Chartered Accountants Ireland and CPA Ireland have officially begun to operate as one institute under the Chartered Accountants Ireland brand following their merger earlier this year.
The incorporation of the two bodies has formed the largest professional body on the island of Ireland.
Chartered Accountants Ireland president Barry Doyle said the vote laid “foundations for a new chapter” for the organisation’s history.
Over 37,000 members of the two largest all-Ireland accountancy bodies first voted on an amalgamation proposal in February 2024 as a consolidation of qualifications picks up pace globally.
Chartered Accountants said in recent months that it was witnessing larger firms seeking to increase their market share and capabilities by merging with or acquiring smaller, specialised operators.
“Hence, we are seeing more consolidation driven partly by the need to embrace digital transformation,” the organisation said.
“In 2024, we can expect to see a further rise in strategic mergers and greater emphasis on cultural alignment post-merger.”
However, consolidation may impact the current tight labour market as smaller companies get absorbed by larger firms and a battle for roles may ensue.