At an extraordinary general meeting held on 23 June 2017, members of the Institute of Incorporated Public Accountants (‘IIPA’) approved resolutions in relation to a permanent collaboration with the Institute of Certified Public Accountants in Ireland (‘CPA Ireland’) and subsequent dissolution of IIPA. With effect from 1 September 2017, all IIPA members who chose to transfer became members of CPA Ireland and subject to its regulation and monitoring.
On 15 January 2018, IIPA submitted an application to the Irish Auditing and Accounting Supervisory Authority (‘the Authority’) seeking revocation of its recognition under Section 930 of the Companies Act 2014 (‘the Act’) and consequent annulling of its status as a PAB.
Pursuant to its powers under section 931(3) of the Act, the Authority has decided to revoke the recognition of IIPA with effect from 16 March 2018. This means that IIPA may no longer authorise individuals or firms as statutory auditors or public auditors in Ireland or undertake any audit related regulatory functions.
By virtue of the revocation of its recognition, IIPA is no longer a prescribed accountancy body under the Act and therefore, no longer comes under the remit of the Authority.