The American Institute of Certified Public Accountants has agreed to explore possible methods for enhancing its specialty credentials, including the Accredited in Business Valuation (ABV), the Certified Information Technology Professional (CITP), and the Personal Financial Planning Specialist (PFS).
Earlier this spring, when the organization announced it would evaluate the future of the credentials, it received a backlash of response from credential holders who thought their credentials were being abandoned by the AICPA. "They are killing the PFS and the CITP because they cost too much money," said a source quoted in Bowman's Accounting Report.
National Accreditation Commission Chair Bruce Harper sought to reassure credential holders at the time with a letter to all credential holders explaining that the reassessment of the credentials should be looked on as part of the annual review process. He downplayed the investigation process and stressed the importance of the review for the future strength of the credentials.
AICPA Vice President of Member Innovation issued a letter of his own stressing the AICPA's commitment to continuing support for members engaging in specialty disciplines.
Now it appears that the AICPA is looking seriously at the future potential for these credentials with an eye toward continuation of support. The AICPA Council has resolved to explore relationships with strategic partners as well as consider other possible strategies to enhance the credentials. It is expected that the results of this research will be presented at the AICPA's Fall Council meeting to be held in October, 2003.
The AICPA Council is the group that establishes the policies and procedures of the AICPA. There are 265 members coming from all 50 states, including one representative from each state CPA society. All AICPA past presidents and chairmen of the board are also members of the Council.