What follows is an entertaining analysis of the merger of two accounting bodies as if they had met and married in 2014 in a lavish ceremony agreed by their respective members.
Together, the lovers formed CAANZ, an alluring acronym which stands for Chartered Accountants Australia and New Zealand.
The great promise of this matrimony of professional bodies, as laid down in the nuptial documents, otherwise known as the Explanatory Memorandum to the merger, has not lived up to its vows.
Perhaps it is a case of haste to the alter. NZICA appeared only borderline solvent before the marriage. It was the ugly duckling which somehow married a swan, albeit a worn out old swan, with sweet talk and forget-me-nots in an Explanatory Memorandum. As the private equity turnaround merchants say: “You only have to look good for the wedding day.”
Since the nuptials, the New Zealand bride seems to have been on a frolic with the marital credit card, spending up in the Shaky Isles and apparently taking liberties with joint possessions like the nominations and governance committee, fellowships awards and professional independence.The above is an extract from a longer and more devastating analysis written by Michael West, an Australian journalist and Associate Professor with Sydney Democracy Network, Sydney University.