CPADIRECTORY.COM COMES OUT AGAINST THE AICPAS OUTRAGEOUS DECISION

CPAdirectory.com, the CPA profession's Internet portal, has decided to take a stand against the global designation "Cognitor" as proposed by the American Institute of Certified Public Accountants. The Company, whose online directory includes over 450,000 CPAs, has sent out today an e-mail to CPAs across the nation to urge the AICPA to drop its pursuit.

CPAdirectory.com believes the only new "global" designation should be the three letters "CPA". It claims the AICPA has never branded the "CPA" effectively to the public and the creation of a new designation will only confuse and weaken the public's perception of what a CPA is.

The AICPA and the CPA profession has been under fire lately from the SEC, spearheaded by chairman Arthur Levitt, who claims high priced consulting services provided by the Big Five accounting firms have compromised the independence and objectivity required of CPAs to insure financial statements of public companies are reflected accurately.

CPAdirectory.com, in its e-mail, stated the AICPA, in its quest to enhance the profession has gotten way off track." Most CPAs are unaware of what the AICPA is doing to the profession. In the spring it passed a 200 million dollar web portal project called CPA2BIZ without a membership vote. Now it's trying to introduce an international designation that sounds like a dinosaur. The AICPA is supposed to be a nonprofit membership organization formed to protect the interests of its members, the CPAs. CPAdirectory.com now fears proposed SEC regulation compounded by misguided efforts of the AICPA will have a disastrous impact on the small to medium sized CPA firm whom CPAdirectory represents."

FOR IMMEDIATE RELEASE
October 20, 2000

Contact:
Michael Rosedale CPA
CPAdirectory.com, Inc.
516-409-8357
888-272-2000
michael@cpadirectory.com