The High Court is under consideration to sanction the merger of two prominent bodies of accountants. Certified Public Accountant (CPA) Ireland launched a request, and was bestowed consent on Monday, to advance its proposal for endorsement for a scheme of consolidation with the bigger association, Chartered Accountants Ireland (CAI). The appeal to admit this matter in the commercial list, get it on the fast track commercial division for early hearing, and accept the instructions was confirmed by Mr Justice Michael Twomey upon the plea of Brian Kennedy SC on CPA’s behalf.
CPA came into existence in the year 1943 and incorporates approximately 4,828 members. Contrastingly, CAI which came into establishment in the year 1888 has a substantial count of nearly 33,000 members and educates about 6,000 apprentices. Both these societies are under the regulation of the Irish Auditing and Accounting Supervisory Authority.
In the wake of voting in majority favouring the amalgamation, both the memberships have already expressed a positive approach towards it. In an affidavit presented for the entry of the application in the Commercial Court, CPA’s chief executive officer, Eamonn Siggins expressed that the unification will dramatically alter the accountancy profession in Ireland.
The urgent need for attracting fresh talent in the current generation, adaptation of budding technologies at a faster pace, and increased interaction with regulators and other government agencies are several challenges faced by the profession. To counter these advancements and shifts in the field of accountancy, worldwide accountancy associations have nurtured stronger relationships and, in various instances, consolidated to bolster the strategic positioning of the profession and address these shared challenges and opportunities of an evolving landscape.