Chartered Accountants & CPA Merger

[cork]

It has a wider role than that.

IAASA is responsible for the oversight of statutory auditors in Ireland, including oversight of the manner in which the three Recognised Accountancy Bodies (‘RABs’) perform certain functions in respect of statutory auditors. These are approval and registration, continuing education, quality assurance systems and investigative and disciplinary systems

 

[Annieindublin]

That makes sense.

If IAASA sees them as equal then there probably isn’t a difference these days. Maybe pre IAASA there was.

I guess the members will decide next week.

Is there a competition issue? Reducing choices for students? For buyers of their services? Dunno, we only have one body for solicitors and no one sees it as a competition issue so it’s probably not a big deal.

 

[cork]

I think in the post-IAASA supervision era - they have more in common than what divides them.

 

[Gordon Gekko]

There’s so much spoof being spread by the powers that be. Vested interests ahoy.

This is analagous to the Institute of Obstetricians being asked to merge with the Backstreet Abortionists of Detroit.

The Institute DOESN’T RECOGNISE CPA QUALIFICATIONS IN TERMS OF EXEMPTIONS TO ITS OWN COURSES.

That tells you everything. CPAs are Chartered Accountants in the way that Bertie was a Chartered Accountant…i.e. not at all.

 

[cork]

This is analagous to the Institute of Obstetricians being asked to merge with the Backstreet Abortionists of Detroit.

I attended a town hall meetup & discussed the proposal with members afterwards.
A merger is the best option for the institute in the future,
A merger will benefit members, clients and students.

Are backstreet Abortionists of Detroit and Bertie your best NO argument?
What relevance are exemptions to Financial Accountants?
You are out of step with the position adopted by the ACA & CPA.
They did a complete proposal analysis and are not dependent on rhetoric.

 

[DublinDon]

People are free to value their qualification it’s not about living in the past it’s about protecting the brand.

AI had no relevance either.

 

[cork]

People are free to value their qualification it’s not about living in the past it’s about protecting the brand.

AI had no relevance either.

Who does not value "the brand"?

It was raised and answered to my satisfaction at the town hall event that I attended.

Some may indeed may have completed examinations more recently than others.

Some may be nearer retirement than others

Some may be more interested in looking at the future of the profession than others.

To their credit, the institute have gave detailed answers to questions raised without any mention of Bertie or Backstreet Abortionists of Detroit.

This proposal has been largely positively analysed and debated. It is great seeing member engagement. Full credit to both the ACA and CPA

 

[Gordon Gekko]

I attended a town hall meetup & discussed the proposal with members afterwards.
A merger is the best option for the institute in the future,
A merger will benefit members, clients and students.

Are backstreet Abortionists of Detroit and Bertie your best NO argument?
What relevance are exemptions to Financial Accountants?
You are out of step with the position adopted by the ACA & CPA.
They did a complete proposal analysis and are not dependent on rhetoric.

The CAs are desperate to protect their overpaid direct employees and to cover up the €58m they spent on their HQ.

They’re trying to sneak CPAs in the back door, also known as ‘Car Park Attendants’, a cohort so wonderful and magnificent that their qualifications aren’t recognised at all by CAI.

 

[cork]

The merger process is nothing but transparent. The CPA qualification like CIMA , ACA and ACCA are all recognised. The boards of both institutes deserve much credit.

If you are unhappy with the Institute- you indeed have the option to opt out

IAASA supervises the profession in this country. They may not have been around when you passed your exams

I would encourage you to contact the IAASA/ACA to provide clarity to you with regards accountancy standards and supervision.

 

[Blackrock1]

Of course - they are competing for the same students together with ACCA and CIMA A comprehensive answer to this was given by the institute.

Creating a better resourced and stronger organisation will bring benefits.

Going forward - much effort will have to be made by the institute in Sustainability, data analysis and using ai . This might be news to some that may remember the abbacus

Are you a CPA per chance ?

If you think ACA and CPA are ‘competing’ for the same students you are living in cloud cuckoo land.

 

[cork]

Are you a CPA per chance ?

If you think ACA and CPA are ‘competing’ for the same students you are living in cloud cuckoo land.

Holding events in same colleges may be a hint.

All accountancy bodies hold information sessions in colleges.

All of this was clarified at the town hall meeting that I attended

All accountancy institutes have made qualification more flexible.
The institute covered all this.

 

[cork]

In fairness, the whole merger process has been transparent with the institute providing information through all social media channels. They held online and in person meetings . I found that they answered all questions that were put to them comprehensively.

They put up a range of videos online and put alot of information on the website

I was very impressed with the level of engagement. Going forward, this engagement needs to continue. I would encourage all to watch the videos and visit the institutes website. The views of past Presidents deserve consideration.

Change is a certainty regardless of the result of the vote. I think the 2 institutes deserve much credit and individuals who got involved in the process

 

[accountant1960]

If the profile below is true. I do not see any kind of competition from cpa. Elimination the competition might not be a bad idea.

For those 35+, the aca is not going to make much of a difference. For under 35, only 225 will compete against aca.

I like the idea of taking over cpa and also getting all their assets to pay for the aca past extravagant spending. Selling their building would likely fetch over 12 to 15 million. (Guessing) that would pay off a large chunk of aca mortgage. (Business sense)

If I am a cpa, I would vote no. We got everything a aca can do. If I am a aca, I would vote yes and the reason is the assets of cpa would pay off aca mortgage as mentioned earlier.

There is nothing much either body can offer to each other.
‐----------------
copied info from linkedin

In response to a query the IAASA profile of the accountancy profession 2022 shows for CPA Ireland members

Under 34 225 5.5%
35-44 1223 30.4%
45-54 1380 34.2%
55-64 845 20.9%
65+ 345 8.6%

So only 225 under 34 may be competing against recently qualified ACA

 

[Blackrock1]

Holding events in same colleges may be a hint.

All accountancy bodies hold information sessions in colleges.

All of this was clarified at the town hall meeting that I attended

All accountancy institutes have made qualification more flexible.
The institute covered all this.

The cpa can hold information sessions in UCD or trinity or similar all they want that doesn’t mean they are competing for the same students.

I’ll ask again , are you a CPA?

 

[DublinDon]

The merger process is nothing but transparent. The CPA qualification like CIMA , ACA and ACCA are all recognised. The boards of both institutes deserve much credit.

If you are unhappy with the Institute- you indeed have the option to opt out

IAASA supervises the profession in this country. They may not have been around when you passed your exams

I would encourage you to contact the IAASA/ACA to provide clarity to you with regards accountancy standards and supervision.

With respect I disagree with the transparency, for an organisation built on the study of balance sheets they haven’t explained theirs at all.

 

[ArthurMcB]

Icai pays huge salaries and paid a huge amount for their premises. In turn, the icai offers little of value to their members imho. The icai threatens to take away your hard earned qualification if you dont pay their annual fee of circa E550.

Now they want to merge with cpa to help safeguard future revenue. Icai is a business, a badly run, overweight, business.

 

[robert.tressell]

correct me if i am wrong but the CPA designation here is not equivalent to the CPA designation in the US, basically the letters are the same so you can pretend is that what they are suggesting?

I know I'm late to the discussion and I haven't contributed here before but CPA Ireland has full mutual recognition with CPA USA (AICPA). They're actually one of only 8 accountancy bodies globally to have recognition with AICPA which includes CAI but for example ACCA doesn't have mutual recognition with AICPA.

 

[cork]

Going forward both organisations will need to up skill members in data analysis and sustainability. No netter what the result of the merger proposal - change is inevitable

I have confidence that the profession will adopt. Some of the comments on this thread remind me of the final scenes of "the field" with Richard Harris. The profession has little choice but to adapt.

The boards of both institutes have put their case well to members. They are forward thinking and deserve credit

Again, I would encourage you all (if you haven't done already) to take a look at the websites and social media channels of both institutes.

 

[ArthurMcB]

I have read nothing in this thread to persuade me that the merger is for anything other than to preserve future revenue and fat cat salaries. Its inconsequential to me as an FCA, the annual ransom isnt even being lowered. What advantage does it confer on me? I have voted no.

 

[Blackrock1]

I know I'm late to the discussion and I haven't contributed here before but CPA Ireland has full mutual recognition with CPA USA (AICPA). They're actually one of only 8 accountancy bodies globally to have recognition with AICPA which includes CAI but for example ACCA doesn't have mutual recognition with AICPA.

I see they got a mra in 2022.