The Badger Account Year in Review 2019-2020

Terry Warfeld presents Thomas Ragatz with the 2019 Distinguished Alumnus Award P. 10

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THE

BADGER ACCOUNT 2019-2020 Year in Review

.... ................ .. .. .. .. .. .. .. .... Chair Mark New Covaleski Brings a Wealth of Expertise P. 2

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Managing the Unexpected: Shifting Course, Shifting Courses P. 4

Spring Ethics Symposium: Ethics and the Accounting Profession P. 24

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LETTER FROM THE CHAIR

A Changing of the Guard

New Department Chair Mark Covaleski brings a wealth of expertise internship and job ofers? These events caused consternation but are also driving creativity, and our resilient Badger community continues to rise to the challenges as we collectively fnd new ways to teach, learn, and serve our partners and each other.

Notable research and teaching career

Professor and Chair Terry Warfeld addresses guests at the department’s annual awards and recognition banquet

I have been honored to serve as the chair of the Department of Accounting and Information Systems for the past eight years. Now, it is my great privilege to hand the reins to Mark Covaleski, Robert Beyer Professor of Management Accounting, who will capably guide the department for the next leg of our journey.

Leadership transitions are an exceptional opportunity to bring new focus and fresh ideas.

It is an understatement to say that Mark takes over at a very interesting time. Who could have predicted that a pandemic would send students of campus after spring break, redirect us to online instruction overnight, derail a traditional commencement, and impact students’

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Mark earned a PhD in accounting from Pennsylvania State University in 1978 and joined UW–Madison as a faculty member in 1979. Mark’s extensive body of research has focused on the use of accounting information for planning and control in organizations and society, as well as the evolution of the accounting profession. A revered educator, his teaching addresses strategic cost management, managerial accounting, and health care fnancial management.

Mark’s work has been recognized in many disciplines beyond accounting, with more than 7,700 citations by other academic leaders.

He has earned “Outstanding Research Paper of the Year” honors three times from diferent research journals and is continually recognized by top publications as one of the profession’s most productive and prolifc researchers.

Issues in Accounting Education once named him one of the 10 best faculty members from his graduating class of doctoral students out of more than 5,000 accounting doctoral graduates based on publication volume and adjusted for co-authorship and journal quality.

“As chair, Mark brings a wealth of experience that will help shape our immediate future. His career exemplifes the best of the Wisconsin Idea, refected in his long history of contributions to leadership roles on campus and in the community.”

THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

— Outgoing Chair Terry Warfeld

State of Wisconsin Department of Health and Social Services General Technical Advisory Committee for Decertifcation Programs.

He served as board chair for Mental Health Center of Dane County and Visiting Nurse Services Home Health Care Agency, Madison, and served on the advisory group of the Critical Care Nursing Systems Study at the University of Washington. Mark also worked with numerous professional associations related to health care in their educational missions, notably the American Academy of Orthopedic Surgeons, the American College of Obstetricians and Gynecologists, the American College of Physician Executives, the Mayo Clinic, and scores of other health care delivery systems across the country.

Pledging our support Incoming Department Chair Mark Covaleksi takes the helm in Summer 2020

As chair, Mark will bring this depth of expertise as well as a wealth of leadership experience that will help shape our immediate future.

His career exemplifes the best of the Wisconsin Idea, refected in his long history of contributions to leadership roles on campus and in the community.

Embodying the Wisconsin Idea to serve campus and the community Recently Mark served the chancellor’s ofce by chairing the search committee that selected Dean Vallabh “Samba” Sambamurthy—a double privilege since Dean Samba joined the faculty of our department. Mark has also served the chancellor’s ofce on various university-wide eforts, with eight years of service on the athletic board, including chairing the fnance committee and then chairing the board.

He served three years on the University Social Sciences Divisional Executive Committee (which governs tenure and promotion cases across campus) and nine years, two as chair, on the subcommittee of the WSB Executive Committee. Finally, he served six years on the chancellor’s Disability Advisory Committee, six years as a faculty representative on the campus board for the Student Health Center, and ten years on the advisory board for the Bolz Center for Arts Administration.

Faculty members are often asked to contribute their expertise to improve communities.

Mark has made substantial contributions, especially in health care, including with the State of Wisconsin Nursing Home Rate Review Committee of the Mentally Retarded and the

Please join me in welcoming Mark to his new role as he pulls together all the best of our knowledge, skills, and creativity to lead us into a challenging but exciting time. We have always excelled at preparing talented students to lead with strength. Now more than ever, a changed workplace will seek graduates who are critical thinkers, solidly grounded in essential business concepts, and well trained to manage change creatively. That’s what we do best. Mark, you have our full support to keep us moving forward!

Your support makes a diference Enjoy this issue of Accounting Year in Review, which highlights our many accomplishments over the past year. I remain grateful for the support of our advisory board, which provides good counsel and input for our accreditation review and to our program and curriculum development. Our success is due in large part to the contributions of our alumni and friends, and our future depends on your continued support. I hope you will contribute to the Department of Accounting and Information Systems at http://bit.ly/1DeW4Pm. Thank you!

Terry Warfeld

PwC Professor in Accounting Richard J. Johnson Chair of the Department of Accounting and Information Systems Wisconsin School of Business

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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COVID-19 RESPONSE

Managing the unexpected

Shifting Course, Shifting Courses March 2020 began with Grainger Hall bustling with students, Beta meetings, and an IMAcc career fair. Enter COVID-19. On Wednesday, March 11, Chancellor Blank announced the university’s move to a virtual environment after spring break in response to the rapid spread of the virus. An initial threeweek hiatus in face-to-face instruction extended through the end of the spring semester and then into the summer term.

Faculty, staf, and students faced a tsunami of changes, pivoting mid-semester from face-to-face to 100% virtual learning. What we accomplished in the spring was nothing short of amazing and took extensive eforts by everybody involved. Instructors re-evaluated course plans and refected on how to meet learning outcomes in an uncertain environment. They collaborated on how to best engage students with available online tools, how to facilitate group work and discussions, and how to assess learning.

Instructors also adjusted virtual content and assessments to allow fexibility. While some students remained on campus, the vast majority moved to their permanent residences. Access to high-speed internet was not guaranteed, nor was bandwidth to support, in many cases, several family members working and learning from home. Many students reported difculty creating a good space to study; for many, childhood bedrooms are not conducive to studying for an accounting exam! The term asynchronous became a regular part of our vocabulary. Students were spread across multiple time zones, so some were unable to commit to online engagement at the previous face-to-face times.

Through the upheaval, Badgers did what Badgers do; we came together and persevered. Instructors collaborated on best practices, students ofered honest feedback, and innovations abounded on how to best use available technology to accomplish learning outcomes. Support staf worked tirelessly to support instructional faculty and students during the transition. The learning curve was steep for many, but there is no doubt that once we have a moment to refect on the changes, there will be long-term benefts and applications to what we continue to learn.

The Accounting Department goes virtual for our monthly faculty meeting

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THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

PROGRAM RECOGNITION

STANDING OUT

2019 Public Accounting Report rankings:

#19

#16

#12

BEST PhD ACCOUNTING PROGRAM

MASTER OF ACCOUNTANCY PROGRAM

UNDERGRADUATE ACCOUNTING PROGRAM

(Up from #26 in 2018)

(Also #16 in 2018)

(Up from #15 in 2018)

UNIVERSITY OF WISCONSIN–MADISON

CPA #3 First-Time Exam Pass Rates

by large collegiate programs for 2018 (220 candidates, 87.2% pass rate)

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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PhD PROGRAM

Linette Rousseau Earns Prestigious Deloitte Fellowship Linette Rousseau (PhD ’22) is a recipient of the Deloitte Foundation 2020 Doctoral Fellowship in Accounting. Designed for students planning on careers in higher education, the program awards only ten such fellowships nationally each year from the approximately 100 institutions invited to submit applications. Individual awardees receive $25,000 to support their remaining coursework and dissertation. This year’s awardees include students from MIT, Michigan State University, Virginia Tech, and the University of Texas at Austin, among others.

Linette Rousseau is one of ten students nationwide to receive a 2020 Doctoral Fellowship in Accounting from the Deloitte Foundation

“Linette’s dissertation will relate to the new auditor report model, in which auditors must explain the most complex judgments that they made during the client engagement,” says Linette’s PhD committee chairperson, Karla Zehms. “I’ve been her colleague on a paper, ‘Audit Partner Style in Key Audit Matter Reporting Decisions,’ which explores distinctive auditor reporting styles under the new model. The Deloitte Fellowship recognizes excellent PhD students like Linette, and I am delighted to be serving as her PhD committee chairperson.”

Rousseau started the doctoral program in accounting at WSB in 2017 with a focus on auditor reporting and disclosure decisions. A CPA since 2017, she received the Elijah Watt Sells Award— an award granted by the American Institute of Certifed Public Accountants—for outstanding performance on the national CPA exam. She received a UW–Madison Teaching Award in 2018 and 2019. Rousseau holds a bachelor of arts in psychology from the University of Tennessee, Knoxville, and a master of accountancy from Georgia Southern University. Prior to joining the doctoral program, she worked in KPMG’s federal government audit division in Washington, D.C.

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“Linette exemplifes superior performance as a PhD student—she is self-motivated, creative, and willing to take chances with her research agenda.”

— Karla Zehms Ernst and Young Professor in Accounting Department of Accounting and Information Systems

WSB’S DEPARTMENT OF ACCOUNTING AND INFORMATION SYSTEMS HAS A STRONG TRACK RECORD FOR PRODUCING DELOITTE FOUNDATION FELLOWSHIP WINNERS.

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Mary Vernon, current WSB doctoral candidate, was a Deloitte Foundation Fellowship awardee. Vernon’s area of focus is taxation. She has several research projects in progress and has co-authored articles with WSB accounting faculty.

Marsha Keune (PhD ’10) received the Deloitte Foundation Fellowship while a doctoral student under advisor Jon Davis, then professor and chair of WSB’s Department of Accounting and Information Systems. Keune is now an associate professor at the University of Dayton.

Thomas Linsmeier (PhD ’85), a current WSB faculty member, professor of accounting and information systems, and the Thomas G. Ragatz Accounting and Law Distinguished Chair, was awarded the fellowship (then known as the Deloitte Haskins & Sells Doctoral Fellowship).

THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

MILESTONE TRANSITIONS Welcome New PhD Candidates Katie Boylen (PhD ’25) earned her bachelor’s degree in accounting from the University of Nebraska-Lincoln and her master’s degree from the University of Notre Dame. Katie worked as a senior associate in the Financial Services tax group in PwC’s Chicago ofce. Katie is interested in archival tax research.

CPA Jessica Nylen (PhD ’25) earned her bachelor’s and master’s degrees in accounting from the University of Iowa. Jessica then spent nine years in the audit practice at PwC, performing audits of public and private companies in the consumer and industrial products sector. During her last year at PwC, she helped audit teams leverage technology for automation, efciencies, and improved quality. Jessica is an AICPA Accounting Doctoral Scholar and plans to apply her background in her audit research.

Farewell PhD Students Albeit without a traditional graduation celebration, four PhD candidates completed their studies, defended their dissertations, and moved on to faculty positions at other institutions. We wish them all the best!

Clay Partridge (PhD ’20) joined the faculty at the University of California-Davis as a lecturer. Clay continues his research on fnancial reporting issues related to hybrid securities, such as balance sheet classifcation of preferred stock and accounting measurement of dilution in earnings per share.

Clay will teach Intermediate Accounting for UC-Davis, something he is well prepared to do having earned the Henry C. Naiman Outstanding Graduate Student Teaching Award from WSB in the spring of 2020.

Kim Walker (PhD ’20) has joined the accounting faculty at Virginia Tech where she plans to continue her research in the area of audit and auditor behavior.

Ben Osswald (PhD ’20) has joined the accounting faculty at the University of Illinois at Urbana-Champaign where he will continue his research in the area of taxation, with a focus on tax planning of multinational corporations, frms’ information environment, and tax incentives for research and development.

Erika Wheeler (PhD ’20) has joined the accounting faculty at Southern Methodist University where she will continue her research around fnancial reporting issues with a focus on the subsequent accounting for goodwill.

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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AWARDS BANQUET

Celebration and Recognition Lynch to associate professor, Russell Epp to senior lecturer, and Ann O’Brien and Al Talarczyk to distinguished lecturer. Terry thanked the department’s external advisory board for its support and insights. Longtime member Bob Cottingham (BBA ’90) will step down from the board and was recognized with a plaque for his service. Thank you, Bob!

Terry Warfeld presents a plaque to longtime board member Bob Cottingham (BBA ’90) for his years of service

The department’s annual awards banquet is a highlight of the fall semester as we recognize donors for their generosity and acknowledge the hard work and strong academics of the students who beneft. We celebrate the contributions of faculty, lecturers, and teaching assistants to the department’s teaching mission.

We recognize the academic success of the top ten graduating seniors and we thank the department’s advisory board for its guidance throughout the year. We also recognize the generous donors who provide program support and endow professorships to support faculty research. Most importantly, we recognize a distinguished accounting alumnus—this year, Thomas G. Ragatz (BBA ’57, LLB ’61) earned this honor.

WSB Dean Vallabh Sambamurthy, or Dean “Samba,” just three months into his new role, spoke about how he has enjoyed joining the UW family. He described the department as a model of excellence, specifcally in faculty research success and support. Dean Samba recognized the students who challenge us to be our best, and generous alumni who have a phenomenal spirit of giving, and without whose support we would be unable to attract and retain such great faculty.

Teaching Awards Professor Dan Lynch presented this year’s teaching awards. PhD students Ben Osswald and Linette Rousseau received the Douglas Clarke Memorial Teaching Award and MAcc alumni Erich Kuss (BBA ’18, MAcc ’19) and Erika Proehl (BBA ’18, MAcc ’19) received the Teaching Assistant: Excellence in Teaching Award.

Paul Udoni, president of the Sigma Chapter of Beta Alpha Psi, which cosponsors the program with the department, welcomed the group. Paul spoke about the strength of the Sigma Chapter and of the vast networking opportunities among students and with faculty and employers. Paul thanked faculty advisor Tony Greig for his invaluable support of the organization and of individual members.

Terry Warfeld recognized the contributions of faculty, lecturers, and teaching assistants and their impact on the teaching mission of the School. He noted the addition of lecturer Joanna Wangerin, and the promotions of Dan

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THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

MAcc student Erika Proehl (second from left) and PhD Students Linette Rousseau (middle) and Ben Osswald (second from right) accept their teaching awards

Student Recognition Dan introduced award recipients, starting with the Outstanding Graduating Senior award, which recognizes the top academic performers in the undergraduate accounting major. Dan reached out to each of the top ten graduating seniors to learn about the breadth of their interests. Asked why they chose accounting as a major, responses ranged from, “I was born to be an accountant” to “it is intellectually stimulating.” As for interests outside of accounting, responses ranged from sports, to travel, to break dancing. Favorite undergraduate coursework included British history, psychology, and animal science. Graduating seniors encouraged younger students to network, get involved outside of accounting (be more well-rounded), not study for the grades, have confdence, enjoy learning, and take advantage of the time they have at school, including all the challenges and opportunities. Excellent advice!

Terry Warfeld presented scholarship and fellowship awards. With strict rules of holding applause until the end, Terry recognized 45 donor funds and over 140 recipients of scholarship support! What an amazing display of generosity by proud alumni and corporate partners of the accounting program.

Thanks go to department Academic Specialist Michele Parker and the very hardworking student assistants, Claire Mclean and Daniel Strauss, for planning a superb evening of celebration and recognition.

OUTSTANDING GRADUATING SENIOR AWARD • Oakes Dobson (BBA ’19) • Riley Drewes (BBA ’19, MAcc ’20) • Austin Heckman (BBA ’19, MAcc ’20) • Bingying Jiang (BBA ’19, MAcc ’20) • Ellen Lettenberger (BBA ’19, MAcc ’20) • Laura Palasek (BBA ’19, MAcc ’20) • Lauren Pericak (BBA ’19, MAcc ’20) • Samuel Wackman (BBA ’19, MAcc ’20) • Shirley Yang (BBA ’19, MAcc ’20) • Julia Yelle (BBA ’19)

DOUGLAS CLARKE MEMORIAL TEACHING AWARD • Ben Osswald (PhD ’20) • Linette Rousseau (PhD ’22)

TEACHING ASSISTANT: EXCELLENCE IN TEACHING AWARD • Erich Kuss (BBA ’18, MAcc ’19) • Erika Proehl (BBA ’18, MAcc ’19)

Recipients of the Outstanding Graduating Senior Award are recognized by Dan Lynch and Terry Warfeld. (L to R) Dan Lynch, Samuel Wackman, Lauren Pericak, Ellen Lettenberger, Laura Palasek, Bingying Jiang, Austin Heckman, Riley Drewes, Oakes Dobson, and Terry Warfeld (Not Pictured: Shirley Yang and Julia Yelle)

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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AWARDS BANQUET

CPA, lawyer, and generous role model

Recognizing a Distinguished Career

Thomas Ragatz (BBA ’57, LLB ’61) is this year’s Distinguished Accounting Alumnus. Prior to retirement, as a partner in Foley & Lardner LLP’s Madison ofce, Thomas counseled closely held businesses, partnerships, and corporate clients on taxation, business structuring and transactions, and real estate and management issues, and provided sophisticated estate planning guidance and assistance. Thomas qualifed as a Certifed Public Accountant in 1960 and has practiced business law and represented clients in tax and commercial litigation for 32 years. He is a member and past chairman of the Madison-based Business and Educational Partnership. Terry Warfeld spoke of many of Thomas’ career highlights and emphasized the service he provided to his profession, the greater Madison community, and his family—which he always kept at the center. Throughout his career, Thomas saw the immense beneft of having both legal and accounting skills. To ensure future generations experience the same successes, Thomas and his wife, Karen, generously endowed the

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THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

Thomas G. Ragatz Accounting and Law Distinguished Chair, ofering funding to deliver an Accounting for Lawyers course in the UW Law School each year.

Thomas shared his family’s history with UW–Madison—both parents were alumni. He shared stories and humorous anecdotes from his time on campus at the School of Commerce (a previous name for WSB) and shared his path, frst to his accounting major and then to law school—where he taught six credits of accounting courses while taking 16 credits of law courses!

Thomas emphasized how his accounting courses helped him throughout his law career and how having a good understanding of accounting and the broader business aspects of running a company helped him win cases.

All enjoyed Thomas’ message. We thank Thomas for his generosity and for serving as such a strong role model to students and alumni.

PhD ALUMNI RECONNECT Each summer, in conjunction with the American Accounting Association’s annual meeting, the department hosts a reception for alumni and friends of the department.

While the annual meeting went virtual in 2020, we were able to gather in person during August 2019 in San Francisco.

The alumni reception is a wonderful time to reconnect with past colleagues and friends of the department.

Faculty members Dan Wangerin (PhD ’11), Tom Linsmeier (MBA ’80, PhD ’85) and Terry Warfeld connect with former faculty member and PhD student Qiang Cheng (PhD ’02), second from left

Top: Distinguished Alum Tom Ragatz is honored by Department Chair Terry Warfeld. Bottom: Distinguished Alum Tom Ragatz enjoyed the celebratory evening with family

Kara Obermire (PhD ’16), Abbie Daly (PhD ’14), Mary Vernon (PhD ’21), faculty member Stacie Laplante and Qing Liao Burke (PhD ’13)

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

STUDENT UPDATES

ACCOUNTING STUDENTS EARN PRESTIGIOUS INTERNSHIPS WITH STANDARD-SETTING BOARDS Master of Accountancy (MAcc) students Austin Heckman and Emily Frieler were awarded post-graduate technical assistant (PTA) internships. Austin will join the Financial Accounting Standards Board (FASB) in January 2021 and Emily joined the Governmental Accounting Standards Board (GASB) in July.

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 fnancial information.

Austin Heckman (BBA ’19, MAcc ’20)

PTAs will be assigned to major agenda projects or to shortterm practice and implementation issues, depending on the need for staf 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 memoranda 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.

The MAcc program has a long tradition of students being selected for these prestigious PTA positions. Recent FASB interns include Sarah Maule (BBA ’18, MAcc ’19), Kevin Machut (BBA ’17, MAcc ’18), Maddie Nash (BBA ’17, MAcc ’18), Carolyn Lapins (BBA ’16, MAcc ’17), Andrew Debbink (BBA ’15, MAcc ’16), Tanner Engmann (BBA ’15, MAcc ’16), Andrea Willett (BBA ’13, MAcc ’14), Alex Debbink (BBA ’12, MAcc ’13), and Kate Konetzke (BBA ’12, MAcc ’13). Recent GASB interns include Shelby Cameron (BBA ’17, MAcc ’18), Kayta Gruneberg (BBA ’15, MAcc ’16), Matt Baker (BBA ’14, MAcc ’15), and Liesl Seiser (BBA ’13, MAcc ’14).

Emily Frieler (BBA ’19, MAcc ’20)

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THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

UNDERGRADUATE PROGRAMS

LEADERSHIP AND IMPACT BEYOND THE CLASSROOM Beta Alpha Psi The Sigma Chapter of Beta Alpha Psi (BAP) continues to thrive under the leadership of faculty advisor Tony Greig and a strong student leadership board. With student president Paul Udoni at the helm in the fall and Lexi Skefngton in the spring, the organization was productive.

Members volunteered over 100 hours with the Volunteer Income Tax Assistance (VITA) program in partnership with UW Credit Union. Even with the disruption to the spring semester, BAP hosted seven professional meetings, including a new and popular session with the FBI to learn about career paths for accounting and fnance students.

Institute of Management Accountants The student chapter of the Institute of Management Accountants (IMA), advised by Senior Lecturer Russell Epp, saw 40 active members participate in a variety of educational and volunteer activities.

Student members gain insights into the accounting profession through professional events hosted by public, industry, and government employers. IMA cohosted the FBI event about FBI career paths in accounting. IMA members give back to the community in many ways, including preparing income tax returns through UW Credit Union’s VITA program.

Women in Finance and Accounting Women in Finance and Accounting (WIFA) continues its mission to develop the leadership skills of female professionals in WSB with a focus on fnance and accounting. In January, WIFA hosted 15 women on an annual trip to Chicago, visiting the ofces of Deloitte, JPMorgan Chase, and the Federal Reserve—a chance to make connections and see cultures of accounting/fnance-related companies in downtown Chicago. The annual spring Women in the Workplace banquet was canceled, but the group looks forward to bringing back the popular networking event next year. Members cheered on the women’s volleyball team— an annual tradition—in a sweep against Michigan State.

Left: Student leaders Lexi Skefngton, Viola Zhang, and Paul Udoni at the Beta Alpha Psi annual conference with faculty leader Tony Greig. Top right: IMA members volunteer at Muir Woods, cleaning up some invasive species. Center: WIFA members visit JPMorgan Chase during their annual networking trip to Chicago. Bottom right: WIFA members attend a Badger women’s volleyball game

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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MAcc PROGRAMS

Developing Experience, Building Relationships Bringing Industry Professionals and Future Hires Together Each semester, in conjunction with the larger, schoolwide career fair held at the Kohl Center, the department hosts a more focused accounting frm meet and greet to link students and employers who hire accounting students. Students of all stages, from new-to-campus freshmen to graduate Master of Accountancy students, come to network and learn about the many opportunities in the profession. Employers bring staf and partners who represent diferent disciplines and ofces across the country. It is a great event. The department appreciates the eforts of alumni working at these employers who make their way back to campus to continue the tradition of hiring Badgers.

Employers in attendance for the Fall 2019 Meet and Greet included: • Alliant Energy • Baker Tilly • BDO • Cohen & Company • Deloitte • Exact Sciences

• EY • Kohler Co. • KPMG • Plante Moran • Polaris Industries • PwC

• Reilly, Penner & Benton • RSM • SC Johnson • SVA • TDS Telecom • Wipfi

Employers and students converge on the Great Hall in the Memorial Union for the Fall 2019 Accounting Firm Meet and Greet

Mentoring Events Prepare Students to Succeed The Howard Carver Ethics and Professionalism Program supports a formal mentoring group within the integrated MAcc program that fosters strong student relationships. Each fall and spring, senior accounting students host a variety of mentoring events for younger students to develop mentoring relationships that will carry over into each student’s professional career. Mentors cover course planning to geographic locations on internships— and everything in between!

Senior accounting students host a mentoring lunch with younger accounting students

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THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

Firsthand Experience Through Career-Enhancing Internships From the fall meet and greet through a spring Integrated Master of Accountancy (IMAcc)-specifc recruiting season, accounting students have an abundance of opportunities to meet a variety of employers. This networking leads to relevant internship experiences for most accounting students, with many completing an internship during the spring semester of their senior year, traditionally a very busy time in the profession. During the spring of 2020, 70 IMAcc students were spread from New York to Seattle, completing internships in audit, tax, deal, and risk advisory.

Students are asked to write about their internship experiences and refect on what they have learned.

The papers demonstrate diversity of experiences and challenge levels. Students wrote about the infusion of data analytics to the auditing process, valuation approaches for investments, implementing the new revenue recognition standard, tax planning, and a debate around carried interest.

Spring brought unexpected challenges, including transitioning to working from home, a feat many, more experienced professionals fnd challenging. Students quickly demonstrated considerable personal and professional growth, which was well highlighted in their internship summary papers.

When asked to refect on their experiences, most came away with some excellent insights into leadership, interpersonal communication skills, the value of a positive attitude, and the impact of focusing on overall balance (healthy mind, body, spirit). Students are encouraged to save these papers and reread them throughout their professional careers as their insights will beneft them long term.

STUDENT INTERNSHIP REFLECTIONS

Professor O’Brien introduced me to SOC 1 and SOC 2 reports in AIS 340: Accounting Systems.

I was very grateful to have background knowledge about these reports before working with them … covering these topics helped me immediately understand what I was working with and increased my productivity at both engagements.

I was able to see the complete risk assessment process from start to fnish throughout my internship. Professor Zehms did a wonderful job preparing students for the audit process in her AIS 630: Audit and Assurance Services class.

AIS 340: Accounting and Information Systems was used the most throughout my internship …. the analytical thinking helped me gain an edge on other interns in my group ... thanks to the knowledge and critical thinking I gained in AIS 340 and other classes, I was able to navigate my work as well as many frst- and secondyear associates.

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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MAcc PROGRAMS

Global Mindset Internships

Accountancy Abroad With continued funding from the EY Foundation for Global Mindset Initiatives, the department and School introduce students to cultural and social diversity in business through classroom activities. Some students live these experiences during their IMAcc internships by securing competitive opportunities to go abroad during their winter internship.

Henry Mirsberger (BBA ’20, MAcc ’21)—This spring I interned with KPMG and had the opportunity to spend a month in Kuala Lumpur, Malaysia. Coming from the Deal Advisory team in Chicago, I was placed in the Corporate Restructuring (CR) Division where I contributed on several engagements including the restructuring of one of Malaysia’s largest airline carriers. Working in this unfamiliar environment introduced me to the complexities of international business, enabled me to learn from passionate colleagues, and challenged me to adapt to new cultural and team environments.

Henry Mirsberger participated in an international internship experience in Malaysia through KPMG

Beyond work, I was able to explore Southeast Asia and build lasting friendships with other KPMG Global interns and my phenomenal colleagues in the CR Division. Some highlights include competing in a KPMG badminton tournament, enjoying my favorite Malaysian dish, Nasi Lamak, witnessing the celebration of Thaipusam at the Batu Caves, and joining the CR Division on their annual trip to Bali. I would like to thank WSB, the IMAcc Program, and KPMG for encouraging me to seek challenges and grow both professionally and personally in a unique way.

Elizabeth Heider (BBA ’20, MAcc ’21)—During my 2020 Chicago winter internship with KPMG, I had the opportunity to complete a four-week global rotation to London, England. This was my frst time traveling overseas. I consider myself lucky to have been given this experience. In my time abroad, I was able to explore the new cultural experience by taking the packed subway known as the tube to my client’s site as I helped with an audit. I noticed that the overall business atmosphere in London was much more relaxed and laid back than what I was used to in the United States. This opened up more doors to get to know and have personal conversations with those on my audit team, and learn more about the English way of life and their favorite things to do.

For lunch, we would often walk across the street to an outdoor market to grab some fsh and chips from a local vendor.

IMAcc student Elizabeth Heider on the London Bridge during a global internship experience with KPMG

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I am humbled by everything that this internship has given me.

Throughout this experience, I had time to refect on just how well the Wisconsin School of Business had prepared me to take on a real-world experience such as this. I am looking forward to continuing to expand my knowledge as I complete my graduate year in Madison before starting full time with KPMG’s Chicago audit practice.

THE BADGER ACCOUNT | 2019-2020 YEAR IN REVIEW

A Successful Transition to Virtual Delivery

Professional Issues Course Highlights Critical Thinking

Professor Dan Wangerin

For students in the IMAcc program, their undergraduate degree culminates with a three-week post-internship Professional Issues course. The course traditionally has a strong emphasis on critical thinking and analysis with a large element of group work and many guest speakers. Professor Dan Wangerin masterfully transitioned the course to an online environment while keeping all the same tenets of what makes this such a unique course.

Despite the difculties of working remotely in groups, the students rose to the challenge and adapted quickly to the virtual classroom environment.

Each team consistently delivered high quality work on daily assignments and a set of weekly cases designed to highlight the importance of professional judgment in fnancial accounting, auditing, and taxation.

We thank the guest speakers for their willingness to engage virtually with the students and we thank the students for the patience, fexibility, and enthusiasm with which they approached the course.

Ground rules were set at the start of the class, including muting microphones and engaging via the chat feature. As became a tradition with the guest speakers, at the end of the course as Professor Wangerin was sharing some fnal thoughts and refections, the students universally unmuted their mics and ofered a resounding applause. A great way to end a unique semester!

Guest speakers and topics include: Diversity and Inclusion in the Classroom, the Workplace, and the Boardroom • Binnu Palta Hill, WSB Assistant Dean for Diversity and Inclusion • Amy Jo Fisher, American Family Insurance • Tina Paulus-Krause, TrueYouForever Conceptual Framework and Economics of Transactions • Jim Leisenring, Financial Accounting Standards Board PCAOB Regulatory Environment and Inspection Program

Standard Setting at the FASB • Russ Golden, Former Chair, Financial Accounting Standards Board Accounting for Income Taxes and Professional Judgment • Todd Watchmaker (BBA ’82), KPMG • Patrick Byer (BBA ’11, MAcc ’12), KPMG • Matthew Lorenz, KPMG Ethics and Professionalism • Emeritus Professor Larry Rittenberg

• Bob Busch, PCAOB • Tom Wanat, PCAOB

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MAcc PROGRAMS

MAcc Graduation:

Change in Pomp Due to Circumstance In keeping with the ofcial theme of the spring semester, students, faculty and staf alike had to pivot to a virtual graduation ceremony. This one hurt. We all missed ‘jumping around’ in Camp Randall, and it would have been great to hear award-winning author James Patterson in person, but missing out on meeting families and celebrating student accomplishments in person was really tough. In true Badger fashion, students persevered and celebrated in their own ways. The chancellor, James Patterson, Dean Samba, many individual faculty and staf members, and alumni delivered congratulatory and inspirational messages virtually. Graduation day culminated with an amazing light show on Grainger Hall celebrating each graduating student.

Top: With in-person commencement canceled due to COVID-19, Wisconsin School of Business honors Spring 2020 graduates virtually, culminating with an event that projects each graduate’s name on the side of Grainger Hall. Bottom: Commencement speakers deliver their messages virtually. Left to right: UW–Madison Chancellor Rebecca Blank, prolifc author James Patterson, and WSB Dean Vallabh Sambamurthy

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1: Nicole Lawson (BBA ’19, MAcc ’20); 2: Morgan Richards (BBA ’19, MAcc ’20); 3: Bottom row, left to right: Emily Kneiser, Ellen Lettenberger, Claire Jacobson, top row, left to right: Emily Frieler, Meagan Presti, Catie Hohnstein; all pictured here are (BBA ’19, MAcc ’20); 4: Jack Staver (BBA ’19, MAcc ’20) 5: Rui Ma (BBA ’19, MAcc ’20); 6: Loic Nombre (MAcc ’20) and Djeneba Nana (MAcc ’20)

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ARTHUR ANDERSEN CENTER ACTIVITIES

The Future is Now The annual The Future is Now event helps students explore accounting career paths, interact with industry leaders, and learn about the rewards and challenges of accounting as a career. The event ofers sections on ethics, leadership, and career planning. Students learn about the School’s Integrated Master of Accountancy (IMAcc) and Graduate Master of Accountancy (GMAcc) programs and leave the event with a superior understanding of accounting career options.

Panel Discussion: The Excitement and Challenges of a Career in Accounting Through generous funding from the Arthur Andersen Center, the Department of Accounting hosted a two-day professional development conference for students pursuing career paths in accounting.

The conference would not be possible without the 30+ alumni who travel back to campus, on a weekend, to help deliver this important program.

The program covers a variety of topics, including career exploration, professional competencies, global mindset, ethics, group dynamics, and leadership. Each topic is covered through engaging sessions with industry professionals.

The program began on a Friday evening with a networking dinner and a panel discussion on The Excitement and Challenges of a Career in Accounting. Brad Zastoupil (BBA ’04, MAcc ’05), partner with PwC, moderated a discussion between the students in attendance and a diverse panel of professionals about their career paths with a degree in accounting. Panelists included: • Jason Parsons (BBA ’01, MAcc ’02), Assurance Partner, KPMG • Michelle Goetsch (BBA ’03, MAcc ’04), Chief Financial Ofcer, Girl Scouts of Wisconsin Southeast • Leah Schmid (BA ’10, MAcc ’16), Financial Advisor, Wipfi Financial Advisors • Brent Wegner (BBA ’02, MAcc ’03), Sr. Director, Revenue Operations, Americas at Zendesk • Tom Kinzler, International Tax Partner, PwC The panelists shared insights about the profession and the opportunities they have had with their degree in accounting. Student questions ranged from career progression and overall career management, to diversity and inclusion in the profession. The session concluded on Friday evening with the distribution of the coveted The Future is Now t-shirts!

Brad Zastoupil facilitates a great panel discussion about career opportunities in accounting

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Brian Kennedy leads a breakout session on global mindset

Building a Global Mindset: Tolerance, Adaptability, Self-identity, Curiosity EY delivered an eye-opening session on having a global mindset. Assurance Partner Brian Kennedy, Assurance Senior Associate You Jin Lee (BBA ’14, MAcc ’15), Tax Associate Chris Fredrickson, Risk Advisory Associate Siobhán Heiss, Assurance Senior Kyle Hicks, Assurance Associate Summer Wang (BBA ’17, MAcc ’18) and Campus Recruiter Alyssa Curl were all on hand to engage students in this important topic.

The EY professionals discussed the idea and relevance of having a global mindset in today’s business world and shared their personal global experiences in their roles with EY. Students then broke into groups to consider the global population on the basis of ethnicity, faith, and language to emphasize global diversity. EY professionals stressed that the world students are entering will include clients who don’t necessarily look like them, and they must be prepared to successfully work with people with many diferent life experiences. When asked to defne global mindset, students responded with ideas such as tolerance, adaptability, self-identity, and curiosity. It was a great session.

Discussing Real-Life Ethics Scenarios With Professionals The morning session on Saturday introduced students to the department’s ethics initiatives and included small-group discussions with an industry professional of actual ethical scenarios. The ethical scenarios are taken directly from experiences that past students have written about from internships and include some very real ‘gray’ areas that students will need to navigate. Students truly appreciated the opportunity to talk through these scenarios with a small group of peers and professionals. After debriefng the ethics discussion, students got the opportunity to network with all the professionals to learn about the various career paths available with a degree in accounting.

Alumni lead small-group discussions with students around the topic of business ethics

The following professionals participated in the Ethics Cases and Professional Exploration session: • Erin Breber (BBA ’09, MAcc ’10), SVA • Mike Cronin (BBA ’11, MAcc ’12), SC Johnson

• Tim Lardinois (BBA ’94, MAcc ’95), Spectrum Brands • Ben Moy (BBA ’16, MAcc ’17), KPMG

• Brian Dukelow (BBA ’02, MAcc ’03), TDS

• Chris Semrow, BDO

• Andrea Jansen (BBA ’05, MAcc ’06), Baker Tilly

• Joe Zablotney (BBA ’08), BDO

• Brian Kennedy, EY • Tim Klagos (BBA ’10, MAcc ’11), KPMG

• Holly Zander (BBA ’09), BDO

The Future is Now, continued on page 22 WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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ARTHUR ANDERSEN CENTER ACTIVITIES

Speaker and Author John Blumberg on Building Your ROI: Return on Integrity Students were fortunate again this year to hear from speaker and author John Blumberg. With a remarkable aptitude for storytelling, John took students on a journey to consider their core values and how those values intersect with professional goals. John has participated in The Future is Now from the very beginning, over 20 years, and the weekend wouldn’t be complete without his inspiring talk.

In 1996, John left behind a career he loved, a career that had taken him from CPA to worldwide recruiting responsibilities at Arthur Andersen. From there, he followed his dream as a professional speaker to reach audiences in ten countries on three continents. John has received the designation of Certifed Speaking Professional from the National Speakers Association, a designation held by fewer than 10% of the members of the International Federation of Professional Speakers.

John Blumberg shares moving insights with the students

Professional Competencies: Skills That Lead to Success PwC delivered a session on professional competencies that lead to a successful business professional. International Tax Manager JJ Haferman (BBA ’14, MAcc ’15) and Campus Recruiting Manager Katie Matias led one group of students while International Tax Director Bill Bantz (BBA ’09, MAcc ’10) and Assurance Manager Josh Usem (BBA ’13, MAcc ’14) led another group of students through the PwC Professional Breakdown.

Students learned that being a business professional is more than simply technical capabilities. Professionals must demonstrate business acumen, global acumen, relationship building skills, and whole leadership. The PwC professionals gave several examples of how these skills impact their daily work—and added wellness concepts, beginning the session with a good morning stretch!

Students get ready for a session with PwC, but not before getting a bit of movement in to start the day

Group Dynamics With help from facilitator Ruth Graczkowski and her team at Tri-S Consulting, Lisa Paradowski (BBA ’00, MAcc ’01), Jennifer Campbell (BA ’08, MAcc ’11), along with many other professionals from Deloitte participated in team-building exercises with students. The activities pushed students to work as a team and showed the value of communication and leadership.

The Future is Now is made possible through generous funding by the Arthur Andersen Center and the involvement of many alumni who deliver the program content.

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Team building!

OUTSIDE SPEAKERS DELIVER NEWS AND VIEWS Workshop Speakers for the 2019-2020 Academic Year Our nationally known research workshop is also supported by the Andersen Center. Leading scholars from around the country and the world present their research and network with faculty and PhD students. While the workshop series was cut short this spring, there was a robust fall schedule, including the following outside speakers: • Silke Rünger, University of Graz, “Dividend-Withholding Taxes, Repatriation Strategies, and the Location of Intermediate Subsidiaries” • Adam Presslee, University of Waterloo, “Performance Measurement Induced Pay Dispersion and Its Efect on Lower-paid Employee Efort” • Kamber Hetrick, Northeastern University, “Feedback from Inspectors to Auditors: Efects of Regulatory Pressure and Auditor Mindset on Audit Procedure Choice” • Allison Nicoletti, University of Pennsylvania, “The Role of Audit Firms in Spreading Depositor Contagion”

• Dan Collins, University of Iowa, “The Persistence and Pricing of Asset Growth: The Role of M&A Activity” • Pete Lisowsky, Boston University, “Do Smoothing Activities Indicate Higher or Lower Financial Reporting Quality?

Evidence from Efective Tax Rates” • Sarah McVay, University of Washington, “Free Cash Flow Disclosure in Earnings Announcements” • Rebecca Lester, Stanford Graduate School of Business, “Do Employees Use Financial Statements?

Evidence from Internal Search”

• Ling Lisic, Virginia Polytechnic Institute and State University, “SEC Comment Letters on Form S-4 and M&A Accounting Quality”

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ETHICS AND PROFESSIONALISM PROGRAM

Inclusive Environments: Essential to Business

Panelists from left to right: Monica Murphy, Trent Brunker, Monroe Gierl, Shuhan Liu, Dan Kelly

Fall Program Sponsored by the Howard Carver Ethics and Professionalism Program, the department held a panel discussion on Creating an Inclusive Environment, in Grainger Hall and Beyond during the Fall 2019 semester. One unique and important aspect of the Ethics and Professionalism Program is that it is primarily student-run. Accounting undergraduate students Kayla Klein (BBA ’20), Clare Matkom (BBA ’20), and Callie Pilgrim (BBA ’20), were instrumental in the planning and execution of this event. The goal of the discussion was to raise awareness of how our actions may be perceived by others, generating self-refection and insights useful to students now and in their careers. The panel discussion was moderated by Assistant Dean of Diversity and Inclusion Binnu Palta Hill and panel members included: • Dan Kelly (BBA ’84, MBA ’85), CFO and Treasurer of American Family Insurance • Monroe Gierl (BBA ’11, MAcc ’12), Senior Tax Manager with KPMG • Trent Brunker (BBA ’20), undergraduate L&S student • Monica Murphy (BBA ’22), undergraduate business student • Shuhan Liu (MAcc ’20), graduate master of accounting student The panel included both professionals and students (business and nonbusiness) to ofer a wide diversity of perspectives on inclusion. After introductory comments from Professor Dan Wangerin and Dean Samba, Binnu went on to facilitate a great discussion on defning, creating, and maintaining an inclusive environment. Dan Kelly and Monroe Gierl emphasized the importance of developing diverse teams within their organizations to ensure that business decisions are evaluated from a variety of perspectives, noting that stakeholders demand thorough evaluation of all aspects of a decision. Dan and Monroe went on to stress that diverse teams can only thrive in an inclusive environment. Both panelists shared how they personally strive to create inclusive environments for their teams and what their companies do on a larger scale.

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The discussion transitioned to the environment on the UW–Madison campus and within the Wisconsin School of Business and things that students can do now to heighten their awareness of the environment they help create. The student panelists shared their personal experiences on campus and emphasized the importance of an inclusive community in our classrooms. Panelists stressed the beneft of personal involvement and engagement in student groups to help create a positive community. The student panelists brought a lot of awareness to the attendees and gave tangible, honest advice to students in the room.

We were thankful to the panelists for sharing their experiences and insights, and to Binnu Palta Hill for taking time in her busy schedule to moderate the panel and for her unique ability to facilitate an open and honest discussion. We were thankful to Howard and Sue Carver for their generous endowment that allows us to hold such important events. And we were most thankful to the student attendees who turned out to engage in such an important topic.

SPRING ETHICS SYMPOSIUM: ETHICS AND THE ACCOUNTING PROFESSION

Professor Emeritus Larry Rittenberg

Professor Emeritus Larry Rittenberg was the featured speaker for the Spring Ethics Symposium, delivering a talk on Ethics and the Accounting Profession. In addition to a successful career with the Department of Accounting in WSB, Larry spent many years (six as chair) with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its mission of providing thought leadership around governance, control, and fraud deterrence. He has a strong afliation with the Institute of Internal Auditors, having held many leadership roles within the organization.

Larry also served as the audit committee chair of Woodward, Inc. and as a member of the audit committee of Petro China.

It was within the context of his vast experience that he addressed the topic of ethics in accounting. He shared experiences and insights from his time serving on audit committees, specifcally addressing the importance of how company and country culture can impact decision-making processes. Despite the virtual environment, Larry, as he so artfully did as an instructor, engaged the students in thoughtful discussion.

One discussion prompt asked: ‘What do you believe best describes the nature of governance needed to support an ethical culture?’ A sample of student responses from the online chat included: • “How well a company turns their words into actions.”

• “Making sure there is a process in place for anonymous whistleblowing.”

Another question asked: “As you think about our discussion today, what do you see as your career role in supporting ethics, culture, and governance?”

• “Really important to listen to your gut if something doesn’t feel right.”

• “Be confdent in your decision to do the right thing.”

• “Ask questions instead of making assumptions.”

Larry wrapped up his discussion by reminding the students that it is difcult to be better than the underlying culture and governance of an organization. It is hard to fx a company from the bottom up! As students embark on their professional careers, these are important reminders. We thank Professor Rittenberg for engaging our students in this essential topic; his insights are invaluable.

As became tradition in the virtual environment, the audience unmuted and provided a round of applause in appreciation for Larry’s time and insights.

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AWARDS, RESEARCH GRANTS, PUBLICATIONS, AND PRESENTATIONS

Noteworthy Terry Warfeld

Emily Grifth

Terry continued to serve the university as chair of the UW– Madison University Committee (UC). The UC is the executive committee of the UW–Madison Faculty Senate.

Emily was promoted to associate professor with tenure in the fall of 2019.

Terry was also named to the board of the Catholic Diocese of Madison Foundation.

Publication • “Intermediate Accounting,” 17th Edition with D. Kieso and J. Weygandt.

• “Value Relevance of Disaggregated Information: An Examination of the Rate and Volume Analysis of Bank Net Interest Income,” Accounting Horizons (2020), with Qing Burke (PhD ’13) and M. Wieland.

Willie Choi Elected president of the Management Accounting Section of the American Accounting Association. Willie will serve as president-elect during the 2020-2021 academic year, as president during the 2021-2022 academic year, and past president during the 2022-2023 academic year.

Re-appointed to the editorial boards of three academic accounting journals: The Accounting Review, Contemporary Accounting Research, and Behavioral Research in Accounting.

Publication • Choi, J. W.; Hecht, G. W.; Tafkov, I. D.; & Towry, K. L.; “Bring the Noise, But Not the Funk: Does the Efect of Performance Measure Noise on Learning Depend on Whether the Learning is Experiential or Vicarious?”

Accounting Review (forthcoming).

A summary of the article above was published in the November 2019 issue of Strategic Finance, titled “Is Experience the Best Teacher for Employees?”

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Emily won an Outstanding Reviewer Award for the reviews provided to The Accounting Review (TAR) over the last three years. Award recipients represent only 3.4% of TAR reviewers.

Publication • “Friends in Low Places: How Peer Advice and Expected Leadership Feedback Afect Staf Auditors’ Willingness to Speak Up,”

by Grifth, Emily Elaine, Kadous, Kathryn, and Proell, Chad A., Accounting, Organizations & Society (forthcoming).

Ella Mae Matsumura Ella Mae continues her service to the School as the senior associate dean for academic programs. In this role, Ella Mae is the School’s chief academic ofcer, overseeing all academic departments and all full-time and part-time programs. Ella Mae has agreed to serve in this role for another year under Dean Samba.

Joe Boucher Chosen by the WICPA for its career achievement award which was to be given in May 2020 (now rescheduled to October 2020). Picked for the Wisconsin Basketball Coaches Hall of Fame as a friend of basketball. Was to be inducted in June 2020, now scheduled for September 2020.

Tom Linsmeier Tom continued his service to WSB as chair of the subcommittee of the executive committee, the goal of which is to fulfll functions defned in WSB governance documents.

In conjunction with this role, Tom serves on the Academic Planning Council (APC), which advises the dean on a range of issues, including program review and development, strategic and long-range planning, and budget. Finally, Tom served a key role during the Fall 2019 semester co-chairing a WSB strategic planning task force. Under Tom’s leadership, the task force methodically engaged with all members of the WSB community to listen and collect input, developing a set of strategic principles that will guide future priorities and decisions.

Stacie Laplante The National University of Ireland in Galway graciously hosted Stacie for the Spring 2020 semester, where she enjoyed amazing hospitality and participated in discussions on the pros and cons of diferent research paradigms. Sadly, her work there was cut short and she had to leave Ireland early due to the encroaching pandemic.

However, she did not leave before visiting the top destination in Ireland, the Irish Tax Revenue Ofce!

Publication • “Discussion of Moving the Conceptual Framework Forward: Accounting for Uncertainty,” by Linsmeier, T. in Contemporary Accounting Research, Vol. 37 No. 1 (Spring 2020).

Brian Mayhew Brian Mayhew continues to serve the School as the associate dean for undergraduate programs.

In this role, Brian leads the School’s eforts to ensure the undergraduate experience, both curricular and cocurricular, delivers on the program learning outcomes. Brian agreed to serve an additional three years in this role under Dean Samba.

Stacie also presented her paper with Ben Osswald (PhD ’20) and Tobias Borneman (Vienna) titled “The Efect of Intellectual Property Boxes on Innovative Activity and Efective Tax Rates” at New York University Law School, and presented her work with WSB colleague Dan Lynch and Mary Vernon (PhD ’21) titled “Internal Information Quality and State Tax Planning” at Arizona State University and Utah State University. Both papers were also presented at the 2019 American Accounting Association’s annual meeting.

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AWARDS, RESEARCH GRANTS, PUBLICATIONS, AND PRESENTATIONS

Karla Zhems

Robert Misey

Karla spent time at the University of New South Wales in Sydney, Australia as a distinguished scholar, working on research and mentoring junior faculty and PhD students.

Further, Karla and PhD student Linette Rousseau, received a PWC INQuires Grant to study the implementation of the new auditor reporting model and to write a teaching case, Critical Audit Matters.

An opportunity to join Dean Samba on a ride in the Oscar Mayer Wienermobile, driven by WSB alum Mitchell McMahon (BBA ’19), inspired Rob to creatively respond to the prompt: ‘Why do you want to ride in the Wienermobile?’ with an appropriately accounting-themed response, sung to the well known Oscar Mayer jingle! As shown in the picture below, Rob won and enjoyed his ride!

Publication • “Audit performance in geographically dispersed teams at the local-ofce level: The roles of shared context, communication, and accountability,”

by D. Downey, K.M. Obermire (PhD ’16), and K.M. Zehms in Auditing: A Journal of Practice & Theory.

• “Auditors are Known by the Companies They Keep,” by Karla M. Zehms, a paper published in the Journal of Accounting and Economics. This paper was awarded the 2020 American Accounting Association’s Auditing Section Best Archival Paper Award.

Dan Lynch Dan chaired the American Taxation Association’s KPMG Doctoral Consortium in Fort Worth, Texas, hosting over 40 students from around the globe. Presentations by top faculty from 12 schools covered topics such as research, career development, and teaching excellence. We appreciate KPMG’s continued support of this program that gives PhD students the opportunity to interact with faculty from the top accounting programs in the world.

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Rob was also appointed to the board of advisors for the Journal of Tax Practice & Procedure.

Publication • “A Practical Guide to U.S. Taxation of International Transactions,” twelfth edition,

by Michael S. Schadewald, PhD, CPA; Robert J. Misey Jr., JD, MBA, LLM.

Fabio Gaertner Fabio was named a 2020 Best 40 under 40 MBA Professor by Poets & Quants.

Now in its eighth year, the annual global list recognizes outstanding young faculty with demonstrated excellence in teaching and research, as well as a positive impact on students, colleagues, and their home institutions. For 2020, Poets & Quants received more than 2,000 nominations and narrowed the pool to 160 awardees. Well done, Fabio!

Fabio was also named the Cynthia and Jay Ihlenfeld Professor for Inspired Learning in Business.

Publication • “The Efects of the Tax Cuts & Jobs Act of 2017 on Defned Beneft Pension Contributions,” Gaertner, F.; Lynch, D.; and Vernon (Bull), M. in Contemporary Accounting Research (2020).

Ann O’Brien Ann was elected president of the Accounting Information Systems Educators Association, the mission of which is to develop the practical skills of educators in the area of accounting information systems.

Ann also received a PwC INQuiries Grant to develop materials to enhance student understanding of workfows, joins, dynamic input tools, data, metadata, primary keys, document, and the capabilities of Alteryx.

Publication (Case) • “Yes, You Can Import, Analyze, and Create Dashboards and Storyboards in Tableau! The GBI Case,” by Ann D. O’Brien, Daniel N. Stone, American Accounting Association Journal of Emerging Technologies in Accounting (2020 forthcoming).

• “Making Only America Great? Non-U.S. Market Reactions to U.S. Tax Reform,” Gaertner, F.; Hoopes, J; and Williams, B. in Management Science (2020).

Welcoming Ivy Feng to the department Ivy Ruyun Feng joined the Department of Accounting and Information Systems at UW–Madison this August. Ivy holds two MS degrees: quantitative and computational fnance from Georgia Institute of Technology and accounting from Georgia State University. Prior to joining UW–Madison, Ivy received her PhD in accounting from the Robert H. Smith School of Business at University of Maryland. Ivy’s research focuses on the production and usage of accounting information in the modern context.

She has several working papers that investigate the determinants of frms’ fnancial reporting and disclosure decisions and the real efects of these decisions. Her papers are currently under review at top-tier journals such as Review of Accounting Studies. Ivy’s dissertation looks at how information technology afects the behavior of the frm and of other capital market participants.

The paper was presented at the Emerging Scholar Session of the 19th Annual Carnegie Mellon Accounting Mini-Conference.

Besides research, Ivy received a distinguished teaching award from Maryland in 2018. Welcome, Ivy!

Ivy Ruyun Feng joined the Department of Accounting and Information Systems in August

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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*

Amy Mutziger*

Vice President/CFO Briess Malt & Ingredients Co.

Vice President, Internal Audit Johnson Controls, Inc.

Dianne Dubois*

Sarah Nemke*

Principal Maple Street Associates

Senior Director SC Johnson & Son, Inc.

Katherine Feucht*

Jason Schultz*

AERS Partner Deloitte

Director Leveraged Finance Northwestern Mutual Investment Management Company

Scott Harmsen* Partner, Tax Services Grant Thornton

Brian Kennedy Partner Ernst & Young

Tim Mattke* Chief Executive Ofcer MGIC Investment Corporation

Derek Matzke* Assurance Partner BDO

Jessica Mac Naughton* Partner Wipfi

Tom Sheahan* Partner and Assurance Quality Co-Leader Baker Tilly Virchow Krause

Isabel Tarnowski* SEC Compliance Manager Douglas Dynamics

Troy Van Beek* VP Finance American Family Insurance

Todd Watchmaker* Tax Partner KPMG

Brad M. Zastoupil* Assurance Partner PricewaterhouseCoopers

*Alumni

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BADGER ACCOUNT STAY IN TOUCH MARK COVALESKI

KRISTEN FUHREMANN

Professor, Accounting and Information Systems Richard J. Johnson Chair of the Department of Accounting and Information Systems Robert Beyer Professor in Accounting

Director, Professional Programs in Accounting kristen.fuhremann@wisc.edu 608-262-0316

mark.covaleski@wisc.edu (608) 262-4239