Profile: James Hunt
Author:
Daisy Downes
[Fulltext] Better communication between the Institute and members is high on the agenda for incoming ICAI President, James Hunt. A partner with Chantrey Vellacot DFK in Belfast, Mr Hunt (56) has served as a member of the ICAI's Council since 1993. And, having been actively involved in Institute affairs, he is only too aware of the work that goes on behind the scenes representing members' views to Government, the Revenue, the Companies Registration Office, and all of the other agencies, standard-setters and regulators with whom negotiations take place. He would like to see members being made more aware of those discussions - the work in progress - and to have more dynamic communication channels in place.
Pointing out that one of the biggest challenges for any professional Institute is that of listening to its members, Mr Hunt says he is looking forward to meeting and hearing the views of fellow members during his year in office.
"A lot of members think that the Institute is ineffective in its dealings with Government, Revenue and the CRO whereas in fact that is far from the case. Up to now we have only informed members of the outcome of discussions that have taken place. Going forward we plan to keep members more closely informed of our work in progress."
CPA Merger
Having raised the issue of communications, we asked Mr Hunt about the proposed merger between ICAI and the Institute of Certified Public Accountants in Ireland (CPA).
"A fundamental shift in the international business environment in recent years has created new challenges for the accounting profession, internationally and in Ireland. The ICAI and the CPA, the two Irish accounting bodies with international recognition, are acutely aware of these challenges and have been working together for some time to address them.
Two years ago, the Councils of the two Institutes established a joint Steering Committee to formalise this cooperation and to consider the possible advantages to be gained and the steps to be taken in forming a strategic alliance between the two Institutes. The focus of the Steering Committee was on the key areas of education and training, regulation, member services, and services to business, and on the policies and standards required to build a stronger profession. The Steering Committee concluded that a merger of the two Institutes would provide an opportunity to establish a new and vibrant Institute, with the professional base, the vision, the commitment and the resources to re-establish and enhance the quality, standing and business relevance of the accounting profession in Ireland", Mr Hunt said.
"The Council of each Institute has accepted the conclusion of the Steering Committee. The issues involved, including a possible model for a merger, are now being addressed. Both Councils will be consulting extensively with their members throughout this process. Any merger proposal will require the approval of the members of both Institutes. If agreement is reached between the two councils, it is anticipated that a detailed merger proposal will be formulated later this year and that a ballot of members will be organised early in 2004", Mr Hunt added.
Science and the arts
A scientist by training, Mr Hunt holds a Ph.D in Theoretical Atomic Physics from Queens University. He is a passionate supporter of the arts - particularly the performing arts. Although born in Derry, he has lived in Belfast all his life. He attended St Malachy�?�¢??s College and Queens before training with Cooper Bros & Co where he qualified as a Chartered Accountant in 1974. He and Maureen were married the following year. They have three children, Mark (26), Emma (24) and Maeve (21).
Mr Hunt's brother and sisters are well-known Irish classical musicians and he is himself the current Chairman of the Grand Opera House Trust in Belfast - which he describes as 'Ireland's most successful and beautiful theatre'.
Since both science and the arts enjoy better press than the accountancy profession. I asked Mr Hunt if he is depressed by media coverage of the profession in the last couple of years?
"Not depressed. We have seen a lot of change - most of it for the better. Of course there have been frustrations and sometimes things move more slowly than you would wish but we have seen a lot of progress. The good reputation of the Institute and its members has been built on adherence to the highest professional standards, integrity and public confidence in our regulatory and disciplinary systems. We need to continue to build on that for the future."
Mr Hunt welcomes the statutory backing for the Institute's disciplinary procedures in the Companies (Audit & Accountancy) Bill 2003 which will help the Institute to carry out Public Concern investigations more effectively in the future.
Education
The public image of the profession is of course also important when it comes to attracting trainees. Last year the Institute carried out research amongst newly qualified Chartered Accountants and their employers to discover what the market expects of today's CA. The findings of that research have helped inform a syllabus review which is now underway and which will see more emphasis placed on strategic thinking, problem solving, communications and people skills in future.
Mr Hunt welcomes the recent appointment of Mr Ronan O'Loughlin as Director of Education.
"Ronan's background in student education provides him with all the necessary skills to contribute to, and to implement, the education and training policies of the Institute over the coming years."
Time of uncertainty and challenge
During his ten years on Council, Mr Hunt has served as Chairman of the Practice Review, Quality Review, and General Practices committees so he knows only too well the day-to-day concerns of practitioners and the increasing burdens that practices are facing.
Following the turbulence of the last couple of years, regulation remains at the top of the agenda for the coming year.
"It is a time of uncertainty and of challenge. We are looking forward to working with the newly established Irish Auditing & Accounting Supervisory Authority and also with the newly established structures in the UK under the auspices of the Financial Reporting Council. An indication of how quickly things are changing is that structures which only became operative in the UK in the first quarter of 2002 have been totally changed after just one year."
Developments with International Accounting Standards will also pose challenges in the coming year. "The EU has directed that international accounting standards should apply to all Plcs from 1st January 2005. Member States can decide themselves on the extent of their scope outside Plcs and, in this regard, the Institute has recommended to Government that they should apply to all limited companies within two or three years from 1st January 2005. Surveys have shown that there is a huge lack of knowledge of IASs amongst Finance Directors, and it presents a challenge for the Institute to close this knowledge gap through its CPD programmes and student education", Mr Hunt said.
With a hefty agenda in store for the coming year, Mr Hunt has the whole-hearted support of his family and is looking forward to his year in office. Anticipating that he will be busier than ever in the next twelve months, he nonetheless hopes to find time for his other interests - the opera, the arts, an odd day at the races and a bit of golf.
Accountancy Ireland Vol 35 No 3 June 2003