AICPA Council Votes to Support Global Credential By Strong Majority; Ballot Goes to Full Membership for Vote.

Business Editors

MIAMI--(BUSINESS WIRE)--Oct. 23, 2001

The governing Council of the American Institute of Certified Public Accountants (AICPA) overwhelmingly supported, by a vote of 157 to 62 (71.6 percent), the development of the proposed new global credential at its fall meeting yesterday.

The member referendum, which will be mailed October 29, 2001, asks members to vote on a change to the AICPA bylaws that would explicitly recognize the Institute's authority to create a new, self-funded organization to grant an interdisciplinary global credential in the United States, on behalf of the International Institute of Strategic Business Professionals (IISBP). Completed member ballots must be received by December 28, 2001. Approval of the proposal by two-thirds of those members voting is necessary for adoption.

In accordance with a resolution passed by Council at its May meeting, the AICPA has conducted a member information and response program about the proposed credential. Over the past five months, the AICPA sent two mailings to the entire membership and has provided extensive background materials, including pro and con viewpoints. The AICPA also provided presentations and speakers for hundreds of member forums and debates across the country.

The new credential, developed by an international consortium of professional accounting organizations, would complement existing business and professional designations. Through third-party validation, exacting ethical and competency standards, access to a worldwide knowledge resource, and mandated continuing learning, the credential would increase holders' business opportunities and enhance their value to clients and employers. Marketplace research demonstrates growing demand for such a credential.

Council also heard a presentation on the credential name chosen by the Global Credential Steering Committee, the international consortium developing the proposal. The name, IISBP, was created through an extensive process with input from many important constituencies and was culled from hundreds of alternatives. The initials IISBP would signify both the credential and membership in a world-class organization of professionals.

The American Institute of Certified Public Accountants is the national professional organization of CPAs, with roughly 340,000 members in business and industry, public practice, government and education. It sets U.S. auditing and professional ethical standards and, with the Financial Accounting Standards Board, U.S. accounting standards. The AICPA is the first national professional association to be ISO 9001-certified, in recognition of its quality management and assurance practices.