Pursuant to its powers under section 931(4) of the Companies Act 2014 (‘the Act’), the Irish Auditing and Accounting Supervisory Authority (‘the Authority’) has decided that it is minded to revoke the recognition of the Institute of Certified Public Accountants in Ireland (CPA) granted under S.930 of the Act with effect from 1 September 2024. This will mean that CPA may no longer authorise individuals or firms as statutory auditors in Ireland or undertake any audit related regulatory functions from 1 September 2024. This decision follows the application by CPA to the Authority for revocation of its recognition, following the decision to amalgamate CPA with Chartered Accountants Ireland.
By virtue of the revocation of its recognition, CPA will no longer be a prescribed accountancy body under the Act and therefore, will no longer comes under the remit of the Authority with effect from 1 September 2024.