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Protecting Your CPA Credential

April 20, 2023

Jimmy Williams By Jimmy J. Williams, CPA/PFS, CFP

You studied for hundreds of hours and spent many sleepless nights to gain the right to use the CPA credential after your name. The CPA credential is one of the most trusted professionals in the U.S. marketplace. Rightfully so!

To become a CPA, one must complete a regimented curriculum, a demanding ethics course, work in the profession for two years and successfully pass a series of examinations.

Since the CPA credential is a state-issued credential and license, the non-credentialed accountants in Oklahoma have attempted to seek the use of the credential through means of occupational licenses.

To support the credential, the OSCPA’s Political Action Committee (CPA-PAC) was established on August 1, 1985. The CPA-PAC relies solely on contributions from members for funding activities.

Legislative Activities

Primarily, the CPA-PAC operates by representing your interests through legislative education and support. Bills affecting the credential are submitted through the legislative process which requires clarification and feedback to the elected officials voting on the matter.

Historically, attempts to reduce the value of the CPA credential have been proffered by non-licensed accountants. Thanks to the diligent and timely work of OSCPA volunteers these attempts have been thwarted. However, it’s important to be alert to other legislative dangers to our credential.

Election Support

CPA-PAC assets are used to support the election process in Oklahoma by directing donations to campaigns of elected officials who understand and promote the value of the CPA credential.

Typical donations range from $250 to $1,000 for a single candidate depending on their office and leadership role. The CPA-PAC members meet with the elected officials to discuss the desires and needs of the CPA profession when delivering the funds.

It is critical that we sustain the excellent relationships and communication we currently maintain with our elected officials.

Accountability and Transparency

The CPA-PAC is yours and maintains policies to promote transparency and accountability through an annual audit by an independent CPA firm. Further, CPA-PAC activities are reported in a timely manner to the Oklahoma Ethics Commission.         

Your Involvement

It is critical members understand the role the CPA-PAC fulfills in the protection of the public and CPA credential holders. CPA-PAC trustees respectfully request each member of the OSCPA contribute a minimal annual contribution of $40 to allow them to fully conduct the critical work to protect the CPA credential.

You can make a donation online at https://www.oscpa.com/advocacy/cpa-pac or write your checks payable to CPA-PAC and mail them to CPA/PAC, 5201 North Shartel Avenue, Oklahoma City, OK 73118-6026.

Conclusion

The CPA profession is ever-evolving. To maintain our CPA credential value we must take our seats at the table of discussions that directly and indirectly impact the profession. Your purposeful contributions to support the CPA-PAC allow us to enhance the relationships necessary with our elected officials in an impactful manner.

Jimmy J. Williams, CPA/PFS, CFP®, is the founder and president of Compass Capital Management, LLC in McAlester and has served on numerous OSCPA committees and is currently serving on the OSCPA Personal Financial Planning and Bylaws Committees, as well as the OSCPA Advocacy Council. A member since 1989, Williams is a former OSCPA chairman of the board, the 2007 Oklahoma Accounting Hall of Fame inductee, the 2008 Public Service Award winner and the 2020 Outstanding Member in Business and Industry Award winner.

Registered Principal Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Jimmy J. Williams is an Investment Advisor Representative of Compass Capital Management, LLC, a Registered Investment Advisor. Cambridge and Compass Capital Management, LLC are not affiliated. 321 S. 3rd, Ste. 4, McAlester, OK 74501. Cambridge does not offer legal and tax advice. Please consult your legal and tax advisor for specific estate and income tax planning strategies.

This article is for educational purposes only. Seek the advice of qualified professionals prior to investing.