New agreement gives CPAs in both countries access to same resources, credentials in rapidly growing, highly specialized practice areas
TORONTO and NEW YORK, Feb. 21, 2014 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) and the American Institute of CPAs today announced an agreement that will enhance consistency in forensic and technology advisory services across North America by giving CPAs in both countries access to the same technical resources and credentials that signify advanced proficiency in the disciplines.
The agreement, which builds on a history of cross-border collaboration, extends to CPAs in Canada the opportunity to tap into a broad portfolio of specialized information - practice aids, webcasts, newsletters and online forums - through the AICPA's Information Management and Technology Assurance Section and its Forensic and Valuation Services Section. CPA Canada members can join those sections and, with specific qualifications and experience, obtain the Certified in Financial Forensics (CFF®) and Certified Information Technology Professional (CITP®) credentials that distinguish CPAs in the practice areas.
"Clients and employers increasingly look for specialized skillsets to tackle issues made more complicated by technology and the pace of globalization," said Frank Colantonio, CPA, CA, director of continuing education for CPA Canada. "This alliance between CPA Canada and the AICPA will help them more easily identify financial professionals across North America who have met the highest bar of competency to navigate complex issues like technology risk and fraud prevention."
The AICPA's governing council last May set the stage for the expanded cross border relationship, authorizing the Institute through its board of directors to offer specialized credentials to non-U.S. accounting professionals. It required that the AICPA work only with accounting bodies with significant national or international stature and stringent eligibility requirements and codes of conduct.
CPA Canada was established in January 2013 to support unification of Canada's three legacy accounting designations (Chartered Accountant, Certified Management Accountant and Certified General Accountant) under the Chartered Professional Accountant designation. The new technical resources and credentials underscore the benefit of that process to the country's more than 185,000 accounting professionals who are now part of one of the largest accounting bodies in the world. In addition to the forensics and technology areas, CPA Canada members can take advantage of AICPA resources in business valuation and personal financial planning. CPA Canada and the AICPA will evaluate the potential for the Accredited in Business Valuation (ABV™) and Personal Financial Specialist (PFS™) credentials in the future.
"In the United States and Canada, the CPA designation is recognized as a beacon of discipline, objectivity and capability," said Jeannette Koger, CPA, AICPA vice president for member specialization and credentialing. "This agreement reinforces its strength in rapidly growing, highly specialized practice areas. It gives clients across North America a benchmark for top level quality - the CFF and CITP credentials - and creates opportunity for CPAs in both countries to collaborate in new ways to advance the public interest."
About CPA Canada
CPA Canada is the national organization established to support unification of the Canadian accounting profession under the Chartered Professional Accountant (CPA) designation. It was created by the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) to provide services to all CPA, CA, CMA and CGA accounting bodies that have unified or are committed to unification. As part of the unification effort, CPA Canada and the Certified General Accountants Association of Canada (CGA-Canada) are working toward integrating their operations. Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally.
About the AICPA
The American Institute of CPAs (AICPA) is the world's largest member association representing the accounting profession, with over 394,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.
SOURCE: CPA Canada
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