PwC Shuns 'XYZ' Designation

John O'Conner, leader of PricewaterhouseCooper's Americas Assurance and Business Advisory Services practice, has sent a memo to the AICPA denouncing their planned global credential.

The global credential, tentatively called "XYZ" until a permanent name is decided, would provide certification to financial professionals providing a broad range of services. These professionals would not necessarily have to be CPAs and it is that issue that is upsetting many certified public accountants who are concerned that their licenses will be devalued.

Responding to this concern, Mr. O'Connor sent a memo to AICPA Council members in which he urges the members to vote against the credential. Mr. O'Connor is joined by members of the Illinois CPA Society and the New York State Society of CPAs who have also publicly opposed the proposed designation.

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