XYZ Credential - Global Accreditation

January 4, 2002

Re: XYZ credential ballot

Dear Mr. Melancon and Castellano,

In my opinion, and 62.7% of voting CPAs, the AICPA is not representing the interest of practicing CPAs, in fact the AICPA, our very own trade association, is working against us.

I call on you and 62.7% of the board to resign at once! Our alternative is the creation of a new "true-blue" trade association to replace the AICPA. Your names will be engraved in its concrete foundation as founders.

Scott Beane, CPA
President

AICPA President CEO and AICPA Chair wrote:

Dear Fellow CPA:

We have just learned the results of the global credential ballot.
Members of the AICPA have voted down the proposed bylaw change
that would have enabled the “granting of an interdisciplinary global
credential by an affiliated entity to qualified persons who seek to
obtain it,” with 62.7 percent voting against and 37.3 percent voting in
favor. Approximately 134,000 or 39 percent of members cast
ballots. Approval by two-thirds of the members voting was
necessary for the initiative to move from exploration to
implementation.

We brought this proposal to you, and you have cast your ballots.
Your voices have been heard and we will not move forward with this
initiative.

The global credential concept stimulated intense interest and
discussion within the profession. Although most CPAs did not see
the credential as a solution to the issues they face, many of our
members and state CPA societies were actively involved in the
debate. We have learned a great deal from this dialogue and we will
use this knowledge to find new solutions.

Discussions about the credential focused largely on how to maintain
and extend the profession’s value in the business and financial
community. Members voiced a number of concerns including the
increase of non-CPAs in professional services and the gap between
public perceptions and the day-to-day realities of what a CPA does.
Declining student enrollment in accounting programs was discussed
as well.

We fully recognize how important it is for us to take decisive action
that will unify our profession on these and other critical issues. The
work that went into exploring the global credential concept has
positioned us to make great strides toward achieving this goal. In
addition to the stronger international relationships that the AICPA
gained from participating in the global task force, the significant
amount of research conducted provided us with new insights into the
attitudes of both students and potential employers. This new
intelligence will help guide us as we continue to focus on extending
and reinforcing the profession’s value in the business and financial
community.

We should all feel proud that we are part of a profession
passionately engaged in exploring ways to maintain its value and to
adapt to the profound changes that are taking place in the business
marketplace.

Sincerely,

Barry C. Melancon, AICPA President and CEO
James G. Castellano, AICPA Chair

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