ICAEW and ICAS are founding members of the organisation, which has been financed by an initial funding settlement from ICAEW, which is sponsoring the creation of the new body. This will be a private sector initiative with no government funding.

Membership will be open to all audit firms registered to undertake public interest entity (PIE) audits, and also to firms with an interest in entering the PIE audit market, for a nominal £1 fee. However, CPIA content will be openly available.

The CPIA will shortly launch the recruitment process for an executive director, and this appointment will be announced ‘in due course’.

The organisation will be chaired by crossbench peer Baroness Margaret Ford of Cunninghame, OBE.