Members of the two Irish chartered accountancy bodies have voted in favour of an amalgamation of the two entities, marking a significant step toward the creation of the largest professional body in Ireland.

In a historic move, members from both Chartered Accountants Ireland and CPA Ireland have given their approval to a proposal that paves the way for the creation of a single institute operating under the Chartered Accountants Ireland brand.

The combined body will be the largest professional body in the country, a title currently held by the Institute of Bankers with 34,000 members. The merged organisation will have a combined membership of 35,000 (30,000 from Chartered Accountants Ireland and 5,000 from CPA Ireland).

The proposal has been endorsed by the Councils of both institutes, who believe it will better position the profession for the future, and drive new growth opportunities and create a stronger organisation better able to meet challenges.

In a joint statement, Sinéad Donovan, President, Chartered Accountants Ireland, and Mark Gargan, President of CPA Ireland, said they were pleased that members had seen the benefits of the proposal.

Donovan said: “This is a vote of confidence in the future. Thanks to every member who engaged with us along the way and who turned out to vote in such numbers. Our work continues now to secure the legal and regulatory consents needed to deliver on this mandate for a stronger profession.”

Gargan said: “As one single institute, we will be more strongly positioned to represent our members, to promote the profession and to be a positive voice representing the public interest. 

“The move towards consolidation of professional membership organisations is gaining momentum globally, and Ireland will be a model for other professional bodies in this regard.”

There will be a further vote of Chartered Accountants Ireland members at the Annual General Meeting in May this year, and subject to regulatory and other approvals, the amalgamation will take effect later this year.