CPAs see red over plan for new credential - Executive Briefing: Strategic Intelligence - accounting license - Brief Article

HR Magazine, Feb, 2002 by Steve Bates

Certified public accountants emphatically have rejected a proposal to create a credential below that of CPA--one that attorneys and other professionals could have used to demonstrate some level of expertise in financial services.

Nearly 63 percent of the votes cast by members of the New York-based American Institute of Certified Public Accountants (AICPA) rejected the trade association leadership's credential proposal, which some CPAs apparently believed would have encouraged too much competition from non-CPAs.

The new credential would not have designated holders as being qualified to perform audits and provide traditional accounting services, but if approved it "ultimately was going to devalue the license that we have," says Alan Feldstein, president of the National Conference of CPA Practitioners, a professional organization of accounting firms owned by CPAs that also advocates for integrity in the business.

Barry Melancon, CEO and president of AICPA, says the institute will continue to look for ways to bolster the profession's value the business and financial community.

Steve Bates is senior writer for HR Magazine.