The decision, taken at a meeting of the institute’s ruling council this morning, will be a further blow to the plans after the Irish and Scots institutes withdrew from the plans last week.
The American Institute of Certified Public Accountants is understood to still be keen on the concept. Eight accountancy institutes from around the world were involved in the discusssions.
More details will appear shortly.
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Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel