ANNA KATE PHELAN New Ethnic Minority Group created

Chartered Accountants Ireland

(CAI) has launched a new Ethnicity Network Group, to try to develop a more inclusive profession

AI

The Ethnicity Network Group will include a programme of events; the provision of training and resources for organisations; and the development of a mentoring programme to support members and students from Traveller, Black, Asian and other minority ethnic groups.

R that is claiming that they could reduce legal fees by up to 75% as their software can assist lawyers with the drafting and editing of contracts. It has developed its own machine learning model which it has trained on data from over 4.5 million legal documents and combined that training with “supervisory” amendments from 30 in-house lawyers. The City tech company has raised £8.8m from backers including 'magic circle' lawyers. This funding will be used to boost Robin AI’s tech team and has allowed the firm to purchase a stake in competitor LawGeex.

The proliferation of this type of AI technology has wider ramifications for professional services in general. AI could soon be seen as a supplementary function in the accountancy space in coming years, allowing accountants to focus on matters of importance.

There are some concerns that this may lead to a reduction in the available positions in the profession. However, I for one feel the robots aren’t going to replace us just yet!

In establishing this initiative, the profession wants to encourage and facilitate the discussion of issues relevant to people in these minority groups and give them the voice and platform to identify solutions.

The move follows a survey of over 1,300 members and students of

CAI, conducted by Coyne Research, which showed that over 40% of members who claim to have witnessed/heard discrimination against others report it was based on ethnicity. And two-thirds of students reported the same.

Accordingly, among both members and students, ethnicity was cited as the primary area where the institute should place greater priority, and over half of members and 60% of students surveyed said they would be interested in attending associated training or support if offered by the Institute.

Deborah Somorin (pictured), chair of the CAI Ethnicity Network Group, said: “With this network we will aim to expand the conversation around diversity, to further strengthen the cultural intelligence within our profession and beyond, and to continually challenge biases in the highest and best way. I’m immensely proud of where we are today and look forward to seeing what we can create together.”

ILFM appoints new head of professional development

The Institute of Legal Finance & Management (ILFM) has announced the appointment of Karen Edwards as the new Head of Professional Development. She takes up the post on 3 April 2023.

The announcement comes as the ILFM grows its senior leadership team and reshuffles the Council that supports the professional body.

Tim Kidd, Chief Executive of the ILFM, said: “As our membership and reach grows, so too do our education, training and collaborative processes.

“Protecting client money through risk management and supporting our

Inaugural standards coming

The International Sustainability Standards Board (ISSB) has agreed the technical content of its initial standards, which will be formally issued at the end of Q2 2023.

The ISSB also agreed that its initial IFRS Sustainability Disclosure Standards, S1 and S2, will become effective starting January 2024.

China wants firms to drop Big 4

Chinese authorities have urged state-owned firms to drop the Big 4 accounting firms, according to Bloomberg news.

It said that China’s Ministry of Finance is among the government departments urging companies to let contracts with PwC, KPMG, Deloitte and EY expire.

While offshore companies will still be allowed to use US auditors, parent firms have been told they need to hire local Chinese and Hong Kong accountants.

No formal deadline has been given but China wants to rein in the influence of the Big 4 firms

Given sustainability disclosure is new for many companies globally, the ISSB said it will introduce programmes that support those applying its Standards as market infrastructure and capacity is built.

ISSB chair Emmanuel Faber said: “We will work with regulators around the world as they play their and protect data security, while at the same time boosting national accounting firms. members who are integral to law firm sustainability and cashflow, it gives the ILFM great pleasure to welcome Karen onto our Senior Leadership Team, to steer technical and professional qualifications for our existing members and members to come.

It has been estimated that the Big 4 generate £2.5 billion from their work in China.

EY’s split proves taxing EY has ‘paused’ its plan to split in two following a huge dispute over what should happen to the tax business, according to the Financial Times. Apparently, partners could not agree on just how much of the tax business should stay with the audit side of the firm.

EY’s US head, Julie Boland, had to tell partners on 8 March that the deal needed to be ‘reworked’. However, she is very much in favour of splitting the firm. This is not the first time that the vote on splitting the firm has been delayed.

“The ILFM offers vital information, education and resources for all legal accounting and practice management professionals, together with being the backbone for COFA, AML and Accounts Rules’ resources.” part, creating the conditions within their markets for adoption, so that investors can use comparable information about sustainabilityrelated risks and opportunities in their investment decisions without delay. We will also actively engage with the many preparers who are considering voluntary adoption of S1 and S2, to better answer their investor needs.”

Sanctions against PwC and two of its former auditors

The Financial Reporting Council has imposed sanctions on PwC and two former audit partners over the audits of Babcock International Group plc and Devonport Royal Dockyard Limited.

PwC received a severe reprimand and fined £7.5m, adjusted down to £5,625,000. An order was also put in place requiring a review and amendment of certain PwC training programmes.

Campbell Lambert was also severely reprimanded along with Heather Ancient. Lambert was ordered to pay a £150,000 fine and Ancient £48,750.