Mazars in Ireland Transparency Report 20/21
On behalf of Mazars in Ireland, I am very pleased to present our Transparency report 2021. The publication of our Transparency report is an important milestone in our year. It is a key moment in the year where we have an opportunity to report to all of our stakeholders in respect of the progress of the firm against our key goals – goals which guide the quality of our work, the development of our people and the impact of our firm within our professions, in the business community and on society as a whole. The Report summarises the dedicated work of our Partners and our excellent Non-Executive Public Interest Committee members, Ms. Denise Fletcher and Ms. Éimear Moloney. I hope the Report will provide readers with a good understanding of our firm, our approach and our ethos.
On April 5, 2024, Finance Minister Michael McGrath launched a Feedback Statement (FS) on the proposed implementation of a Participation Exemption for foreign dividends within the Irish tax system. The FS invites feedback from interested parties on a “Strawman Proposal” developed for the implementation of the Participation Exemption.
In 2022, the European Securities and Markets Authority (ESMA) published its new multi-annual strategy for 2023-2028. ESMA’s 2024 Annual Work Programme is structured around the implementation of the ESMA strategy, fulfilling ESMA mandates in the legislation and building on the activities executed in 2023.
The European Central Bank (ECB) Banking Supervision set out the activities it wishes to develop via its 2024-2026 strategy. 2024 is the first year of the three-year plan.
The Irish Executive has responsibility for setting Mazars’ national strategy, within the overarching framework of the international strategy.
Mazars has elected independent non executives (INEs) within its governance structure.
Mazars Risk Committee oversees the ethics and quality assurance of the firm. It has oversight for the design and implementation of the firm’s system of quality management and ensures it is operating effectively annually through our annual quality management monitoring program. Furthermore, it deals with any claims against the practice and their resolution.
The principal role of the Public Interest Committee (‘PIC’) is to enhance confidence in the public interest aspects of the firm’s activities with particular reference to high-level, general oversight of the firm’s decision-making, stakeholder dialogue, risk management, and quality control, remuneration policy and the issuance of selected annual reports to stakeholders.
The day-to-day management of Mazars in Ireland is delegated to the executive. The Executive has the responsibility for setting Mazars’ national strategy, within the overarching framework of the international strategy.
Mazars Audit Committee is responsible for monitoring and reviewing internal control, external audit, accounting, and external reporting. It aims to meet 3 times a year and whenever the external auditors request a meeting.
Independence and rigour that provides confidence and transparency for stakeholders and society.
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