65 Accountants cover.qxp 47 meeting rooms intro Feb 07 … · 2019-04-19 · Grow your career with...

PROMOTIONMARCH 2019

Ireland’s TopAccountants

FEARGAL O’ROURKEPwC p66

JOHN GLENNONRSM Ireland p70

SHAUN MURPHYKPMG p71

FRANK O’KEEFFEEY p72

MARK KENNEDYMazars p74

DAVID GLEESONRBK p76

JOHN DONOGHUEIfac p77

MICHAEL McATEERGrant Thornton p78

NAOISE COSGROVECrowe p78

MARK BUTLERHLB Sheehan Quinn p80

DONAL O’LEARYPKF O’Connor Leddy & Holmes p80

VIVIAN NATHANRoberts Nathan p81

MICHAEL COSTELLOBDO p82

PAUL WYSESmith & Williamson p84

DYLAN BYRNEOSK p85

FRANK WALSHWalsh O’Brien Harnett p86

IAN LAWLORJPA Brenson Lawlor p86

OWEN SHEEHYMcInerney Saunders p87

JIM STAFFORDFriel Stafford p88

MICHAEL FITZPATRICKFitzpatrick & Associates p89

Managing Partners in Ireland’s top accountancyfirms discuss the factors driving growth and

what services are in demand from clients

65 Accountants cover.qxp_47 meeting rooms intro Feb 07 01/03/2019 11:14 Page 61

L ike its Big 4 peers, business isbooming for accountancy andconsultancy giant PwC. Againsta strong economic backdrop, the

firm is enjoying double digit growthand its 2,800 staff charged out €446mfees in 2017. In the core offering ofassurance, expansion is linked toincreased business complexity and atougher regulatory and complianceenvironment. With US andinternational tax reform, tradedisputes, digital tax proposals andBrexit, PwC’s FDI, Tax, and Customs& Trade practices are also kept busy.

Managing partner Feargal O’Rourkesays PwC’s advisory practice has seen“exponential” growth in the lastnumber of years. “The pace of digitaltransformation is driving significant

demand for technology and securitysolutions,” he explains. In addition,clients turn to PwC for assistance onHR matters, their business modelsand effecting transactions.

O’Rourke (54) became managingpartner of the firm in 2015 and PwCmembers recently extended his termto 2023. The son of former ministerMary O’Rourke, the PwC boss is asengaging as his mother, an outgoingindividual who might have progressedin politics too.

O’Rourke credits former PwCluminary Tom Grace with steeringhim away from public service. “A long time ago Tom said to me thatone day I might lead the country orlead PwC, but I couldn’t lead both,” he recalls. In PwC, O’Rourke has

been leaving his imprint and for the rest of his term he’ll be promotinga disruption agenda, as he explains inthis interview.

What has it been like heading upPwC for the last four years?At one level I’ve been very fortunate.The ball has bounced my way on nearlyevery occasion in the four years so far.In the organisation, we have managedthe retirement of experienced partnersand brought in bright new partnerswho are pulling up trees.

The second thing is we spent a lot oftime on culture and values, and we’reseeing that played back to us now inthe PwC global people survey scores.We’ve driven up the Irish scoresignificantly in relation to diversity

66 BUSINESS PLUS MARCH 2019

Fostering DisruptionPwC is Ireland’s largest professional services firm, with over 2,800 staff. Managing partner Feargal O’Rourke tells Nick Mulcahy why addressing

the organisation’s culture is his main priority

BP SURVEY ACCOUNTANCY

Feargal O’Rourke: culture eats strategy for breakfast

Photos: CONOR McCABE

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and staff engagement, and in relationto pride in the firm.

On the technology side, there’s a bitdone and more to do. One strand isjust increasing the breadth and depthof our offering in areas like dataanalytics, technology implementation,and cyber security. In relation then toour own systems and how we run ourbusiness, we’ve moved to Google mailand other Google products in thecloud. We’ve also moved to Workdayfor our HR system, and we’re adoptingSalesforce for CRM this summer.

When it comes to technology, it’sabout broadening our offering, digitisingour business and up-skilling our people.My aim is to make PwC the most tech-enabled professional services firm overthe next couple of years.

You’ve also instituted analignment programme called ‘OneFirm’. What does that involve?Historically people tended to think interms of their specialism: I’m anauditor, I’m a tax professional, I’m aconsultant. They tended to deal with

the client within the prism of thatmindset. What we’ve tried to do is getpeople thinking holistically, so thatrather than being in their silos they’reworking in teams and approachingproblems from a broader perspective.

We’ve also spent a lot of time onmental well-being and physical well-being, and now staff are much moreopen about being able to talk about theissues they face. Culturally I thinkwe’ve empowered our people to changethe organisation. People feel a lot morecomfortable now talking about mentalhealth, sexual identity, and diversitygenerally. I believe we’ve empoweredthe organisation to take ownership ofthose issues and to challengeleadership and to talk about it.

How important are these workenvironment culture issues whenyou’re competing for recruits?When I was in college, you learned thatDrucker quote, ‘Culture eats strategyfor breakfast’. To be honest, I didn’tquite know what that means, but whenyou’re running an organisation you

really do understand it. When I tookover this role four years ago, initially Iwas thinking that if I work 25 hours aday then I’ll get tonnes of things done.I realised very quickly that if I couldhelp shape and change the culture ofthe organisation to empower people,and make them proud to be a memberof PwC, then that would be a muchmore productive outcome.

I still do some interviewing and overthe last year or 18 months, thecandidates are asking about our values,our CSR programme. Why are you stillhere? What has kept you here? When Ijoined PwC, they were the sort ofquestions you didn’t ask.

In a people organisation like ours,the only thing we have to differentiateourselves is our people and our culture.The reason we have a recordheadcount and record turnover andprofit is because of the people. It’s notbecause of me. It’s because we’ve put aflag on the hill around culture andvalues and systems, and our peoplehave bought into that.

continued on page 68

We ensure that our clients and their businesses receive the necessary professional financial support to help them prosper and grow.

For further information: Dublin +353 (0) 1 876 4550 | Cork +353 (0) 21 421 7940

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In a successful organisation, howdo you prod staff out of theircomfort zone?I continue to challenge our people tobe naturally curious and to do thingsdifferently. I tell the new graduates toask questions the whole time. If theanswer is, well we’re doing it this waybecause we’ve always done it that way,that’s the wrong answer. We have tokeep reviewing everything we do andsee is there a smarter way of doing it.

One of my priorities over the nextfour years is to foster a level of internaldisruption that will cause us toconstantly question ourselves. We cancontinue with the model we have forthe next couple of years and we’d doreally well. However, two or three yearsout and our model will start runninginto the sand, so we’ve got to disruptourselves and our business.

Disruption is about transformation,automation, outsourcing, it’s aboutdifferent business models. In areas ofthe business, we’re doing more trainingin data analytics and ways of dealingwith data. My aim in June 2023, whenmy term is up, is that there will be aconstant questioning of the way we dothings. We’ll be even more technologyenabled and I’m hoping we’ll have evenlarger revenues and more people, butthat the revenue growth will exceed theheadcount increase.

You’ve been with PwC since1986. How has the organisationand the business world changedin that time?I took a sabbatical in 2003 and as I

travelled around the world with mywife for two months I was notcontactable. There were a couple ofcalls I had to do but the idea of beingalways on just didn’t exist in 2003 inthe same way it does now.

Even since I ran the tax departmentback in 2010, the environment hasaccelerated. The ability to change andreinvent yourself and broaden anddeepen and change the services you’reoffering has become paramount.

If I brought back a partner whoretired in 2000, I think their basicclient handling skills would not need tochange. However, the complexity andthe multifaceted nature of businesstoday would probably astonish them. I had a cup of coffee recently with apartner who retired two years ago andwho’s gone back to college. He said youdon’t realise how fast the merry-go-round is going until you get off.

Is there a compulsory retirementage in PwC?You must retire on the 30th of Junefollowing your 60th birthday. There aresome partners who leave and you wishthey would stick around for anothercouple of years. But the majority areready to hang up the boots and dosomething different.

I’m 33 years in the office so I’ll be 37years with PwC when my second termas managing partner concludes. I’mgoing to give this hell for leather foranother four years and then I know my time is up. It will be time to take off the jersey and give it to the nextman or woman.

You can only run an organisation forso long before you get stale. In PwC thelimit is two four-year terms and I thinkthat’s perfect. After a period of eightyears, whether you’re the US presidentor Taoiseach or head of PwC, it’s veryhard to keep reinventing yourself. Theorganisation is relentless and it willneed a new voice and a new leader. Mysuccessor will do things differently andthey’ll be right to do so.



ey.com/ie/innovation #BetterQuestions

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Will your business keep pace with transformation, or help shape it?

Survey continued on page 70

O’Rourke believes eight years isenough for any leader


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JOHN GLENNONManaging PartnerRSM Ireland

Fee income in 2018 was €22m. The firm employs 185 staff, of whom146 are accountants.ACTIVITY Over the last 12 months we have

seen an increase in all service lines. Weanticipate further growth in 2019, particularlyin our management consulting andtransaction advisory services units.

Many of our clients are focused on growthand expansion, either domestically or globally.Entering new markets takes strategic planningand operational implementation in order toachieve the desired impact. Expertise in areassuch as IT consulting, change management,forensic and investigations, and transactionservices is key to helping clients move into thenext stages of their evolution, and we haveinvested in these areas over the last few years.

Being part of the RSM network, which ispresent in 116 countries, gives our clientsaccess to experts on the ground whereverthey are looking to expand their business.

Clients across all sectors have beenstruggling to attract and retain good peopleto enable their growth plans. We have beenworking with them to help solve theseresourcing problems, using both short termresources and longer term planning.OPPORTUNITY As a network, RSM targets

the middle market and that’s very much ourfocus in Ireland. Within RSM globally, referralsbetween firms are growing because we aretargeting globally active mid-market clients.Increasingly clients look to us to help them tosolve their business problems, whatever theymay be.

Our clients are in growth mode and growingbusinesses need a different kind of advice tohelp them harness opportunities and deal withthe challenges that growth brings. If we canwork with clients as their ‘trusted advisor’then the opportunities are endless.

CONSULTING Our management consultingpractice offers multidisciplinary solutionsacross people, technology, process, risk andfinance. We have built a team of 53professionals with a range of differentdisciplines, as we recognise that this uniqueapproach enriches the overall team structureand ultimately benefits our clients. BREXIT The uncertainty surrounding Brexit

for the last two years has very much impactedconfidence levels among clients. This has beenfelt in delayed transactions, the need forclients to divert resources into Brexit planningand the overall ability of a business to make

strategic confident decisions.While the outcome of Brexit will likely

require our clients to seek our advice, therewill be no cut and paste solution. Inpreparation of the result, some clients arebeginning to make moves while others arewaiting to see what exactly will be required.

We are also talking to a lot of businessesthat are looking to Ireland as a potentialalternative European base. We are observingthat the difference in behaviour is heavilydependent on the dependency of the businesson the UK market and risk aversion of theCFOs and business owners.


‘Growing businesses need adifferent kind of advice toharness opportunities and

deal with challenges’John Kinsella speaks to managing partners in Ireland’sleading accountancy firms about their activity levels and

what’s top of mind with clients

70 Accountancy.qxp_34/36 Taxation 26/02/2019 10:55 Page 70


SHAUN MURPHYManaging PartnerKPMG

Fee income in 2018 grew by c.10% on2017’s figure of €377m and theheadcount has expanded by 60% to over3,000 people over the last six years.Shaun Murphy is being succeeded bySeamus Hand in May 2019.

ACTIVITY Over the last five years we haveinvested significantly in growing our teams toensure we are well positioned to meet clientdemands. We have also invested significantly in new skills, specialisms and services, so thatwe can support our clients in dealing with themyriad issues they face. These issues includeincreased complexity, increased regulation,increased disruption arising from technologyadvances and from newer issues such ascybersecurity and Brexit.

ECONOMY I don’t think anyone would havebeen brave enough in 2012, when I becameManaging Partner of KPMG, to have talkedabout achieving the economic recovery thatwe see today. What has been achieved overthe last six-plus years is the result of the

resilience and common purpose shown byIrish society, Irish business and thegovernment, combined with a backdrop ofgood global economic growth.

The extension of the Confidence andSupply agreement into 2020 and the national consensus on the approach to theBrexit negotiations are important to ourcontinued success.

CLIENTS The range of issues facing ourclients has probably never been more varied,and the complexity of business has probablynever been greater. One of our most importantroles is helping to support our clients inmaking the best informed decisions. Whetherit’s deal-related, a governance issue, a risk ortax matter, or an issue about the impact oftechnology, we have excellent people with theissue and sector-related experience to help.

BREXIT The key issues for our business willbe the freedom of movement of our non-Irishand non-UK professionals into the UK postBrexit, and the regulation of the auditprofession. The regulatory issue is unlikely topresent an obstacle in the short term butfreedom of movement could be an issue.


© 2019 Grant Thornton Ireland. All rights reserved. Authorised by Chartered Accountants Ireland (“CAI”) to carry on investment business. Grant Thornton is a member firm of Grant Thornton International Ltd. (GTIL).

At Grant Thornton we are not just Audit, Tax, Advisory. We balance a desire to do what’s best for you in the future with an experienced sense of what’s going to help you now. Our distinctive client experience leads to more meaningful advice and a better working relationship for your business and industry.

Audit | Tax | Advisory

grantthornton.ie

Michael McAteerManaging PartnerE [email protected] +353 (0)1 6805 805

A different way of doing business

‘The complexityof business hasnever beengreater’

71 Accountancy.qxp_34/36 Taxation 26/02/2019 11:00 1

FRANK O’KEEFFEManaging PartnerEY

EY Ireland reported all-island feeincome of €353m for the year to endJune 2018, an increase of 27% on theprevious year. Total headcount lastJune was 2,680 people, of whom 2,350are client-facing staff. ManagingPartner Frank O’Keeffe succeeded MikeMcKerr in July 2018.ACTIVITY All of our four service lines had a

strong year in FY18, and we have continued ourmomentum through to the midway point of thisfinancial year. Strategic investments we havemade in talent, technology, new business areasand real estate are delivering strong returns.

Sincerely, it is both humbling and energisingto be appointed Managing Partner of our greatfirm. Every day I get to spend the majority ofmy time with great people. Collectively wemake better decisions, with our clients fortheir businesses, with our stakeholders, andinternally for our own organisation. CLIENTS Globalisation, advancing

technology, specific talent shortages,regulatory change and geopolitical uncertaintyare re-writing the future of business for allclients, in all sectors. Our clients, in both thepublic and private sector, are looking toinnovate the products and services theydeliver, with a strong focus on their cost baseand evolving business models. Clients arelooking for faster, smarter ways to solveproblems and deliver value while strengtheningtheir culture, their teams and their brands withconsumers and stakeholders. VALUES Our values reflect our purpose –

‘Building a Better Working World.’ Purpose is

the North Star that guides our firm. Purposeis our reason for coming to work andunderstanding how we contribute to thebigger picture. Intentionally, our values arethe intrinsic traits of the people we employ,progress and promote to deliver on ourpurpose. These values are:l People who demonstrate integrity, respect,and teaming.l People with energy, enthusiasm, and thecourage to lead.l People who build relationships based ondoing the right thing.

Integrity is inextricably linked with trust,which is the cornerstone of our existence.Teaming is central to how we succeed, acrossborders, business areas, ages andbackgrounds. Respect and diversity build thehighest-performing teams that deliver thehighest-quality work.

Energy and spirit are fundamental to theEY culture. Energy drives our business,ignites innovation and allows us to ask betterquestions, which lead to better results for ourclients. Investing in the health and wellbeingof our people, holistically, is one of ourbiggest priorities.

ENTREPRENEURS Leading the EYEntrepreneur Of The Year programme was atruly inspiring time in my career. As a leader,I learned the importance of relationships,collaboration, diversity of thought anddetermination. Entrepreneurship is a mindsetas much as it is an occupation, and thatmindset is something that I encourage in allof our people here in EY. The concept of‘intrapreneurialism’ is central to ourinnovation strategy.

The importance of brand is anothervaluable lesson. The foundations of ourcorporate brand are built on the personalbrands and reputation of all of our peoplehere in EY. I’m a massive believer in thepower of personal brand, and we activelyencourage everyone in EY to engage withtheir business networks, especially in person.EY is built on relationships, so this issomething I’m really passionate about and isa key driver in our business success. Adownside is that the continued uncertaintydelays decisions for investment until thefuture trading relationships are defined.



Frank O’Keeffe (left) and finance minister Paschal Donohoe with Elaine Sullivan, Emerging EY Entrepreneur Of The Year 2018



Finding growth in an uncertain worldHas there ever been an era where change is so omnipresent. New technologies are reconfiguring our systems. Paradigms are constantly shifting. So every year at PwC, we talk to hundreds of CEOs across the globe about what’s beyond the horizon. We cover threats and openings. Changing regulations and deep gut instincts. From AI to VUCA.

We listen. We learn. We share.

Because now is not the time to assume anything. It’s time to think beyond.

Visit pwc.ie/ceosurvey


MARK KENNEDYManaging PartnerMazars

Fee income in the year to end August2018 advanced 11.2% to €33.7m. The firm’s staff complement inIreland is 26 partners and over 400people. The Mazars’ global networkextends to 23,000 professionals andover 1,000 partners.

ACTIVITY In 2018 we announced theexpansion of our regional offices in Limerickand Galway, with the establishment of newpayroll and accounting outsourcing units.There was growth across all services and weexpect all areas to continue growing in2019. We’ve also experienced increaseddemands for specialised services in areassuch as cybersecurity, corporate financeand gender pay gap audit and reportingservices.

2018 provided us with considerableopportunities arising from the rotation ofaudit mandates consequent to the EuropeanAudit Reform, increasing our client base inthe public interest entities segment, both

as auditors or in the provision of otherservices.

CLIENTS Brexit ambiguity, talent war, along with other economic and regulatoryconsiderations, are the main challenges forour growth-focused clients. Businesses thatactively engage in contingency planning toassess the possible impacts andopportunities of Brexit will outperform thecompetition. Our integrated internationalpartnership model has been a significantadvantage for clients.

While we are focused on serving the largecorporate sector, many of our clients aresmall and mid-sized domestic businesses.The Mazars Optimize programme has beendeveloped to support business owners andmanagers, and to sharpen their focus on thelong-term business agenda.

SUSTAINABILITY The concept ofsustainability is no longer seen as a ‘nice tohave’ but is integral to business operationsand success. Business owners and managersunderstand that sustainable practices willenhance their businesses. Staff, particularlythe millennials and Generation Z cohort, will only work with firms that are seriousabout sustainability. Investors are rewarding

BDO is authorised by the Institute of Chartered Accountants in Ireland to carry on investment business.

It is vital that your business is pro-active in taking the necessary steps to prepare for Brexit as the deadline draws closer.

Contact a member of the BDO Brexit Taskforce who can provide practical Brexit advice for your business.

Carol Lynch Customs & Int. Trade +353 1 4700 491Derry Gray Scenario planning +353 1 4700 350Katharine Byrne M&A Advice +353 1 4700 524Kevin Doyle Tax Planning +353 1 4700 301 Ivor Feerick Indirect Tax +353 1 4700 390

BDO. Advisers to Ireland’s most ambitious companies.

Mark Kennedy (second from left)with business minister HeatherHumphreys, Austin Sammon,Partner in the Mazars Galway office,and Shane Nolan (right), IDA Ireland


74-75 Accountancy.qxp_34/36 Taxation 28/02/2019 11:25 Page 74

companies whose environmental, social andgovernance qualifications are developed and proactive.

As demand for sustainability grows fromdifferent perspectives, there is an increased

demand for transparency in sustainabilityreporting. However, without a global unifiedagreement there are substantial differencesin how countries are developing frameworksof legislation.

BREXIT From the perspective of theprofession, the UK has always been heavilyinvolved in setting industry standards,whether accounting or audit, regulation andeducation. Like any service sector in thecurrent environment, there is potentialuncertainty regarding the recognition ofqualifications. There may also be issues inrelation to data protection.

Many financial services companies andlegal firms have already relocated to Ireland or announced new jobs in Ireland, as a direct result of Brexit. This trend is expected to continue in the IT, lifesciences and higher education sectors. Irish businesses, including the accountancyprofession are in a unique position due to Ireland’s political alignment with the EU and economic alignment with andproximity to the UK, to maintain andenhance trading relationships with bothjurisdictions.

As an EU member, Irish businesses havean opportunity to rank amongst the mostcompetitive in Europe, resulting in anincreased demand for accountancy andother professional services.

continued on page 76

BUSINESS PLUS MARCH 2019 75



DAVID GLEESONManaging PartnerRBK

RBK is Ireland’s largest independentlybranded accountancy firm andcelebrated 60 years in operation in2018. The staff count is c.200 people,including 69 qualified accountants and11 chartered tax advisers. Fee incomehas grown by over 40% in the past threeyears to €14.6m.

ACTIVITY 2018 was very positive for RBK,with strong demand for our services,particularly business consulting, corporatefinance and taxation services. We continue togrow our client base in the midlands, the westand particularly in Dublin, where we havesignificantly increased our resources on theground in our Clonskeagh office.

If there is a hard Brexit and Britain leavesthe EU without a deal, 2019 will be morechallenging. However, with a dedicatedbusiness advisory and international taxoffering, we are well placed to advise clientswho wish to explore or expand their exportdevelopment and source goods and servicesabroad.

CLIENTS Access to finance, obtainingadvice on how best to structure their businessfrom a commercial and taxation perspective,and recruitment are top of mind of our growth-focused clients at the moment. We have a well-resourced corporate finance team and weprovide a robust financial modelling process tohelp clients. We also provide information onbest source of finance, as well as due diligenceand transaction support and services.

Tax advice continues to be one of RBK’smain service offerings. Likewise, our HR team

provides support to our clients in theirrecruitment of talented employees,particularly those with financial expertise.

BREXIT The principal downside of Brexituncertainty is the affect it is having ininvestment decisions being postponed orcancelled. On the flip side, proactive clientshave made decisions to look at alternatives inthe event of a hard Brexit. These includeestablishing operations in the UK, looking atalternative logistic solutions and seekingalternative markets.

From an accountancy perspective, clientsare seeking more assistance from us to help

them implement these strategic decisions. Thiswould include advice on how to structure theirbusiness, identifying and proactivemanagement of tax risks in foreignjurisdictions and assisting with raising capitaland cross-border financing of group entities.

VALUES There are five cornerstone valuesthat capture what we believe is essential inmaking RBK successful: relationships, integrity,respect, expertise and knowledge, anddedication. When hiring, qualities that we lookfor include good interpersonal skills, ambition,motivation, enthusiasm, focus, involvement inactivities outside of work and studies.


‘Clients are seeking more assistance to implement strategic decisions’

PKF is a full-service firm of accountants and business advisers, providing a full range of services including:

PKF O’Connor, Leddy & Holmes Limited

TAX

[email protected] (01) 496 1444

For further information, please contact

Donal O’Leary, Managing Partner

AUDITCORPORATEFINANCE

BUSINESSSERVICES

COMPANYSECRETARIALINSOLVENCY

PKF O’Connor, Leddy & Holmes Limited is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.



JOHN DONOGHUEChief Executive OfficerIfac

Ifac is Ireland’s farming, food andagribusiness specialist professionalservices firm. Fee income for 2018 was€20.5m, up 8%. The firm employsc.400 people nationwide.

ACTIVITY 2018 was a successful tradingyear for Ifac. With continued growth in allareas, we now have more than 30 offices and 400 people providing compliance,planning, advisory, tax, financial and businessplanning services to more than 20,000clients. We are excited about the futurepotential of the business and we intend tocontinue pursuing profitable growth anddeveloping new service areas as our clientneeds also continue to expand.

CLIENTS Recruitment and retention is ahuge issue for our clients. We see more andmore focus on outsourcing and automation to solve the labour needs. Recruitment costshave risen and the rate of wage inflation insome sectors is increasing fast.

The job announcements from FDIbusinesses continue apace, which exposes theSME sector to wage inflation considerablyabove their ability to pay. This increasing costwill create margin pressure for businessesthat haven’t developed realistic pricingmodels for their products or services.

PAYE modernisation is a challenge,particularly for small employers. Our payrollteam is now handling payroll for thousands ofsmall to medium businesses. We are also

seeing many companies looking to outsourcetheir payroll function to free up finance staffto deal with other finance department tasks.

BREXIT The challenges presented by Brexitare very real and will impact every businessin Ireland, regardless of whether they exportdirectly into the UK market or not.

Many businesses remain unprepared forBrexit. Running a business is demanding andowner/managers tend to focus on the immediateproblems, so Brexit is now moving closer to thetop of the list, but it isn’t there yet.

The Irish are an optimistic bunch and Idon’t think we will believe Brexit until we seeit and start to feel its implications. At Ifac weare working hard with clients around thecountry to make sure that they are planningfor a no-deal Brexit. Ignoring it is not aprudent strategy.

OPPORTUNITY We believe our specialismand niche service offering is key to growingour business. When you understand businesssectors the way we understand farming, foodand agribusiness, and you tailor your serviceofferings to really address your client needs,the market will respond.

We have been serving farm families for over40 years and we care passionately about ourclients. They are at the heart of everything we do and clients feel it. We will recruit, trainand retain the very best people available tomeet the needs of our clients where they live.We look for intelligence, energy, empathy andintegrity when we are recruiting, and we offerprofessionals the opportunity to work with atop ten firm while living in their home town orcommunity of their choice.


© 2019 KPMG, an Irish partnership

of Irish M&A executives predict 2019 will be a seller’s market

Find out why at kpmg.ie

Deal insights for Ireland

M&A Outlook2019

60%

‘Ignoring Brexitis not a prudentstrategy’



MICHAEL McATEERManaging PartnerGrant Thornton

Fee income for 2018 advanced 16% to €126m. The firm employs 1,430people, of whom 1,310 of those are fee earning or chargeable. GrantThornton International has memberfirms in 130 countries.

BUSINESS 2018 was a very strong year forGrant Thornton in Ireland. All areas of thepractice, such as audit, tax and advisory,experienced growth. Over the last few yearsthe firm invested in and substantiallyexpanded our advisory service offerings, andit is planned to further enhance thesespecialised services to meet client demands.

For example we have significantlyincreased our financial services team,recruiting actuaries, prudential risk experts,and experienced accountants in the assetmanagement and aviation areas. This has ledto opportunities in both audit and advisoryservices. The firm also experienced growth inall our offices around the country whichreflects the improving economic conditions.

CLIENTS Growth clients, especially thosewho export, are focusing on the impact ofBrexit. This can range from currencyexposure, to supply chain issues, to hedgingtheir exposure by acquiring businesses in theUK, and reducing their exposure to UKexports by expanding their market in otherEurozone countries or beyond.

We can support our clients at all stages ofplanning to ensure they stay ahead of the

competition, manage (and mitigate wherepossible) the risks, and seize opportunities.

Our support includes a Brexit Room, half dayworkshop, project assurance, due diligence andimplementation, to give clients certainty intaking ‘no regrets’ decisions to prepare for theoutcome of Brexit, whatever that may be.

The upside in relation to Brexit is advisingbusinesses so that they are Brexit-ready.Once the uncertainty of Brexit is resolved, webelieve that M&A activity will increase both inIreland and that Irish companies will beacquiring British businesses. On thedownside, continued uncertainty delaysdecisions for investment until the futuretrading relationships are defined.

MARKET POSITION Grant Thornton isunique in the marketplace. With staff in sevenlocations nationwide, we offer a full range ofservices across the island of Ireland. Ourclients consistently tell us that we arefocused on their business needs and that weoffer a personalised partner lead experience.

VALUES The firm has five core values thatare central to everything we do. We arecollaborative in our approach to client needs;we are passionate about our clients and ourfirm; we are grounded, we understand ourclients; we perform our work to the highestlevel of integrity; and, last but not least, wemust have fun and enjoy our work.


NAOISE COSGROVEManaging PartnerCrowe

Crowe rebranded from Crowe Horwathin 2018. The firm says it enjoyeddouble-digit revenue growth in 2018.

CLIENTS Clients are experiencing stronggrowth and are broadly optimistic for theyear ahead. With growing cash resources and confidence with the macro environment,we have an increasing number of clientsseeking acquisition opportunities. Ourcorporate finance team are identifyingsuitable targets, completing financial and tax due diligence, managing the acquisitionprocess and designing and implementing theintegration plan.

For many clients, the strength of theeconomy presents an opportunity to disposeof their business. We have successfullyconcluded sales across a broad spectrum ofindustries including hotels, tourism andleisure, retail, healthcare, manufacturing,technology and professional services.

REBRAND In 2018 as part of astrengthening of our global network, ourmember firms united under the commonbrand Crowe. This helped reinforce ourposition as a leading national firm thatprovides global reach with local expertise.

Through our values of clarity, agility,curiosity and affinity we aim to create aculture of open collaboration and activeengagement with our clients to ensure that webuild lasting, fruitful relationships. We get toknow the personal and business ambitions ofthe people we work with and pride ourselveson delivering timely, practical solutions tomeet our clients’ business challenges.

BREXIT Most of our clients are affected byBrexit in one way or another. However, theimplications are very different depending onthe market sector they are operating in and,ultimately, the outcome of the negotiationswith the EU. Many SMEs are not committingto particular strategies or relocation untilthey have a clear view of the new landscape.

For those exporting to the UK, particularlythose in the food sector, any disruption tothe current ‘Just-in-Time’ supply lines willhave significant consequences, not just intime but also the additional tariffs. Many willbe faced with having to invest in additionalwarehousing, and we are already seeing thatsuitable space in the UK is becomingincreasingly expensive.

Brexit also threatens the supply chain toother EU countries. On the positive side, we have been working with a number of


‘We must havefun and enjoy our work’

Michael McAteer (standing) with partner colleagues (l-r) Gerard Walsh, Oliver O’Connor, and Sinead Donovan


UK-based businesses looking to establish oracquire a business in Ireland as their gatewayto serve EU-based clients.

CHINA We recently established a dedicatedChina Desk to support Chinese investment inIreland and Irish companies looking to set upin China. We have been very encouraged bythe response to date, and while it takes timeto develop the necessary relationships we areconfident it will deliver results.

China is an important market for CroweGlobal, and we are the sixth-largestaccounting network in the Asia Pacific region.Chinese capital is of critical importance tothe global business market and we expect itsinfluence to continue to grow. Ireland nowfigures as the fifth-largest European marketfor Chinese overseas investment.

TALENT By instilling dedication, teamworkand passion in our people, we seek to makeCrowe a rewarding place to build a career. Since 2013 we have sponsored UCD Rugby Club,which shares a common focus on training anddevelopment of young talent. We take greatinspiration from seeing players such as JamesRyan, Garry Ringrose and Josh van der Flierprogress to the international stage.



‘For many clients, the strength ofthe economy is an opportunity todispose of their business’


MARK BUTLERManaging PartnerHLB Sheehan Quinn

The firm was established in 1975 andprovides accountancy, assurance andtax and advisory services. Based inSandyford, the firm also has an office inEnniscorthy. Mark Butler specialises instrategic business planning.

ACTIVITY The firm had a very busy year in2018 and thankfully 2019 is shaping up to beeven busier. We are a specialist mid-sizedaccounting and advisory firm for ambitiousowner-managed businesses. We areindependent members of HLB International,which is invaluable in terms of theopportunities we get from FDI into Ireland, andalso the firms in the network in otherjurisdictions that provide specialist service toour clients.

We see increasing opportunities with clientsin terms of working with them beyond advisoryand compliance, in areas such as practicaladvice relating to IT and HR issues. In the pastyear our tax team has expanded and is nowWorld Tax Team recommended, which is a greatacknowledgement of the team’s efforts.

NICHE SECTORS We have created a very

specialist focus on the veterinary professionand carry out an annual survey of the sector.We also focus on FDI, hospitality andconstruction in a very detailed manner.Increasingly clients need advisors whounderstand the nuances of their particularsector and this is becoming more important,especially when it comes to strategic decisionmaking.

BREXIT At this stage most businesses areas prepared as they can be for Brexit, and thatpreparation has been happening over the last18 months. Our assistance has been practicaland focused on the ecosystem our clientsoperate within.

Uncertainty in a market leads to slowdecision making, and in some cases businesseshave put projects on hold until the fog clears.From our perspective, while this has beenchallenging, it has also lead to new clients andnew work with existing clients. We have seen asignificant increase in the number of UK firmssetting up here, and an increase in inboundreferrals that otherwise we probably would besharing with the UK.

DONAL O’LEARYManaging PartnerPKF O’Connor Leddy & Holmes

Fee income grew by 25% through 2018due to expansion of tax, corporatefinance and payroll service lines. Thecurrent headcount is 72 staff, of whomhalf are qualified accountants.

ACTIVITY The firm had a very successfultrading year in 2018 with increased turnoverand the provision of additional services. Ourcorporate finance and tax teams were involvedin a large number of exciting transactions forclients during the year. However, there wassignificant wage inflation experienced in 2018and the cost and availability of staff isextremely challenging.

For 2019, we anticipate a Brexit impact. It isunlikely that clients will be willing to makesignificant investment decisions early in theyear. The first six to nine months are likely toprove challenging until there is more clarity onthe Brexit issue.

CLIENTS We believe that there is bankfunding available for companies that are

generating good cashflow, and we areconstantly looking at raising funding for clientswho need it for growth, whilst supportingthese clients with acquisition advice.

We are also very involved in ensuring thatclients keep their accounting systems updatedand ensure that they avail of all technologicaladvances to assist them to reduce theadministrative costs of compliance.

OPPORTUNITY PKF would positionourselves as giving advice to medium-sizedIrish and international firms operating inIreland. We look after a large number offamily-owned businesses who are looking for apartner that is progressive in assisting them to

identify opportunities for growth.There is opportunity in the internal

structuring of family-owned businesses tomaximise wealth and growth opportunities forthe families.

BREXIT The upside of Brexit is UK firmswho want an EU presence looking to Ireland toset up branches and who will require supportservices. On the downside, any companiesdealing with the UK will now have moreadministration involved. Depending on the waythe UK leaves the EU, there will be customsand VAT implications for clients trading withand through the UK. Clients in manufacturing,and in particular the food industry will have achallenging year to adjust to the uncertaintywhich lies ahead.


‘There is bankfunding availablefor companiesgenerating goodcashflow’


‘Clients need advisors who understand the nuances of their particular sector’


VIVIAN NATHANManaging PartnerRoberts Nathan

Fee income for 2018 was €3.6m, up18% year-on-year. The firm has 28accountants and 45 staff in total. The Cork office recently relocated toLapps Quay in the city centre, and thefirm announced plans to add 22 staffbetween its Cork and Dublin offices.

ACTIVITY Business has been positive over the past year, with significant newopportunities in both Dublin and Cork. Wepredict continued growth in 2019 and areseeing particularly strong growth amongowner-managed businesses. This is a nichearea for which we have people with thespecific skills needed, and serving this

market is one of our core specialties. We have been established in Cork for

just over 20 years and would be one of thelarger Cork-based firms. We see businessopportunities across a number of areas,specifically in foreign direct investment.

We took the decision in 2018 to move backinto the centre of Cork to complement ourcentral location in Dublin within the IFSC.

CLIENTS One of the key concerns andissues for our growth-focused clients is

being able to secure adequate financing for capital acquisitions and successionplanning. We work closely with a number ofalternative finance houses, as well asadvising clients on how to implement long-term planning goals.

BREXIT Upsides to the ongoing Brexituncertainty include the increase in enquiriesfrom international sources looking to set upin Ireland as an English-speaking countryfirmly within The EU. The downsides are thatthe business links between Ireland and the UKare significant, and it is hard to see how itbenefits Ireland long-term to be outside aneconomic union with the UK.


Chartered Accountants & Business Advisors

Family business - a way of life

Contact us:

David GleesonManaging Partner

T: (01) 6440100W: RBK.ie

Talk to the experts.

As one of Ireland’s leading chartered accountancy and business advisory firms, we have worked successfully with numerous families to realise their personal and business goals.

The right advice for your family.

Owners of family enterprises understand their business is more than a job – it’s a way of life – often carrying forward a legacy for future generations.

Whether creating that legacy, managing it, or transferring ownership – you need the best advice from people who understand the complexity of family businesses, the need for e�cient tax structures and correct funding models to meet the need of all generations.

‘We see businessopportunities across a numberof areas’

Vivian Nathan (left) with partnercolleagues (l-r) Derek Dervan, Gail Ellis, Brendan Kean, PeterRoberts and Aidan Scollard at thefirm’s new Lapps Quay office


MICHAEL COSTELLOManaging PartnerBDO

Michael Costello has been ManagingPartner since June 2014, havingpreviously been a Partner in theAudit Services department in BDO. InApril 2018, BDO absorbed the EatonSquare consultancy.CLIENTS There are a number of areas that

are top of mind for our clients. l Brexit – We are urging our clients to

prepare their businesses for the impact ofBrexit. The key message is that Irishbusinesses need to be proactive and get readyfor changes in customs procedures between

the UK and Ireland after March 29. We arerunning weekly information sessions until theend of March so clients and businesses canfamiliarise themselves with the basics ofchanges in customs transactions post-Brexit.

l Technology - Investment in technology isa key area for both clients and the firm. Mostclients with ambitious growth strategies seetechnology as a critical enabler, and they havean appetite to invest in digitising theirbusinesses.

l Regulation and Compliance – We see acontinuing trend in the growth of risk andadvisory services for clients. This reflects theregulatory environment and a shortage ofspecialist skills.

With the current status of Brexit and theprospect of rising interest rates, our clientsface new challenges in 2019 and we anticipatethat they will look to us for advice and supportin dealing with these challenges.OPPORTUNITY BDO is the leader in

advising and funding ambitious Irishbusinesses, helping them to grow in domesticand international markets. BDO’s global reachand expertise is built on partner–led clientservice, a collaborative and inclusive cultureand a passion to succeed for our clients.

‘Most clients seetechnology as acritical enabler’

If life's a sp� t, who’s on your side?

As a Top 10 fi rm in Ireland we are uniquely placed in the industry. Smith & Williamson has been combining tax, accounting, fi nancial planning and investment management services for over a century.

As everyone’s fi nancial needs are diff erent, we work closely with our clients to provide a bespoke service — with direct access to a team of professionals from each service area, who can give specialist advice on a wide range of business and fi nancial issues.

Marc Lowry, Head of Business Development01 495 9200 [email protected]

smithandwilliamson.com/en-ie

The value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested.

Smith & Williamson Investment Management LLP authorised in the United Kingdom by the Financial Conduct Authority, and regulated in Ireland by the Central Bank of Ireland for conduct of business rules. The Financial Conduct Authority does not regulate all of the services referred to here.

You &

Michael Costello (centre) with taxpartner Ivor Feerick and Carol Lynch,the BDO partner in charge of thefirm’s Customs and InternationalTrade Services department



CONSULTANCY Our motive in merging ourexisting consulting business with Eaton Squarewas to create a powerful new force inmanagement consulting that is partner-ledand client focused. Our entrepreneurial

approach to consulting is a natural fit withBDO’s focus on entrepreneurial businesses inIreland. Our goal for BDO Eaton Square is tobecome Ireland’s leading team of specialistmanagement consultants and advisers.

BREXIT We are recommending that ourclients put together a full Brexit Strategy planincluding customs, VAT, tax and supply chain,to ensure any risks of delays are addressed,and the relevant procedures put into effect toenable the efficient movement and clearanceof their goods.

From an M&A perspective, a number of UKcompanies are looking to acquire Irishbusinesses. Forecasting has become morechallenging as decisions within the Irish andUK market are put on hold while Brexit is stillunfolding. When looking at Ireland’s inboundM&A, volumes are likely to improve with UKand international businesses viewing Irelandas a way of minimising risks.


‘Forecasting hasbecome morechallenging as decisions are puton hold’

To see how we can help yourbusiness succeed, contact:Naoise Cosgrove, Managing PartnerT: +353 1 448 2200E: [email protected]

Helping business owners create lasting valueAt Crowe our success comes from building lasting relationships withclients to better understand the opportunities and challenges they face.

Together we work with business owners to help maximise the value oftheir business by helping them make smart decisions today that createlasting value for tomorrow.

Audit / Tax / Advisory www.crowe.ie



PAUL WYSEManaging DirectorProfessional ServicesSmith & Williamson

Smith & Williamson merged in 2018with LHM Casey McGrath. The dealwill increase turnover to over €15mper annum in the Republic of Ireland.The firm’s current headcount is 135people.

ACTIVITY 2018/19 has been an extremelypositive year for Smith & Williamson, both at group level and particularly here in Ireland. Our strategy of combining organicgrowth with strategic acquisitions isexemplified by our progress in the Irishmarket. We are now a top 10 firm in both theIrish and UK markets, enabling us to deliver aunique service proposition to individuals,entrepreneurs and their business interests.

CLIENTS We are working with a wideportfolio of clients in diverse sectors. The key questions they want to address are around financing growth, business model changes and cashflow,professionalising the management team,attracting and retaining key talent andaccess to key markets, and particularlymaking strategic acquisitions.

BREXIT Uncertainty is definitely thebyword. Our clients seek to do business and any level of uncertainty needs to bemanaged in the risk calculations involved inany transaction. Brexit still carries manyunknowns and remains unresolved, even atthe 11th hour. The longer-term impacts willdepend on the trading relationships the UKeventually establishes with the EU. For manyclients it is a case of wait and see, and that

position can only be an impediment totransactions and progress.

MERGER Our merger with LHM CaseyMcGrath in October 2018 positions Smith &Williamson in the top tier of accountancy and financial services businesses in Ireland.Smith & Williamson sees this merger as agreat opportunity to bring together a

range of complementary sectoral expertiseand service lines that will enhance theoffering we can deliver to our clients. As a result, clients are able to access ourone-stop-shop service model. Under a single umbrella, clients can access servicesfrom payroll and pensions to companysecretarial and compliance, while retaining a dedicated relationship partner to help them manage their particular issues andchallenges.


‘Clients are able to access our one-stop-shop service model’


JPA Brenson LawlorWe are one of Ireland's leading business, accountingand taxation advisors. We provide practical supportand solutions to assist our clients to manage anddevelop their businesses in Ireland and internationally.

Tel: +353 1 6689760 ■ Email: [email protected]

JPA Brenson Lawlor House, Argyle Square, Morehampton Road, Dublin 4, Ireland

www.brensonlawlor.ie

Paul Wyse (left) and Damien Kealy of LHM Casey McGrath



DYLAN BYRNEDirectorOSK

OSK, with 35 accounting professionalsand five support staff, was establishedin 1985 and operates from East Pointin Dublin. Clients span SMEs,multinational, government bodies andsole traders.

ACTIVITY OSK has a strong client base andwe continue to grow in line with our targets.Our aim is to be a one-stop shop for our SMEclients. We continue to grow in our nicheareas, where we have solidified our position asexperts in audits of occupational pensionschemes and in property management auditservices.

Other growth areas include transactionalservices (taxation and corporate finance) andinternational taxation. We identifyinternational taxation planning opportunitiesthat minimise local and global tax and socialsecurity liabilities.

CLIENTS Clients are looking for businessand growth opportunities that add real valueto their existing business models. They also

need timely and accurate information toenable them to make informed businessdecisions. Many clients are struggling toattract and retain good people, while fundingis not readily available and the process can betime-consuming.

Among our SME clients, issues causingconcern include the potential taxation issuesarising out of a post-Brexit scenario. Forcontractor clients, we are getting internationaltax queries. These centre on the relocation ofemployees, ensuring clients are compliant withall relevant local and international legislationand are availing of all relevant tax planningopportunities.

BREXIT We continue to receive enquiriesfrom UK companies looking to use Ireland as abase to trade with the EU. International

enquiries are also coming in from companiesthat have previously used the UK as an entrypoint to the EU. Among the Brexit downsidesare the investments of time and money neededin planning for Brexit without full certainty.Companies are also not making significantinvestment decisions.


‘Our aim is to be a one-stop shop for our SME clients’

SEEKING A NEW OPPORTUNITY?HLB Sheehan Quinn is part of a global network of independent advisory and accounting firms. We have a number of new roles for ambitious candidates.

See our website for details of the roles and applications process.

CONTACT:

Ph: +353 (0)1 291 5265www.hlbsheehanquinn.ie


FRANK WALSHManaging PartnerWalsh O’Brien Harnett

Fee income increased by 11.4% to €4.4min the year to end September 2018. Thefirm is led by five partners and in totalthere are 44 qualified accountants,qualified tax consultants and teammembers undertaking professionalexams.

ACTIVITY Trading was very strong in 2018with our advisory, tax, international andreligious teams all experiencing double digitgrowth. 2019 has started well and we arecurrently working on a number of projects.

CLIENTS We are finding that the two issuesmost growth-focused clients are concernedabout are staffing and Brexit. We are helpingthem with both of these challenges and haveworked out various scenarios particular to ourclients’ requirements.

BREXIT Our international and tax teams arecontinuously getting new enquiries from theUK and overseas companies looking to useIreland as their base for servicing the EU,which is clearly an upside for Ireland. However,the Brexit uncertainty is delaying investmentdecisions and impacting heavily on clients withtrade through the UK. There are additionalcosts being incurred by clients in preparationfor various Brexit scenarios.

OPPORTUNITY Our firm is highly regardedand focused on our specialist expertise inassisting clients with our dedicated teams in our key areas of international businessexpansion through Ireland, religious and not-for-profit sectors, and owner-managedgrowing businesses. The opportunity for our firm is to assist our clients by offeringquality advisory services they require, adding value and ensuring delivery to meettheir requirements.

IAN LAWLORManaging PartnerJPA Brenson Lawlor

Ian Lawlor is Managing Partner at JPABrenson Lawlor. He has extensiveexpertise in relation to the business ofnursing homes and the retailconvenience sector. The firm is led by sixpartners, supported by 80 staff.

ACTIVITY Brenson Lawlor continues togrow strongly both organically and byacquisition. There’s no doubt that the marketis looking for scale so the myriad issues thatcan affect a business can be dealt with allunder one roof. If you can’t give the best andbroadest range of advices, you risk losing yourbest clients. Clients can and do move.

CLIENT ISSUES Brexit, Brexit and Brexit. Ifnature abhors a vacuum, business can’t standuncertainty. Every aspect of our clients’businesses are affected: domestic and export,cost of funds, worries about economiccontraction. Quite literally everything isaffected by Brexit and the form it will take.

The one real upside of this is that it hasforced (and I use that word deliberately,because it’s not that easy) our export clients,who were reliant on the UK, to finally look,think and act about going further afield, bothto sell and to buy.

OPPORTUNITY We are firmly in the TopTwenty. We have ambitions to grow, not for thesake of growing but for the sake of our clients,to offer them more and more services. We alsowant to be bigger so as to provide greatercareer opportunities for our own staff. When itcomes to business opportunities, we are prettyforensic in finding niches and then burrowinginto them.


‘The issues ofmost concern to clients are staffingand Brexit’

‘There’s no doubtthat the market islooking for scale’




OWEN SHEEHYManaging PartnerMcInerney Saunders

Fee income for the year to August 2018rose by 14%. The firm has 47 staff,including 22 qualified accountants, 11trainees, and two tax trainees.

ACTIVITY We had growth across all ourservice lines last year, most notably inadvisory and outsourced managed services.There has been a large increase in the numberof enquiries from UK companies looking to setup in Ireland. We have expertise in supportingFDI companies and, with our extensiveinternational contacts, have generatedsignificant new business in annual complianceand payroll services.

CLIENTS The dominant issue facing allclients is Brexit. However, clients arechallenged on other fronts too as they contendwith significant issues in the marketplace. Themajor issues are talent, pressure on marginsand major disruption from online competitorsthat have little or no fixed overheads, anability to scale their models with relative easeand an opportunity to exert downwardpressure on prices.

BREXIT We have been working closely withour clients in preparing for the risksassociated with Brexit and helping them toidentify and take advantage of opportunities

arising from Brexit. We have assisted someclients in establishing a presence in the UK andin some cases forming alliances with UKcompetitors. Other clients have started todevelop other export markets beyond the UK.

TREASURY HUB McInerney Saunders isone of the founding members of the TreasuryHub, in partnership with Treasury Solutions Ltdand three other Irish accountancy firms.Treasury Hub enables us to offer clients anenhanced and specialised treasurymanagement service. The Hub also provides aloan benchmarking service, so we are able toidentify the best available lending terms fromfinancial institutions in specific sectors, basedon similar transactions previously completed.


CREATING SOLUTIONS

Friel Stafford has become one of Ireland’s leading firms by focusing on corporate recovery and insolvency since 1994.

We provide expert advice to directors, accountants, solicitors and banks on all aspects of corporate recovery and insolvency.

Corporate Recovery & InsolvencyPersonal InsolvencyForensic Accounting & Expert WitnessCorporate Finance

www.frielstafford.ie Contact Jim Stafford, Tom Murray or Andrew Hendrick44 Fitzwilliam Place, Dublin 2, IrelandT: + 353 1 661 4066 E: [email protected]

We provide a free confidential advice line which allows free initial access for anyone seeking expert insolvency advice. To avail of this service please contact Jim Stafford or Tom Murray.

‘There has been alarge increase inenquiries fromUK companies’

JIM STAFFORDPartnerFriel Stafford

The firm is a member of GGI GenevaGroup International, a grouping of over500 firms of accountants and solicitors.The past year has seen an increasedvolume of business from the network,driven by Brexit issues.

ACTIVITY We have seen a particularincrease in demand for our Expert AccountingServices, which has been partly driven by fraudinvestigations. The economic crisis saw adramatic increase in fraud as some peoplesought to maintain their lifestyle and keep uptheir mortgage payments. Whilst some ofthese frauds were identified and stopped,there are many that have remained ongoingand unidentified. We have a unique blend offorensic, legal and investigatory skills toinvestigate such cases.

A contributing factor to many of the fraudinvestigations we have been engaged with isinternet banking. It is far too easy for atrusted bookkeeper to label a payment asbeing to a supplier whilst actually diverting itto their own bank account. One of the Brexitopportunities is that until some arrangement ismade (if one is made) UK firms of auditors willbe unable to directly audit Irish companies. Itis surprising how many Irish companies arepresently directly audited by UK firms.

LEGACY DEBT We are still working withsome clients, personal and corporate, whoinitially retained us in late 2008. In fairness tothe banks, thousands of debt forgivenesssettlements have been successfullynegotiated. However, there are still thousandsto be done! A contributing delay to resolving

issues was the decision of some banks to selldebt to various vulture funds. Having said that,we do find the vulture funds very pragmaticonce they take control of the loan. The vulturefunds have no moral hang-up about debtforgiveness unlike some banks.

It is disappointing that the government hasnot yet abolished the €3m cap on PersonalInsolvency Arrangements. What continues tosurprise us is that many people (includingsome professional advisors) in financialdistress have yet to recognise the benefits ofPIAs and Debt Settlement Arrangements, andtheir ability to write off significant debt.

SHAREHOLDER DISPUTES It is now mucheasier to raise finance than four years ago.Interest rates being charged by the alternativefunders have come down significantly from afew years ago, and that makes re-financingproposals more viable. It is also great to seethe main banks getting back into the lendingmarket.

One driver of our work is the resolution ofshareholder disputes, and raising finance tobuy out shareholdings. We have extensiveexperience of ‘practical mediation’ aroundshareholder disputes, which are increasing innumber. We were heavily involved in thesettlement negotiations of one of the firstSection 212 cases (oppression of minorities)under the 2014 Companies Act in the HighCourt. It is an area of work that we enjoy, as itinvolves complex tax law, employment law,company law, negotiation etc.


‘Vulture funds have no moral hang-up about debt forgiveness’

OSK, East Point Plaza, East Point, Dublin 3. T: 01 439 4200 www.osk.ie

Expert Knowledge

OSK Audit • OSK Business Advisory Services • OSK Tax Compliance • OSK Tax Consultancy OSK Corporate Finance • OSK Contracting • OSK Small Business Support • OSK Company Secretarial





MICHAELFITZPATRICKPartnerFitzpatrick & Associates

Based in Nutgrove Office Park inRathfarnham, the firm was establishedby Michael Fitzpatrick in 1996.Fitzpatrick is an expert in insolvencymatters and corporate recovery and the firm provides a broad range of accounting, tax and businessadvisory services.

CLIENTS The key challenges facing ourgrowth-focused clients for the foreseeablefuture are: l Increasing business costs. Commercial rentincreases are now a big problem for the SMEsector, along with rates, insurances, salariesand utilities. We are encouraging our clients tolook at smart working solutions.l Competition to attract and retain highcalibre employees. We focus on helping ourclients devise and implement attractive careerprogression strategies for key employees. l The use of technology to reduce costs,enhance sustainability and competitiveness.

We are very involved in assisting these clientsre-engineer their business models to automateroutine tasks, both financial and operational.l Taxation. Ireland has one of the highestrates of Capital Gains Tax compared to otherdeveloped economies. It increased by two-thirds from a rate of 20% to the currentlevel of 33%. While there are certain reliefsavailable such as Retirement Relief andEntrepreneur Relief, extending the CGTEntrepreneur Relief to match the UK schemewould surely enhance investing in business in Ireland.

OPPORTUNITY Larger firms are notalways best placed to serve the needs of SMEclients. We believe the depth and breadth ofour service and experience is invaluable tothis sector. We have over 25 years’

experience advising the SME sector acrossretail, hospitality, services and construction.Our services are partner-led and our structureallows us develop a deep understanding of ourclients’ business needs enabling us to respondswiftly and decisively.


‘Rent increasesare now a big problem for theSME sector’

Michael Fitzpatrick (left) anddirector Liam Curran



T hey are experts at balancing thebooks, but are accountantsequally adept at balancing rightsand wrongs? Researchers Matt

Kavanagh and Eleanor O’Higgins weretasked to find out by carrying out adetailed study of the accountancy sectorin Ireland, the results of which werepublished recently.

The duo investigated the ethicalawareness, challenges and concerns ofprofessional accountants, setting out toidentify some of their motivations andtheir influences in relation to ethics,including the guidance provided by theirprofessional bodies.

Chartered Accountants Ireland andCPA Ireland collaborated in theproject, which was commissioned byChartered Accountants IrelandEducational Trust. The study wascompiled through online feedbackfrom c.2,000 professional accountantsin Ireland, supplemented withindividual interviews and focus groups.

The core question asked by the studywas how ethical are accountants? Thetop-line answer is pretty ethical, butwith some reservations attached. Oneof the key findings is that only half therespondents have ever consulted theirprofessional code of ethics at somepoint in their career.

The study’s authors reasoned thataccountants working in largeaccounting practices and corporatesare more likely to consult their owninternal supports and colleagues whenaddressing ethical matters.

There’s no shortage of dubiousbehaviour for accountants to mull over.Nine out of ten respondents in thesurvey reported observing orencountering some level of unethicalbehaviour during their career. Thereport authors stress that this doesn’tmean the accountants were complicit inthat behaviour – they just observed it inthe course of their day-to-day jobs.

The survey provided respondents witha list of sample unethical behaviours.The top five unethical behaviours

observed or encountered were:l Dishonesty (77%)l Undue pressure/influence (74%)l Bullying and harassment (72%)l Misrepresentation of information

(70%)l Unethical HR practice (70%).

Turning the gaze onto themselves, alarge majority of accountants perceivethe organisations they work with to behighly ethical. However, only half therespondents stated that their employerplaces a strong emphasis on ethics aspart of ongoing staff development.

So how can ethics education beimproved for the profession?Accountants in practice are twice aslikely as accountants in business toconsult their professional body’s code ofethics. They are also much more likelyto consult with their professional body.

It’s clear from the report findingsthat most accountants want theirprofession, their employers and theirprofessional bodies to raise ethicalstandards, and to provide the means toachieve this. Some also believe thatprofessional bodies need to act moredecisively against unethical behaviour,with many telling the report authors

that there is a need for increasedevidence of action taken againstmembers acting unethically.

Others demanded that greatersanctions should be imposed againstaccountants who engage in unethicaltransgressions, including actionsassociated with recent banking crises.Kavanagh and O’Higgins cite a gooddeal of criticism from accountants abouttheir professional bodies’ reluctance tocome down hard on ethical breaches.

Broadly, accountants identified ageneral perception that small practicesare more likely to be treated harshlywhen ethics issues arise. There is ageneral view that many ethics breachesare due to error rather than concertedviolation, particularly among smallfirms and solo practices.

Respondents felt that greater practicalsupport should be available to suchfirms. “Where there is a concentration of rule breaches among small practices,professional bodies need to considerproviding practical support andprocedural templates, which mightprevent those practices from breachingthese rules inadvertently,” the report’sauthors advised.

Just How Ethical AreProfessional Accountants?


Accountants come across unethical behaviour all the time and they want higher standardspromoted across the profession, writes Basil Miller

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