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44 Audit able to recognise and analyse the risks associated with cyber-crime and the impacts on reputation? While the advancement of technology is a compelling proposition for all of us, auditors will need to have the skills to limit the risks from the use of technology and ensure minimum disruption to their clients’ businesses. Moving on to the benefits of technology in the audit, it has helped people learn new skills, spend less time on manual, repetitive tasks, spend more time on analysing the evidence and following up on identified issues using their developed knowledge. It has also opened up opportunities for members of the audit team to move into specialised roles within the team that manages the analytics function. Prepare for more innovation The digital age is ever evolving and as such, we can count on innovation throwing up more issues for the audit profession to solve. Businesses and their auditors will need to assess the unknowns before they can take full advantage of these technologies. Take blockchain as an example. It is set to transform financial transactions, and thus the world of corporate reporting. It is envisaged that, with the advancement of blockchain, we could soon see transactions executed automatically and verified in real time with a computer settling derivative contracts on your behalf. In this world of real-time systems offered through a distributed ledger, it could enable companies to close their books every day while highlighting anomalies as they emerge. Businesses will therefore need to be ready for the many disruptions that blockchain could create. This means shaping the organisation’s strategy so that it is innovation-ready with the right technology platform in place. It also means understanding what blockchain can do for every department and how finance can innovate, using blockchain to drive the organisation’s future success. Auditors will also need to be prepared as they will be required to audit whether or not the distributed ledger systems are working correctly. We can look forward to more real-time audit and real-time reporting and less time spent on the onerous tasks... it will also make our work more dynamic by producing more tangible insights and enabling us to better assess true enterprise value. Similarly, artificial intelligence will allow us to digitise unstructured data, such as paper contracts, thereby enabling the software to analyse the information the way accountants would – just a lot faster. The parallel processing of vast amounts of readily accessible data and improved learning algorithms are already in use within global practices. Adapt or get left behind Technology is already having a profound impact on audit and the value it provides. In the long-term, we can look forward to more real-time audit and real-time reporting and less time spent on the onerous tasks that consume so much finance resource today. It will also make our work more dynamic by producing more tangible insights and enabling us to better assess true enterprise value by incorporating unstructured data. There will be new issues and challenges to solve and as we approach this new frontier, it is safe to say that continued digital transformation will result in an ever-changing work/ life experience for us at home and in the office. This new world will be more complex, yet offer more simple solutions. It will also provide us with more excitement as we engage with new technologies. And as with the past, we will turn challenges into solutions and thus find the right path for us as an industry. We will harness the use of technology and the opportunities it presents for our profession to win back trust and also be regarded as true custodians of the public interest. EOIN MacMANUS Eoin MacManus FCA is the Managing Partner of EY Financial Services in Ireland. ACCOUNTANCY IRELAND APRIL 2017
TALK TO TOMORROW’S ACCOUNTANTS TODAY TO ADVERTISE Contact: Dylan Conway, Sales and Marketing Specialist Chartered Accountants Ireland Phone: +353 1 637 7241 Email: Dylan.Conway@charteredaccountants.ie
Page 1 and 2: VOLUME 49 NUMBER 2 APRIL 2017 Diver
Page 3 and 4: Comment 3 President’s comment Apr
Page 5 and 6: Contents 5 Spotlight 30 Pay gap, or
Page 7 and 8: News 7 Enhancing audit quality anch
Page 9 and 10: Est 1887 News 9 UCD and PwC promote
Page 11 and 12: When you fly Aer Lingus, you‘re c
Page 13 and 14: Annual Dinner 13 Gillian Doherty, C
Page 15 and 16: Comment 15 Brian Keegan An uncharit
Page 17 and 18: Comment 17 Write it down Des Peelo
Page 19 and 20: Comment 19 Emotion: the spoiler Ann
Page 21 and 22: Interview 21 Serving the public goo
Page 23 and 24: Retirement Planning... You have lot
Page 25 and 26: Diversity 25 Diversity... is it goo
Page 27 and 28: Diversity 27 fact that diversity an
Page 29 and 30: LONGBOAT ANALYTICS WINNER FINANCIAL
Page 31 and 32: Diversity 31 than half agreed that
Page 33 and 34: Mandatory Electronic Filing is fast
Page 35 and 36: Diversity 35 We’ve heard the soun
Page 37 and 38: Diversity 37 The road to inclusion
Page 39 and 40: Diversity 39 Sponsorships Organisat
Page 41 and 42: Diversity 41 Thoughts on diversity.
Page 43: Audit 43 insights for stakeholders
Page 47 and 48: Financial Reporting 47 financial re
Page 49 and 50: LEADING PROFESSIONAL PUBLISHING
Page 51 and 52: Restructuring Trends 51 The 2016 re
Page 53 and 54: Restructuring Trends 53 insolvency
Page 55 and 56: Audit Quality 55 should be written
Page 57 and 58: Tax 57 BRASS TAX Current developmen
Page 59 and 60: Tax 59 entrepreneurial and favourin
Page 61 and 62: Tax 61 Furthermore there was no rea
Page 63 and 64: Tax 63 Tax deadlines David Fennell
Page 65 and 66: Professional Standards 65 Consent O
Page 67 and 68: Win a two-night stay at Clontarf Ca
Page 69 and 70: Membership 69 Quigley, Keith Rice,
Page 71 and 72: Innovation 71 The strategy of innov
Page 73 and 74: Innovation 73 Graph 1: Title TBD Wh
Page 75 and 76: Leadership & Management 75 UK acade
Page 77 and 78: Corporate Governance 77 Figure 1: P
Page 79 and 80: Leadership & Management 79 Whistlin
Page 81 and 82: Commercial Feature 81 www.liquidati
Page 83: Commercial Feature 83 the high leve
Page 86 and 87: I trusted my future to Barden So sh
Page 88 and 89: 88 Careers keystrokes and create ju
Page 90 and 91: 90 Careers The hard case for soft s
Page 92 and 93: 92 Careers job can add an entirely
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THE SPECIALIST GOVERNANCE RECRUITME
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EXCELLENCE IN FINANCIAL RECRUITMENT
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98 Member Profile A new orbit From
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NETWORK Building a strong network i
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