The Badger Account Year in Review 2021-2022

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A I S

Ye a r

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ACCOUNT A Year of Change and New Beginnings P. 2 Blazing a Trail: Theresa Hammond P. 9 Expanding the Scope of Learning P. 13

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LETTER FROM THE CHAIR

A Year of Change and New Beginnings

This year’s Letter from the Chair represents a passing of the torch. I have been privileged to spend my two-year term bridging the leadership gap between the eight excellent years of Professor Terry Warfield (now Senior Associate Dean of the Wisconsin School of Business) and incoming Chair Tom Linsmeier. Before I describe this exciting transition, allow me to reflect on the past year.

An Exciting Accreditation A major theme of this past year has been a long-term and strategically important accomplishment: receiving accounting accreditation for an additional five years from the Association to Advance Collegiate Schools

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THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

of Business (AACSB). This accreditation is for all the degree programs in accounting offered by the University of Wisconsin–Madison as the AACSB recognized our departmental initiatives as supporting continuous improvement of quality programs. Furthermore, they commended us on best practices that demonstrate our commitment to diversity and inclusion, engaging our external advisory board, and facilitating crossdisciplinary research. This accreditation process involved several months of data collection and reporting, culminating in an intense multi-day visit and interview process and a resultant 67-page document. I particularly want to thank Joanna Wangerin for leading the successful and thorough accreditation process on behalf of the AIS department.

Embracing New Journeys and Changing Times

Welcome, Incoming Chair Tom Linsmeier

There were also the more traditional accomplishments in the AIS department over this past year that I am pleased to highlight.

Perhaps leading on this list has been our hire of Professor Andrea Tillet from Florida State University. Professor Tillet’s research focus is on the effects of standard-setting changes on financial reporting and disclosure. She is a licensed CPA in the state of Florida and has previous work experience as a postgraduate technical assistant at the Financial Accounting Standards Board and as an advisory manager at Deloitte in Miami, Florida. I would like to thank our recruiting committee chaired by Professor Emily Griffith for leading the efforts to have Andrea join our AIS faculty.

Lastly—it is with great pleasure that I welcome Professor Tom Linsmeier (PhD ‘85) as the new AIS department chair. Tom is the Thomas G. Ragatz Accounting and Law Distinguished Chair, who came to us from the Financial Accounting Standards Board (FASB) in 2016. Tom has previously held faculty positions at Michigan State University (where he served in the department chair role), the University of Illinois Urbana-Champaign, and the University of Iowa.

He has returned home to Wisconsin where he received his PhD at the University of Wisconsin– Madison and has received our Distinguished Accounting Alumnus Award.

In turn, congratulations to the PhD students that we placed at different universities, including Mayer Liang at the University of Wisconsin– Whitewater, Zach King at Fordham University, Linette Rousseau at the University of Houston, and David Samuel at Singapore Management University. I would like to thank our PhD committee chaired by Professor Dan Lynch for its active role in the careers of these PhD students.

Finally, not only has the pandemic had an impact on the delivery of education, but it has also affected the accounting profession and nature of the student body. These changes have called for major strategic reexamination of our undergraduate and graduate programs.

The issues are being considered and addressed in a meaningful way through the collaboration of our professional programs and curriculum committees. The integrated efforts of these two committees, combined with the active role of our advisory board, provide a basis for optimism as we strive to effectively redefine educational objectives to guide us into the future.

Tom’s accomplishments are too many to list here, but I know he will be a natural leader to bridge the changing nature of educational delivery and the changing accounting profession. He has not missed a beat since returning to Wisconsin in terms of carrying out the spirit of the great Wisconsin scholars like Richard Ely and John Commons who defined the “Wisconsin Idea” in the early 1900s. I look forward to watching the AIS department thrive under his leadership.

Best wishes to all for the year ahead!

Mark Covaleski Robert Beyer Professor in Accounting Former Richard J. Johnson Chair of the Department of Accounting and Information Systems Wisconsin School of Business

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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PhD PROGRAM

Celebrating Well-Deserved Student Honors Current PhD student Derek Christensen (PhD ’24) had quite the year, earning recognition in both teaching and research. Derek earned the Douglas Clarke Memorial Teaching Award, which recognizes excellence in teaching within the accounting department, and the Henry C. Naiman Outstanding Graduate Student Teaching Award, which recognizes excellence in teaching within the Wisconsin School of Business.

In addition to these teaching honors, Derek was named the winner of the first FASB Emerging Scholar Award. The award recognizes the proposed doctoral thesis topic judged to be of the highest quality in terms of potential for a rigorous contribution to an issue of interest to accounting standard setting. Derek’s dissertation is comprised of three papers that directly address important issues related to lease accounting standards.

FASB member Christine Botosan, who initiated the program earlier this year, said, “Derek’s work on and passion for lease accounting exemplifies the kind of high-quality accounting research that this award program was established to promote. Research ideas of this caliber promise to help the FASB to make even better standard-setting decisions going forward.”

Way to go, Derek! You make us proud!

Amanda Carlson (PhD ’23) received the Innovation in Teaching Award—a campus-wide teaching award. The TA awards recognize graduate students’ excellence in one of six categories. Of the 2,100 teaching assistants across many disciplines at UW–Madison, Amanda was one of just 21 TAs to receive an award. The award she received recognizes TAs who bring extraordinary creativity to their work and have developed or adapted teaching methods or techniques in new and innovative ways. Amanda’s teaching has focused on both the undergraduate and graduate audit courses. Amanda assisted Professor Emily Griffith with a major overhaul of the 15-week course curriculum for the Advanced Assurance Services curriculum, focusing on auditor decision making, data analytics, statistical sampling, advanced risk assessment, complex estimates, and fraud topics.

Well done, Amanda!

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THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

Current PhD student Jessica Nylen (PhD ’25) received the 2022 William (Bill) Ezzell Scholarship. The AICPA provides this one-time award of $10,000 to five outstanding PhD candidates who demonstrate significant potential to become mentors for the next generations of CPAs. The scholarship honors the late Ezzell’s passion for the profession and recognizes his belief that the best way to encourage the next generation of CPAs is to put educators with relevant and recent real-world experience in the classroom. Jessica joined the PhD program with nine years of experience in the assurance practice at PricewaterhouseCoopers and is excited to share her knowledge with future generations both inside the classroom and through her academic research.

Great job, Jessica!

Julia Ariel-Rohr (PhD ’23), along with Professor Emily Griffith, was co-recipient of the Center for Audit Quality (CAQ) Access to Audit Personnel Award for their research proposal, Leveraging Feelings of Belonging to Improve Staff Auditor Outcomes. Since its inception, the CAQ has sought to improve audit quality by increasing engagement between auditors and the academic community and by fostering independent research related to the public company auditing profession.

Bravo, Julia!

A NEW ADVENTURE Recent graduate Clay Partridge (PhD ’20) accepted a tenure track position at the Ohio State University after spending time at the University of California, Davis. This position is a great opportunity for Clay to continue his research in financial accounting and reporting, focusing primarily on accounting standard-setting issues related to claims with characteristics of both liabilities and equity, such as EPS measurement, non-GAAP EPS reporting, and balance sheet classification of preferred stock.

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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PhD PROGRAM

Welcome to Our Newest PhD Candidate Brayden Bulloch (PhD ’27) earned his bachelor’s and master’s degrees in accounting from Brigham Young University (BYU).

While attending BYU, Brayden worked as a research assistant and a course instructor for introductory accounting. He has completed tax internships with EY and Tanner LLC. Brayden is interested in archival tax research. He started his PhD program in the fall of 2022. Welcome aboard, Brayden!

A FOND FAREWELL We say goodbye to four of our PhD candidates as they begin faculty positions at their new institutions.

They have demonstrated success in teaching and research, defended their dissertations, and are ready to take this next step! We wish them all the best, knowing this is not “goodbye,” but “see you soon”!

Mayer Liang (PhD ’22) has accepted a tenure track position at the University of Wisconsin–Whitewater, where she will continue her research related to financial accounting and reporting, particularly for issues related to cash flows.

Linette Rousseau (PhD ’22) accepted a position as an assistant professor at the University of Houston, where she will continue to pursue her research interests around auditors’ reporting and disclosure decisions, audit regulation, and governance.

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THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

Zach King (PhD ’22) has accepted a visiting assistant professor position at Fordham University, where he will continue exploring his research interests around accounting policy issues related to intangible assets.

David Samuel (PhD ’22) has accepted a tenure track position at Singapore Management University (SMU), where he will continue his research around corporate and international taxation.

David will be able to reminisce about all things Badgers and summers at the Terrace with former WSB colleagues Qiang Cheng (PhD ’02) and Xia Chen at SMU!

COMMENCEMENT

Graduation: Twice the Fun! FALL 2021 CEREMONY FOR SPRING 2020 GRADS

MAcc grad Zachary Wolinsky (MAcc ’20) and MAcc Program Director Kristen Fuhremann finally get to celebrate Zach’s graduation

Camp Randall sat bare during the spring of 2020; the university shifted to a fully virtual graduation ceremony that graduates watched, many from home, with close family and friends. It was hardly the celebration they had envisioned when starting their academic endeavors at UW–Madison. Fast forward to the fall of 2021 (yes, you read that right, the very time of year when Camp Randall is alive with Badger football) and those same May 2020 graduates had the opportunity to return to campus and celebrate their graduation in Camp Randall with classmates, friends, and family!

Graduates, some in full regalia and some more casual, heard from keynote speaker Pat Connaughton of the NBA champion Milwaukee Bucks (and his companion, the Larry O’Brien NBA Championship Trophy!), sang “Varsity,” and jumped around. The ceremony was capped off with a rousing display of fireworks, a fitting culmination to the journey of these graduates and hopefully offering some closure to their unique college experience.

SPRING 2022: WE’RE BACK! By the spring of 2022, graduation at Camp Randall had largely returned to normal (the ongoing construction in the south endzone aside!). The stadium was once again packed full of graduates with family and friends in the stands, an estimated crowd of just over 42,000, for the first full spring ceremony since May of 2019. The excitement was palpable!

Linda Thomas-Greenfield, U.S. ambassador to the United Nations and UW–Madison alumna, addressed the graduates. She spoke of her “Wisconsin experience” traveling above the Mason-Dixon line for the first time in her life when she joined her graduate program in 1974 and trading in grits and gumbo for brats and cheese curds. She encouraged graduates not to stay comfortable. “If you stay comfortable—if you stay in your comfort zone, sticking to what you know—then you are making a bet,” she said. “You are betting that your life, and the world, will stay the same.

And let me tell you, you will lose that bet every time.”

As the crowd spilled out of Camp Randall, MAcc graduates made their way to Grainger Hall for one last celebration as a class. Each spring the MAcc program hosts the graduates and their families (and Bucky!) as a final send-off as the graduates move on to their professional careers. It is always a joy to meet friends and families and share in the accomplishments of our great students.

MAcc students celebrate with classmates at Camp Randall

MAcc students gathering at the MAcc commencement celebration with Professor Stacie Laplante and Lindsay Acker (first row, first and second from left)

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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AWARDS BANQUET

Celebrating Exceptional Students, Alumni, and Donors On Thursday evening, September 23, 2021, the Department of Accounting hosted our annual awards banquet—an opportunity to come together and celebrate student accomplishments, thank our generous donors, and recognize the year’s Distinguished Alumna. The virtual format of the event did nothing to diminish the feelings of pride and accomplishment.

The evening kicked off with a welcome from department chair Mark Covaleski, emphasizing the spirit of celebration. In that spirit, two new professorships were announced. Terry Warfield holds the new PwC Chair in Accounting while Dan Lynch holds the Jay Price Professorship in Accounting. It was also announced that with the retirement of our colleague Ella Mae Matsumura, the Robert and Monica Beyer Chair in Accounting has been awarded to Emily Griffith. The department is so very thankful to these donors for their support of our outstanding faculty.

After honoring Distinguished Alumna Theresa Hammond, the awards ceremony closed with recognition of the top academic performers in the undergraduate accounting program, award-winning teaching assistants, and scholarship donors and recipients. It was an excellent evening that left a lasting impression on many.

OUTSTANDING GRADUATING SENIOR AWARDS The department once again recognized the top ten academic performers in the undergraduate accounting major. Achieving an average cumulative GPA above 3.9, these students have certainly demonstrated their academic prowess! Well done!

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Hannah Brochtrup (BBA ’21, MAcc ’22) Joey Catalano (BBA ’21, MAcc ’22) Travis Eilers (BBA ’21) Xinran Guo (BBA ’21, MAcc ’22) Jamison Huseth (BBA ’21, MAcc ’22) Emma Little (BBA ’21, MAcc ’22) Lauren Maier (BBA ’21, MAcc ’22) Matthew Peters (BBA ’21, MAcc ’22) John Rach (BBA ’21, MAcc ’22) Katelyn Swenson (BBA ’21, MAcc ’22)

TEACHING ASSISTANT AWARDS Many of our graduate students are appointed as teaching assistants and are responsible for the primary inclass delivery of introductory accounting courses. This requires much preparation and flexibility, particularly in the past year as we continued to adjust to teaching during a pandemic. We are happy to recognize the outstanding contributions of two MAcc and two PhD TAs for demonstrated success in these important roles.

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Douglas Clark Memorial Teaching Award (PhD)

Excellence in Teaching Award (MAcc)

Julia Ariel-Rohr (PhD ’23)

Ally Gustke (BBA ’21, MAcc ’22)

Derek Christensen (PhD ’24)

THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

Heather Rudnicki (BBA ’21, MAcc ’22)

Blazing a Trail DISTINGUISHED ALUMNA THERESA HAMMOND MAKES AN IMPACT THROUGH RESEARCH Theresa Hammond (PhD ’90) is the 2021 Distinguished Accounting Alumna. Mark Covaleski, who served as her dissertation chair when she was a PhD student, describes Theresa as smart, humorous, and courageous, a pioneer in the now often discussed and researched topics of diversity, equity, and inclusion.

Theresa, who is a professor of accounting at San Francisco State University, has focused her research on underrepresented minorities in the accounting profession. Data she collected for her dissertation during her time as a PhD student in Madison was the basis for her book A White-Collar Profession: African American Certified Public Accountants Since 1921. This book has received extensive media coverage including in C-SPAN’s Urban League Conference, The New York Times, The St. Petersburg Times, The Detroit News, and The Tennessean.

Dr. Hammond has been an invited speaker to numerous professional and organizational events.

In 2004, Professor Hammond testified on the underrepresentation of African Americans in finance professions before a congressional committee. With the KPMG Foundation, she co-founded The PhD Project and has been active in helping quadruple the number minorities earning a PhD in business since 1994.

At the awards banquet, Dr. Kim Walker (PhD ’20), who nominated Theresa as Distinguished Alumna, spoke passionately about the impact Theresa had on Kim’s own pursuit of her PhD. Mark Covaleski, Theresa’s dissertation chair, exuded pride as he formally introduced Theresa, giving context into the tenacity and passion she had as a PhD student researching a topic for which there was no easy data and one that was just not researched at that time.

In her remarks, Theresa reflected on her time in the PhD program and the challenges in getting support for her research around underrepresented minorities in the accounting profession. She spoke of the support she received from Mark Covaleski, despite the risk to him as a new professor. She spoke of the difficulties of finding other faculty members to support her research, eventually finding an ally in Don Hausch who, despite being a professor in operations, agreed to serve on her dissertation committee with Mark.

As Dr. Walker indicated in her introductory comments, there isn’t a word in the English dictionary that aptly describes Theresa Hammond’s passion, intellect, and all-around character. Dr. Hammond has had an exemplary career as a teacher and researcher and has made significant service contributions to academia and the accounting profession. Theresa received teaching awards from both the University of Wisconsin–Madison (as a graduate student) and Boston College (where she also served as department chair). Dr. Hammond embodies the Wisconsin Idea (by “doing research directed at solving problems that are important to the state”), and we are so proud to call her a Distinguished Alumna of the accounting program in the Wisconsin School of Business.

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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STUDENT HONORS

Students Awarded Highly Coveted Post-Graduate Internships Master of Accountancy (MAcc) students Lauren Maier (BBA ’21, MAcc ’22) and Emma Little (BBA ’21, MAcc ’22) were awarded highly competitive postgraduate technical assistant (PTA) internships with the Governmental (GASB) and Financial (FASB) Accounting Standards Boards, respectively.

During the one-year program, interns become highly involved with the accounting standard-setting process and come to have an in-depth understanding of the roles played by preparers, auditors, and users of financial information.

Lauren Maier

PTAs will be assigned to major agenda projects or to short-term practice and implementation issues, depending on the need for staff assistance. PTAs will be involved in all phases of their assigned projects, including analyzing written submissions received on documents issued for public comment, reviewing and analyzing published research, preparing memorandums on technical issues for board members’ information, drafting due process documents, and evaluating accounting proposals of other organizations. Additionally, PTAs will attend and occasionally participate in public board, task force, and other meetings pertinent to their projects.

Emma Little

WINNERS OF THE ELIJAH WATT SELLS AWARD The American Institute of CPAs announced 57 winners of the 2021 Elijah Watt Sells Award, and once again, the Wisconsin School of Business is well represented. Carter Calderon (BBA ’20, MAcc ’21) and Alex Tetzlaff (BBA ’19, MAcc ’20) were among the top performers from 2021.

The award recognizes those who scored a cumulative average score above 95.50 across all four sections of the CPA Examination, passed all four sections of the exam on their first attempt, and completed all testing in 2021. Some 72,000 individuals sat for the CPA Exam in 2021.

Carter Calderon

Carter is a tax associate at PwC, while Alex is working as an accountant with Kollath CPA. Founded in 1923, the Elijah Watt Sells Award program annually recognizes those with top CPA Exam scores. Sells was one of the first CPAs in the U.S. and was key to the founding of the AICPA as well as education programs within the profession.

Alex Tetzlaff 10

THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

ACCOUNTING STUDENT AMONG THE ‘BEST AND BRIGHTEST’ Monica Murphy (BBA ’22, MAcc ’23) was among Poets & Quants’ “Best and Brightest Class of 2022.” The award recognizes academic excellence, extracurricular leadership, innate potential, and personal character—a most fitting description of Monica!

As a member of the inaugural class of Business Emerging Leaders (BEL), Monica immersed herself in WSB and quickly stood out as a leader.

Monica’s cocurricular involvements include several roles in the Women in Business (WIB) student organization, including: • Social director (spring 2018) • Pioneered diversity director (spring 2019) • Organizational analyst (fall 2019) • Vice president of member development (fall 2020) Monica has completed several accounting internships with Deloitte and plans to return to their audit practice upon graduation from the MAcc program.

When asked to provide advice to students looking to major in business, Monica offered, “Say ‘yes’ to opportunities with an open and curious mind. Take classes that sound interesting (and not the ones to pad your GPAs), attend networking/employer events, and participate in conferences and business student organizations. These activities will help expose you to different careers and paths in business that might lead to a passion in a business-related field.”

Congratulations, Monica! You make us proud!

IN KEEPING WITH TRADITION The MAcc program has a long tradition of students selected for these prestigious honors.

Recent GASB Interns

Recent FASB Interns

Recent Elijah Watt Sells Award Winners

Devan Klaus (BBA ’20, MAcc ’21)

Henry Mirsberger (BBA ’20, MAcc ’21)

Carolyn Lapins (BBA ’16, MAcc ’17)

Ellen Lettenberger (BBA ’19, MAcc ’20)

Emily Frieler (BBA ’19, MAcc ’20)

Ally Gustke (BBA ’20, MAcc ’21

Andrew Debbink (BBA ’15, MAcc ’16)

Michael Lamers (BBA ’18)

Shelby Cameron (BBA ’17, MAcc ’18)

Austin Heckman (BBA ’19, MAcc ’20)

Tanner Engmann (BBA ’15, MAcc ’16)

Matthew Maley (BBA ’17, MAcc ’18)

Kayta Gruneberg (BBA ’15, MAcc ’16)

Sarah Maule (BBA ’18, MAcc ’19)

Andrea Willett (BBA ’13, MAcc ’14)

Tyler Reindl (BBA ’16, MAcc ’17)

Matt Baker (BBA ’14, MAcc ’15)

Kevin Machut (BBA ’17, MAcc ’18)

Alex Debbink (BBA ’12, MAcc ’13)

Peter Hamilton (BBA ’16, MAcc ’17)

Liesl Seiser (BBA ’13, MAcc ’14)

Maddie Nash (BBA ’17, MAcc ’18)

Kate Konetzke (BBA ’12, MAcc ’13)

Andrew Debbink (BBA ’15, MAcc ‘16) Sarah Stang (BBA ’15, MAcc ’16)

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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BEYOND THE CLASSROOM

Learning Doesn’t Stop: Growing Through Experiences Outside the Classroom

With over 40 student organizations in the Wisconsin School of Business alone, there is no shortage of opportunities for students to engage in cocurricular activities that align with their interests.

These organizations offer opportunities for networking with professionals and classmates alike, and they allow students to develop leadership skills and serve their communities. Leaders of student organizations have shown incredible perseverance over the last several semesters in the wake of pandemic-related restrictions, and we thank them for their efforts!

BETA ALPHA PSI The Sigma Chapter of Beta Alpha Psi (BAP), one of the most notable accounting-focused student organizations, continued to grow and develop during the 2021–22 school year. Beta’s pledge class was the largest of the past four semesters, and with focused recruiting efforts, they hope to continue that growth. During each semester, members and pledges had opportunities to network with many leaders in the accounting profession during the eight professional events that were held. Beyond the professional events, service is an integral piece of Beta’s activities. Service hours, which increased to just shy of 200 hours, saw members serve their local community through tutoring, donating to the Boys & Girls Club, and writing letters to a local nursing home.

INSTITUTE OF MANAGEMENT ACCOUNTANTS

The Institute of Management Accountants (IMA) gathering during another successful year

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THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

Under the leadership of Cole Navin, the Institute of Management Accountants (IMA) continued to thrive over the 2021–22 academic year. Achieving set goals of increasing membership, comradery, and inclusiveness, it was a great year for the IMA. The 83 members of the IMA had the opportunity to engage in 26 events throughout the year, including a new IMA Student Night, a networking event for members to meet and talk with accounting professionals. Beyond the studentfocused programming, the IMA accomplished some “housekeeping” goals by implementing a new website, membership payment system, newsletter, and bookkeeping process, setting up the organization for success long into the future.

IN THE CLASSROOM

Expanding the Scope of Learning MORE ANALYTICS? YES, PLEASE! As the CPA Exam is set for a major overhaul in 2024, many accounting programs are engaged in a comprehensive curriculum review to ensure program learning outcomes are best serving students entering the profession. Courses within our undergraduate and graduate accounting programs have steadily incorporated more disciplinespecific technology and analytics curriculum. We took a big step forward in the spring of 2022 with the inaugural offering of Foundation in Accounting Analytics.

With support of the curriculum committee, the course was developed by Distinguished Lecturer Ann O’Brien. Ann has long served as the instructor for the undergraduate Accounting Systems course required for all accounting majors. As Ann is well known among Accounting Systems educators and has served as the president of the AIS Educators Association, the course was in good hands!

The curriculum of this new course focuses on accounting analytics and emerging technologies (Alteryx, Tableau, Power BI, UiPath, and more) with data sets and cases relevant to financial and accounting professionals. With an innovative course design, students engaged in a blended model of online and inperson active and collaborative learning. Students enhanced their critical thinking, analytic mindset, and communication skills while also developing agility with technologies utilized by accounting professionals.

The American Institute of CPAs states, “The CPA of the future needs to have a data and digital mindset in order to understand complex business processes and controls and to work with digital tools and technologies. It is important that CPAs at a minimum have an understanding of data—and where and how it may be accessed—to be able to converse with clients about data and its potential use.”

We are excited to offer this new course to our students and anticipate more to come. Stay tuned!

INCREASING INCLUSIVITY IN THE PROFESSION Students in the three-week professional-practice issues course engaged the important topic of diversity, equity, and inclusion (DE&I) in the accounting profession.

This intensive course, led by Professor Dan Wangerin, follows a busy-season internship experience and punctuates the undergraduate degree program for students in the integrated MAcc program.

Students were broken into four-person teams and asked to consider how accounting firms can better implement DE&I efforts. To provide a foundation for their ideas, the first several class sessions introduced the many facets of DE&I. Students first heard from Tamie Klumpyan with Inclusion@UW; this on-campus division helps employees learn and practice skills that promote UW– Madison’s commitment to “value the contributions of each person … and create a welcoming and inclusive community for people from every background.”

That session was followed by a DE&I panel discussion with Tina Paulus-Krause, a certified professional coach from TPK Consulting, and Amy Jo Fisher and Terra McKinney from American Family Insurance. Lastly, students were introduced to the topic of stakeholder capitalism by CEO emeritus of Young & Rubicon Peter Georgescu. These relevant and timely discussions provided an important DE&I foundation for students to consider.

Using what they learned in these class sessions and reflecting on their personal experiences during their internships, each team completed a case study designed to make recommendations for improving the ways accounting firms implement, incentivize, and measure performance of their DE&I initiatives. The teams’ proposals were creative and innovative, and we are excited for these students to enter the profession where they can be part of the execution.

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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DEPARTMENT UPDATES

Celebration of Legacy: Faculty and Staff Retirements

Once again, we bid a fond farewell to three stalwart members of the accounting department.

Michele Parker, Tony Greig, and Mark Covaleski each retired after the Spring 2022 academic semester.

With Michele Parker’s retirement, we lost a host of institutional knowledge.

Michele has served many roles across campus and at WSB. She has served the greater campus community on many committees and provided leadership and mentoring to many colleagues. To say she will be missed is an understatement.

During her time as the academic programs specialist in the Department of Accounting, Michele has served as the first line of defense for all aspects of the department. Whether she is helping a student with an enrollment question or helping a new faculty member navigate their move to Madison, Michele always seems to have the answer … or knows who to ask! She has managed the department’s budget and planned and executed advisory board meetings and annual awards banquets. She has served as a key contact for many alumni and donors alike, always taking the time to engage in conversation. Michele has masterfully managed the timetable of course offerings—any accounting faculty who is able to teach back-to-back classes in the same room has Michele to thank!

Michele’s tenure in WSB meant she was a resource for many of her colleagues, and her service to the school was not unnoticed. In 2019, Michele was awarded the Erwin A. Gaumnitz University Staff Service Award, a very deserving honor reflective of her impact on the school.

We will miss Michele’s singing voice at the next WSB holiday gathering and her cheerful presence in department meetings. She was always one to offer a positive message and words of encouragement.

We wish Michele nothing but the best in her retirement from the university and her future endeavors.

Tony Greig joined the Department of Accounting in 2012 as a senior lecturer teaching primarily in the financial accounting space. Tony led the delivery of the advanced financial accounting course required of all accounting majors in addition to teaching multiple sections of the second intermediate financial accounting course. Beyond his role in the classroom, Tony served the department through his role on the Professional Program Committee and through his steady leadership of the Sigma Chapter of Beta Alpha Psi. Tony has a strong reputation of knowing a lot … about a lot! With no shortage of conversation starters—whether about his home country of New Zealand; his latest run, ride, or pickleball game; or the latest story in the financial press—Tony can keep pace in any company!

One of Tony’s most impactful roles in the department has been his leadership of Beta Alpha Psi. This role has seen Tony advise countless students as they navigate their exploration of the profession. Through Thursday evening professional events, overnight trips to visit companies around the Midwest, community service, fundraising events, and more, Tony’s leadership has helped retain Beta Alpha Psi as one of the marquee groups for accounting students.

We thank Tony for all his contributions to the department and wish him nothing but happiness in his retirement.

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THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

A member of the accounting faculty since 1975, Mark Covaleski’s tenure in the department is the epitome of the Wisconsin Experience. His service to his students, colleagues, community, and profession is unmatched. Mark’s research pertains to the use of accounting information for planning and control in organizations and society. He is a nationally known speaker and educator on financial management in the health care setting.

Mark’s programs have been featured at health care providers including Mayo Clinic, Harvard Community Health Plan, Northwestern Memorial Hospital, Advocate Health Care Systems, Legacy Health Care System, Presbyterian Hospital System, Catholic Health Initiatives, Brigham and Women’s Hospital, and Mercy Health Systems, among many others.

An award-winning teacher, Mark has taught courses ranging from introductory financial and managerial accounting to graduate courses in strategic cost management to PhD seminars. He regularly led courses in WSB and the School of Medicine and Public Health. Beyond that, he led various executive education courses for many professionals.

Mark is a prolific and award-winning researcher, with over 75 published journal articles. He has served as an advisor and thesis committee member to almost 30 PhD students.

Mark’s services to the University of Wisconsin–Madison are too many to mention but include serving on various chancellor’s boards and committees as well as chairing the university’s Athletic Board, the WSB Dean’s Search Committee that brought on Dean Samba, and many department committees. Mark also chaired a WSB diversity committee on two separate two-year terms in the 1990s and directed a committee on enhancing minority enrollment and retention in graduate education from 1991–1993.

No words or commendations can do justice to the impact that Mark Covaleski has made on those of us lucky enough to call him a colleague and friend. He will truly be missed in the halls of Grainger, and we wish him all the best in his retirement.

AACSB Accreditation Recognizes AIS Department’s Successes We are proud to report that earlier this year the Department of Accounting and Information Systems earned reaccreditation by the Association to Advance Collegiate Schools of Business (AACSB). Reaccreditation occurs every five years and it is a significant accomplishment, providing external validation of our progress in the areas of research, teaching, and outreach.

AACSB accreditation is known worldwide as the longest-standing, most recognized form of specialized accreditation that an institution and its business programs can earn. Accreditation is a voluntary, nongovernmental process that includes a rigorous external review of a school’s mission, faculty qualifications, curricula, and ability to provide the highest-quality programs. Earning AACSB’s supplemental accounting accreditation signifies a business school’s commitment to strategic management, learner success, thought leadership, and societal impact.

We are thankful to Joanna Wangerin for leading the effort on behalf of the department and all who participated in the five-year review, including students, faculty, staff, and alumni.

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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DEPARTMENT UPDATES

Welcome, Andrea Tillet!

The department is excited to welcome Andrea Tillet as a new assistant professor.

Andrea received a BS in Accounting and an MS in Accounting from Florida State University and is also a certified public accountant. After completing her MS, Andrea worked at the FASB as a postgraduate technical assistant.

She then joined Deloitte Advisory as an accounting advisory manager where she specialized in helping clients implement the new FASB revenue recognition standard (ASC 606) and compliance with SEC financial reporting requirements for capital markets transactions. In May of 2022, Andrea received a PhD in Accounting at Florida State University where she received numerous research and teaching awards.

In her research, Andrea leverages the deep knowledge she gained from her work experience at the FASB and Deloitte Advisory. In her dissertation, she examines whether the FASB achieved its objective of increasing revenue comparability after issuing ASC 606. Her findings indicate that while the adoption of ASC 606 is associated with an increase in revenue comparability across industries, this increase came at the expense of decreased revenue comparability within industries. She also finds that revenue comparability provides decision-useful information to equity analysts. In recognition of the impact and importance of her work, Andrea received the 2021 Best Dissertation Award from the Financial Accounting and Reporting Section of the American Accounting Association.

In other research, Andrea examines whether firms’ quantitative and qualitative disclosures are informative to users of financial statement information, namely equity and credit analysts. In one of her papers, Andrea investigates how implementation of ASC 606 impacted the predictability of future revenue. Her findings indicate that the implementation of ASC 606 reduced equity analysts’ ability to predict future revenue and increased information asymmetry between investors, but these results are mitigated when managers issue voluntary revenue forecasts. In another paper, she studies whether credit analysts use borrowers’ qualitative disclosures in making credit risk assessments. Her findings show that credit analysts’ “soft adjustments” reflect information from borrowers’ qualitative 10-K disclosures. This paper was recently accepted for publication in The European Accounting Review.

Andrea is excited about joining the Badger community and collaborating with faculty and doctoral students at WSB. Furthermore, having spent most of her life in Florida, Andrea is looking forward to experiencing all four seasons and enjoying Madison’s alligator-free lakes.

ALL WORK, NO PLAY? What is a springtime accounting research workshop without a trip to the Memorial Union Terrace? Accounting faculty and PhD students alike enjoyed a nice gathering at the Terrace, giving an opportunity to welcome new faculty member Andrea Tillet and welcome back Visiting Scholar Qiang Cheng (PhD ’02), Lee Kong Chian Chair Professor of Accounting and Dean of the School of Accountancy at the Singapore Management University.

TOP: Faculty members MJ Kim, Andrea Tillet, and Visiting Scholar Qiang Cheng (PhD ’02) BOTTOM: PhD students Zach King (PhD ’22) and McKay Jones (PhD ’26)

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THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

ADVISORY BOARD MEMBERS

DEPARTMENT OF ACCOUNTING AND INFORMATION SYSTEMS ADVISORY BOARD MEMBERS With two full board meetings each academic year, along with many informal consultations throughout the year, we are truly thankful for the time, energy, and feedback provided by our advisory board.

Steven Carter* VP/CFO Briess Malt & Ingredients Co. Dianne Dubois* Principal Maple Street Associates Katherine Feucht* Audit Partner and Global Real Estate Leader Deloitte Scott Harmsen* Partner, Tax Services Grant Thornton Brian P. Kennedy Assurance Partner Ernst & Young Tim Mattke* Chief Executive Officer MGIC Investment Corporation Derek Matzke* Assurance Partner BDO Amy Mutziger* Vice President, Business Transformation Johnson Controls, Inc.

Sarah A. Nemke* Senior Director, Global Accounting and HQ Finance SC Johnson & Son, Inc. Jason Parsons* Assurance Partner KPMG Jason Schultz* Director, High Yield Research Northwestern Mutual Investment Management Company Jessica Schwantes* Tax Partner and Market Leader Wipfli Tom Sheahan* Partner and Assurance Quality Co-Leader Baker Tilly Virchow Krause Isabel Tarnowski* Senior Manager, Reporting & Compliance Douglas Dynamics Troy Van Beek* VP, Finance American Family Insurance Brad M. Zastoupil* Assurance Partner PricewaterhouseCoopers *Alumni

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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AWARDS, RESEARCH GRANTS, PUBLICATIONS, AND PRESENTATIONS

Hats Off to Our Faculty Karla Zehms Karla earned the Outstanding Auditing Educator Award at the American Accounting Association’s Auditing Section midyear meeting. This award is conferred annually and recognizes outstanding achievements in research or teaching in the field of auditing as evidenced by publications, educational innovations, guidance to graduate and undergraduate students, or excellence in teaching.

Publications: Condi, E., Convery, A., Zehms, K.M. “Fraud Firms’ Non-Implicated CFOs: An Investigation of Reputational Contagion and Subsequent Employment Outcomes.” Contemporary Accounting Research (July 2022).

Tom Linsmeier Dean Vallabh Sambamurthy invited Tom to serve a three-year term as chair of the Department of Accounting. As the Thomas G. Ragatz Accounting and Law Distinguished Chair, Tom has expertise in financial reporting for derivatives, risk management, and other standard-setting activities. He served as an appointed member of the Financial Accounting Standards Board (FASB) from July 2006 to June 2016 before joining the Wisconsin School of Business in 2016. Thank you, Tom, for agreeing to serve in this critical role.

Publications: Linsmeier, T., Wheeler, E. “The Debate Over Subsequent Accounting for Goodwill.”

Accounting Horizons (2021).

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THE BADGER ACCOUNT | 2021-2022 AIS YEAR IN REVIEW

Andrea Tillet Andrea is the winner of the AAA FARS Best Dissertation Award for her dissertation entitled “Revenue Recognition Comparability.” The plaque commemorating this award will be a nice addition to her new office in Grainger Hall!

Ann O’Brien Ann was invited by Tableau to present with Dan Stone for their Lunch and Learn series.

They presented a case study that can be used to teach students how to answer client questions and visualize accounting data.

Tableau hosts these Lunch and Learn sessions to demonstrate how instructors are bringing data literacy into the classroom.

Willie Choi Willie was appointed to the AICPA’s Future of Finance Leadership Advisory Group.

The group focuses on identifying ways to help transform the corporate accounting finance functions into strategic value partners within organizations.

The group comprises mainly CFOs and finance leaders across a wide spectrum of organizations, and Willie is one of only two academics serving on the advisory group.

Publications: Choi, J.W., Presslee, A. “When and Why Tangible Rewards Can Motivate Greater Effort Than Cash Rewards: An Analysis of Four Attribute Differences.” Accounting, Organizations and Society (forthcoming).

Emily Griffith Emily was the recipient of the Notable Contributions to the Auditing Literature Award.

The award recognizes a published work of exceptional merit that makes a significant contribution to auditing or assurance research, education, or practice.

Emily was also appointed as an editor for Auditing: A Journal of Practice & Theory and elected as treasurer of the Auditing Section of the AAA. Publications: Griffith, E.E., Hammersley, J.S. (BBA ’86). “The Role of Valuation Specialists in Audits of Fair Values and Potential for Change Under Amended PCAOB Standards.” Auditing: A Journal of Practice & Theory (June 2022).

Rob Misey In April, Rob caught a foul ball at a Major League Baseball game for the first time in nine years. His career total stands at eight balls and Rob anticipates reaching double figures by the end of the decade. Never underestimate the importance of setting achievable goals!

Publications: The 13th edition of Rob’s A Practical Guide to U.S. Taxation of International Transactions was published in August. Rob also continues to author a quarterly column entitled “Global View” for the Journal of Tax Practice & Procedure.

Terry Warfield Publications: Convery, A. (PhD ’15), Kaufman, M. (PhD ’16), Warfield, T.D. “Stakeholder Engagement and Effective Standard-Setting.”

Accounting Horizons (June 2022).

Convery, A. (PhD ’15), Kaufman, M. (PhD ’16), Warfield, T.D. “Stakeholder Conflict and Standard-Setting Foundation Oversight.”

Accepted for presentation at the Journal of Accounting and Public Policy Conference (2022).

John J. Wild John was invited to serve on the 2021–2022 AAA Notable and Distinguished Contributions to Accounting Literature Award Screening Committee. John was also reappointed to the editorial board of the Journal of Accounting and Public Policy.

Publications: Wild, J.J. “Explanatory Power of Earnings for Returns: Nonstationarity, Disaggregation, and Timeliness.” Review of Accounting and Financing (forthcoming).

Tyler Thomas Publications: Martin, R., Thomas, T. “Target Setting With Compensation Discretion: How Are Ex Ante Targets Affected When Superiors Have Ex Post Discretion?”

Accounting, Organizations and Society (2022).

Matsumura, E.M., Thomas, T., Yatsenko, D. “Adverse Effects of Confidence in Complex Cost Systems Amid Competition.” Advances in Management Accounting (forthcoming).

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

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975 University Avenue Madison, WI 53706

THE

BADGER

ACCOUNT

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9

undergraduate business program (public universities)

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undergraduate accounting program

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best public college (UW–Madison)

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Rankings are from U.S. News & World Report, 2022–2023

STAY IN TOUCH TOM LINSMEIER

KRISTEN FUHREMANN

Department Chair, Accounting and Information Systems Richard J. Johnson Chair of the Department of Accounting and Information Systems Thomas G. Ragatz Accounting and Law Distinguished Chair thomas.linsmeier@wisc.edu (608) 265-2985

Deputy Department Chair, Accounting and Information Systems kristen.fuhremann@wisc.edu (608) 262-0316