In a letter to CPA/ABV holders, the AICPA says it has “carefully considered” the concerns about opening up the ABV credential to non-CPAs and that it stands by its decision to do so. A group of prominent CPA/ABVs had criticized the decision, and a survey was taken that found that the vast majority of respondents opposed the change (see prior coverage).

The letter, signed by Susan S. Coffey, the AICPA’s executive vice president of public practice, discussed the reasons and the need for the change. Addressing criticism that the decision process was not open and transparent, Coffey wrote that the AICPA will enhance the process going forward and is “looking at ways to better capture and assess broader input.” The letter thanked ABV holders for their “passion, dedication and volunteer service” over the past 20 years and hoped that the community could look beyond the differences of opinion and work together to build the profession’s future. A copy of the letter is available if you click here.

Shortly after the letter was posted, critics issued a detailed “forensic investigation and rebuttal” of an AICPA-prepared timeline of events leading up to the change, saying that it is inaccurate. The AICPA had previously revised the timeline and apologized for any confusion it may have caused. However, the critics still believe the timeline does not accurately reflect what happened during the decision process leading up to the vote to change the eligibility for the ABV. The timeline rebuttal, almost 4,000 words, is dated July 28, 2018, and was signed by 27 prominent CPA/ABVs who call for the AICPA to: (1) suspend the change to the ABV criteria; (2) consider input from stakeholders and have the Council revote; and (3) if the AICPA still wants to issue a valuation credential to non-CPAs, a second credential should be created separate from the ABV.

A full version of the timeline rebuttal will appear in the next issue of Jim Hitchner’s journal Financial Valuation and Litigation Expert due out next week. Hitchner was one of the signers of the Open Letter that criticized the AICPA’s ABV decision as well as the timeline rebuttal. He will moderate afree one-hour webinar on August 8 that will present a “candid discussion” of the AICPA’s decision and the critics’ responses.