American, Canadian accounting organizations to band together
March 06, 2014
From time to time, two organizations within the same industry are forced to work together to accomplish a common goal. For many business leaders, this concept may seem fairly foreign. After all, very few companies competing for the same share of the market and trying to garner the largest revenue possible would opt to work with another in their field.
However, that's not the case with two of the largest and most significant bodies in accounting today. The American Institute of Certified Public Accountants (AICPA) is one of the most respected financial groups in the United States, and its Canadian equivalent might be considered to be the Chartered Professional Accountants of Canada. The two groups recently joined forces for the betterment of the industry.
Namely, they developed guidelines and regulations regarding consistent forensics and technology advisory services that will be applied to professionals in both nations.
Alliance will help accountants avoid risks
This beneficial relationship between the AICPA and CPA Canada is sure to help accountants and bookkeepers in both nations identify other competent individuals in the sector and also avoid risks involving technology use and potential instances of fraud down the road, CPA Canada Director of Continuing Education Frank Colantonio explained in a statement.
This situation came about after the AICPA's governing council announced hopes for cross-border relationships, enticing Canadian accountants by offering professionals access to specialized credentials.
"This agreement reinforces its strength in rapidly growing, highly specialized practice areas," AICPA Vice President Jeannette Koger stated. "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."
Fosters more collaboration
One of the best things about this mutual agreement is that "the agreement builds on a history of cross-border collaboration," CPA Practice Advisor reported.
The source also explained that, in the effort to develop more consistent methods of forensic tracking, each group will be able to tap into the tools and programs of the other. This will be particularly beneficial for CPA Canada, the news provider pointed out, and experts within both organizations will be able to obtain new certificates, such as the Certified in Financial Forensics and the Certified Information Technology Professional honors.