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This article was first published in the July/August 2015 international edition of Accounting and Business magazine 

I have been in practice since 1970 and all the practices I have worked in have been relatively small. In each, the approach has been similar in terms of client service, ie, to provide a personal service that is efficient, competent and confidential. We’ve also ensured that there is a dedicated employee or partner for each client, in order to provide continuity of service. This approach has worked well and stood the test of time.

Musgrave Cooke & Co provides services such as taxation, accounting, business advice and investment advice. We focus on start-ups and existing businesses and, overall, endeavour to provide a very comprehensive service. I think we have been very successful in that regard.

In recent years, I have been involved with ACCA committees, first as a member of the Waterford Centre Committee and currently as chairman of the Practitioners’ Network. These undertakings give me the opportunity to meet and engage with my fellow accountants. I would encourage as many ACCA members as possible to become involved in ACCA matters, whether at branch or another level.

There have been significant changes in the accountancy profession over the last few years, not least the audit exemption and associated qualifications. Unfortunately, I see a situation where fewer and fewer sole practitioners and small practices will be involved in auditing, which will present its own difficulties when engaging trainee staff. I believe auditing services will be provided by firms of medium size and above. That, to my mind, is regrettable. In my opinion, auditing undertaken at all levels is preferable. 

The challenge our profession faces at the moment is providing a service that is fully understood, respected and appreciated. I believe comments in the press regarding auditing have posed a reputational challenge to the profession. It is in our own interest, and the interests of our clients, that we provide services understood and accepted by the general public. In other words, it is imperative that we maintain the highest level of integrity.

In terms of my own business development I would like to continue to provide professional services. Given that the Irish economy seems to be finally emerging from the financial doldrums, I would like to concentrate on providing relevant assistance and advice. I believe my clients should have the benefit of my extensive business experience.

In May of 2016 I will have been an ACCA member for 40 years. During that time I have learned numerous business lessons but the most important has been that I do not have all the answer to every business problems and, where necessary, I need to direct clients to the appropriate specialist. From my point of view, accountancy has been a fascinating career and one that I am very pleased I chose.