It is the second time in three years that efforts to unite the Institute of Chartered Accountants in Ireland (ICAI) and the Institute of Certified Public Accountants (CPA) have failed.
Now, according to CPA vice-president Daragh Solan, the merger proposals, which had been worked out by a joint steering group over the past year, ‘have been taken off the table’.
The creation of a single Irish body was intended to give the profession a more effective lobbying voice with government at a time of increasing regulation, as well as improving services to members and achieving significant cost savings.
However, the respective memberships appeared to value more highly the independence and sense of identity offered through having their own organisations than the benefits promised by a new body.
For the merger to go ahead, a two-thirds majority was required from the ICAI, and the CPA, had to show a 75% vote in favour. Despite the setback, Solan insisted that the two bodies, would continue to work closely together on issues of common concern.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal