AICPA Members Vote Down Global Credential Bylaw Amendment

AICPA Members Vote Down Global Credential Bylaw Amendment

FOR IMMEDIATE RELEASE

CONTACT:
Geoff Pickard (212) 596-6299
Lynn Drake (202) 434-9214

New York, NY, January 3, 2002 - Members of the AICPA have voted down a proposed bylaw change that would have enabled the "granting of an interdisciplinary global credential by an affiliated entity to qualified persons who seek to obtain it." Approximately 134,000 members cast ballots, with 62.7 percent voting against and 37.3 percent voting in favor. Approval by two-thirds of the members voting was necessary for the initiative to move from exploration to implementation.

"We believe we took the right course by putting this proposal into the hands of the members," said Barry Melancon, AICPA President and CEO. "The members have spoken and we will not move forward with this initiative. Although many CPAs did not see this credential as the solution to issues that they are facing, numerous members and state CPA societies were actively involved in the debate. We have learned a great deal from this dialogue, and we will use this knowledge to find new solutions."

The intensive discussion about the credential focused CPAs' attention on how to maintain and extend the profession's value in the business and financial community. In the course of the debate, members voiced a number of concerns including the increase of non-CPAs in professional services and the gap between public perceptions and the day-to-day realities of what a CPA does. Members also focused on declining student enrollment in accounting programs.

"The member, market and student research that was conducted throughout this exploratory process provided invaluable information that the AICPA is using to sharpen its focus and take actions designed to add value not only to CPAs today, but also to the next generation of CPAs," said Melancon.

"AICPA members must be congratulated for exploring such tough issues," Melancon continued. "We are committed to addressing the significant issues that the global credential debate has brought to the forefront."

Enabling CPAs to preserve their public interest foundation while staying in tune with market needs remains on top of the AICPA's agenda. "The leadership of the Institute has a rock solid commitment to fulfill our mandate to protect the public interest in the audit and financial reporting environment," said AICPA Chairman James Castellano. "At the same time, we fully recognize how important it is for us to help CPAs deliver traditional, as well as leading edge, services."

The AICPA was part of an international consortium of professional accounting organizations studying the development of a new global business credential characterized by its breadth of knowledge, strategic focus, and professional rigor. The concept for the credential originated with the AICPA's Strategic Planning Committee's deliberations on how best to help the profession realize the full potential of the CPA Vision.

The American Institute of Certified Public Accountants is the national professional organization of CPAs, with more than 330,000 members in business and industry, public practice, government and education. It sets U.S. auditing and professional ethical standards and, with the Financial Accounting Standards Board, U.S. accounting standards. The AICPA is the first national professional association to be ISO 9001-certified, in recognition of its quality management and assurance practices.

###