2022-2023 Gies Accountancy Annual Report

Leadership is at the core of our commitment to innovation. It is the catalyst that drives us to continuously challenge ourselves to expand our knowledge, engage our community, and build on our reputation as a leader in accounting education.

Our commitment to leadership is evident in our focus on excellence. We are never satisfied with the status quo; our department’s leadership and faculty continuously look for ways to make what we teach more relevant, inclusive, and accessible.

We also lead through our commitment to engagement. By welcoming diverse points of view and encouraging feedback, we strengthen connections among our alumni, faculty, staff, and students. We are endlessly appreciative of the many thought leaders who return to campus to share their expertise, offer advice, and inform the strategic direction of the department.

Because of our leadership in the areas of access and inclusion, we think more broadly about the challenges and opportunities ahead for educators and accounting professionals. By bringing in more voices, we help students see the importance of equity and diversity. By reaching out to the community, we strengthen our sense of purpose.

In this report, we show how the College’s five strategic commitments – innovation, excellence, engagement, access, and inclusion – work together to strengthen this department’s position as the leader in accounting education.

Leadership = Innovation

Focused paths to success

Gies continues to play a leadership role in undergraduate and advanced accountancy degrees, all designed to meet the increased demand for graduates who can turn data into insights and apply the latest technologies to complex problems.

The success of the department’s graduate programs in accounting led to the development of its newest undergraduate degree, a BS in Accountancy + Data Science (ACCY + DS). Launched in 2022, the ACCY + DS degree enables students to combine in-depth knowledge of data with industry and functional expertise. It was created to meet the growing demand for accountants, auditors, and tax consultants who have a native fluency in data, a natural facility for analyzing it, and an ability to communicate insights from that analysis.

“We were one of the first accounting departments to include data analytics into our curriculum, made possible by our close collaboration with The Grainger College of Engineering and other units on campus,” said Gies Assistant Professor Kim Mendoza, who is also the associate academic director of the University of Illinois-Deloitte Foundation Center for Business Analytics.

“Our innovative response to the effect data is having on the accounting industry makes our programs stand apart,” said Michael Donohoe, head of Gies’ Department of Accountancy. “Students can count on a cutting-edge curriculum and high job placement rates.”

The department offers three graduate accountancy programs – all STEM-designated – that are designed to meet learners wherever they are in their educational journey and prepare them to sit for the CPA exam:

The Master of Accounting Science (MAS) degree is a nine-month residential program for students with an undergraduate degree in accounting. In five years, the number MAS students from underrepresented populations has nearly doubled to 16%, and 98% of 2022 graduates secured a position within six months of graduation.

Those with undergraduate degrees in other majors who want an on-campus experience can earn a Master of Science in Accountancy (MSA) degree and pursue jobs as financial advisors, forensic accountants, consultants, and more with a three-semester commitment. Ninety-three percent of 2022 graduates secured a position within six months of graduation.

Head, Department of Accountancy

PwC Faculty Fellow

The department also offers an online Master of Science in Accountancy (iMSA) degree program, tailored to those already working in the field or who don’t want to uproot their lives to attend an on-campus program. They can earn this degree in two years as a part-time student.

“Few accounting programs offer this depth of curricula,” said Mendoza. “Students participate in active learning and real client experiences where they can learn how to turn large amounts of information into a concise analysis.”

Jay Estes (ACCY + DS ’25)

The combination of accounting and data science gives me a strong foundation in financial accounting principles and has helped me realize how powerful and useful data science can be.

I have learned valuable skills in the basic principles of accounting, data analysis, and data visualization, and also have been able to explore using data related to social media, finance, health issues, and housing demographics.

My immediate goal is to secure an internship where I can bring value by helping them effectively analyze financial data, identify pattern and trends, and provide relevant information that can be used to make informed decisions, solve problems and take action.

Joan Tessalonika (ACCY ’19, MAS ’20) FSO Assurance Senior in Wealth Asset Management, EY

I transferred to Gies as a junior and found the MAS program the perfect way to expand my knowledge base and become eligible for the two-year internship process with the Big Four accounting firms. I really enjoyed ACCY 517: Financial Statement Analysis because it gave me the opportunity to apply the theory I’ve learned to real-life situations.

I added a data analytics concentration to give me another way to differentiate myself from other candidates. With this path I earned the additional credits needed to sit for the CPA exam and was able to simultaneously focus on studying for it so I was ready to start my first job at EY as soon as I graduated.

Alanna Roman Abreu (MSA ’23) Tax associate, EY

My experience at Gies has helped me confirm that I have found the right career path. The MSA program has given me a strong foundation in general accounting and tax regulations and laws. Ultimately, it has prepared me to help companies in their financial planning by assisting in their understanding of and compliance with tax obligations.

Gies understands that there can be some cultural barriers for international students, particularly when you come from a very different culture, and they help you overcome them and feel at home. This creates a better learning experience – one in which I was encouraged to contribute, be proactive, think creatively, and communicate.

“We are never satisfied with the status quo; our department’s leadership and faculty continuously look for ways to make what we teach more relevant, inclusive, and accessible.”

Michael Donohoe, Head of the Department of Accountancy

Preparing the next generation of CPAs

Our department’s leadership, forward-thinking faculty, and innovative project-based curriculum means Gies students will be well-prepared to excel on the new CPA exam that’s set to launch in 2024.

“Our profession is changing, and the updated licensure model reflects the more advanced skills and competencies required for entry-level CPAs,” said Josh Herbold, associate head of the Department of Accountancy.

In 2021, the NASBA and AICPA launched the CPA Evolution project to update the CPA exam. After consulting with academia and practitioners, they determined three of the four core sections will remain the same:

• Auditing and Attestation (AUD)

• Financial Accounting and Reporting (FAR)

• Regulation (REG)

In addition to showing competencies in emerging technologies, CPA candidates will also select one of these three new disciplines to demonstrate greater skills and knowledge:

• Business Analysis and Reporting (BAR)

• Information Systems and Controls (ISC)

• Tax Compliance and Planning (TCP)

Gies’ Department of Accountancy began informal discussions about the impending changes in 2021, and by 2022 the department formed a Curricular Innovations Committee to perform a detailed curricular analysis. They analyzed course objectives and content by degree program and mapped that to the updated CPA Exam Blueprints for all sections of the exam. The committee found that our students continue to benefit from the path set by Project Discovery in 1997, which was a revolutionary shift in coursework that aligned with leadership by shifting focus from technical skills and spreadsheets to accounting concepts and principles.

“Project Discovery’s legacy of innovation was immediately and incredibly apparent – we could change nothing and meet the criteria,” said Department of Accountancy Head Michael Donohoe. “While our curricula will continue to be informed and not dictated by the CPA exam, we found some clear opportunities for enhancements and refinements.”

By Spring 2024, additional course content will include:

• ACCY 405: Assurance and Attestation will stay true to its Project Discovery roots, offering a broad overview of the profession and a student’s prospective place in it. Additional content will include tasks that link more specifically to accountancy standards covered on the new CPA exam.

• Additional emphasis on ethics in tax practice in bachelor’s degree tax courses.

• More coursework on government and nonprofit accounting, which is highly relevant, or specifically required, for CPA licensure outside the state of Illinois.

• ACCY 312: Principles of Taxation and 451: Advanced Income Tax Problems will include assessments and refinements to teach tax planning, which is now more often part of a new CPA’s job description.

“What we’ve confirmed is that while accounting programs at other business schools may still be navigating how to prepare their students to meet the new criteria, Project Discovery’s approach continues to pay off,” said Herbold. “Our leadership and focus on what’s ahead ensures our curricula continue to stay ahead of the pack, and our grads are well positioned to pass the exam at a pass rate far above the national average.”

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Our profession is changing, and the updated licensure model reflects the more advanced skills and competencies required for entry-level CPAs.”

Head of the the Department of Accountancy

Current Curriculum

Curricular Gap Analysis

Heat maps show how the Department will continue to enhance its already strong curriculum so ACCY students are well-prepared to excel on the new CPA exam.

Future Curriculum

Spring 24/25

Josh Herbold, Associate

Engaging alumni for strategic growth

Lyceum Series deepens connections with ACCY experts

The Gies Accountancy Lyceum Series focuses on the future of our profession, hosting top professionals and thought leaders from both public accounting firms and leading privately held companies.

“All of our Lyceums offer our community a way to connect with experts in the profession and gain a deeper understanding of timely developments relevant to our industry,” said Michael Donohoe, head of the Department of Accountancy. “It is also a great opportunity for students to get to know our alumni and allows the department to remain directly engaged with practice and its leaders.”

In the ACCY 405 Lyceum this spring, a Baker Tilly panel including Maddie Hasiewicz (ACCY ’19) discussed the evolving role technology plays in the tax practice at the firm; Grant Thornton’s Janet Malzone shared her perspectives on accounting career paths; and PwC’s Pete Regis (ACCY ’00) spoke about the impact and opportunities environmental, governance, and social responsibility have within accounting majors.

Last fall, EY’s Steve Sheckell, RSM’s Randy Dunlap (ACCY ’93), KPMG Chief Executive Officer Paul Knopp, and Farm Credit Illinois’ Kelly Hunt (ACCY ’00) spoke about topics ranging from the importance of strategic direction to how to lead an organization through disruption.

The Lyceum Series is a cornerstone of the curriculum for ACCY 405: Assurance & Attestation, which focuses on accounting concepts such as independence, risk, evidence, and control, as well as professional skills development. Other Lyceums are a central component of ACCY 201/202: Accounting and Accountancy I & 2 and ACCY 302: Decision Making.

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All of our Lyceums offer our community a way to connect with experts in the profession and gain a deeper understanding of timely developments relevant to our industry.”

Michael Donohoe, Head of the Department of Accountancy

Paul Knopp, KPMG

Spotlight: Pete Regis, PwC

Pete Regis’ (ACCY ’00) engagement with the Department of Accountancy started simply as a way to stay connected with former classmates.

Now, it’s become much more. This audit partner at PwC leads the firm’s recruiting at Illinois, identifies ways to attract more underrepresented students to the major and the profession, and gives strategic counsel to the department’s leadership as a member of its ACCY Advisory Board.

“It’s a mix of hard work and good fortune that I ended up at PwC, and I want to give back,” said Regis. “The Advisory Board provides feedback about the hot topics in the working world of accountancy – like the proposed changes to the CPA exam – and I enjoy mentoring Gies students looking to pursue a rewarding career path that’s fun and grounded in purpose.”

Recently, he spoke on campus to highlight a growth area in accounting that has a big appeal to students: environmental, social, and governance (ESG).

“People want to trust public companies and have the assurance that they are doing the right things,” said Regis. “I encourage students to pursue this area and use their business analytics skills to build frameworks that measure a firm’s performance on everything from greenhouse gas emissions to diversity hiring and promotion practices.”

You’ll also find Regis engaging students through small group meetings, one-one-one sessions, and at recruiting meet and greets. He counsels them on potential career paths and the importance of taking the CPA exam.

“Becoming a CPA opens up so many opportunities, and that is why I would always encourage students to pursue it,” said Regis. “It’s not just for public accounting. I share that the pursuit and achievement of the CPA is a key milestone that shows a level of commitment and drive and is an incredibly rewarding journey for the individual.”

2023 ACCY Advisory Board

The Department of Accountancy looks to its volunteer Advisory Board to support the continuous improvement of the quality, rigor, and relevance of its programs.

“We appreciate the Advisory Board’s commitment to fostering relationships with our department’s leadership and supporting initiatives that advance our mission, strategic objectives, and goals,” said Michael Donohoe, head of the Department of Accountancy.

The board meets twice a year and helps to both promote awareness and sustain the reputation of the department and its faculty throughout the year.

Name Company

Jason Aguiar (ACCY ’09, MAS ’10) EY LLP

Vairam Arunachalam (ACCY PhD ’91) University of Missouri

Paul Brocato (ACCY ’89) BDO USA LLP

Geoffrey Brown (LAS ’00) Illinois CPA Society

Angela Chalberg-Pool (ACCY ’94 MSA ’95) EY LLP

Bob Denninger (ACCY ’02) Plante Moran PLLC

Randy Dunlap (ACCY ’93) RSM US LLP

Kurt Gabouer (ACCY ’86) KPMG LLP

Kelly Duitsman Hunt (ACCY ’00) Farm Credit Illinois

Shannon Jones (ACCY ’13, MAS ’14) Molson Coors Beverage Company

Arla Lach (ACCY ’99) Grant Thornton LLP

Pam Lins (ACCY ’07, MAS ’08) McDonald’s Corporation

Pete Regis (ACCY ’00) PwC LLP

Chloe Sun (ACCY ’19, MAS ’21) RSM US LLP

Jenny Sheynin Fath (ACCY ’14, MST ’18) Etsy, Inc.

Ronald Sonenthal (ACCY ’83) Deloitte Tax LLP

Mark Wojteczko (ACCY & FIN ’04) Deloitte LLP

Yuntian (Tony) Wu (ACCY ’14, MAS ’16) Deloitte Tax LLP

Creating access by reaching out to the community

BBuilding on a successful first year, Gies is once again sponsoring the Accelerated Careers Awareness Program (ACAP), formerly the Accounting Careers Awareness Program, for underrepresented high school students in Illinois.

“Increasing access is necessary to bring more diversity into the profession,” said Justin Leiby, associate professor of accountancy and academic director of the accounting bachelor’s and master’s programs. “This summer program is an important first step in developing future Black business leaders by giving them exposure to accounting and other businessrelated careers and empowering them to make informed career and education

choices. Naturally, we hope to see a lot of these students choose Gies down the road.”

The week-long summer residency program July 17-21 is expected to draw students primarily from Chicago-area high schools and Rockford. The goal is to continue to expand its reach by attracting more learners from central and southern Illinois.

The students are encouraged to dig into the content, develop interpersonal skills, network, and improve their financial literacy, according to Assistant Director of Academic & Student Services Dionna Harper, who is developing the content for the program.

Gies Assistant Professor Andrea Rozario will lead a week-long case competition judged by faculty, pharmaceutical company Abbott will share an overview of the business world, and the Office of Undergraduate Admissions will explain the college application process.

“What we found most surprising is that as young as they are, they genuinely want to learn about creating a budget and developing personal wealth goals. They also were curious about starting salaries for different jobs,” said Harper. “Some students already know they’d like to be an accountant while others are here to explore whether a business major is the right fit for them.”

ACAP seeks to bring more diversity to the profession

VITA offers support to underserved taxpayers

Accountancy students are using their skills to give back to the community each spring through the Volunteer Income Tax Assistance (VITA) program. Gies again partnered with with Salt & Light, a nonprofit organization, to serve more than 500 unique taxpayers, including 25 Afghan refugees who recently relocated to the Champaign-Urbana area.

This is the second year VITA has received a grant from the IRS to assist with administrative tasks, so students and faculty members can focus on expanding the program’s reach. Of those providing demographic information this spring, 78% come from underserved populations, 25% have disabilities, and 5% have limited English speaking capabilities.

“I have the opportunity to be thanked repeatedly by taxpayers who are so grateful for the services that Gies students provide,” said Lisa Sheltra, Director of Community Engagement at Salt & Light. “They often talk about how pleased they are with the results they got, and how kind and accommodating the students are.”

Instructor of Accountancy Mandi Alt leads the program, partnering with seven faculty members to oversee 28 students prepare and file tax returns.

“The students receive certification, along with participating in a classroom component,” said Alt. “It’s a good resume builder. They tell us this real-life experience gives them an advantage as they look for internships and entrylevel positions.”

“They tell us this real-life experience gives them an advantage as they look for internships and entry-level positions.”

Mandi Ali, Instructor of Accountancy

Weaving DEI resources into classroom

As part of its commitment to creating an inclusive learning environment, the Department of Accountancy has built the Diversity, Equity and Inclusion (DEI) Repository into a robust resource that includes case studies and ideas reflecting the diversity of our students and future employers.

“This collection helps faculty build classroom community. We want every student to feel seen, heard, and valued in every accounting course they take,” said Josh Herbold, associate head of the Department of Accountancy.

The DEI Repository had a soft launch in November 2021 and is housed on Canvas, the university’s online course management system that professors use to post information, assignments, and grades. In addition to case studies, it hosts general resources, broken out by areas of focus, such as managerial accounting, data analytics, and audit. It also includes DEI work by professional accounting associations and leading accounting firms –work that focuses on gender, racial,

wouldn’t instantly think the topic of a play would impact the accounting numbers, but we ask students to include predictions in their models about how this topic might impact ticket sales because the theme makes people uncomfortable.

cultural, social class, and sexual identity inclusivity in the classroom.

Among the case studies is one taught by Herbold in ACCY 503: Managerial Accounting. It looks at a nonprofit community theater company in Boston whose charter is to perform works that bridge the understanding between India and US cultures. The assignment asks students to assess the cost-volume-profit analysis for a volunteer-led theater group’s play, called “Kamala,” that explores human trafficking in India.

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Josh Herbold

“You wouldn’t instantly think the topic of a play would impact the accounting numbers, but we ask students to include predictions in their models about how this topic might impact ticket sales because the theme makes people uncomfortable,” said Herbold. “It has prompted some interesting conversations about culture and belonging and its impact on business.”

In addition, the DEI Repository serves as a directory of diversity-focused professional organizations such as the American Indigenous Business

Leaders, the Association of Latino Business Professionals, and the Chinese Accounting Professors Association of North America.

“We think this could become the model for how other departments approach incorporating DEI into the classroom – we just happened to do it first,” said Herbold, who added it is also designed to support new university guidelines that ask those seeking promotion or tenure to demonstrate what they’ve done to promote DEI, in addition to their research, teaching, and service accomplishments.

“We want every student to know that not only are they welcome here, but there is a place for them, and the profession needs all of the voices of the increasingly diverse accounting community,” said Herbold.

Added Denise Lewin Loyd, associate dean for equity, “Diversity is about all of us. Each person at Gies Business is a part of the diversity that makes up our community. When we work to increase the diversity that’s already here, and when we allow people to show up as their full selves, we all benefit.”

“Diversity is about all of us. Each person at Gies Business is a part of the diversity that makes up our community. When we work to increase the diversity that’s already here, and when we allow people to show up as their full selves, we all benefit.”

Denise Lewin Loyd, Associate Dean for Equity