Accounting Newsletter 2024 by Isenberg School of Management

2023 −202 4

I S EN B E RG ACCO U N T I N G D E PA R T M EN T U P DAT E

M e s s ag e fro m the Chair �� 2 D e par tm ent N ew s �� 4 Stud ent N ew s �� 6 Fa cult y N ew s �� 10 A lumni N ew s �� 12 Accounting Ad v is o r y Council �� 16 2023 Awards & Re cipi ent s �� 17

Dear Accounting Alumni and Friends, As the new chair of the Accounting Department, I am extremely proud of our long history of academic excellence in preparing students for careers in accounting. I am especially grateful for our alumni, who are involved with and supportive of our students and faculty. In this newsletter, I am pleased to highlight some of the initiatives and accomplishments that make the Isenberg Accounting Department one of the best in the nation. Throughout this Accounting Department Update, you’ll be able to read about these accomplishments and more! Our program continues to garner high marks, including impressive positions in the U.S. News & World Report undergraduate business school rankings (the Isenberg Accounting Department came in at number 20 among public business programs!) and the Fortune rankings of online master’s degrees in accounting (we are number 3 overall and number 1 among public programs in the Northeast!). Our students continue to win national competitions. In the past year, Isenberg accounting majors won a spot in the finals of the Delotte FanTAXtic Case Competition for the fourth year in a row and received “Honorable Mention.” In April of last year, we recognized more than 55 students for outstanding performance and awarded more than $100,000 in scholarship support. Plus, our chapter of Beta Alpha Psi has once again received Superior Status. In addition, they received third place nationally in the EY Inclusive Leaders Awards. Our faculty earn top marks as well. Jeremy Bentley, associate professor, and his accounting students recently received the esteemed Jim Bulloch Award for Innovations in Management 2

I S EN B E RG ACCO U N T I N G D E PA R T M EN T U P DAT E

Accounting Education for a project to enable free, open access course materials. And BYU ranked our accounting faculty as number 3 in the world for audit research using Experimental Research Methods, based on the quality of their research publications for the most recent six-year period. Our alumni continue to excel in the profession. In this newsletter, you’ll get to read about Peter Resnick ’93, who was recognized as our 2023 Alum of the Year for his contribution in the area of forensic accounting and for his service to the Alumni Advisory Council. We are also proud of Jeff Sallet ‘93, who recently joined EY after an outstanding career with the FBI. And during 2023, we proudly welcomed several new members to our thriving Alumni Advisory Council. The faculty and I are grateful for the support we receive from engaged alumni and our Alumni Advisory Council, as well as the broader community of accounting professionals and recruiters, Dean Anne Massey, and Isenberg leadership. We look forward to expanding these ongoing relationships. Go Isenberg! And go UMass! Sincerely,

G. Bradley Bennett, CPA, PhD ACCOUNTING DEPARTMENT CHAIR RONALD C. MANNINO FACULTY FELLOW

National Rankings Recognize MS in Accounting Program In a brand-new ranking of online master’s in accounting programs published by Fortune, Isenberg’s Online MS in Accounting was ranked number three overall and number one among public programs in the Northeast. “We are thrilled to have our MS in Accounting program recognized among the top accounting degrees. It’s great to see the efforts of our accounting faculty, advisors and career counselors reflected in these rankings,” says Traci Hess, senior associate dean and Douglas & Diana Berthiaume Endowed Professor of Information Systems. “Isenberg has leveraged its outstanding graduate accounting curriculum and the expertise gained making the Online MBA one of the best in the world to inform the development of this online graduate business program, which is rapidly increasing in the rankings.” Fortune establishes its rankings based on several factors, including the strength of the incoming class of students (undergraduate GPA, work experience), and the acceptance, graduation, and retention rates and enrollment growth of the program. The MS program was also recognized by U.S. News & World Report in the publication’s Online Non-MBA Rankings. Isenberg moved up to number 9 overall on the 2023 list, from number 12 in 2022. Among public school programs, Isenberg came in as number 6.

BY THE NUMBERS

413

UNDERGRADUATE ACCOUNTING MAJORS

269 Isenberg Shines in Undergraduate Rankings

DEPA RTMEN T NE W S

STUDENTS IN THE MS IN ACCOUNTING PROGRAM

10,000+ ACCOUNTING ALUMNI

50,000+

ISENBERG ALUMNI IN 82 COUNTRIES

In September, Dean Anne Massey announced that the Isenberg School of Management had been named among the top 30 public undergraduate business programs in the latest ranking from U.S. News & World Report. The school’s number 29 position (up from number 32 the previous year) was supplemented by a new ranking for the Accounting Department, which came in at number 20 among public undergraduate business programs in its first year of being ranked on the list.

$68K

MEDIAN STARTING SALARY FOR GRADUATING ACCOUNTING MAJORS

96%

OF ACCOUNTING MAJORS SEEKING JOBS SUCCESSFULLY EMPLOYED WITHIN 6 MONTHS OF GRADUATION

Jonathan Sears ‘23, a co-president of Beta Alpha Psi, came to Isenberg from Sharon, Massachusetts. He shared some thoughts about his undergraduate experience as an accounting major at UMass Amherst.

How did you decide to major in accounting? Why did you decide to pick it over other programs? I chose to major in accounting because it offers unmatched flexibility in your future professional career; whether that be a role in public accounting, consulting, or a future chief financial officer. What have been your favorite classes and experiences at Isenberg so far?

STUDENT NEWS

My favorite classes have been financial accounting and cost accounting because they are not only interesting, but also provide the business acumen necessary to be a valuable professional. Being a teaching assistant for Accounting 221 has been a rewarding experience, as I am able to be hands-on in the classroom and help students academically. What clubs and extracurriculars do you participate in? I am the president of Beta Alpha Psi, which is the premier honors accounting society on campus, dedicated to professional networking and community service. I also serve on Dean Massey’s Undergraduate Student Advisory Council (USAC), where I work with the dean’s office to create initiatives that enhance the student experience at Isenberg. Have you had any jobs or internships during college? This past spring semester, I had the opportunity to participate in the “Semester in the Profession Program,” where I was able to intern at PwC in their Boston Office’s audit practice. What are you planning after graduation? Upon graduation, I will join PwC as an auditor in the technology, media, and telecommunications sector, working on Fortune 500 tech clients. If you could go back and give your first-year self some advice, what would you tell them? Get involved and don’t be afraid to say yes. I had my best experiences and met some of my best friends through teaching assistantships and extracurriculars. 7

FanTAXtic Four: Accounting Students Compete Nationally at Deloitte Finals “Fan” and “tax” in the same utterance? It can only mean one thing: the subject-savvy students of Isenberg have done it again. For the fourth year running, Isenberg advanced to nationals in the Deloitte FanTAXtic Case Competition, a prestigious invitational that helps students gain real-world business experience. Isenberg’s 2023 team—including senior Ronny Chan, junior Robert Arrellano, and sophomores Jacob Chiapponi and Ahnaf Shahriar Hogue—earned an Honorable Mention award in Westlake, Texas, in January, where they matched corporate-tax wits with other top students from across the country. “There are more than 200 students and faculty from approximately 40 colleges and universities that compete regionally, and ours was one of only 16 teams advancing to the national finals,” said Isenberg Lecturer Jennifer Roy, who, along with Senior Lecturer II Cathy Lowry, serves as a faculty advisor for the team. “This is Isenberg’s fourth consecutive year having at least one team advance, which is a testament to the caliber of highly motivated students that Isenberg attracts.” For the regional competition, global professional services network Deloitte selected teams through an application process in September and assigned them a hypothetical real-world scenario. Each team then researched ways to address the case’s potential business and tax implications, delivering their comprehensive solution to judges in a virtual presentation on

Graduate Student Spotlight:

“I decided to major in accounting because it is the language for business,” said Donny Williams ’24 MS, who began his master of science degree in accounting at Isenberg this year after graduating with a bachelor’s degree in May 2023. “The opportunities are endless. With an accounting degree, you can go into any field of business.” Williams, who came to UMass Amherst from Tampa, Florida, knew he had chosen the right major when he took what ended up being his favorite undergraduate class at Isenberg: Intro to Accounting, taught by Senior Lecturer Kerri Bohonowicz. “It provided a foundation for the rest of my major and helped me confirm that accounting was what I wanted to pursue,” he said. During his undergraduate years, he played on the university’s Division I soccer team, 8

STUDENT NEWS

October 28. Just hours later, Deloitte announced the few finalists—eliciting familiar congrats around Isenberg. “I believe our team’s commitment to researching the tax issues, as well as the poise and professionalism they displayed during their presentation and question-andanswer sessions, made them stand out as winners of this year’s competition,” Roy said.

maintained membership in the Commonwealth Honors College, and completed internships with Franklin Templeton Investments and RSM, where he was a process risk and controls consulting intern. After graduating, Williams decided to start working on his master’s degree immediately because Isenberg’s program allows students to fine-tune their professional accounting and auditing skills while satisfying the 150 credit-hour requirement for taking the certified public accountant exam. “I chose Isenberg and UMass because I loved my time here as an undergraduate student and this is one of the top business programs in the country,” he said. “I knew the professors would help me achieve my goals and they’d be there to support me in my endeavors.” Williams secured an internship in Florida with PwC during the winter session between semesters of his master’s degree and has been offered a position working in asset and wealth management auditing at the firm after graduating. When asked how he might counsel his first-year undergraduate self, Williams said, “I would advise myself to create a schedule in order to stay organized, don’t be afraid to talk to other people, and keep a healthy balance—work hard, play hard.” 9

Pinning Down the Human Factor in Accounting

Though most of accounting research focuses on capital markets, James P. O’Connell Endowed Professor of Accounting Elaine Wang doesn’t follow the crowd. She specializes in an increasingly influential subfield of accounting research: judgment and decision-making in accounting and auditing. “Most people don’t realize how much professional judgment plays a role in accounting,” says Wang. Her recent research, “The Effect of Increased Audit Disclosure on Managers’ Real Operating Decisions: Evidence from 10

Disclosing Critical Audit Matters,” published in The Accounting Review, explores the potential business impacts of new accounting regulations. In 2019, in a shift characterized as one of the most significant changes in accounting practice in more than 50 years, auditors became required to disclose “critical audit matters” (CAMs) in their final audit reports. CAMs are issues in a company’s financials that require the auditor to make “challenging, subjective, or complex” judgments. In general, investors view zero CAM disclosures as a green light to invest. CAM disclosures can be seen as potential red flags, requiring management to spend additional time reassuring investors and justifying their decisions. Some disclosures can even trigger enough market anxiety that a company’s stock price drops. In their research, Wang and colleagues Jeremiah Bentley of Isenberg and Tamara Lambert of Lehigh University theorized that managers’ operational decisions would be influenced by a desire to reduce CAM disclosures. In multiple experiments, the

research team found that managers would voluntarily close down riskier projects or choose more traditional operating approaches simply to avoid the possibility of triggering a CAM disclosure. While in some cases it is beneficial for the public to know if an auditor has discovered irregular or highly risky financial reporting practices, the overreaction to the CAM disclosure could prevent managers from making optimal economic decisions. In the long term, Wang notes, managers may quash innovation by avoiding more complex, creative, or uncertain prospects. “We may see organizations playing it safe in terms of not triggering auditor disclosures, but in the end potentially facing greater economic loss,” she says. Wang adds, “People think of accounting as always clear-cut but there are a lot of areas where judgment biases decisions. The gray areas are the most interesting parts.”

FAC U LT Y N E W S

Open Access Course Material Project Earns Award Isenberg faculty member Jeremiah Bentley and his accounting students recently received the Jim Bulloch Award for Innovations in Management Accounting Education for their grant-funded conversion project to enable free, open access course materials. The award by the American Accounting Association and the Institute of Management Accountants comes with a monetary prize that will be used to fund printed copies of the open access materials. Bentley, who is the Richard Dieter MS ‘66 & Susan C. Dieter Faculty Fellow and associate professor, began the project several years ago when he started the process of converting his Accounting 331 (Cost Accounting) course to follow the open education model. The process included dropping the $350 textbook that had been used and converting to free, open access materials. However, the lack of quality materials made this conversion challenging. With the help of a UMass Amherst Libraries Open Education Initiative grant, Bentley worked with his students to create their own materials. The finished product is publicly available on the UMass Amherst ScholarWorks page and has been downloaded by over 150 institutions. 11

When Peter Resnick ’93 began working in forensic accounting early in his career, the field was up and coming, with a small number of firms working in the discipline of investigating financial fraud. 12

Seizing an opportunity to become a leader in a growing field, Resnick—this year’s Accounting Alumnus of the Year—worked hard, following a career path that led him to his current role as vice president of forensic accounting at Charles River Associates (CRA) in Boston. “Today, there are many large firms that focus on forensic accounting and expert witness-related work,” Resnick said. “It doesn’t feel like a small cottage industry anymore.” Resnick began his career as an auditor at Ernst & Young after graduating from the Isenberg School of Management. In 1996, he began working in forensic accounting at Arthur Andersen, where he stayed until 2002. Resnick then served as managing director for Huron Consulting Group until 2010, when he became a partner in forensic and valuation services at Grant Thornton, before moving into his current position at CRA in 2017. “I’m often dealing with clients when they’re at their worst moments,” Resnick said. “But we help guide them through the process in a way that hopefully eases their concerns.”

ALUMNI NEWS

At CRA, Resnick leads high-profile cases of fraud investigation, business damages, and valuation. He has an active practice at CRA, performing corporate and government investigations and giving expert witness testimony in business litigation cases. Resnick sees the Accounting Alumnus of the Year award as an incredible honor, especially since many of his mentors, colleagues, and friends are previous recipients. “I’m in good company, and I know what they’ve all done for the university,” he said. “Being recognized along with them means a lot to me.” When looking back at his time at UMass, Resnick recalls a welcoming environment that helped prepare him for a rewarding career. “When I would go back after graduation, all of my professors remembered me,” he said. “They wanted to know how I was doing and how their classes impacted my ability to be successful.” Resnick now assists current accounting students and young professionals whenever he can, whether sharing industry insights or helping them with their networking efforts. He also serves on boards like the Accounting Advisory Council. “It’s about community, and recognizing how you can give back,” Resnick said. “My teachers gave me a lot of encouragement and support, so I think it’s important to appreciate that, keep it close, remember it, and try to do the same for others.”

Class of 2022 Senior Speaker Joins PwC When Liuginsa Rosa was touring colleges with her son, Armando, in October 2017, she didn’t expect that she too would become a college student. But during a UMass admission event, Rosa heard a panel of students describing their experiences. “I saw myself in their stories and aspirations,” she said. “I immediately fell in love with the school and decided to change my future to have more control over my personal finances.” Rosa, who was chosen to be the Class of 2022 senior speaker, transferred in to Isenberg’s accounting program from Holyoke Community College. She called accounting “the language of business,” and at Isenberg, she gained the knowledge that she knew would allow her—as a first-generation and nontraditional college student—to succeed in an array of career fields. She was a member of the Isenberg Delta Nu chapter of Beta Alpha Psi, an accounting honor society focused on professional networking, growth, and service. Through her chapter, she was connected to and informed about activities going on within the university and assigned a mentor who supported her in her success at Isenberg. She credited the Isenberg Career Center with her success, as advisors like John Aube, Megan Smith, Kimberly Figueroa, and Dave Wells guided her endlessly throughout the process of pursuing higher education. “Honestly, I had so much support at the Career Center that the list would be endless,” she said. “The support and education I received helped me understand that getting to college is not enough. Being supported to resolve pain points and mitigate risks along the way is necessary, especially for students who do not have this extensive and skilled support network outside of school.” Through two internships she completed at PwC, Rosa learned about the firm’s culture and made valuable connections with people at all levels. “Regardless of their role, everybody 14

was willing to meet virtually and share about their career path and what led them to their position in the firm. At Isenberg, I learned about the power of building a network and growing through other people’s experiences. Now I am connected with most of them on LinkedIn and continue to learn along with them.” Her second internship with PwC was during her senior year as an advance intern with the personal finance service tax team. In this role, she was a part of a highly skilled team that supported her learning and growth every step of the way. After graduation, Rosa enrolled in a Master of Science in Taxation program; when she finished in fall 2023, she joined PwC full-time as a tax associate. Rosa shared advice for students: “I want to let people know that regardless of your stage in life, it is never too late to chase your dreams when you have the courage to try, seek help, and leave your comfort zone.”

ALUMNI NEWS

Alumnus Named Partner at EY Forensic & Integrity Services Practice After almost 25 years working for the FBI, Jeff Sallet ’93 joined EY as a partner serving on the Investigations & Compliance team with the Forensic & Integrity Services Practice in Boston. “We work with clients and their counsel every day to prepare for, respond to, and remediate around important events,” Sallet said. Sallet joined the FBI in 1997 as a special agent. Over the course of his career there, he led the New Orleans and Chicago Field Offices as well as serving as assistant special agent in charge of the Boston Field Office. In the latter position, he led the coordinated law enforcement investigation of the Boston Marathon bombing in April 2013. Earlier, he played prominent roles in high-profile investigations of public corruption, labor racketeering, organized crime, and counterterrorism. After the 9/11 terrorist attacks, he led the initiative that identified funding for the attacks and that tracked al Qaeda’s financial assets. In 2019, he was named associate executive assistant director of the FBI’s Finance and Facilities Division—a role roughly equivalent to the bureau’s Chief Financial Officer. In 2021, he was named associate deputy director of the FBI, overseeing all FBI personnel, budget, administration, and infrastructure, as well as the inspections and insider threat programs. His experience investigating financial crimes and his knowledge of forensic accounting and government regulations will be useful in his new role at EY, where Sallet got his start as a financial services auditor after graduating from Isenberg. 15

Accounting Advisory Council

Dan Newton ‘90 BDO

Michael Phillips ‘97 FLOYD ADVISORY

Edward J. Callahan ‘79 E.J. CALLAHAN & ASSOCIATES

Margery L. Piercey ‘84

MASS INSIGHT EDUCATION & RESEARCH

Meredith Coughlin ‘01 ERNST & YOUNG

Peter I. Resnick ‘93

CHARLES RIVER ASSOCIATES

Maryteresa Crealese ‘86 KPMG

Edward M. Sargavakian ‘88 STATE STREET BANK

Colleen Dowd ‘00

PRICEWATERHOUSECOOPERS

Jeffrey Sallet ‘93 ERNST & YOUNG

Shelley Duncan ‘92 DELOITTE

John Spinney ‘87 BRACEBRIDGE CAPITAL

Jonathan Freve ‘98 GALECTO, INC.

Jody Steel,‘97 DELOITTE

Christopher Hines ‘97 CLIFTONLARSONALLEN

David Swerling ‘05

PRICEWATERHOUSECOOPERS

Ryan Hurley ‘03 RSM

Jason A. Tata ‘94 KPMG

Jason Janoff ‘93 BRIGHT HORIZONS

Christopher Van Voorhies ‘03 KPMG

Anthony C. Jordan ‘96 ERNST & YOUNG

Carolyn Warger ‘09 GRANT THORNTON

Dan Lipton ‘99 ERNST & YOUNG

Brendon Massey ‘08 DELOITTE

Andrew Mathison ‘02 DELOITTE

2023 Awards & Recipients Barbara Bogdan Award & Sheryl L. Rosenbaum Memorial Scholarship HANNAH DUGAN

John McNamara ‘81 SULLIVAN BILLE

John Micalizzi ‘94 RSM

Richard A. Goldstein ‘63 Leadership Scholarship NOAH BRYANT

Hammond Distinguished Leadership Awards

James D. Flynn Undergraduate Scholarship

The DRIVE Scholarship

Nuance Communications, Inc. Scholarships

TAYLOR BAHN & SABRINA LAKE

ADAM PSZENNY

MEIYING LYU

OMOREGIE ENOBAKHARE & MENGXIN PAN

KPMG Citizen/Scholar Award ADAM FORD

PricewaterhouseCoopers Jessica Leigh Sachs Memorial Scholarships

ISABELLA SIMONEAU & OWEN CONNELLY

Mark and Kathryn Groffman Endowed Scholarship JADON WHITE

Nancy Amato Memorial Scholarship ALYSON MIREAULT

Grant Thornton Scholarship JAMES STEVENS

Young Alumni Council Scholarship

Deloitte Accounting Excellence Scholarship

John W. Anderson Scholarship

RSM Isenberg Alumni Scholarship

Tempesta Family Scholarships

RSM US Foundation Scholarships

Tom and Lori Burgomaster Scholarship

AHNAF SHAHRIAR HOQUE

HAYLEY WALMSLEY

PEARL MAN & FRANCISCO FERNANDEZ

ACCO U N T I N G D E PA R T M EN T U P DAT E

SAMUEL VANASSE

MICHAEL LALLY

MICHAEL DUONG & BRIAN ROSA

AVERY COEN

Cindy Esther Moncarz Memorial Scholarship Fund ISABELLE TSE

Ashish & Viraj Parikh Scholarship EVAN COYNE

EY Entrepreneur Scholarship JACKSON DEADDER

Academic Excellence Awards

DENNIS CHAN, ABIGAIL CHEN, JOSHUA COX, PHEOBE KIMERA, JEANNIE KIRK, GEORGE KURUVILLA, SABRINA LAKE, RACHELLE MORRIS, ALEX OLIVEIRA, COLBY VIEIRA, JENIFER ARNOLD, NIAMH GRAY-MULLEN, RILEY LYNCH, ANI MANIJIKIAN, TAYLOR MOORE, SARON NEBIYE, WILLIAM QUINLAN, PORTER RENKO, JONATHAN SEARS & TAYLOR SPEXARTH

Accounting Faculty Scholarship

Shelley Ann Lawler Memorial Scholarship BRIDGET JONES

Accounting Alumni Scholarships ALAN MARTINEZ & LINDA ZOU

Becker Professional Review Scholarship JACK DAILEY

VIVIAN CHEN

Lowry Family Scholarship MELISSA ZHENG

Arthur H. Carter Accounting Scholarships LUKE BARNHART, HANXU XIA, CADE CARDWELL, & SARAH THORRICK

Isenberg School of Management University of Massachusetts Amherst 121 Presidents Drive Amherst, MA 01003

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ACCO U N T I N G D E PA R T M EN T U P DAT E