CT CPA Society Opposes "XYZ" Global Credential

Acting at its April 27, 2001 meeting, the Board of Governors of the Connecticut Society of Certified Public Accountants (CSCPA) has issued a resolution stating the organization's formal opposition to the so-called "XYZ" global credential proposed by the American Institute of CPAs. The resolution encouraged the members of the Connecticut delegation to AICPA Council to oppose further development of the new credential, and instructed the CSCPA executive director to communicate this opposition to the leadership of the AICPA and in doing so, ask them to "immediately cease and desist all efforts that result in characterizing the CPA designation as having a narrow business focus (or being) only focused on the attest function." The resolution also authorized the CSCPA Executive Director to publicize the CSCPA opposition to the furthering of the XYZ credential.

"Our Board believes that the AICPA should direct its membership's resources toward advancing the Certified Public Accountant and promoting the CPA profession's importance and relevance to the economic and social fabrics of the world," said CSCPA Executive Director Art Renner. "The CSCPA Board's view is that the AICPA is promoting a new credential that may in fact compete with the CPA designation in a number of service markets in which we are already ensconced," he added.

The CSCPA Board noted that despite significant funds already expended on the proposed credential, half of the AICPA members surveyed by the Institute are unaware of the XYZ initiative. The Board also noted formal opposition to the initiative by such large state CPA societies as Illinois and New York.

The Connecticut Society of CPAs is celebrating its 92nd year of service to membership and community alike. CSCPA has a current membership of more than 6,200 individuals in public practice, business and industry, government, and education. Its function is to provide continuing professional education opportunities, a comprehensive peer review program, and a variety of membership services for CPAs in Connecticut.