First rationalisation of the Ireland’s Accountancy profession in over 50 Years
Ireland’s accountancy profession is set to undergo its first rationalisation in over half a century, with two leading accountancy bodies – CPA Ireland and IIPA agreeing to a permanent collaboration. The move means that the Institute of Incorporated Public Accountants (IIPA) will cease to operate as a recognised Accountancy Body from September. The Institute of Certified Public Accountants (CPA Ireland) will service, support and regulate IIPA members who choose to transfer to CPA Ireland, from 1 September 2017.
The memberships of both bodies voted in favour of the collaboration at recent EGMs. As required by legislation the changes have also been approved by the Irish Auditing and Accounting Supervisory Authority. As a result the number of accountancy bodies in Ireland will decrease to eight and CPA Ireland will increase its membership by 5% and its footprint in public practice in Ireland by 18%.
Accountancy is a growing profession in Ireland with over 36,000 qualified professionals. The number of new members entering the profession in 2016 increased by almost 20%, from 1,575 in 2015 to 1,856 in 2016. The most recent CPA Ireland graduating classes have experienced full employment, indicating the strength of the profession and the level of demand for qualified accountants.
Deirdre Kiely, President, CPA Ireland said: “In global terms, the Irish accountancy profession is relatively small, but has a relatively large number of distinct industry bodies. Therefore collaboration and resource sharing is a sensible pursuit. We look forward to supporting IIPA accountants and welcoming our new cohort of members as we continue to operate as strong independent professional body supporting business needs”.
John McCarrick, President, IIPA said: “This collaboration provides a positive future for the members of IIPA. We are joining CPA Ireland, both professional bodies having over 125 years standing with international recognition. From the outset, our discussions on collaboration were conducted with mutual respect and confidentiality. I am very proud of what IIPA has achieved since its foundation in 1981 and I am also proud of the manner in which IIPA members embraced this opportunity for closer collaboration with CPA Ireland.”