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In Practice

ICAEW Set to Regulate Alternative Business Structures

The Institute of Chartered Accountants in England and Wales has confirmed it is applying to become a licensing authority for alternative business structures. Talks are ongoing with the Legal Services Board (LSB) about putting together a formal application, which is likely to be made in 2012. Felicity Banks, head of business law at the institute, said its members were already experts in various aspects of probate work and would welcome the chance to provide a complete service. Solicitors could be brought into accountancy firms to create multidisciplinary practices under the new regulatory regime.

Dec 13, 2011

IFAC Comments on European Commission Proposed Legislation

IFAC supports initiatives to continually improve audit quality, enhance the role of audit, and safeguard auditor independence, and believes that innovation and evolution are essential for this vital service to maintain its relevance and meet the needs of investors and other stakeholders. As such, IFAC supports the following measures proposed by the EC, which we believe are consistent with views widely expressed in response to the Green Paper:

Dec 13, 2011

Customer Service: Do It from the Inside Out

Many organizations want to be service leaders. They want to turn their customers into evangelists. They want people to tell legendary stories about their service. They want referrals, recommendations, repeat orders, bigger market share. Yet too many of these would-be leaders try to fix their service problems or build a service culture by simply slapping on a fresh coat of paint or placing a meager bandage of advertising over the truth. Well, that’s not going to work, and that’s not how the companies recognized for outstanding service got there in the first place.

Nov 28, 2011

The Future Looks Bright for the Trusted Adviser - How prepared are you to seize the opportunity?

It’s no secret that being recognized by clients as a trusted adviser is something that most practitioners strive to achieve throughout their careers, but according to the recent AICPA Horizons 2025 the trusted adviser role is more critical than ever for the future of the profession. In fact, the study revealed that to achieve success in today's fast-paced globalized and highly networked economy practitioners must earn and uphold the trust and confidence of those they serve.

Nov 15, 2011

Ten Steps to Make Succession a Strategic Process

It is no secret that our nation is graying and the need to plan for the succession of the approximately 76 million Baby Boomers cannot be delayed. As we’ve worked with firms across the country, though, we’ve discovered that the issue of succession planning is one that most put off, deny, or ignore. The reasons for this procrastination are varied, but they tend to fall into four categories:

Nov 1, 2011

Credit Union Reform

The Irish Credit Union sector has changed further today given the Ministers for Finance’s announcement of phase 1 of the Interim report of the Commission examining Credit Unions.

Oct 18, 2011

Your Anti Money Laundering Requirements

The requirements of the Criminal Justice (Money Laundering & Terrorist) Act 2010 have been in place for around about a year at this stage. This means that firms should, by now, have established and fully implemented appropriate procedures and policies in respect of the business they undertake, their clients and their business, have carried out a risk assessment of their own procedures, adopted reporting procedures and have implemented an appropriate training regime.

Oct 4, 2011

Pensions – Navigating Through Difficult Times

The pension’s landscape has significantly altered with changes to the tax relief afforded to pensions announced during Budget 2011 (7 December 2010) and confirmed in Finance Act 2011.

Sep 20, 2011

Download attachment(s): [ Appendix 2 ]

[ Appendix 1 ]

Do You Have a Client Bill of Rights?

It’s no secret that client retention is on the minds of practitioners these days. In fact it is one of the top concerns for many according to the 2011 PCPS CPA Firm Top Issues Survey. But what can you do to ease fears and keep more happy clients aboard?

Sep 20, 2011

11 Clues a Client is a Loser and 4 Keys to Finding a Winner

Every Accountancy firm has clients who are no longer a good fit – clients with little growth potential, clients who are slow to pay, clients who treat their accountants poorly. Bad clients have an impact on profits, productivity, and staffing. The leading firms are doing something about this.

Aug 23, 2011

The 10 Basic Ways to Boost Profits at an Accounting Firm: The New Practice Management Discipline

While leadership, balanced life, outstanding client service and efficient processes are critical for success, they mean nothing if the firm is not sufficiently profitable to make investments for the future and compensate performers. I want to focus on ten ways to make your practice more profitable.

Aug 9, 2011

IAASA sets out vision for independent audit inspection

The Irish Auditing & Accounting Supervisory Authority (‘IAASA’) has today published its Annual Report for 2010. Marking the publication of the report, Chairperson, Ms. Karen Erwin, said:

Jul 26, 2011

Download attachment(s): [ 1b_Annual_Report2010_Attachment.pdf ]

Social Media in the Workplace: What Are the Opportunities and Risks for Your Firm?

If your firm is still weighing the risks and benefits of social media and the value of allowing employees to access these sites at work, you’re not alone. A survey by our company found that, although financial executives see business opportunities in employees using social media on the job, they’re also concerned about the possible downside.

Jul 26, 2011

The Best Tale Wins

As practitioners look to build their practices in the new economy, many are going back to the basics to win new business. Telling tales or storytelling is the oldest form of marketing and communication and one of the basics that deserve a second look. I first wrote about this topic in 2008, and as one in three business clients is expected to consider a new CPA firm this year, it’s the perfect time to revisit it.

Jul 26, 2011

Publication of Audit Inspection Unit 2010

The Professional Oversight Board, part of the Financial Reporting Council, has published the Audit Inspection Unit’s (AIU) Annual Report for 2010/11.

Jul 26, 2011

Global Leadership Survey of the Accounting Profession

IFAC recently conducted its Fourth Annual Global Leadership Survey of the Accounting Profession (GLS), which revealed key opportunities and top-of-mind issues for the global accountancy profession. In addition, on-site polling at the 2011 Chief Executives’ Strategic Forum, which comprises the chief executives of a selected group of IFAC member bodies, similarly asked global accountancy leaders to weigh in on major issues and areas of focus.

Jul 11, 2011

Accountancy profession still growing but fee income falling

The Professional Oversight Board (POB), an operating board of the Financial Reporting Council (FRC), reports that the accountancy profession membership is still growing but fee income is falling in the ninth edition of Key Facts and Trends in the Accountancy Profession.

Jun 28, 2011

Irish Property Prices Fall Further In May But Dublin Increase Surprises

The CSO’s new residential property price index shows a 1.2% drop in Irish property prices between April and May that translates into an unchanged 12.2% decline year on year. The May data are consistent with continuing weakness in the housing market as a whole but also hint somewhat surprisingly at tentative evidence of a bottoming out in Dublin house prices that contrasts with greater weakness in the property market outside the capital.

Jun 28, 2011

7 Key Factors in Practice Value

Professionals often ask what their accounting or tax practice is worth but asking that question is like asking what houses are worth. It is unwise to rely solely on some simplistic rule of thumb because each practice, like each house, has a number of factors that may cause the price to vary. Following are the seven factors that have the greatest effect on value.

Jun 28, 2011

Ten Unexpected Benefits of the Cloud for Accountants

You know that cloud-based solutions let you work anywhere, anytime. But the most innovative cloud solutions for accounting, payroll, and document management also help you boost your revenue while working fewer hours. By now you’ve probably heard that cloud computing offers numerous benefits to accountants. You can work from anywhere at any time, easily share documents with your clients, and find the information you need quickly and easily. These benefits are proven and well-documented.

May 31, 2011

APB issues revised guidance on the audit of credit unions

The revised Practice Note updates the guidance for auditors to reflect the issuance of the new ISAs (UK and Ireland) which apply to audits of financial statements for periods ending on or after 15 December 2010.

May 31, 2011

John Hannaway appointed President of Chartered Accountants Ireland

Mr John Hannaway FCA has succeeded Mr Paul O’Connor FCA as President of Ireland's largest and oldest professional accountancy body, Chartered Accountants Ireland, at its AGM held in Dublin today. Mr Hannaway is a partner at PwC Belfast and becomes the 84th President of the Institute, founded in 1888.

May 17, 2011

Social Media Marketing – Are You Ready?

The buzz is about marketing using social media. Every marketing conference lately seems to have more tracks about LinkedIn, Facebook, blogs and Twitter than any other topic. People are hearing fantastic stories about successful campaigns that cost relatively little (or nothing!) to implement. Perhaps you’re considering putting your organization’s toe into the social media marketing pool. You want to try it. Your peers are doing it. Your management is pressuring you about it. But are you really ready?

May 3, 2011

Why leadership is critical to building an uplifting service culture

Many CEOs and senior leaders have risen to the top as experts in their industries or as specialists in technical competencies – not as experts in building a strong and sustaining service culture. This often results in initiatives to improve service being considered a frontline or a human resources issue. This is a fundamental mistake. Building a service culture needs great service leaders and leadership teams. The power of senior leadership to set the vision, focus the entire organization, reward success and remove roadblocks, and role model correct behavior cannot be delegated to others.

May 3, 2011

Transitioning a Family Business Can Be Fraught

A smooth and successful transition of the business from one generation to the next is often a key aspiration of the family business founder. However, according to Stephanie Duffy, Business Psychologist at Russell Brennan Keane, Chartered Accountants and Business Advisers, achieving this goal can be fraught with difficulties if not planned well and planned early.

May 3, 2011

Dispute Resolution in Construction

Having an agreed means by which such disputes can be effectively resolved is important. At whatever stage a dispute arises, there are a number of dispute resolution options available. This note highlights the issues which should be considered when selecting the form of dispute resolution and considers recent developments that could affect how construction disputes in Ireland may be resolved.

Apr 19, 2011

What matters more? What you do, or how they feel?

“See the world from your customers’ point of view” is a catchy and familiar phrase, but not always easy to accomplish. The world view of any other person is influenced by his or her past experiences, current concerns, future hopes and fears – not yours.

Apr 19, 2011

CARB Regulatory Strategy and Monitoring Focus 2011 and Beyond

The Chartered Accountants Regulatory Board has posted several documents to its website in the early part of the year which provide a useful insight into the approach it is going to take in respect of regulation and monitoring including its:-

Apr 5, 2011

Tax Treatment of Professional Subscriptions

Revenue recently issued an e-brief (No. 19/11) to clarify the position for employers and employees in relation to professional subscriptions.

Apr 5, 2011

APB issues revised guidance on the Audit of Banks and Building Societies

The Auditing Practices Board (APB) of the FRC today issues a revision of Practice Note 19, 'The audit of banks and building societies in the United Kingdom'. An exposure draft of the revised Practice Note was issued in July 2010 for public comment.

Apr 5, 2011

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