AICPA Votes to Keep and Enhance Specialty Credentials

By Craig Mandelbaum, NYSSCPA Website Editor

WASHINGTON, D.C.—After much debate, the American Institute of Certified Public Accountants Council on April 29 overwhelmingly approved an amended resolution that called for enhancing the Personal Financial Specialist (PFS), the Certified Information Technology Professional (CITP) and Business Valuation (ABV) credentials rather than pursuing exit strategies as had been proposed by the National Accreditation Commission (NAC) and approved by the AICPA’s board of directors.

The Council also authorized the AICPA board to explore and present viable strategies on any or all of the specialty credentials to Council for its consideration no later than the fall 2003 Council meeting.

“After a thoughtful, professional debate, it was absolutely clear to me how committed this Council is to taking a deliberative approach to addressing the needs of credential holders,” an AICPA Board Chairman William Ezzell said, according to a press release.

The original resolution sought permission to investigate possible exit strategies that would transition the PFS and CITP credentials outside the AICPA.

Informal straw polls at March regional Council meetings showed “overwhelming support to pursue external strategies for PFS and CITP,” NAC Chair Bruce Harper said in his presentation to Council. A majority supported “further development of ABV,” he added.

Two strategic partners are being considered to take over CITP, Harper said, and three are identified for PFS.

The Council’s amended plan will still allow NAC to move forward on all strategies, including a possible spin-off, visiting with possible strategic partners, and circulating comment invitations detailing its recommendations to all credential holders.

The AICPA said it will provide ongoing updates about the status of PFS, CITP and ABV to credential holders throughout the process.

AICPA members are invited to comment as NAC explores strategies for the credentials. NAC will make a recommendation to the board in September, which then will advance a proposal at Council’s October meeting in New Orleans.