YOUR EXAM PREP AND PLAN - Barden (Ireland)
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VOLUME 03
ISSUE 02
MARCH 2018
accountancyireland.ie
YOUR EXAM
PREP AND PLAN
INTERIM ASSESSMENT ROBOTS ARE COMING PRESENTATION STYLE
Get some guidance on AI is here but will these You know what you want
the best path to exam robots help you in your to say, now you should
success. future job? learn how to say it.
I trusted
my future to
Barden
So shoulD you
Shane Moran - 25,000th member of
Chartered Accountants Ireland
Deloitte Trained
Financial Accountant in Global Pharma
Experts in accounting,
Your next job isn’t just a job. Whatever you’re looking for
It’s a stepping stone to a brighter you can trust us to look after
future. Whether that’s being a your best interests. Because
CFO of a tech giant or a better the future doesn’t just happen.
work-life balance. We make it happen.
Dublin: 01 9103268 Cork: 021 2376124 e: hello@barden.ie
WELCOME 3
CONTENTS
HELLO!
Welcome to the March 2018 issue of
Accountancy Ireland Extra, the eZine WILL ROBOTS HELP OR HINDER?
for students of Chartered Accountants PAGE 18
Ireland.
We first decided to publish Accountancy Ireland Extra, after
a year of research into what was needed to support future
members of Chartered Accountants Ireland. Part of that
research was engaging in an open dialogue with CASSI,
member firms and various departments within Chartered
Accountants Ireland. They all stressed the need for
PRESENTING WITH STYLE
content on exam preparation. A person could have all the
knowledge, but exam prep was the key to qualification and PAGE 22
students might need some expert advice .
We took that feedback to heart and have, with the support
of the Exams team, provided you with articles from the 28
people who have written the exams, marked the exams
and passed the exams.
11
As you will see in Prepping for the Interim Assessment,
page 16, the examiners are pleased that students have GETTING YOUR EXAMS RIGHT
taken their advice often found in Accountancy Ireland Extra
PAGE 14
and are now receiving better results than in the past.
PREPPING FOR THE
We had the easy job – providing you with expert exams INTERIM ASSESSMENT
advice where we could. You put in the research, time and
PAGE 16
effort to make sure you were exam ready, and it shows.
GROWING YOUR SELF-AWARENESS
Congratulations and continued good luck in the future.
PAGE 20
LIZ RILEY
ONE SKILL YOU NEED TO BECOME CFO
EDITOR
PAGE 24
STRIKE THE RIGHT
WORK-LIFE BALANCE
PAGE 26
www.accountancyireland.ie
4 NEWS
View the FAE Careers Fair gallery
Last month, Chartered Accountants
Ireland welcomed FAE students
from across the country to its annual
FAE Careers Evening. Students had
the opportunity to discuss their
career prospects with a range of
recruitment firms and hear from
guest speakers Sinead Nic Niallaigh,
GOAL; Patrick Moore, The Children’s
Hospital Group; and Joseph Kinvi,
Touchtech. Tap here to view photos
from the event on Chartered
Accountants Ireland’s Flickr page.
Download the February issue of
Accountancy Ireland today...
In the February 2018 issue, the experts in the field of cloud
computing share their thoughts on its revolutionary potential
for business. We also look at ways to build your executive
presence and upgrade your professional image. Simply tap
here to view the issue on your smart device or desktop.
Grant Thornton expands 5K challenge for 2018
The Grant Thornton 5K Corporate
Challenge run series will return in
April for a seventh consecutive year
and has been expanded for 2018.
Last year’s sell-out event attracted
6,800 runners from 1,700 teams
representing over 400 different
companies. This year, a new location
– Galway – has been added to
the race series line-up. Pictured at
the launch, from left, are: Michael
McAteer, Managing Partner at Grant
Thornton; Fionn Faherty, Simon
Community; and John Foley, Chief
Executive of Athletics Ireland.
ACCOUNTANCY IRELAND EXTRA
NEWS 5
Explore Data Analytics
opportunities at EY
Ireland
Data Analytics is one of EY’s strategic growth
platforms with plans to grow from 50 people
today to 150 over the next 2-3 years. We are
transforming our business by embedding analytics
in everything we do. We are helping our clients
transform their businesses by doing the same. In
response to this strong demand we are seeking
Consultants, Managers & Senior Managers to join
the team.
Read more about Data Analytics at EY here
© 2017 Ernst & Young. All Rights Reserved. 26942.indd. ED none.
6 NEWS
Brexit-related risks to Irish
Irish business
Economy post Brexit requires
losing €2.2bn
longer transition period
per year
Irish businesses lose up to €2.2 Traditional economic sectors mixed messages coming from the
billion annually in productivity including agriculture and tourism British Government. Companies
due to burdensome will require post-Brexit financial are investing huge amounts of time
administrative tasks according supports from both the EU and Irish and resources scenario planning
to research conducted by Sage. state, according to Mark Kennedy, in a world where the goalposts are
Managing Partner at Mazars. not yet in place. Unless we start
The report entitled Sweating the Kennedy says that the failure of the to see firm agreements emerging
Small Stuff: The Impact of the UK and EU to reach any definitive we could see companies deferring
Bureaucracy Burden, shows that agreements is leading to a state of investment decisions. Our advice
businesses in Ireland spend an uncertainty that could result in a to companies is that they cannot
average of 70 working days per slowing down of the Irish economy. stand still and must assess the
year navigating bureaucracy. “It is impossible for any business risks as best they can with the
Administration accounts for to plan for Brexit, given the number information available and make their
3.5% of the total manpower of ‘known unknowns’ and the investment decisions accordingly.”
of the average business and,
according to the company’s
live productivity tracker, the A timely wake-up call for an
cost of lost productivity so far
in 2018 amounts to over €309
alternative investment industry
million. facing disruption
The report’s findings highlight Digital technologies are radically innovations, while for both hedge
the largest administrative reshaping the alternative investment funds and private equity, advanced
task for small- and medium- industry, but a large majority of technologies such as blockchain
sized businesses in Ireland is hedge funds and private equity firms and robo advisors have been
accounting. Operational tasks, appear to be too slow to respond. implemented by 3% or fewer.
such as recruitment and HR, This is the key finding of a new
represents a smaller burden for report, Alternative Investments 3.0 Speaking at the launch of the report,
entrepreneurs. – Digitise or Jeopardise, based on a Brian Clavin, Partner and Head of
global survey conducted by KPMG. Asset Management at KPMG Ireland
The research also shows that said: “The alternative investment
Irish companies have fallen While 98% of respondents say industry is facing significant
behind their international ‘business as usual’ is not an option, disruption from digitisation, yet a
competition in the uptake at least three out of five respondents majority of firms are not ready to
of digitalisation to address said they are still at the nascent implement key innovations that
burdensome tasks. For stage of ‘awareness raising’ with could potentially transform their
instance, more than 55% of respect to revolutionary technologies businesses. The time to act is
firms surveyed do not make that could potentially transform now. Alternative managers need to
use of digital aids to relieve the their businesses. Less than a third embrace change and seek new ways
administration burden on staff. of respondents said they are at to gain a competitive edge, or risk
the implementation stage for key being sidelined.”
ACCOUNTANCY IRELAND EXTRA
At the heart of business in Ireland © 2018 KPMG, an Irish partnership
8 CASSI
Chartered Accountants
Student Societies update
Here is what is going on with your student societies in March 2018.
CASSI:
As we enter a new year of exams and study, we are delighted to welcome in a new CASSI committee. CASSI
would like to congratulate all new members of each committee who were elected at their AGM in Belfast on 3
February. They would like to extend a thank you to the outgoing committee for the consistent and dedicated
work throughout the year.
CASSI will be holding the first annual meeting on 3 March where the objectives and strategy for the year ahead
will be laid down.
As you edge closer to mock and main the exams, CASSI would like to wish each student the very best of luck for
2018. If there are any queries, please email education@cassi.ie.
CASSM Annual Charity Ball in the Culloden Estate and Spa in
CASSM have recently held its AGM and elected a new aid of Aware NI. The night was a huge success and
committee. CASSU would like to thank all of those who attended
and organised the event for a very deserving cause.
CASSG
CASSG had a very successful intake night back in CASSD
November, welcoming all first year trainees in each of The CASSD Committee have been hard at work
the firms in Galway. preparing for all of their upcoming event, the CASSD
Ball on 10 March.
CASSG also held their annual table quiz in February
and it was a great success. Be sure to follow the They also have their CASSD Annual Quiz coming up.
CASSG Facebook page for more update’s and their Information on this event will be available closer to the
next big events. event date.
CASSU Following the AGM held at the end of last year, the
CASSU had a pretty quiet January. Their monthly Committee has selected Debra Ireland as their charity
drinks were hosted at Morrisons Bar in Belfast at this year.
the end of a long and dry January for many. CASSU
encourage people to stay up to date with their CASSS
Facebook page for more events in the coming weeks. CASS Sligo held their coffee morning this month. This
is held every three weeks and always attracts a great
The most recent event was the much anticipated turnout. The next two will be held on 9 and 30 March.
ACCOUNTANCY IRELAND EXTRA
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Q&A 11
Being the change You’re also a speaker and advocate
for Focus Ireland – why is
community outreach important to
After being a homeless single parent wanting to you? Has it always been a part of
your life?
finish her education, Deborah Somorin has decide I am only the person I am today
to help make sure other single parents in college because of community outreach
projects and organisations. Focus
don’t struggle like she did. Ireland played an important role
in helping me stay safe and in
education when I was homeless
Why did you decide to become a was in college as a single parent at 13. When they asked me to help
Chartered Accountant? who had transitioned out of state them with fundraising last year, I
I’ve known I wanted to be a care. When I thought up the idea, I immediately said yes. All across
Chartered Accountant for as long decided I would fund it when I one the country there are people I grew
as I can remember. I always loved day became a partner or CFO. up with who were in the same
making a budget and working with circumstances as I was but haven’t
numbers. Becoming a Chartered However, I went on the Late Late been as lucky as I have. I want to
Accountant was the obvious career Show in early January of this year. help change that.
choice for me. The amount of support I received
was inspiring and motivating. So, Has your career as a trainee
What is The Hope Ireland Project I thought, why not do it now? I accountant helped in your creating
and how did you get it started? wrote the idea in my notes app on of The Hope Ireland Project?
There is a lack of affordable my phone and posted it across Yes. I had to prepare a business
accommodation and childcare all my social media channels. I plan, proposal and projected
for young, disadvantaged parents also set up a petition for public accounts for prospective investors
in third-level education. This is a support for the project. I sent an of the project. That wasn’t as
barrier to futhering their education email to every minister who could daunting a task for me because of
and stand on their own two feet help, including Taoiseach Leo the FAEs and the invaluable training
eventually. Varadakar, philanthropic trusts, I have received in PwC. My career
social entrepreneurial funding has helped me and will hopefully aid
The Hope Ireland Project is a organisation, and universities. That in helping many people in the future.
project that aims to open student was the start.
accommodation for young,
disadvantaged parents in third-level Once I decide I’m doing something,
education that will include a crèche I’m doing it – whatever it takes.
on location and, hopefully, help
break the homelessness cycle for What are your five year goals for
many children for generations. The Hope Ireland Project?
I plan to open the first location in
I decided this was something I Dublin by September 2020. After
wanted to do about a year ago. It’s that, I hope to open in one new
a service that would have made a location every year where there is
massive difference to me when I a university.
www.accountancyireland.ie12 TECHNICAL UPDATES
WHAT’S The auditor’s responsibility to
report to a charity’s regulator
or an emphasis of matter.
The Financial Reporting Council
NEW? The FRC’s Practice Note 11 The Audit
of Charities in the United Kingdom,
has reminded auditors of charities
that they are required to carry out
revised in November 2017, provides their audit in compliance not only
guidance on how the auditor with the FRC’s ethical and auditing
A round-up of recent ensures that they comply with their standards, but also applicable legal
announcements in the statutory duty to report matters of and regulatory requirements. In
world of finance and material significance to the relevant
charity’s regulator. The charities
order to do so, the auditor is required
to have an understanding of the
accountancy. regulators in the UK have jointly legal and regulatory framework
issued guidance for auditors on applicable to the charity and the
this statutory duty, which includes sector in which it operates, such that
a list of matters that are always the auditor would be able to identify
considered reportable to the relevant situations which may give the
charity regulator(s). Auditors are auditor reasonable cause to believe
required to report to the relevant that a matter should be reported to a
charity regulator where an auditor’s charity regulator. This includes being
report issued on or after 1 May familiar with the charity regulators’
2017 contains a modified opinion, guidance on reporting matters of
a paragraph highlighting a material material significance and other
uncertainty related to going concern, relevant charity regulators’ guidance.
ACCOUNTANCY IRELAND EXTRATECHNICAL UPDATES 13
IAASA welcomes the opportunity our main trading partners expected
to provide comment on the to be somewhat stronger in 2018 In the news
Monitoring Group’s Consultation than was expected at the time of
The Irish Auditing and Accounting the previous forecast. Take five minutes to bring
Supervisory Authority (IAASA) A slight moderation in GDP yourself up to speed on the
has welcomed the opportunity to growth at 3.9% in 2019 is expected biggest issues right now.
provide comment on the Monitoring as the economy gets closer to
Group’s proposals for developing full employment and growth in Why financial statements don’t
the governance framework our trading partners moderates, work for digital companies
supporting the development of while employment is expected to In the 2016 book The End
international standards on audit- grow by 2.2% in 2018 and 1.8% in of Accounting, NYU Stern
related matters, as set out in its 2019. This would see an additional Professor Baruch Lev claimed
paper issued on 9 November 2017. 89,000 people in work and overall that over the last 100 years
The Monitoring Group issued employment levels at 2.3 million, or so, financial reports have
a consultation paper setting out in excess of the pre-crisis (2007) become less useful in capital
various options to enhance the peak level. However, the make- market decisions. Recent
governance, accountability and up of employment is likely to be research lets us make an
oversight of the international audit significantly different by 2019 with even bolder claim: accounting
standard-setting process. IAASA’s approximately one in 16 persons earnings are practically
response to this consultation paper (directly) employed in construction irrelevant for digital companies.
can be accessed here. compared to one in nine in 2007. Source: Harvard Business
IAASA has also taken part in The bulletin also reports that Review
discussions of the Committee of a gradual pick-up in headline
European Audit Oversight Bodies inflation to 0.7% in 2018 and 0.9% EU warns of cryptocurrency
(CEAOB) relating to the consultation in 2019 is forecast as the recent regulations unless risks are
and agrees with comments set out negative impact on goods prices, tackled
in the CEAOB’s response here. driven largely by the fall in sterling Cryptocurrency is nothing
The Monitoring Group is a and cheaper imports, moderates. if not notorious and the EU
group of international financial Meanwhile, prices for services are looks set to take steps towards
institutions and regulatory bodies expected to increase. regulation unless global risks
committed to advancing the are somewhat mitigated. The
public interest in areas related to Auditors call for greater global spike in cryptocurrency
international audit standard-setting accountability in EU finances trading and speculation
and audit quality. Further details The European Court of Auditors has has regulatory bodies
of the Monitoring Group can be called for an increased emphasis contemplating a tighter set of
accessed here. on value added in the EU rules.
Budget, along with more flexibility Source: Silicon Republic
Irish economy continues strong and transparency, and greater
performance as first forecasts for accountability. The proposals are An executive’s guide to AI
2019 published made in a briefing paper entitled Staying ahead in the
The Central Bank of Ireland recently Future of EU Finances: Reforming accelerating artificial
published its first Quarterly Bulletin How the EU Budget Operates. The intelligence race requires
of 2018 which presents economic paper is the auditors’ response executives to make nimble,
forecasts for 2019. According to to the European Commission’s informed decisions about
the bulletin, the Irish economy reflection paper on the future of EU where and how to employ AI in
continues to perform strongly, with finances – an important step in their business.
growth in GDP for 2018 revised developing the next multiannual Source: McKinsey
upwards to 4.4%, with demand from financial framework.
www.accountancyireland.ie14 EXAMS Getting it right from the start Going into your main paper with a few extra points is ideal. It’s as easy as delivering on the Interim Assessment. Here’s how you make that happen. WORDS BY PHILIP NICOLLS ACCOUNTANCY IRELAND EXTRA
EXAMS 15
It’s been exciting to see CAP 1 The single most important element in your
student numbers swell for the preparation is practicing past papers in
2017-18 year. Many of you are
new to professional education exam conditions... In effect, you need to
and, for most, the Management show you have the correct knowledge in the
Accounting Interim Assessment answer booklet and do so in the 75 minutes
on Saturday 7 April will be your
first professional examination you are given on the day of your exam.
sitting. We want to see all of
our CAP 1 students succeed, so
let me share some timely and a quarter or more of students the answer booklet and do so
candid advice. to have a final overall mark that in the 75 minutes you are given
falls within five marks either on the day of your exam. There
The basics side of the 50% pass mark. A are lots of past papers included
The Interim Assessment lasts strong result on the Interim with the student materials on
for 75 minutes and covers Assessment hugely improves the website. Please remember
competency statement topic your chances of passing that, as highlighted above, CVP
areas 1.3, 4.1-4.4 and, newly in Management Accounting. and break-even analysis won’t
scope for 2018, topic 5.1 Cost appear on these past papers. It’s
Volume Profit (CVP) analysis and The only catch is that the still important that you practice
breakeven analysis. All of these same effect works in reverse. questions on this topic and you
topics are covered in lecture Some candidates choose not will find lots of examples in your
sessions one to five. to devote the necessary time question bank and toolkit and in
and energy to the Interim past main papers.
Why it’s critical Assessment, believing they can
Historically, the average mark catch up later. They may well In the March 2017 edition of
on the Management Accounting learn the material in time for Accountancy Ireland Extra
Interim Assessment is over 60% the main paper, but they start the Examiner offered CAP 1
and is higher than the average the summer exams at a serious candidates some great advice
mark on the main paper. The disadvantage to their peers. on what to watch for as
Interim Assessment is worth they prepare for the Interim
15% of the final overall result, What you need to do Assessment. Give that a read to
so an average student will be The single most important really prepare yourself.
able to carry some extra marks element in your preparation
into the main paper. Many savvy is practicing past papers in Conclusion
students who have prepared exam conditions. In addition to Investing the time now to prepare
and performed well at Interim testing your knowledge, this will for the Interim Assessment
Assessment can easily carry allow you to develop your exam will pay huge dividends later.
three or four of these extra technique. Persevere with the past Interim
marks into the main exam. That Assessment papers and the
might not sound like much, but In effect, you need to show you best of luck with your first
at CAP 1 it’s quite common for have the correct knowledge in professional examination.
www.accountancyireland.ie16 EXAMS
Prepping for the Interim Assessment
Just when you thought you could bask in the glow of AAFRP success, here
comes a pesky FAE Elective Interim Assessment!
WORDS BY JOHN MUNNELLY
First, congratulations to all past number of Interim Assessment elective scenarios, the candidate
successful candidates. The Core examination sittings. is asked to step into the role of
AAFRP Interim Assessment results the character of the simulation, be
were released last month and it Answer the issue that of a newly qualified Chartered
is encouraging to see candidates Examiners find that candidates are Accountant, auditor or tax senior.
perform so well and carry good not answering the issue being asked. When you’re at FAE level, it is not
marks into their main examinations Candidates assume they understand enough to simply perform the
later this year. the ‘ask’ and dive into pre-prepared calculations. The calculations
material, or even transcribed text should serve as the starting point,
However the FAE programme was from previous cases. The examiners providing you with insights to shape
not designed to allow candidates to recommend candidates slow their your discussion and, ultimately,
rest on their laurels. The timing of the reading down as they approach an your recommendation. Make a
FAE Elective Interim Assessments issue. recommendation. The examiners
is such to allow candidates switch expect it.
their focus from Core to their chosen During the assessment, candidates
electives. If candidates put the same are asked to “be forensic in your Audit
effort into their elective studies as assessment of the requirement The examiner noticed an
they did their AAFRP, then there is no in front of you”. There is a natural improvement in candidate’s answers
reason why they cannot repeat that tendency is to start formulating your for the Audit Interim Assessment
success. answer as soon as you find an issue and that has been reflected in
to answer. Take that extra couple of strong pass rates. The candidates
The FAE Interim Assessment now seconds/minutes to fully identify all are finally starting to better balance
enters its third year, having been the facets of the requirement. their arguments. For example, in
introduced in April 2016, and a clear the recent December 2017 FAE
statistic is emerging: success at Make a recommendation Audit repeat Interim Assessment,
the Interim Assessment is a strong Examiners note that many candidates were asked to identify
predictor of a candidate’s result in candidates do not provide risks facing a company and develop
their chosen elective later in the commentary on their calculations. responses to those identified risks.
year, meaning early engagement The examiners understand According to the examiner, the
with studies and materials will put candidates reluctance to commit candidates spent time developing
most candidates on course for to a specific response for fear responses to those risks they
success. of coming down on the wrong identified! At earlier sittings,
side. However, this shows the candidates often answered the two
In this article, I am going to provide examiner that the candidate requirements separately, failing to
some insights from examiners on lacks the confidence to make a link the two together. Candidates are
trends that have emerged over the decision. Remember, in each of the also actively linking their arguments
ACCOUNTANCY IRELAND EXTRAEXAMS 17
back to the specific facts of the The examiner would like to attempting questions on capital
case and are moving away from point out that the calculations gains tax and inheritance taxes.
generic boiler plate or copying and only provide a backdrop for the Some candidates appear to mix up
pasting from earlier solutions. (The discussion that the candidate rates, reliefs and exemptions. It is
examiner remembers what he wrote is required to undertake. The important candidates know how
previously!) numbers they produce should lead these taxes interact and that they
them to develop courses of action clearly understand what reliefs/
The examiner wishes to reiterate and strategies which result in a exemptions etc. apply to each of
that candidates who reproduce recommendation. them.
lists of points without making any
attempt to link back to the specifics Candidates should have an What next?
of the case will not score any credit. appreciation for how each There are eight weeks to the Interim
For example, candidates listed that framework works and how it might Assessment examinations. There
some audit tests be carried out in the apply to a case, even at a high still is time to put a study plan in
following way: level. There may not be ‘perfect’ place. The Interim Assessment
information to allow you to apply all is 90 minutes long, inclusive of
“Test cut-off; parts to a model, but that doesn’t reading time. There are three issues
Review aging; mean that a candidate cannot to be identified and answered.
Test NRV.” refer to a part of a strategic model/ Candidates should download all
framework in their answer. previous Interim Assessments; this
Candidates are expected to will allow candidates familiarise
demonstrate that they understand Lastly, the examiner would like it themselves with the paper and
the tests they are suggesting and noted that there is new material review the examiner commentary.
recommend the test will be carried examinable on the FAE Elective APM They should also ensure that they
out in the specific case being Interim Assessment. Some strategic download a copy of Competency
answered. models have been specifically called Statement for 2017/18. There is
out in the 2017/18 Competency specific guidance in each elective
Advanced performance Statement for APM. identifying what is examinable for
management Interim Assessment.
The examiner is very pleased Advanced taxation
that there is a slow but steady Both examiners in ROI and NI wish The key to success is to make
improvement in the quality of to acknowledge the improvement steady progress through the
investment appraisal work that in candidates’ scripts, particularly materials and ensuring that you
candidates are performing. in the area of VAT. Candidates have understand every topic completely
The adoption of the investment historically struggled to get to grips before moving onto the next.
appraisal table is nearly always with VAT topics. However, there There is no better way to test
presented. In the small number of has been a steady improvement in your knowledge than practicing
cases where it is not presented, answering indicator/issues. exam-style questions under exam
the success rate is much lower. conditions. The more frequently
Investment appraisal is a key Both examiners are also pleased a candidate can do this will give
component of APM Interim at the improvement in advanced candidates confidence and a
Assessment. Adoption of the taxation topics such as statutory winning exam approach.
template provides candidates de-mergers. However, the
with a structured approach to examiners have seen evidence Chance favours the prepared. Good
investment appraisal. of candidate confusion when luck with your preparations.
www.accountancyireland.ie18 TECHNOLOGY Will robots help you in your job? One third of Irish respondents to a survey on Robotic Process Automation have started using robotics and almost a fifth of all roles could be replaced by robots within the next 10-20 years. What does that mean for accountants? WORDS BY AOIFE CONNAUGHTON Deloitte’s recent report The robots data, and are programmes that RPA investment are ready, are you? is based on replace the need for humans to If adoption continues at its current a survey of over 400 executives perform repetitive rules-based level, RPA will have achieved near- globally, including 55 from Ireland. tasks. It is seen as an entry point universal adoption within the next This report is showing that 53% to more complex and ambitious five years. Findings show that of respondents are implementing cognitive automation and continuous improvement and Robotic Process Automation customer engagement initiatives, increased levels of automation are (RPA) in their organisations. RPA which leverage natural language the top strategic priorities in both is the use of robots or robotics processing, machine learning, global and Irish businesses. In line on computer systems to support advanced analytics and cognitive with this, over three quarters of all more effective processing of chatbots. respondents (78%) plan to increase ACCOUNTANCY IRELAND EXTRA
TECHNOLOGY 19
different. In parallel with moving
to greater use of robotics and
While technology contributed to the loss automation, businesses need to
of 800,000 jobs between 2001 and 2015, it reimagine the shape and role of
their human workforce.
helped create 3.5 million new jobs in the
same period which, on average, were higher What RPA means for your future
skilled and higher paid. The good news is that this new
digital workforce will open up
new opportunities for people
with technical and business
analysis skills such as process
RPA investment in the next three intensifying interest in robotics engineering, Lean Six Sigma and
years. and automation, and the findings Operating Model Design. The
of this survey demonstrate that robotic workforce still needs to
The findings demonstrate that it is a clear strategic priority be managed much in the same
RPA is delivering real value for for organisations in Ireland. way as the human workforce it
Irish business leaders who have Financial services in Irish supports. New competences are
implemented the technology with organisations are leading the required to build and manage
Irish respondents believing it has charge on RPA exploration and robotics centres of excellence to
met or exceeded expectations in: adoption, however the findings optimise how the robots work and
also show that public sector to plan how robotics can drive or
• cost reductions, and improved organisations have expressed support continuous improvement
productivity (87%); strong interest in implementing projects in the organisation.
• improved quality and accuracy this new technology.
(74%); RPA jobs are currently in high
• timelines (55%) The potential for this technology demand in the Irish market.
• compliance (45%) to reduce costs has been In the UK, the median RPA job
highlighted in the report. salary is £60,000 with a 12%
Furthermore, the experience of However, while technology year-on-year growth in salaries.
global respondents indicates that will contribute to some loss RPA can fuel both the interest in
the payback periods are attractive of jobs, the Deloitte UK report, and the agility required for other
– businesses report payback From brawn to brains, showed digital technologies, enabling
periods of less than 12 months that 35% of UK jobs are at risk organisations to move further on
with an average of 20% of full time of automation in the next 10- the digital automation journey.
equivalent (FTE) capacity provided 20 years. So, while technology A career in RPA can open up the
by robots. Organisations based in contributed to the loss of 800,000 potential to be at the forefront
Ireland are more cautious, citing jobs between 2001 and 2015, it of exploring opportunities to use
payback periods of less than 24 helped create 3.5 million new cognitive technologies such as AI
months, with 17% of FTE capacity jobs in the same period which, on and machine learning within your
provided by robots based on their average, were higher skilled and organisation.
experience to date. higher paid.
Aoife Connaughton is a Senior
The role of the human workforce It is clear that the job landscape Manager in Deloitte’s Robotic and
Over the past year, there has been in the future will be dramatically Cognitive Automation Practice.
www.accountancyireland.ie20 EQ
Growing your self-awareness
Acknowledging our vulnerabilities and improving our self-awareness can
allow us to succeed in our personal and professional lives.
WORDS BY PAUL PRICE
“What are your strengths and weaknesses” is a question the birthplace of innovation, creativity and change. We
frequently asked at interviews and one that interviewees connect to others through vulnerabilities. They are key
are often least prepared to answer. While few have to our self-awareness and how we manage ourselves
difficulty rhyming off strengths, describing one’s socially.
weaknesses or vulnerabilities is another matter. Doing so
requires a level of disclosure that few of us are willing to This article is designed to equip you with some means
make to ourselves, much less to others. to identify and explore those vulnerabilities and improve
your self-awareness.
As Abraham Maslow, American psychologist who is
known for creating Maslow’s hierarchy of needs, said, “We Focus on the here and now
tend to be afraid of any knowledge that would cause us… Begin with noticing and self-reflecting. When interacting
to make us feel inferior, weak…We protect ourselves and with others, you should slow yourself down and take
our ideal image of ourselves by repression and similar notice of your emotions, thoughts and behaviours
defences”. However, research shows that vulnerability is as situations unfold. Try to concentrate on what is
ACCOUNTANCY IRELAND EXTRAEQ 21
happening to you in the moment. he should have highlighted the anxious, worried, bored, tense,
Studies show that we are able to difference.”; challenged, or angry?
concentrate on up to four voices at • Demands: “He has to listen to me • the appearance of negative body
one time. One of those voices should because this report is late”, “She language. Are they retreating
be our own. should have pointed that out, she or lunging forward? Are they
knew it was important.”; stammering or yelling?; and
The ability to focus on the present • Extreme thinking: “she never • where their thoughts are
can and should be practiced regularly listens”, “he’s always late”; focused. Are they speaking on
by using mindfulness exercises. • Globalising: “I failed my exam. task or are they defending their
Mindfulness is simply concentrating That proves I’m a failure.”; position, discrediting others, and
on the present moment and focusing • Personalisation: “If I ask my redeeming themselves?
on one element to keep you in that manager for support, he’ll think
moment, such as your breathing. I’m incompetent”. To gain greater insight into our
Through mindfulness practice, we relational habits, we should pay
learn not to engage with passing Such thinking errors should be attention to group dynamics, focusing
thoughts but rather to observe them intercepted and challenged by not only on how we think and what
and take notice of recurring negative considering their usefulness. Are we observe but also on how we feel
thoughts that may be affecting us. these beliefs helpful? Are they true? during teamwork or group work.
By practicing mindfulness privately, Is there evidence to support them? Certain situations or people may
we develop skills that we can call on trigger negative reactions within us.
to ground ourselves when we feel Group dynamics We may discover that what we are
stressed or unfocused. These skills While mindful meditation and experiencing is the mirroring of past
help us to avoid being distracted self-reflection are useful tools for behavioural patterns seen in close
by anticipatory thoughts and give improving self-awareness, our family members.
us the ability to stay focused when reflection in other people is more
circumstances demand. informative. When working in a We should also seek feedback
team, it is important to stay aware of from trusted people seniors in your
Numerous apps are available to help how others react to our behaviours. company and peers. Receiving such
develop or improve concentration Noticing such reactions provides feedback openly and sharing our
skills. Headspace is one such option. us with valuable feedback. Active vulnerabilities can prove edifying.
listening and observation can help By accepting our vulnerabilities with
Thinking errors us to recognise and then adjust any reasonable self-compassion, we can
How do we identify emotional or negative behaviours of our own. start to accommodate them and to
cognitive barriers to self-awareness? build on our strengths.
Be on the lookout for ‘thinking errors’ A simple tool called the PFAT
in your internal dialogues. These are scan can help here. With it, we pay Paul Price is is an Executive
harmful thinking patterns that may attention to: Coach at Dynamic Connections.
habitually hold us hostage so that
we behave at the will of others or • physical body reactions in other
as victims of circumstance. Some members of the group. Are they March EI exercise
examples of these include: blushing, sweating, fidgeting,
clenching their teeth or fists? Practice mindfulness and
• ‘Awfulisation’: “That was the worst • others’ feelings suggested the reflective exercises
interview ever. I was awful.”; through their mannerisms or described in this article.
• Blame-throwing: “It’s all his fault, behaviours. Are they defensive,
www.accountancyireland.ie22 PRESENTATIONS
Presenting with style
Sometimes the best presentations come from your best arguments.
WORDS BY BARRY BROPHY
In my last article, I explained how much to their detriment. The fact let’s first look at what makes
nerves make presenters focus more is, we already know how to deliver a presenter engaging to the
on what they are saying than what a presentation; we do so each time audience, in terms of their style of
the audience is hearing. As you’ll we have a conversation. Everyone delivery.
see in this article, this misguided effectively practices their public
focus can also lead to a weak style speaking every day of their lives, and The elements of style
of presentation. sometimes for several hours a day. The most important thing in any
presentation – or conversation, for
Presentors, and the people who So, how do you use these skills that matter – is eye contact. By
train them, often focus on delivery, in a presentation? To answer this, looking at the audience, you show
ACCOUNTANCY IRELAND EXTRAPRESENTATIONS 23
that you are responsive and open
to questions. This demonstration
of openness makes them feel As a presenter, you need to have a sense of
involved in your presentation. Eye urgency; a sense of purpose. You need to
contact closes the gap between
the presenter and the audience. identify a message worth communicating to
the audience. This will energise your style
You don’t need to stare at people of delivery.
for long periods – in fact, it is
very intrusive to do so. Instead,
glance around, catching people’s Arguing the point frame of mind then becomes
eyes in different locations around To answer to that question, we more ‘This is important; you need
the room. Think of this is as a have to go back to last article to hear this!’ and less ‘I was asked
process of ‘checking in’ with the which discussed having an to give this presentation; I’m going
audience. You are giving them audience-centred aim. As a to say some stuff.’
ideas and ‘checking’ that they presenter, you need to have a
understand each one. Not only sense of urgency; a sense of Sense of urgency
will this give the audience the purpose. You need to identify a Too many presenters just go
feeling of being more involved message worth communicating through the motions by reading
but it will seem more like a to the audience. This will off a script and, even sometimes,
conversation and, therefore, less energise your style of delivery. rolling out a stock presentation
nerve-racking. To understand how, let us look they have given a dozen times
at what happens in a particular before. This approach will rob
What about your voice? Good facet of conversation: an you of the urgency that comes
presenters speak slowly, clearly argument. with gently arguing a point to
and loudly – or loud enough. an audience for their own good.
They vary the pitch and tone of In an argument – assuming you With that urgency, you gain an
their voice, and draw attention manage to keep control of your immediate improvement in your
to key points with signposting temper – your communication eye contact, hand gestures, facial
statements such as: ‘The most skills improve in several ways. expressions, vocal intonation and
important thing is…’ and ‘Crucially, Eye contact becomes fixed and enthusiasm.
we have to focus on…’. intense; your voice becomes
raised, inflected and punchy. Your So, without blowing your top, you
Body language is also important, body is animated and all signs need to have sense of urgency.
with hand gestures emphasizing of uncertainty disappear. This Then your style will fly.
what you are saying and facial process happens naturally and
expressions conveying to the can, like so many of the other Next issue, we will look at
audience that you care. conversational skills, be tapped the most contentious of all
into when making a presentation. presentation topics: visual aids!
All of these elements together It is not the use of PowerPoint
form a potent suite of You can get this argumentative but its abuse that ruins
communication skills, yet many urgency into your presentation presentations.
presenters and presentations by driving it forward with an
fail to harness them, instead audience-centred, rather than Barry Brophy is a presentations
appearing lifeless and dull. Why? a presenter-centred, aim. Your consultant and lecturer in UCD.
www.accountancyireland.ie24 CAREERS The one skill you need to become a CFO WORDS BY LISA HUGHES ACA ACCOUNTANCY IRELAND EXTRA
CAREERS 25
I talk to a lot of executive finance accountant and an emerging 5. Include. Never delude or exclude
leaders for my job at Barden and finance leader, you’re an expert. Decisions made outside of your
it’s always fascinating to hear the You’re used to being in a position team’s control will always be
story of how they got there – how where you hold the answers and seen as instruction. Likewise, in
they evolved, overcame challenges are often advising on some very accountancy, shaky explanations or
and surpassed their peers; to complex matters. However, how an overt manipulation of the facts
hear about what has made them this comes across can vary widely will not go down well.
different throughout their career to between professionals. Be careful
bring them success. not to fall into the trap of lecturing, Never delude team members when
and be conscious that however it comes to the reasoning for a
In every story, there is one skill that ‘right’ you know you are, it’s not right decision or exclude them from
comes up time and time again: the to bulldoze a conversation with your making the decision with you.
ability to influence others and drive opinion from the start. You may be Including the team, even partially,
outcomes. right, but you’ve got to get people to ensures you get the buy-in you
trust that you’re alright first. need to make things happen.
Some may say that’s leadership
but, in reality, it’s only one part of 3. Let others take ownership We’re all human
the whole package. Not all leaders Have you ever noticed the difference Above all, don’t lose sight of the
are great influencers, but all great between members of the team when human element of delivering
leaders have the art of influence they are working on something that outcomes. You must connect
nailed. is their idea, versus when someone people to purpose. Always go into
else gives them the task? What if a new project thinking, “what’s in
Luckily, through their stories, I’ve you could get them to have this it for them?” and focus on how to
learned that everyone can master level of ownership with all ideas and influence through those benefits.
this important skill. projects? You can. This is something
every great leader has down to an Leadership is a frame of mind
1. Make honing your people art – the act of getting people to As a trainee, watch out for these
skills a priority come up with ideas on their own traits in your managers as you
Some lucky people are definitely and thereby creating a sense of chart your course through your
born people-people. They can talk ownership. Discussion is the place it accounting qualification and
the talk and walk the walk when it starts – not instruction or mandate. beyond. You don’t have to be a
comes to relationship building and manager to be a leader. You can
stakeholder management. But for 4. Remember: you’re only as be a leader no matter your level
most of us, it’s something we need good as your team or your experience. Leadership
to work on. Having your team’s back at all times is a frame of mind, not a job title.
is key to influence. You look out for Learn how the better managers use
To start developing your skills in them, and they will return the favour. these techniques and learn from
this area, you need to understand The same can be said for your peers the mistakes of the others. Your
how others perceive you, be real – quid pro quo makes you a better ability as a leader in the future will
about your level of engagement leader. You’ll never get someone be shaped by how you interpret
skills and then work on them in and to do something if they believe and adapt to the leadership styles
out of the office. you wouldn’t reciprocate so start around you now.
thinking about how to build a truly
2. Focus on your relationships equal playing field in terms of trust, Good luck and get out there and
As someone soon to be a qualified respect and loyalty. lead!
www.accountancyireland.ie26 SOFT SKILLS Strike the right work-life balance In an always-on world, it can be difficult to strike the right balance between work and relaxation, but here are eight tips to help you tip the scales. WORDS BY SORCHA QUINN ACCOUNTANCY IRELAND EXTRA
SOFT SKILLS 27
work after maternity leave with I can guarantee that there won’t
a 10-month old working full-time be any. Your list of tasks will
and sharing a business with my never be complete and there’s
husband. I remember feeling never a good time.
so overwhelmed and hugely
distracted. To overcome this, STEP 5
I devised a list of top tips for Set your own parameters around
balancing work and life. what success looks like to you.
Having a strong sense of who
STEP 1 you are, your values and what
Firstly, take a deep breath. It will drives you will help you better
all be ok. understand what makes you
happy and to get more of that in
STEP 2 your life.
Work life balance doesn’t happen
automatically. It involves making STEP 6
deliberate choices about what Turn off your distractions. It’s
you want out of life. Having a learning the skill of turning off
roadmap plan and committing the technology and enjoying the
to it. Realising what is important quality time.
to you and working smarter not
harder to ensure you can spend STEP 7
your time how you want to. It’s also important to align your
goals in pursuing your passion.
STEP 3 Those that do achieve this
Communication is key. I still balance usually have a defined
don’t believe we talk to each plan around timeframes and
other enough. You need to be what they are willing to sacrifice
open about what’s working and to get what they want in the end.
what’s not. Work will always be Don’t let the situation control
there; however, you need to have you, take hold of it head on.
your personal life and routine in
check as a strong foundation. STEP 8
If you feel like you’re veering off The most important tip to
course, reach out and talk to achieving work-life balance is
someone. building your A Team, also known
as your support network. People
For many in the workforce, STEP 4 who are successful and achieve
achieving any type of work- Set aside time for your interests, good balance have a strong
life balance can be a myth – family and friends. Make a point support network who help them
especially since technology of planning and booking time through the tough times.
allows us to be accessible off work to do the things that
around the clock. So how do are important to you. Don’t wait Sorcha Pollack is an Audit
we do it? I found myself back at to see what time is left over as Senior at EY Ireland.
www.accountancyireland.ie28 Q&A
“I’m rooted but I flow”
Kate van der Merwe might not have taken the obvious
route to her position in Google but she discovered a lot of
important things about herself along the way.
Tell us a little bit about your current was very lonely and took all of my incremental steps in discovering
role at Google. determination to stick at it. what is important to me, what I
I work in the Fixed Assets & love, and what energises me. I have
Inventory team. Roles here tend How has your career differed from focused on staying true to these
to have unusual titles, but Global what you thought it would be when things and improving how I deal with
Audit Manager would best explain, you started your training? the knocks.
although I’m transitioning from this. Straight up confession, I had no
I started a few years ago managing master plan. Not even a five-year A key moment was when I left
EMEA audits, before globalising plan! This was partly because my permanent role at Pfizer for a
the process. More recently, I’ve previous experience taught me that contract role in Google. I wasn’t
worked on optimisation, including perception can be very different to looking to be made permanent,
a project in a company-wide RPA reality. but instead I wanted to learn and
pilot. My current hybrid (and it’s experience a different environment
liable to change weekly) is audit While I found it daunting, I had and discover if it was right for me.
escalation, team onboarding (50% ideas about a move from practice
change), RPA and oversight of to industry, with a grand title and What is the best advice you received
intercompany. I’m also Chair of the package, to reward some of that as a trainee? What advice would you
Young Professionals committee - hard work! But, the recession hit, give yourself if you could?
we’re midway through a great year of and with the added complication If I think of the toughest points of
sustainability-themed events. of changing visas, I took what I my training, the best advice was to
could, including roles unrelated to put the head down and get through
When going through your training, my training such as working on it. However, I received a lot of love
what was your biggest challenge? reception and in logistics. and support to spur me on! There is
Challenge or challenges? The no easy way to get your Chartered
Chartered Accountants Ireland After five months of travel, which Accountancy qualification, but
training period holds a significant did me the world of good, started once it’s done, it’s done. Learning is
time-demand and volumes of at Pfizer as an Inventory Analyst. ongoing throughout a successful
new information. I’ve always been My move to industry was realised, if or fulfilling career, but this needn’t
someone who wants to understand delayed. be as intense unless you choose to
rather than rote learn which, coupled make it so.
with my coming from a humanities What happened in your career to put
degree, made the study and training you in your current role? What I’d go back to advise myself
contract combination particularly I think curiousity and openness were is to cut myself some slack and
intense. key components. A friend gave me a increase my self-awareness - get to
gift with the Virginia Woolf quote “I’m know my strengths and values early.
I’d also moved to Ireland for this rooted but I flow”. This resonated I’ve an internal voice that’s far too
specific training, which meant with me. I certainly haven’t had critical. I would say that it’s OK not to
that I was starting with no a tick-box standard journey, and know everything. You never will, but
support structures. At times, it I’m totally OK with that. I made you will continue to learn.
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