The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy have unveiled a proposal for a Certified Public Accountant (CPA) competency-based experience pathway.
This initiative is designed to help CPAs meet initial licensure requirements.
It is also intended to offer an alternative route for CPA candidates to demonstrate their professional and technical skills, post-bachelor’s degree, and after fulfilling state-specific educational prerequisites, AICPA said.
The proposed pathway also aims to provide candidates with increased flexibility to adapt to market demands, and ensure public protection.
NASBA president and CEO Daniel Dustin said: “The proposed pathway encompasses the perfect mix of flexibility for CPA candidates while maintaining rigor for public protection.
“We look forward to the input and direction from the 55 US Boards of Accountancy on this important and necessary framework to strengthen the CPA pipeline.”
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By GlobalDataThis model framework, developed by AICPA and NASBA, requires candidates to exhibit competencies that can be achieved within a year, although the timing is adaptable.
Candidates opting for this pathway must also complete a year of general experience, pass the CPA Exam, and have their competencies verified by licensed CPAs in the workplace.
The competency framework consists of seven professional and three technical competencies, with candidates needing to demonstrate all professional and at least one technical skill.
The professional competencies cover areas such as ethical behaviour, critical thinking, and communication, while the technical competencies include audit and assurance, tax, and financial reporting.
Evaluators within the candidates’ organisations will verify the competencies.
AICPA Public Accounting CEO Susan Coffey said: “Our goal is to ensure that accounting professionals have the necessary experience, knowledge, and competencies to handle the complex nature of CPA work, while also providing paths to licensure that reflect market conditions and make licensure as accessible as possible.
“Feedback from the profession is essential to building a workable pathway.”
This announcement follows the news that AICPA & CIMA will host the fourth CGMA Leadership Academy in Kuala Lumpur, from 7 to 10 October 2024.
