Pilot Programme offers a select group of companies the opportunity to demonstrate global leadership in this emerging field of corporate reporting.

The Pilot Programme will underpin the development of the Integrated Reporting framework in 2011 and onwards. Through the Pilot Programme, the principles and practicalities of Integrated Reporting will be tried and tested, to support the creation a new global standard in Integrated Reporting. The Programme will consist of three phases:

1. Dry run – an initial phase that asks companies to do a walkthrough of IIRC’s Framework and to identify the opportunities and challenges of implementation, informing the Pilot kick-off conference and Discussion Paper consultation.
2. Pilot Cycle 1 – the first round of piloting, based on the Discussion Paper and draft Integrated Reporting Framework for reporting cycles ending between October 2011 and September 2012.
3. Pilot Cycle 2 – the second round of piloting which will build on experiences from the first year.

The Pilot Programme will include companies and the investor community, with support from the secretariat of the International Integrated Reporting Committee (IIRC) and peer group feedback from other participants in the Programme.

How Can I Register my Interest?

Companies should register their interest in joining the Programme by emailing the expression of interest form to pilotprogramme@theiirc.org. 

Where Can I Get Further Information?

For further information view the Pilot Programme page on www.theiirc.org. Alternatively contact Joris Wiemer, joris@theiirc.org.

Source: International Integrated Reporting Committee

With the release of initial results from its Environmental Profit & Loss Account, footwear company Puma recently became the first major international company to put an economic value on greenhouse gas emissions and water consumption within Puma's operations and supply chain. Puma and its parent company, PPR Group, have made a commitment to changing the way they account for use of natural resources and say that, within four years, half of Puma's products will be manufactured according to its internal sustainability standard—including using more sustainable materials, such as recycled polyester, as well as ensuring its suppliers develop more sustainable materials and products. 

This piece first appeared in the Guardian Sustainable Business section of www.guardian.co.uk.  

Source: The Guardian and www.ifac.org.

Federation of European Accountants (FEE) hosted a European Roundtable for the International Integrated Reporting Committee (IIRC) to engage all stakeholders in this important development. 

Integrated Reporting aims at making clear the link between financial and non-financial value and addresses the wider as well as longer-term consequences of decisions and actions. The main objective of this IIRC roundtable hosted by FEE is to provide an opportunity for a wide range of European stakeholders to enhance their understanding of and debate the concept of Integrated Reporting and its development. This roundtable is one of a series the IIRC is arranging around the world. 

The IIRC brings together a cross section of representatives from the corporate, accountancy, securities, regulatory, and standard-setting communities as well as civil society to oversee the development of an Integrated Reporting framework that will reflect the interconnected nature of environmental, social and governance factors in organisations’ annual reporting. 

The roundtable, held on 17^th June 2011, is timely as the IIRC is preparing a Discussion Paper on an Integrated Reporting framework to be presented at the time of the G20 meetings in October/November 2011.

For further information on the recent Roundtable including pre-reading material, background to the IIRC, speaker bios, news release and Paul Druckman’s Presentation click here. 

Source: FEE  

The Government Accounting Section of the Department of Public Expenditure & Reform has launched a dedicated website to provide easy access to information in relation to financial management and accounting guidance for the central government area.

The website consists of three key areas:

• Accounting
• Internal Audit
• Risk Management

The website can be found at http://govacc.per.gov.ie/.

Source: Government Accounting

ISACA and IFAC have jointly developed a paper to provide accounting and assurance professionals with guidance to leverage value from XBRL (eXtensible Business Reporting Language) initiatives and compliance requirements. 

The paper outlines the benefits and opportunities of embedding XBRL within internal processes can enhance management communication, thus increasing the value of information used within an organisation. It also includes examples and case study material. 

Download “Leveraging XBRL for Value in Organisations” today. 

Source: IFAC

7th July Dublin
14th July Cork

Sponsored by

Course outline:

This year’s Women in Business events will cover:

• Developing your Business Resilience
• How to Get the Best Out of Business Networking
• Dealing with inclusion, diversity, respect and bullying in the workplace.

These events provide you with the perfect opportunity to learn, up-skill and network with colleagues, business professionals and friends. Not only will you develop new skills but you will also have the chance to put your skills into practice during the networking sessions. Join us for an evening of learning, canapés, drinks and networking.

Schedule

5 – 5.30pm: Canapés, drinks, networking
5.30 – 6.15pm: Developing your business resilience  / dealing with difficult workplace situations
6.15pm – 7.00pm: How to get the best out of business networking
7.00pm – 7.20pm: Opportunity to put networking into practice
7.20 – 8pm: Inclusion, diversity, respect, how to deal with bullying

Speakers: TBC

Key Event Details:

Dublin

Date: 7th July
Venue: The Westin
Time: 5pm - 8pm
CPE Credit: 3 hours
Cost: Member - €50, Non Member - €75

Cork

Date: 14th July
Venue: TBC
Time: 5pm - 8pm
CPE Credit: 3 hours
Cost: Member €50, Non Member - €75

To book your place click the links below:

7th July Dublin
14th July Cork

If you book three or more people on this event you will receive a 5% discount

Are you eligible to attend CPA Ireland Skillnet courses for free?

As this course is part funded by CPA Ireland Skillnet, certain individuals (e.g. unemployed, those on the live register etc.) may be eligible to attend the courses free of charge. For details on who can qualify for free places on the CPA  Ireland Skillnet courses click here.

Please contact Jenny Andersson at jandersson@cpaireland.ie for more information or if you have any questions in relation to the CPA Ireland Skillnet.

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded.

The CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

www.skillnets.ie

6 July Dublin

Course outline: Top HR issues

Speakers: Anne O'Callaghan, Graphite HRM Ltd

Key Event Details:

Venue: CPA Institute, 17 Harcourt Street, Dublin 2
Time: 7.30am - 9am
CPE Credit: 1.5 hours
Cost: Member €35, Non Member €50

To book your place click the link below:

6 July Dublin

Book 3 delegates or more in the same transaction and receive a 5% group discount.

Are you eligible to attend CPA Ireland Skillnet courses for free?

As this course is part funded by CPA Ireland Skillnet, certain individuals (e.g. unemployed, those on the live register etc.) may be eligible to attend the courses free of charge. For details on who can qualify for free places on the CPA  Ireland Skillnet courses click here.

Please contact Jenny Andersson at jandersson@cpaireland.ie for more information or if you have any questions in relation to the CPA Ireland Skillnet.

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded.

The CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

www.skillnets.ie

Seminar Content: The Future of Irish GAAP

20 July Dublin

Speaker: Fiona Hackett, PWC

Key Event Details:

Venue: CPA Institute, 17 Harcourt Street, Dublin 2
Time: 7.30am - 9am
CPE Credit: 1.5 hours
Cost: Member €35, Non Member €50

To book your place click the link below:

20 July Dublin

Book 3 delegates or more in the same transaction and receive a 5% group discount.

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded.

4 August Countrywide

Seminar Content: Practical Debt Collection

• "Best Practice" Tips for Effective Credit Management
• Option for Securing Guarantee of Payment
• Legal Process for Recovery of a Debt
• Claiming Retention of Title from Liquidators and Receivers

Speaker: Tom Murray, Friel Stafford

Key Event Details:

Venue: CPA Institute, 17 Harcourt Street, Dublin 2
Time: 7.30am - 9am (MORNING SEMINAR)
CPE Credit: 1.5 hours
Cost: Member €28, Non Member €35

To book your place click the link below:

4 August Countrywide

What is a CPE Webinar & How Does it Work?

CPA’s live interactive CPE Webinars allow you to participate in CPE courses from the comfort of your home or office.

CPE Webinars are live CPE courses delivered direct to your PC via the internet, in real time. Each CPE Webinar is one hour in length.

During the live CPE Webinars you can view presentation slides, listen to the presenter directly from your PC or telephone, ask the presenter questions via ‘text chat’ and interact with other participants.

Following the purchase of a CPE Webinar registration information, joining instructions, conference call information and CPE Webinar FAQ’s are sent direct to your inbox. Course notes are also sent to all attendees in advance of the event taking place.

The CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

www.skillnets.ie

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded.

16 August Galway
19 August Dublin
23 August Cork
24 August Limerick

Course outline: Practice Management & Innovative Marketing

Speaker: John McCarthy & TBC

Key Event Details: 
Time: 9am - 5pm
CPE Credit: 8 hours
Cost: Member - €250, Non Member - €300

To book your place click the links below:

16 August Galway
19 August Dublin
23 August Cork
24 August Limerick

Book 3 delegates or more in the same transaction and receive a 5% group discount.

Are you eligible to attend CPA Ireland Skillnet courses for free?

As this course is part funded by CPA Ireland Skillnet, certain individuals (e.g. unemployed, those on the live register etc.) may be eligible to attend the courses free of charge. For details on who can qualify for free places on the CPA  Ireland Skillnet courses click here.

Please contact Jenny Andersson at jandersson@cpaireland.ie for more information or if you have any questions in relation to the CPA Ireland Skillnet.

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded.

The CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

www.skillnets.ie

 11 August Dublin

Course outline: Forensic Accounting and Fraud

Speakers: Tom Murray

Key Event Details:

Venue: CPA Institute, 17 Harcourt Street, Dublin 2
Time: 7.30am - 9am
CPE Credit: 1.5 hours
Cost: Member €35, Non Member €50

To book your place click the link below:

 11 August Dublin

Book 3 delegates or more in the same transaction and receive a 5% group discount.

Are you eligible to attend CPA Ireland Skillnet courses for free?

As this course is part funded by CPA Ireland Skillnet, certain individuals (e.g. unemployed, those on the live register etc.) may be eligible to attend the courses free of charge. For details on who can qualify for free places on the CPA  Ireland Skillnet courses click here.

Please contact Jenny Andersson at jandersson@cpaireland.ie for more information or if you have any questions in relation to the CPA Ireland Skillnet.

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded.

The CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

www.skillnets.ie

27th June Limerick

Topic
Revenue Audit

Speaker
Alan Lawlor, Wallace O'Donoghue

Course Content - Limerick
Introduction and scope 
The practical issues to consider prior to an audit
The code of pratice and how to apply in practice
Bringing the audit to a conclusion

Key Event Details
Time: 6pm - 8pm
Location:The Absolute Hotel
CPE Credits: 2 Hours
Cost: Members €65, Non Members €100
           

27th June Limerick

If you book three or more people on this course you will receive a 5% discount

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded

The CPA Ireland Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

www.skillnets.ie

Dublin 27th June

Topic
Revenue Audit

Speaker
Dublin: Paul Dillon, Duignan Carthy O'Neill

Course Content - Dublin
Revenue audits
Difference between an audits and investigation and aspect enquiries
New Penalties regime
2010 Audit code of practice
Topical areas

Key Event Details
Time: 6pm - 8pm
Location:Dublin, CPA Institute & Cork, The Gresham Metropole
CPE Credits: 2 Hours
Cost: Member €65, Non Member €100
           

Dublin 27th June

If you book three or more places on this course you will receive a 5% discount

Note: Payment for CPE courses is required prior to the start of the event to secure your place on the event.

**Members – You must log in with your Member Number and Password to receive the member price when booking. No balance will be refunded

Following the recent Multi-Unit Developments Act, 2011, Deirdre Kiely CPA advises on the key auditing issues to be considered when auditing property management companies. 

Property Management Companies or Owner’s Management Companies (OMC’s) as they are now referred to in the Multi-Unit Developments Act, 2011, known as ‘MUD’s Act’ have many unique features that need to be taken into consideration by auditors. 

Typically OMC’s are incorporated as public companies limited by guarantee, not having a share capital, and for that reason such companies cannot avail of audit exemption. 

Auditors must therefore design an audit approach that is compliant with the International Standards on Auditing (ISA’s) but that is also appropriate to the unique circumstances of OMC’s. Modifications are therefore required to the standard Audit Programmes when auditing OMC’s.

To read the remainder of this article click here.

Source: CPA

Since the introduction of the new B1 on 1^st April 2011 and the requirement to include the Auditor’s Registration Number, the CRO have been busy checking audit reports that are filed with them to ensure that they have been issued by a properly registered auditor.

To date 21 unique firms/individuals have been identified as having signed an audit report when not authorised to do so and have attempted to file it with the CRO. These accounts have not been accepted by the CRO and have been returned to the presenter. The 21 cases are at various stages of investigation. The ODCE is currently taking action against 6 cases of “unregistered auditors”.

You will find your own firm’s unique Auditors Registration Number (ARN) at the bottom of your firm’s auditing certificate or on the CRO website www.cro.ie.  

Once filed the ARN on the B1 will trigger an e-mail to your firm advising you of the fact that an audit report has been filed in your name. You can then monitor the audit reports that are being filed in your name. No further action is required of you where you are satisfied that you issued the audit report. 

If you have any queries/feedback on this process please contact Emer Kelly at ekelly@cpaireland.ie.

Source: CPA

Michael Costello, BDO, asks why is Ireland resisting audit reform and highlights some concerns for Ireland as the reform of audit gathers pace at EU level.

When the EU Commission announced it was opening a debate on the role of auditors in mid 2010, few anticipated just how comprehensively or speedily the process would unfold. The general consensus was that audit had stayed clear of the firing line and avoided any great measure of public ignominy. In fact it was just a case of more urgent priorities such as the banks, regulators and government itself. 

Initially the audit profession was happy it had avoided the spotlight and some even believed that audit had had a ‘good crisis’. Then the questions began to be asked why clean bills of health had been given to what later proved to be wildly insolvent companies, mostly financial institutions. Audit couldn’t avoid the spotlight for long and the profession is now engaged in the most fundamental reform and re-regulation of the audit profession ever contemplated in Europe. 

To read the full article view The Future of Audit.

Source: CPA

Following amendments to Irish company law last year, Barry Moloney and Aidan Fahy, both from Matheson Ormsby Prentice, discuss some of the key issues that should be considered when deciding whether to incorporate and take advantage of the benefits of incorporation. 

Incorporating Your Audit Practice 

Pursuant to the Statutory Audit Directive (S.I. No. 220/2010), which was signed into law on 20 May 2010, section 187 of the Companies Act 1990 has been amended, meaning auditors of companies can now incorporate. 

Now is an opportune time for statutory auditors to consider incorporation to avail of the benefits of separate legal personality and limited liability as well as certain tax advantages. The changes apply to “statutory auditors” and “statutory audit firms”. “Public auditors” are not captured by the changes but are still subject to the provisions of the Companies Act 1990. The issue of limiting the liability of auditors is currently under

review at a European Commission level and it appears likely that there may be further uniformity of rules introduced on this matter. 

To read the full article view Incorporation of an Audit Practice.  

Source: CPA

Peter Benson, Chair of the British CPA Society, outlines some useful tips and information for Members looking for job opportunities in the UK.  

Members interested in exploring job opportunities in the UK are encouraged to look very carefully at the requirements of local employers before making the move to the UK. While opportunities are good when compared to the Irish Jobs market, competition for roles is fierce and only those with skills in demand should consider the move. 

Job Board & Recruitment Websites  

It is recommended that members should initially, as part of early research, distribute and upload their CV to the many job board websites available. A selection of those specialising in accountancy recruitment are listed at the end of this article.  This activity may generate some interest from employers or catch the attention of a recruitment agency. Through these job boards you can also sign up to receive daily or weekly alerts, by email, on new accountancy roles and vacancies. Having a UK address is also very useful even if it’s only temporary.

In addition to the job board websites it is advisable to register online with the various recruitment agencies, again focusing on those who specialise in accountancy recruitment. By registering you can upload your CV, specify which roles you are interested in and also sign up to receive email alerts of new vacancies. This activity can all be done quickly and easily from the comfort of your home, and without the need for a face to face registration meeting with the various agencies. 

What Skills and Experience Are Currently Being Sought? 

A recent survey by Hays Recruitment in the UK highlighted a strong demand for accountants with good cost analysis skills and project accounting skills.   

Further skills and experience in demand include advanced IT skills, cost accounting knowledge, IFRS accounting experience, a foreign language as well as plc or large company experience. 

It should also be noted that recruitment for financial service roles in the city of London has slowed in recent months following a very strong start to the year.

What Information Should I Bring If Meeting a Recruitment Agency? 

Members visiting the UK to meet with recruitment agencies must bring their passport, their membership certificate and their membership number when meeting agencies. Other identification information may also be required, please check on this before meeting an agency. 

Where Can I Get More Information? 

The British CPA Society will be pleased to give more detailed advice to members on request. Please contact us at peterbenson@walshbenson.co.uk.   

Recommended Job Board Websites: GAAPWeb, Accountancy Age , Total Jobs, Reed 

Recommended Recruitment Agencies:  Michael Page, Robert Walters, Hays, CMC, Martin Ward Anderson, Morgan McKinley and Bruin Financial.

Every individual and organisation is susceptible to the occurrence of a traumatic incident, so it’s vital that you have the correct support structures in place, writes Maura Kilcoyne, MD of EAP Consultants . 

For most people stress is a normal part of life and, in small doses, can positively impact on an individual, adding to performance and providing motivation. When you feel threatened or under pressure your body’s natural defence mechanism kicks in – the stress, or ‘fight or flight’, response. This can help you to stay focused, energetic and alert, which can assist you in meeting challenges, such as work deadlines.

Critical incident stress (CIS) is a type of stress which can occur after a particularly distressing or traumatic event, when it overwhelms regular coping mechanisms. “Events that are sudden, unexpected, and beyond the norm of what people usually expect to happen – such as crashes, fires, explosions, floods or other disasters where there may be mass casualties, or limited casualty events, such as suicides, assaults, sudden death, workplace accidents, robberies and industrial accidents – have the potential to overwhelm people’s usual coping mechanisms,” says Richard Monahan, Critical Incident Stress Manager at EAP Consultants. “These ‘critical incidents’ may give rise to psychological trauma.” 

CIS can occur instantly or days, weeks, and even months after a traumatic event and a completely unrelated stressor, such as marital or financial difficulties, could be a catalyst for its onset. Critical incident stress evokes physical and psychological symptoms, such as chest pain, rapid heart rate, profuse sweating, nausea, nightmares, moodiness, a desire to avoid similar situations or places, anger, loneliness, and lethargy. 

Critical Incident Stress Management 

“Health and safety regulations recognise the need to protect against and respond to the trauma arising from critical incidents,” says Monahan. “And the critical incident stress management (CISM) model provides a valuable resource not to just react, but to prepare for and mitigate the impact of trauma in the workplace.” CISM will look after the wellbeing of individuals after an incident and is an important part of employee care. “For the employer it provides a responsible and compassionate response to the trauma of critical incidents,” Monahan continues. 

EAP Consultants’ critical incident management service provides organisations with planning and preparation for, as well as response to, a critical incident, explains Monahan. “CISM services will assist the organisation in responding to the needs of its employees and members of the public before, during, and after a critical incident.” 

Early support and intervention is extremely important after a traumatic event, advises Monahan: “Where trauma occurs there is a need to provide some form of assistance as early as possible.” A post-incident defusing should be implemented between 24 to 72 hours after the event and this intervention is a measure to check in with the affected group to ensure that they are coping satisfactorily. It is a chance for the group to meet to discuss the incident and how it has affected them. It is also an opportunity for the critical incident manager to see if further intervention is necessary. 

A follow-up psychological debriefing can be held by a Critical Incident Stress Manager between two and 10 days after an incident. It is a safe and confidential form of intervention, where a CIS Manager will allow the group involved in the incident to talk through their experience. Simply talking about an incident with peers who have been through the same event can be hugely comforting. It is important that each person engages willing during the debriefing in order to help individuals and the group to move on. The debriefing encourages discourse on ways to cope, services available, such as telephone support, and to see if further assistance is required, such as individual counselling and provides for a follow up services with those employees and others more intensely impacted by the critical incident. 

Self- Care 

As well as intervention from a critical incident response team, each individual has a duty of care to themselves. It is important that you look after yourself if you feel the onset of a critical incident stress reaction. 

It is important to educate yourself in critical incident stress. Websites such as www.icisf.org are very informative and can help you understand what you are going through and offer you the reassurance that your symptoms and reactions are a perfectly response to a traumatic experience. 

Keeping active is a vital element of self-care when dealing with CIS. You can't think stress away, so exercise – go to the gym, go for a jog or a swim – and when you are feeling tense or agitated try relaxation and breathing techniques. 

Regulate your intake of caffeine, alcohol and other substances. Drinking caffeine excessively will increase your heart rate and make you feel jumpy and aggitated. These are also symptoms of CIS; you don't need to exacerbate them. Turning to alcohol or illegal substances is not the answer and trying to work through critical incident stress is difficult enough without also having to deal with a substance abuse issue. Sticking to a healthy, well-balanced diet and drinking plenty of water will aid energy levels and make you feel better in general. 

Try to maintain healthy relationships with family and friends – keep dialogue open and explain to your partner or other family member how you are feeling. Also, keep to your regular routine with friends even if you don't feel like it. If you would normally meet friends on a Friday, stick to this. It will keep you from feeling isolated. 

And although it's hard, try to keep a positive mental attitude.  Remember that you are normal and CIS is a perfectly normal reaction to a particularly traumatic event. 

Symptoms should pass within a few days to a week. If symptoms persist seek support from a qualified source, such as your GP or professional counsellor. 

Signs & Symptoms of CIS

Physical

• Chills
• Vomiting
• Chest pains
• Rapid heart rate
• Profuse sweating
• Breathing difficulties
• Dizziness
• Weakness
• Teeth grinding
• Twitching
• Thirst
• Lethargy 

Psychological

• Confusion
• Blame
• Poor attention
• Poor decision making
• Disorientation
• Disbelief
• Fear
• Guilt
• Nightmares
• Avoidance of similar situations
• Denial
• Panic
• Irritability
• Withdrawal
• Erratic movements
• Uncontrollable crying
• Anger
• Irrationality
• Anxiety
• Isolation
• Shame
• Absent mindedness
• Change in appetite
• Change in sleep pattern
• Increased alcohol consumption
• Insecurity
• Lack of confidence 

EAP Consultants provide Critical Incident Stress Management (CISM) services in compliance with the Safety Health & Welfare at Work Act 2005 and provisions contained in the framework for major emergency management and members of our response team have certification from the International Critical Incident Stress Foundation (ICISF). 

Maura Kilcoyne (B.A. H.Dip Soc. Admin, NLP Practitioner MEAPA)

Maura Kilcoyne is one of the key pioneers in the field of employee assistance and work/life balance programmes and has been providing EAP services for nearly 15 years. As Managing Director and Programmes Manager, Maura is responsible for all operational procedures of your Employee Assistance Programme. She works closely with her own core operations team to design and develop the most appropriate EAP programme to suit each individual organisation. Maura is an active committee member of EAPA Ireland, being one of the founder members of the Dublin chapter and current Vice President of EAPA Ireland. She is also a member of a number of professional bodies.

Richard Monahan, DPsysch, MIAHP, EAPA, ICISF

Richard is a counsellor and psychotherapist with over 15 years' experience in management. He has worked as a trainer throughout Ireland, with particular emphasis in critical incident support. Richard is a certified trauma specialist and accredited trainer/instructor with the Irish Critical Incident Stress Foundation (ICISF) and is currently involved in training the Irish emergency services in CISM-related interventions, including pre-incident preparedness, crisis management briefings, defusing, debriefing and peer support interventions.

For further information visit www.eapconsultants.ie.

Key Results

• Bank Credit Refusals increase from 48% in the previous quarter.
• 72% of SMEs outlined that the banks are making it more difficult to access finance.
• Cost of credit increasing, as banks continue ‘old habits’.        
• Evidence of bank facilities being reduced for hard pressed businesses.
• Alternative sources of finance urgently required.   
• Minister must demand full and accurate lending figures from bailed-out banks. 

The latest ISME Quarterly Bank Watch Survey confirms that the majority of companies feel that the banks are making it more difficult for them to access badly needed finance, even though there has been an increase in applications in the last quarter and an increase in formal applications.

The survey, conducted in the week ending 10^th June, attracted 882 responses (a response rate of 22%) and provides a strong indication of the current SME lending environment. For instance:

• 54% of companies who applied for funding in the last three months refused credit by their banks, compared to 48% in the previous quarter. Only one percentage point off all time high of 55%.
• 30% of respondents had requested additional or new bank facilities in the last 3 months, up from 25% in the previous quarter.
• There was an increase in the number of ‘formal’ applications made, 56% up from 38% previously.
• 72% of firms outlined that the banks are making it more difficult for SMEs to access finance, an improvement on the 79% in the previous quarter.
• 87% of respondents have been with their banks for over 5 years, while 41% are customers for over 20 years.
• Of those approved for funding, 66% have drawn down the finance either fully or in part.
• 58% of requests were for changes to overdrafts, with 42% for term loans. 

14% of total respondents have been forced to accept a change in their banking facilities in the last three months. Of those, 69% experienced an increase in interest rates and charges and a significant 35% were forced into reducing their overdraft facilities. For successful applicants, increasing bank credit facilities came at a cost, with 32% requiring increased collateral, with 38% experiencing an increase in charges and interest.

Source: ISME