2008 Accountancy Annual Report

Department of Accountancy Annual Report 2008

Contents Chair Remarks..................... 3 Program Highlights.............. 4 Faculty/Staff....................... 10 Students............................. 13 MAcc Program................... 17 Alumni............................... 21 From the Dean................... 23

The Economy and Higher Education During these past few months we have certainly seen our economy and the financial markets stressed to a point that most of us have never experienced. The economic volatility and uncertainty that we face is unlikely to be reduced significantly in the near term. This change in environment is having a noticeable impact on the accounting world and higher education.

There is at least one positive aspect of the current situation: We can – and will – use the recent events to enrich student learning in real time. Financial accounting policy-makers are currently facing pressure to change the standards related to mark-to-market accounting. Most of the accounting profession has responded that the fundamental problems in the economy are not due to the methods we use to report assets, but rather to the reduction in value of these assets and the inability to determine with great precision the assets’ current worth. Although this issue may not directly affect students in their daily lives, it allows accounting faculty members to illustrate the role of accounting numbers in our financial markets.

The Accountancy Annual Report is an annual publication of the Department of Accountancy for our alumni and friends.

Department of Accountancy Farmer School of Business Laws Hall Room 310 Oxford, Ohio 45056 Telephone: (513) 529-6200 Fax: (513) 529-4740 www.fsb.muohio.edu/acc Accountancy Support Staff: Susan Anderson, Administrative Assistant Debbie Gentry, Senior Administrative Secretary Gretchen Radler, Academic Program Coordinator Many thanks to the accountancy students, faculty, staff, alumni, and other partners for their assistance in the compilation of this report.

Miami University: Equal opportunity in education and employment Produced by IT Communications 141521

Now, a brief look at some of the negative aspects of current economic conditions as they affect our program: Although it is difficult to forecast with any reasonable accuracy the length and depth of the downturn in the economy, it already has and will continue to affect higher education. We are currently in the midst of the recruiting season for accounting majors and so we will not know for a few months how placement rates for our students will look. We are encouraging students to be diligent in researching organizations and aggressive in their job searches, and to cast a wider net than they may have planned just a few months ago. Our accounting graduates have been highly recruited in the past and we continue to receive interest from a large number and variety of organizations. We are hopeful that our graduates will continue to succeed in finding the best organization in which to begin their professional careers. The economic downturn may also have a negative impact on students’ ability to finance their college education. We continue to seek new sources of scholarship money to ease the financial burden for our students. We appreciate those individuals and organizations that contribute to accountancy scholarships.

The economy also has a profound impact on university budgets. The Farmer School, like all units of the university, is being asked to reduce expenditures. We are committed to maintaining our excellence in accounting education and continue to strive to provide our students with a first-rate learning experience. I again want to thank those of you who have supported us with your time or contributions. These gifts are now more critical than ever.

Our report this year highlights many of our achievements over the past few months and introduces you to a variety of faculty, students, and alumni. We are very excited to welcome our newest assistant professor, Drew Reffett, to our faculty. We want to congratulate Dan Heitger on being named the only academic “Rising Star” in the area of corporate governance. We want to express our pride in Allie Lanham, a recent graduate of our MAcc program, who is completing an internship at the Financial Accounting Standards Board. We hope you enjoy reading about each of these individuals as well as the many others who are connected to our program.

I personally want to thank the faculty, staff, and administration of Miami University as well as our students, alumni, and friends who make this one of the best universities for which to work. Have a wonderful holiday season. Let us hope that the new year brings us renewed prosperity.

Regards,

Marc A. Rubin PricewaterhouseCoopers Professor and Chair 3

Program Highlights

Program Highlights

4

Accountancy undergraduate students in the Farmer School of Business Pacific Rim Study Abroad program and Master of Accountancy students participating in the International Summer School at the University of Seoul visited the KPMG offices in Shanghai, China, and Seoul, South Korea, this summer.

Employers unanimously agree that leadership skills are integral to the accounting profession. Yet when Dr. Pete Brewer, professor of accountancy, spoke at the Colloquium on Change in Accounting Education last year he asked 60 accounting professors from around the country how many of them have used the word “leadership” in their classrooms and not a single hand was raised! This reality points to a gap between the skills needed to build a successful accounting career and the accounting curriculum.

Brewer decided to tackle this issue head-on by creating a three-week module in his cost accounting course that was dedicated to leadership. The module included six case studies dealing with topics such as using leadership styles to motivate others, facilitating effective team-based decision-making, and building high-integrity organizational cultures. “Our majors need to hear from an accountancy professor that accounting is a leadership-oriented career path,” says Brewer. “Rather than assuming that our students get adequate leadership training in other venues, we need to take greater ownership of teaching the skills that we think are important to an accounting major’s longrun career development.”

Program Highlights

Teaching Accounting as a Leadership-Oriented Career Path

Feedback from students suggests that Brewer had the right idea. Responding to an anonymous survey administered at the end of the semester, one student wrote: “I thought the leadership module was great! Every interview I had this year for internships asked me about leadership and teamwork. I feel that leadership is becoming very important in the accounting field and the course work needs to reflect that.”

Another student continued the theme: “It is not stressed enough that accountants need to challenge standards of ‘the norm.’ These cases reinforced that even though we will be working with smart people, they are human and are tempted by power, money, etc. This was a great way to start class!”

Many other students commented that the case studies helped them view accounting and business from a different perspective, and the experience will enhance their leadership skills in the future.

“It is vitally important that accounting students be prepared not just for job one, but for a productive and exciting career over the long run,” notes Jeffrey Thomson, president and CEO of the Institute of Management Accountants. “CEOs and CFOs around the globe understand that strong leadership skills are essential to building a successful accounting career. Pete is not only serving as a pioneer in the academic community by bringing leadership topics into the traditional accounting curriculum, but he has also published articles, co-hosted webinars, and provided reasoned advice on professional development programs that have been helpful to the IMA in its efforts to enrich the financial leadership skills of its members.”

“Our students’ future success will be driven more by the ability to interact productively with other human beings than the ability to account for deferred taxes or calculate a direct materials variance,” concludes Brewer. “Leadership skills will carry them beyond the early years and help make them better colleagues, managers, and caretakers of financial information.”

5

Program Highlights

News from the Center for Business Excellence, April 2008 – August 2008 The Center for Business Excellence (formerly the Center for Governance, Risk Management, and Reporting) is undertaking new initiatives and receiving recognition in its efforts to bring together professionals, students, and academics from within Miami and across other universities and companies around the globe to meet its mission.

New Name. The center’s new name (as of April 25, 2008) reflects its focus on integrity, leadership, and transparency as the core ingredients for creating and maintaining long-term value within organizations. The mission of the center remains becoming the international academic thought leader in integrating integrity, leadership, and transparency to create sustainable long-term organizational value.

With its new name, the Center for Business Excellence (CBE) hopes to attract more board of director members and senior executives to participate in activities sponsored by the center. These activities will be designed to help center stakeholders—professionals, students, and academics—to critically consider how integrity, leadership, and transparency can be used in developing and improving strategy and internal and external stakeholder engagement. Center stakeholders have reacted very positively to the new name.

Advisory Board Meeting. On April 24, 2008, the center held its first Advisory Board meeting with its initial Advisory Board: Carol Fox (Convergys), Paul Hinds (PricewaterhouseCoopers LLP), Bethmara Kessler (LimitedBrands), Mark Larson (KPMG LLP), David Meyer (Ernst & Young LLP), Henry Montgomery (Montgomery Pacific Outsourcing), Dub Nelson (Fidelity Investments), David Phillips (Cincinnati Works), and Laura Thomas (American Electric Power). Two of the Farmer School’s Master of Accountancy students, Jessica Johnson (now EY-Chicago) and Kathleen Vistica (now KPMG-Cincinnati), attended as student representatives. Based on the discussion and suggestions by the Board, the meeting was successful and the group decided to meet more than once a year. The second meeting is scheduled for September.

Executive Conference. On April 24–25, the center held its 3rd Annual Executive Conference on Governance, Risk Management, and Reporting featuring NASDAQ OMX CEO Robert Greifeld as the keynote speaker.

The conference was attended by 45 executives from a variety of major organizations and all 36 of Miami’s Master of Accountancy students.

Co-sponsors for the event were American Electric Power, Cardinal Health, PricewaterhouseCoopers LLP, and Fidelity Investments.

Speakers for the conference included Brian Ward and Dub Nelson (Fidelity Investments), Amy Geiger (Cardinal Health), Anne Larsen (NovoNordisk of Denmark), Shawna Wilson (PepsiCo), Teresa Cracas (Cincinnati Financial), Mary Tuuk (Fifth Third Bank), and Sarah Hibler

6

(Moody’s Investor Services). Paul Hinds (PricewaterhouseCoopers) also led a student panel discussion in which the students in attendance worked together to identify issues of interest for the speakers and registrants to discuss.

Curriculum Development Grants for Faculty. On May 31, the center awarded its first three CBE/KPMG LLP Curriculum Development Initiative grants for four-class-session modules to be developed that link various topics to corporate governance, risk management, and/or transparent business reporting. Three $9,000 grants funded by KPMG LLP were awarded to the following faculty teams: Mark Peterson (anthropology) will examine connections between anthropology and organizational reporting; T.M. Rajkumar, Doug Havelka, and Jeff Merhout (MIS/ DSC) will explore and develop curriculum on the links between master data management (MDM) and organizational governance; and William (Rocky) Newman (management) will be working with George Zsidisin (management, Bowling Green State University) to develop curriculum exploring links between supply chain management and risk management within organizations. These modules, along with the curriculum in two evolving Master of Accountancy courses examining the integration of integrity (e.g., governance), leadership (e.g., risk management), and transparency (e.g., business reporting) for business excellence, are being developed to be available to any international university instructor in 2010 at the end of the initial phase of the Curriculum Development Initiative. A second RFP for four-class modules is expected to be issued to the Miami University faculty sometime during late fall 2008.

NASDAQ OMX Chief Executive Officer Robert Greifeld addresses the attendees during his Keynote Address of the 3rd Annual Executive Conference sponsored by American Electric Power, Cardinal Health, PricewaterhouseCoopers LLP, and Fidelity Investments.

EY Global Vice Chair Beth Brooke discusses integrity, leadership, and transparency with Diana Menghini, a student from Brigham Young University, and other students during the EY Business Excellence Student Summit Keynote Dinner.

Center Co-Director Award. In May 2008, Ellen Glazerman of the Ernst & Young Foundation nominated Center Co-Director Dan L. Heitger to be named as one of Yale University’s Millstein Center Rising Stars of Corporate Governance. Please see related announcement on p. 11.

Management of Research Grant for Cyber Terrorism Simulator. In June 2008, the Cyber Conflict Research Consortium of organizations investigating cyber terrorism, of which Miami University is a member, received a $3 million grant from the Department of Homeland Security to develop a crisis management simulator for the financial services sector.

The CBE is managing Miami’s role in the consortium and provided funding for Yvette Harman (Finance) to work with external financial services experts in identifying how major broker/dealer organizations understand and manage crisis events involving information technology.

Other members of the research consortium will take information gathered by the center and outside experts and use it to develop a crisis management simulation tool that can be used to run live exercises involving actual financial institutions.

Student Summit. In July 2008, the center partnered with Ernst & Young LLP to host the first Ernst & Young Business Excellence Student Summit at Miami University. The event brought together more than 30 of the top undergraduate business students from North America for two days, during which they worked on cases to consider difficult situations they may face throughout their careers—from intern to Board of Director member. The cases demonstrated how emphasizing integrity, leadership, and transparency with internal and external stakeholders can lead to favorable long-term solutions. The event included students from a number of top business schools, including Washington, Cal-Berkeley, USC, Arizona State, Texas, SMU, Texas A&M, Brigham Young, Kansas, Illinois, Alabama, Georgia, Florida, UNC-Chapel Hill, Toronto, British Columbia, Penn State, and, of course, Miami. The event opened with an

Participation in International Accounting for Sustainability Project. In July 2008, the center was asked by Miami alumnus and Vice President of the American Institute of CPAs (AICPA), Chuck Landes, to represent the AICPA on HRH Prince Charles’ Accounting for Sustainability Project based in London. The project involves all major global CPA bodies and is focused on developing quantitative measures for environmental and social sustainability issues that can be linked to organizational strategy and financial performance measures. The center will work with a number of organizations in the United States to help the project achieve its objectives. The center’s co-directors will give a presentation in London in December with a representative from Microsoft in which they will discuss the state of accounting and reporting on sustainability of U.S. organizations. The center will work with other leading organizations, such as Procter & Gamble, General Electric, and PepsiCo, to develop a framework that can be used by organizations to account for and report on sustainability efforts. Ray Gorman, senior associate dean of the Farmer School, has offered to participate on the project, and other faculty members are welcome to participate in the coming years.

Program Highlights

outstanding speech by E&Y Global Vice Chair Beth Brooke (who spoke at May’s Farmer School commencement)—see highlights of her Summit speech on the center’s website. In addition to the case studies, the participants enjoyed a “Winter in July” event at Goggin with ice skating and broomball.

Research with Crowe Group LLP. Over the summer of 2008, the center began two studies with Crowe Group LLP, based in Chicago, as part of a new research partnership. The first project involves the collection and analysis of survey data regarding the “state of the union” of sustainability reporting by U.S. organizations. The other project examines how organizations measure the financial benefits of tax-related sustainability initiatives. Tom Schultz, assistant professor of accountancy at the Farmer School, is involved in the second project. As the program evolves, more research projects involving Miami faculty will be introduced.

For more information about the Center for Business Excellence or to learn about how you can be involved, see the center website at www.fsb.muohio.edu/cbe.

7

Program Highlights

Getting to Work on IFRS With the unveiling of the Security and Exchange Commission’s (SEC) “roadmap” that could lead to mandatory use of International Financial Reporting Standards (IFRS) for U.S. issuers by 2014, accountancy professors and public accounting practitioners are working together to address the new language of accounting.

“The commission has long been exploring the idea of a single set of high-quality global accounting standards as a means of facilitating comparability of issuers across national borders,” noted Paul Beswick (Miami ’94), deputy chief accountant in the SEC’s Office of the Chief Accountant. “The proposed roadmap contains a number of significant milestones to be considered before the commission makes a determination on adopting a final roadmap.

The adoption of the roadmap would represent the most significant step taken by the commission in moving the United States to reporting using IFRS.” Dr. Tim Eaton, associate professor of accountancy, has been tapped to be a member of Ernst & Young ’s Academic Resource Center (ARC), a million dollar investment made by the Ernst & Young Foundation. ARC, a virtual center staffed by Ernst & Young professionals and rotating faculty-in-residence, is developing free, publicly available academic curricula pertaining to issues that impact the accounting profession. The first topic being tackled is IFRS. Eaton recognizes the challenges of the task ahead, but states, “I am thrilled to have the opportunity to join the ARC during a time period of historic change in the accounting profession. The partnership between expert professionals and accounting faculty creates a wonderful synergy for producing relevant resources that can be immediately used to help accounting faculty understand the differences between IFRS and U.S. GAAP with a goal of classroom implementation that ultimately influences our students as they prepare to enter the profession.”

One of a select number of faculty members invited to work on this project, Eaton has already begun researching IFRS and introducing IFRS-related discussions into his ACC422 (Financial Accounting Research) classes. “Preparing students to be able to work with IFRS is clearly a necessity as many countries, including Canada, have already adopted IFRS and the U.S. is coming closer to doing so as well,” notes department chair Marc Rubin. “The work that Tim is doing is essential for making sure our students are current and ready to work in a global economy.”

Eaton and his colleagues must work quickly. The ARC plans to produce full curriculum materials – including lecture notes, presentation slides, video clips, exercises, problems, and a variety of case studies – for rollout in Intermediate Financial Accounting courses by January 2009. The next phase of curriculum materials, for Intermediate II and Advanced Accounting courses, are anticipated for release in June 2009.

“In my view, the use of IFRS by U.S. companies, particularly public companies, is inevitable,” said Randy Fletchall, chairman of the American Institute of Certified Public Accountants. “It is a question of how soon. All participants in the financial reporting system need to focus on our preparedness for making a successful conversion from U.S. GAAP to IFRS.” The incoming 2008–2009 class of students will likely need to understand new financial reporting standards when they enter the workforce in 2012 or 2013.

Curriculum Changes We are pleased to announce several changes to our curriculum: ACC443 Federal Income Tax Accounting is now a junior-level course, ACC343. This change gives students exposure to taxation earlier in their academic career, preparing them for tax internships and a potential career path.

8

A new elective course, ACC445 Corporate& Partnership Taxation, introduces students to the federal tax consequences of the formation and operation of corporations, partnerships, and S corporations.

ACC646 Taxation and Decision Making has been added to the MAcc curriculum. This course will provide the tools necessary to identify, understand, and evaluate tax planning opportunities.

ACC611 Accounting for Managers will be taught as a part of the new professional MBA program offered at the Voice of America Learning Center.

Finally, we are exploring the option of allowing students to earn limited credit for qualified internship experiences overseen by an accountancy faculty member.

The Farmer School’s Accountancy Advisory Group (AAG) is an important link with the professional community. Comprised of 15–20 members representing public accounting, corporate accounting, and accounting-related fields, the AAG provides advice and counsel regarding the continuing development of high quality accounting programs for our students. We introduce two current AAG members below.

Jason A. Kane, CPA, is an accounting manager in the Financial Reporting department at Progressive Insurance. In this position, Kane works with Progressive’s Control Groups to ensure proper accounting of business transactions and completion of account reconciliation procedures. He also reviews journal entries submitted as part of Progressive’s monthly financial close process and is consulted on key accounting issues.

Prior to joining the Financial Reporting department, Kane was an internal auditor with Progressive’s Control and Analysis department. He served as the company’s business contact for Sarbanes-Oxley compliance purposes, which required administering quarterly testing and summarizing testing results.

Kane graduated with his B.S. in accountancy from Miami University in 1999 and his Master of Accountancy from Miami University in 2000. He began his accounting career in the Assurance and Advisory Business Services practice of Ernst & Young LLP and worked on audits of manufacturing, insurance, and private equity clients before joining Progressive in 2005.

Kane is a member of the AICPA and is involved with various not-forprofit organizations throughout the Northeast Ohio area. He and his wife, Elyssa, reside in Solon, Ohio.

D. Andy Meeting, CPA, was recently promoted to associate vice president – financial reporting with Limited Brands, Inc., parent of Victoria’s Secret and Bath & Body Works. In this position, Meeting is responsible for the company’s external financial reporting as well as the company’s accounting and financial reporting policies. His many accomplishments as director and now as associate vice president include the divestitures of Express and Limited Stores business units, the acquisition and integration of La Senza Corporation, and the acquisition and divestiture of joint ventures and other investments.

Program Highlights

Introducing Our Accountancy Advisory Group

Meeting has also overseen Limited Brands’ adoption of new accounting standards and its conversion from retail to cost method of inventory valuation. Additionally, Meeting has identified, evaluated, and refined enterprise-level internal controls as part of Sarbanes-Oxley compliance efforts.

After earning his B.S. in accountancy from Miami University in 1995, Meeting launched his accounting career in the Assurance and Advisory Business Services practice of Ernst & Young LLP, rising to the position of manager before joining Limited Brands in 2002.

Meeting is a member of the United Way Young Leadership Group and the AICPA. He and his wife, Allison (Miami, 1995), have two children and reside in New Albany, Ohio.

2008 – 09 Accountancy Advisory Group Patricia Basti

Director, Advisory Services KPMG, LLP

Stephanie Clark

Tony Dunn

Internal Audit Officer The Cincinnati Insurance Companies

Jason Kane

David Meyer

Daniel Staley

Jamie Leonard

Scott Schweinfurth

William Watts

Accounting Manager Progressive Insurance

Partner Ernst & Young, LLP

Associate Director–Corporate Accounting The Procter & Gamble Company

Brian Foster

Partner, Audit KPMG LLP

Sr. Vice President and CFO– Corporate Banking Fifth Third Bank

Robert Craycraft

Amy Geiger

Chris Linck

Terry Silver

D. Andy Meeting

Kendra Smith

Director of Audit Cintas Corporation

Donna Deye

Sr. Vice President and CFO totes Isotoner Corporation

Enterprise Risk Manager Cardinal Health, Inc.

Scott Homer

Partner, Audit and Enterprise Risk Services Deloitte & Touche, LLP

Partner BKD

Associate Vice President, Center Financial Reporting Limited Brands

Executive Vice President, CFO, and Treasurer WMS Industries Inc.

Partner PricewaterhouseCoopers LLP Partner Crowe Horwath LLP

Partner Skoda Minotti Senior Manager Grant Thornton LLP

9

Faculty/Staff Highlights

Faculty/Staff Highlights

10

Drew Reffett joined the Department of Accountancy this fall and will be teaching our auditing courses on the Oxford campus.

He earned his Ph.D. from the University of Illinois and his B.S. in accounting from Purdue University. He received the College of Business Outstanding Instructor Award for Teaching Assistants and the Fred H. Figge Distinguished Teaching Assistant Award in Accountancy while at the University of Illinois.

As both a CPA (Indiana) and a CFE, Reffett worked in the Indianapolis office of Ernst & Young for three years before leaving to pursue his Ph.D. He volunteers with the Champaign County Habitat for Humanity by assisting the controller with the year-end audit.

Reffett’s research interests include examining how the current audit litigation environment affects the audit process and how specific changes to the current audit liability laws might affect the litigation environment and thus the audit process.

Reffett and his wife, Jennifer, recently moved to Oxford, OH, and love the Miami community. They are expecting their first child in January 2009.

Kay Anderson Gowsell joined the Farmer School faculty and the Department of Accountancy this fall as an instructor. She will be teaching both ACC 221 and ACC 222. She earned her M.B.A. from Indiana Wesleyan University and her B.S. from the College of Mount Saint Joseph.

Heitger Shines as Rising Star Dr. Dan Heitger, associate professor of accountancy at the Farmer School of Business, has been named one of Yale University’s inaugural “Rising Stars of Corporate Governance.”

Heitger is one of 56 corporate governance professionals under the age of 40 to be so recognized by the Millstein Center for Corporate Governance and Performance at the Yale School of Management. The honorees, who represent a broad array of business and not-for-profit organizations all over the world, were nominated by their peers. Final selections were made by a committee of leaders from the Millstein Center, the Open Compliance and Ethics Group, and the International Corporate Governance Network, based on criteria such as past accomplishments and thought leadership, future projects and endeavors, reputation among existing industry leaders, and potential to influence the industry in the future.

Gowsell passed the Ohio CPA exam in 1997. She currently runs her own CPA practice in West Chester, OH. Her professional experience includes The Provident Bank, Belcan Engineering, and Sheldon Reder CPAs. A native of the greater Cincinnati area, Gowsell lives in West Chester with her two children – a son who is a junior at MU and a daughter who is a junior at Lakota West High School.

Pat McCafferty joined the Department of Accountancy this fall as an instructor on Miami’s Hamilton campus. He will be teaching the principles of accounting courses. He earned his M.B.A. in finance and his B.S. in accountancy from Miami University.

McCafferty has previously taught the franchising course offered within the entrepreneurship program at Miami. He also volunteers as a SCORE counselor, helping people start new businesses or improve their existing business. McCafferty previously owned nine successful Texas Roadhouse restaurants before selling them back to the parent company. From 1989 to 2005, McCafferty ran his own CPA practice, which specialized in assisting small businesses in everything from tax planning and accounting services to private equity offerings and business plan composition.

Faculty/Staff Highlights

Welcome to the Farmer School

McCafferty resides in Montgomery, OH, just outside of Cincinnati.

Jessica Ponto joins the Department of Accountancy as the department’s writing specialist. She earned her M.A. in English from Miami University and her B.A. in creative writing from Ashland University. As the writing specialist, Ponto will consult with students on their writing assignments and assist professors with grading papers and developing writing assignments. She has received several awards for her poetry and her first publication is set to be released in October 2008.

Heitger, on the faculty of the Farmer School since 2004, earned a B.S. in accounting at Indiana University and a Ph.D. in accounting at Michigan State University. He and faculty colleague Dr. Brian Ballou co-founded the Farmer School’s Center for Governance, Risk Management, and Reporting (now the Center for Business Excellence) in 2006.

Heitger was the only honoree from academia.

“Dan’s teaching, research, and professional endeavors with regard to the center have made him a very valuable member of our faculty and have given him national exposure in the profession,” said Dr. Marc A. Rubin, chair of the Farmer School’s Department of Accountancy. “We are very pleased that he has been honored by the Yale School of Management.”

“This is the first year we are recognizing the next generation of corporate governance leaders,” said Ira M. Millstein, senior associate dean for corporate

governance at the Yale School of Management.

“Every one of this year’s 56 recipients is a ‘Rising Star’ in his or her own right. I’m honored to be able to recognize them in this way.”

The Rising Stars were recognized June 9 at a reception during the 2008 Yale Governance Forum hosted by the Millstein Center.

The Millstein Center is a global resource for testing, challenging, and advancing the premise that corporations should and can serve society.

The center convenes events; sponsors empirical research; generates policy briefings; and builds market capacity through teaching and student interaction, and by developing training, databases and institutions.

(This article first appeared in the Farmer School of Business newsletter.)

11

Faculty/Staff Highlights

Faculty News Barry P. Arlinghaus, Deloitte & Touche Professor (arlingbp@muohio.edu) Published “Professional Interaction, Relevant Practical Experience, and Intellectual Contributions at Nondoctoral AACSB Accredited Accounting Programs” in The Journal of Education for Business and taught Acc 399 Business and Professional Ethics for Executives and Accountants in Luxembourg in summer 2008.

Brian Ballou, Professor (balloubj@muohio.edu) See CBE update (p. 6) Peter Brewer, Professor (brewerpc@muohio.edu) Published articles in Strategic Finance and the Journal of Accounting Education, was awarded a Certificate of Merit by the Institute of Management Accountants for an article published in Strategic Finance, and served on the editorial boards of Issues in Accounting Education and Journal of Accounting Education.

James Cashell, C. Rollin Niswonger Professor (casheljd@muohio.edu) Served as the director of the Master of Accountancy Program, published an article on fraud, and served on the education committee of the American Accounting Association, the international communication advisory committee of the Institute of Internal Auditors, and the editorial advisory boards of both The Internal Auditor and Internal Auditing journals.

Philip Cottell, Jr., Professor (cottelpg@muohio.edu) Served on the audit committee of the Oxford Community Foundation and as treasurer for the prestigious Hamilton Dog Training Club. Cottell has been re-elected to the Faculty Rights and Responsibilities Committee. His highly regarded Irish Water Spaniel is vigorously training for a Companion Dog Excellent title as well as a Rally Novice title with the American Kennel Club.

Kathryn Easterday, Assistant Professor (easterke@muohio.edu) Taught ACC333 (Managerial Cost Accounting) and completed her dissertation defense; she graduated from the University of Cincinnati with a Ph.D. in Business Administration in December 2007. She attended AAA’s Financial Accounting and Reporting Section meeting in Phoenix, AZ, in January; the AAA New Faculty Consortium in Washington, DC, in February; and PwC’s University for Faculty in Princeton, NJ, in July, and participated as a discussant in the 2008 AAA Ohio Regional meeting in Dayton, OH. A co-authored research paper was accepted for publication by The Quarterly Review of Economics and Finance.

12

Timothy Eaton, Associate Professor (eatont@muohio.edu) Won The CPA Journal Max Block Award for Best Policy Analysis and served as faculty advisor for the PwC case competition. He published several articles during the year including Public Budgeting & Finance and Journal of Forensic Accounting; three articles were done in collaboration with Miami MAcc students. Eaton is serving on the Trueblood Committee and is currently working on IFRS (see related articles pp.8 & 17).

Jan Eighme, Lecturer (eighmeje@muohio.edu) Taught BUS101, Foundations of Business Decision Making, a new core business course for first-year pre-business students. Serving as chief departmental academic advisor, she also advised first-year pre-business students about course registration during summer orientation. Eighme served on the editorial board of the American Journal of Business.

Dan Heitger, Associate Professor (heitgedl@muohio.edu) See CBE update (p. 6) Clayton Hock, Professor (hockca@muohio.edu) Serving as faculty advisor for Beta Alpha Psi and chair of the student interaction and awards committee, on the FSB portfolio review committee, and on the board of the Miami University Community Federal Credit Union.

He published two articles: “The 150-hour Requirement’s Effect on the CPA Exam: Candidate Performance in Florida, New York, and Texas” in The CPA Journal (with Prof. Charles G. Carpenter) and “Accounting 101: More Useful Approaches as Alternatives to Debits and Credits” in New Accountant (with Janel Bloch).

Christopher Metcalf, Clinical Faculty (metcalcc@muohio.edu) Started ninth year at Miami teaching the principles of accounting series and the core business course, Foundations of Business Decision-Making, on the Middletown Campus (MUM). Metcalf was targeted to teach a new Bachelor of Integrative Studies course, Financial Information for Managers, at Miami’s Voice of America Learning Center when it opens January 2009. He continued as the academic advisor for the four-year business students on the MUM campus, and initiated various professional involvement activities through SCORE and Miami’s Corporate and Community Institute.

Thomas M. Porcano, Arthur Andersen Alumni Professor of Accountancy (porcantm@muohio.edu) Published “Acquiring International Tax Knowledge” in Advances in Taxation (with Jennifer L. Fecowycz, Ernest R. Larknis, and Gary A. McGill) and continues to be a contributing author to 2009 CCH Federal Taxation: Basic Principles and 2009 CCH Federal Taxation: Comprehensive Topics. He presented papers at two conferences and served as editorial board member of Research in Accounting Regulation and Journal of the Academy of Business Education.

Marc Rubin, PricewaterhouseCoopers Professor and Chair (rubinma@muohio.edu) Elected Vice-President and Director of Education and Research for the Government and Nonprofit Section of the American Accounting Association. He is serving on the following national committees: Joint AICPA/AAA Accounting Literature Awards Selection Committee, AAA/APLG Doctoral Advocacy Committee, and the Accounting Program Leaders Group Ohio (chair). He is performing accreditation reviews for the AACSB, made presentations at APLG annual mid-year meeting and AAA annual meeting, and is currently serving on the editorial review boards of Research in Governmental and Nonprofit Accounting and Journal of Public Budgeting, Accounting and Financial Management.

Thomas Schultz, Assistant Professor (Tom.Schultz@muohio.edu) Researching the financial reporting and taxation issues faced by U.S. multinational corporations. Schultz published a co-authored article (with Brian Ballou and Dan Heitger) forthcoming in Strategic Finance or Management Accounting Quarterly on measuring the costs of responding to business risks, presented research papers at the AAA Annual and Ohio Region Meetings on accounting for the undistributed earnings of foreign subsidiaries, and served as a discussant and reviewer for the American Taxation Association and the International Accounting Section of the AAA. He also participated in the Ernst & Young Tax Educator’s Symposium, KPMG IFRS Seminar for Faculty, and PwC Tax Colloquium.

M. Dale Stoel, Assistant Professor (stoelmd@muohio.edu) Taught ACC361 (Accounting Information Systems), presented research on impact of IT material weaknesses at AAA’s Accounting Information Systems mid-year meeting in Los Angeles, CA, participated in the AAA New Faculty Consortium in Washington, DC, in February, and participated as a discussant in the 2008 AAA annual meeting in Anaheim, CA. He developed and submitted research papers in the area of AIS to Information & Management and Information Systems Research.

Dan Wiegand, Lecturer (Dan.Wiegand@muohio.edu) Authored and published the sixth edition of Red Company – Financial Statement Analysis and the 4th edition of Solid Footing – Building an Accounting Foundation, which has been adopted by the number one accounting program in the nation, the University of Texas at Austin, and by over 20 other university accounting programs. Along with the ACC221 team, he delivered the Introductory Financial Accounting course in the new big session/small session format. This new course delivery method was very successful and received very positive student course evaluations. Wiegand also performed business and IT consulting for local and national companies.

Student Highlights

Student Highlights

13

Student Highlights

Sharing Her Blessings: Lambert Excels in the Classroom, on the Job, and in the Ring “I am blessed.”With these words, senior accountancy major Brittany Lambert sums up her Miami experience.

Lambert first started riding horses in first grade and never looked back. By the time she graduated from high school, she had traveled all around the country competing on the American Quarter Horse Association circuit, culminating in a fifth-place finish at the World Show.

“I had a very unusual high school experience,” she recalls, “and I was looking for a little more normalcy when I went to college.” She decided she would leave competitive riding behind her and focus on her studies, spending time with friends, and establishing her place in the local community. As is so often true with passions, though, Lambert’s love of riding wouldn’t let go. On a college visit to Miami University, Lambert visited the stables, and she was hooked.

Lambert entered the Farmer School of Business Honors Program in 2006, took ACC221 with Dr. Clayton Hock, and decided accountancy was a good fit. She made a conscious effort to develop strong relationships with her professors, and credits those relationships for much of her success: “I have been able to excel the way I have because of my professors,” she says.

Lambert participated in the Deloitte National Leadership Conference after her sophomore year, fell in love with Deloitte Consulting, and was offered an internship with them the following summer. “My internship was a fantastic experience,” Lambert enthuses. “That, and the resulting job offer, is one of the highlights of my time at Miami.”

The other main highlight of her Miami career, not surprisingly, involved horses. Lambert joined the Miami University Equestrian Team (MUET) her freshman year. She learned quickly that collegiate equestrian is very different than the competitive riding with which she had been involved before. One major difference is that, as a club sport, the equestrian team is open to all riders, regardless of skill level or experience. A second difference, which Lambert found particularly rewarding, is that the focus is on the team, rather than the individual.

The Western program of the MUET was just developing under great senior leadership when Lambert joined. The team, which had not received an invitation to the National Championship in over 20 years, won the region and progressed to Zones, competing against perennial powerhouses Ohio State and Findlay. Going into the final round, Miami was in third place. Lambert took the ring. Her victory lifted Miami over the competition, and the oftbeleaguered Western team advanced to Nationals, where they finished ninth. “Sharing that triumph with the members of our team was such an exhilarating experience,” says Lambert. “I will never forget it. Our program now rests among the more respected programs in the Midwest.”

“Working as part of a team, trying to get the best out of others, is one of the skills that I have developed at Miami, and I am proud to take that with me into the professional world,” she continues. She has also developed leadership skills through her work with MUET. Last year she served as vice president of the team, organizing and planning all horse shows hosted by Miami. As a member of the MUET executive board, she also wanted to bring more awareness of the program to the Oxford community. To do this, she started a sponsorship program, designed a sponsorship pamphlet, and helped raise more than $5,000 in sponsorship money. She now holds the new position of fundraising chair, so she can continue to develop this project into a staple of the program.

14

In the end, Lambert fulfilled those goals she set as an incoming freshman: she made good friends, established herself in the community, and more than excelled in the classroom (she currently carries an exceptional 3.93 GPA, including a perfect 4.0 in her major coursework). She was awarded one of the Department of Accountancy’s most prestigious scholarships, the PricewaterhouseCoopers/Kelly A. Booms Memorial Scholarship. Indeed, she reiterates, “I am really blessed.”

The typical business student fills his summers with internships, summer jobs, or study abroad. Master of Accountancy student Adam Van Treese, however, is anything but typical.

Van Treese did not come to Miami with the intention of majoring in accountancy. As a matter of fact, he started out as a music major, and has been involved in the Miami University Steel Band throughout his tenure here. When he decided that music would be his avocation rather than his vocation, he found his way to the Farmer School of Business. He was drawn to the “music-like patterns and numbers” he discovered in his early accountancy coursework and decided he had found a new academic home.

It turned out to be a good choice. Van Treese excelled in his undergraduate coursework and was awarded a graduate assistantship to attend the Miami MAcc program. His junior year, he was offered an internship in the tax practice of PricewaterhouseCoopers in Cincinnati. The internship was successful on both sides and he will join PwC full-time following the completion of his graduate degree.

Student Highlights

Sharing His Gifts: Van Treese’s Journey of Hope

His first year at Miami, Van Treese joined the Pi Kappa Phi fraternity for one reason: its dedication to its outreach program, Push America. An organization that serves people with disabilities through awareness events and fundraising programs, Push America is operated solely by members of the fraternity. One of its biggest fundraisers is an annual bicycle trip across America called the Journey of Hope. Van Treese participated for the first time during the summer of 2008.

Over the course of 10 weeks, teams of cyclists ride cross-country (Van Treese’s route was from San Francisco to Washington, D.C.), averaging 80 miles a day. Each day the team would stop in a different town and have Friendship Visits with organizations serving people with disabilities. “The Friendship Visits were the best part of the trip,” acknowledges Van Treese. “Hanging out and developing friendships with the individuals at these visits is what gave us the motivation to get on our bikes every day.” One young girl made him a bracelet that he wore every day until it finally wore out; the significance of that gift shows in his eyes when he shares the story.

The trip for Van Treese really began last September, when he was accepted to the team. Each team member is required to raise a minimum of $5,000 to participate; contributions are given out in grants to organizations that serve people with disabilities. Van Treese set a personal goal of raising $10,000, and exceeded that by over $2,200. “I was amazed at the generosity of my sponsors; we wouldn’t be able to do what we do without their support,” he says.

As a whole, the team was able to raise $500,000 to help spread the message of “the abilities of people with disabilities.”

So accounting will be his career and music his solace, but Van Treese found his purpose in Push America. “People often ask me if I would do this trip again, and undoubtedly the answer is yes! This experience is so rewarding that you almost can’t take it all in during one summer. I’m hoping that I get the chance to make a huge impact on a lot of lives for many years to come.”

15

Student Highlights

2008–09 Department of Accountancy Scholarships and Awards Congratulations to the award recipients and many thanks to the sponsors and donors who make such awards possible! If you are interested in making a contribution to support the Department of Accountancy scholarship efforts, please visit www.forloveandhonor.org, or contact Kirk Bogard, director of development, at 513-529-9727 or bogardks@muohio.edu.

Academic Achievement Assistantship Thao Uong* Albers Accountancy Scholarship Karam Kim Andersen Alumni Accounting Scholarship Benjamin R. Borchers Brandon M. Embreus* John W. Helmsdoerfer Rebecca A. Kuehn Paul C. Popovski* Kevin D. Silver Battelle & Battelle Scholarship Fund Sara M. Ferguson Paul A. Racketa Arthur H. Carter Scholarship Douglas J. Dakesian* Yiming Gai* Corey N. Hallion* Kathryn E. Hitch* Jennifer L. King David M. Koval* Paul C. Popovski* Rachel N. Pumper Dr. Gyan Chandra Memorial Scholarship Michael S. Ferguson Kyle M. Schmitz Crowe Horwath Outstanding Accountancy Student Scholarship Emily D. Sterling Ernst & Young Accountancy Scholarship Amy E. Bezbatchenko JungHuan Cho Dan T. Chung Britney D. Peters Steven J. Polizzi Adam T. Roberts* Marisa M. Wiethe*

Miami University Graduate Assistantship Andrew L. Cummings* Cameron S. DeVoe* Sarah R. Doll* Laura E. Donnell* Jeremy P. Eldridge* Jordan M. Friel* Michael M. Hartt* Scott N. Hicks* Megan L. Kessler* Bryan P. Kline* Scott M. Kramer* Laura L. Minder* Kyle D. Nagy* Ashleigh J. Palmer* Caroline A. Sawyer* Caitlin N. Schwartz* Thao Uong* Adam T. Van Treese* Marisa M. Wiethe* Jeffrey T. Zellner*

PricewaterhouseCoopers Kelly A. Booms Memorial Scholarship Brittany K. Lambert Jason G. Marsico

Daniel Leshner Beta Alpha Psi Award Michael R. Ferguson

Deloitte & Touche/Maureen R. Mushat Memorial Scholarship Mark P. Maloney

William R. and Irene R. Vogel Memorial Scholarship Douglas J. Dakesian*

Deloitte & Touche/Donald M. Lutz Memorial Scholarship Rebecca E. Silverman

C. Rollin Niswonger Fellowship Marc J. DeLuca*

E. Ben Yager Scholarship Nicole M. Hartman

Rolland L. Ewell Accountancy Scholarship Stephen E. Green* Austin E. Mayberry* Nicole M. Oakes* Scott E. Samek* Farmer School of Business Grant Thao Uong* Grant Thornton LLP Accountancy Scholarship Todd M. Seaman Harold W. Jasper Scholarship Brandon M. Embreus* KPMG Accountancy Scholarship Paul C. Popovski* Adam T. Roberts* KPMG International Scholarship Abby M. Minneman

Harry C. Lyle Scholarship Michelle M. Shaw Marathon Oil Corporation Scholarship Matthew J. Carach Sarah L. Newport Joseph P. Scalf Christopher B. Steele

Rankin Accountancy Scholarship Sarah R. Doll* William H. Schaefer Scholarship Douglas J. Dakesian* C. Roger Stegmaier Accountancy Award Stacy L. Moss William D. Stiles/Deloitte & Touche Memorial Scholarship Kathryn E. Hitch* Amy L. Johnson Andrew J. Mock Micah A. Nein Paul C. Popovski* Megan L. Smith

Joseph B. and Esther Paperman Memorial Scholarship Justin B. Geyser Nicholas E. Tricarichi PricewaterhouseCoopers Accountancy Scholarship Corey N. Hallion* Matthew M. Jamieson Kara M. Niekamp Seth M. Philip Kim O. Standen Matthew M. Williams

* Denotes a Master of Accountancy student 16

MAcc Program

MAcc Program MAccs in Print Some recent Master of Accountancy students have gotten more than they bargained for – in a very good way. For the past few years, graduate assistants working with Dr. Tim Eaton have been engaged in significant research projects that have led to published papers. Through this process, the students learned a lot about academic research and gained insight into topics that affect the accounting profession.

Wade Weber (B.S. 2005, MAcc 2006) did not know what to expect when he started working on the article. “Writing the first draft was the most difficult for me,” he remembers. “I had no idea what to write, so I researched the topic more and more, always thinking I did not know enough to begin writing.”

Weber was surprised by the work and collaboration required to bring an idea for an article into a final, publishable product. Sometimes, he learned, even the original impetus for the article changes by the time a final version is complete. “We originally intended our article to identify gaps in research, in an effort to encourage further academic research. In the end, the paper had evolved to include advice for implementing a solid whistleblowing policy into an organization.”

The long, involved research, writing, and seemingly endless revision process finally paid off.

“Whistleblowing: A Review of Previous Research and Suggestions for Best Practices Utilizing Previous Research” appeared in the June 2008 issue of Journal of Forensic Accounting.

Eaton’s next graduate assistant, Suzy (Wolford) Manning (B.S. 2006, MAcc 2007), decided she was up for the challenge when approached with the opportunity. Although the project was not what she expected when she signed on as a GA, she thought that it might open up some doors for her in the future. The first assignment she worked on,

a technical paper about a new FASB pronouncement and its impact on industry accounting, did not get published, but she was exposed to accounting literature and the process of creating such a pronouncement.

Eaton offered Manning her choice of topics for the second article. “I was, and still am, interested in criminology and the presence of white-collar crime as a focus of our law enforcement,” she says. “I decided to write about how internal auditors are the first barrier to stopping fraud in the workplace.

The article focused on informing internal auditors about seasoned law enforcement techniques in skills such as interviewing, interrogation, and the detection of deception.” The article, “Fighting Fraud: Best Practices from Law Enforcement,” was published in the September/October 2007 issue of Internal Auditing.

Upon completing her degree, Manning joined the Cincinnati office of Grant Thornton. When the article she co-authored was published, the firm posted it on their intranet site. “Not only did I learn a lot about a subject I was interested in,” comments Manning, “but the fact that the article got published gained me recognition throughout the firm and made me proud of my accomplishment.”

Several other MAcc students have authored or coauthored papers, as well. Megan Joyce (B.S. 2006, MAcc 2007), took the initiative to write and publish a paper on her own, under the guidance of Dr. Jim Cashell, director of the MAcc program. Faculty members in the Decision Sciences/Management Information Systems department co-authored papers with 2006 MAcc graduates Sarah Buchman and Michael Scharfenort. Matthew Kohler (B.S. 2007, MAcc 2008), is waiting to learn whether or not his co-authored paper will find a publication outlet. And Caitlin Schwartz, MAcc class of 2009, is just beginning her research journey with Dr. Eaton.

Weber, now with Morrison Products, Inc. in Cleveland, summed up the experience of all the MAcc students who have had the opportunity to do academic research leading to publications: “While I was expecting an assistantship of grading papers and tests, I ended up with an experience much greater than that. The work was challenging and sometimes discouraging, but in the end, I gained a great deal and I am thankful for the opportunity.”

Recent Publications by Master of Accountancy Students “Process Monitoring in Accounting: Implementing Pre-Control Charts.” Krehbiel, Timothy C., Douglas Havelka, and Michael Scharfenort.

Journal of Applied Business Research, 2007 4th Quarter, Vol. 23 Issue 4, p93–103.

Scharfenort is now with PricewaterhouseCoopers in Cleveland “Requisite Skills and Knowledge for Entry-level IT Auditors.” Merhout, Jeffrey W. and Sarah E. Buchman. Journal of Information Systems Education, Winter 2007, Vol. 18 Issue 4, p469–476.

Buchman now works for Crocs in Denver “Whistleblowing: A Review of Previous Research and Suggestions for Best Practices Utilizing Previous Research.” Eaton, Tim V. and Wade Weber.

Journal of Forensic Accounting, Vol. IX No. 1 (June 2008), pp. 21–36.

“Fighting Fraud: Best Practices from Law Enforcement.” Eaton, Tim V. and Susan Wolford. Internal Auditing, Sep./Oct. 2007, Vol. 22 Issue 5, p18–25.

“The Challenges and Future of Biometric-based Security Systems”. Joyce, Megan. Internal Auditing, Mar/Apr 2008, Vol. 23 Issue 2, p.

14–22.

Joyce is a second-year audit associate with Deloitte in Cleveland 17

MAcc Program

Master of Accountancy Commencement Our first annual Master of Accountancy commencement ceremony was held on June 27, 2008. Approximately 120 family members and friends of the graduating students attended the ceremony to wish the MAcc Class of 2008 well.

In her keynote address, Ms. Laura Hay, Chief Operating Officer for The Ohio Society of CPAs, exhorted our students to remain true to themselves and keep integrity at the forefront of every action.

Dr. Marc Rubin shared one last joke and offered words of farewell and good wishes on behalf of the Department of Accountancy and the Farmer School.

Nine Master of Accountancy students participated in the International Summer School at the University of Seoul in July–August 2008.

The students lived and studied with Korean “buddies” and traveled to Beijing, China, and various places throughout South Korea.

18

“Korean culture and people were one of my favorite parts to this trip. All of the Korean students and people around Seoul were so incredibly nice. I was pleasantly surprised at how friendly and welcoming all the UOS buddies were. Our Korean buddies were some of the best friends that we made during the summer. They were so much fun, and extremely helpful. We would have been lost if not for some of our buddies such as Chan, KBK, Pablo, Lim, Choi, and Dasom. I know that I will keep in touch with them and hope that I can return the favor when they come to visit the United States.”

– Paul Regopoulos

“The program was completely international, so I got to meet people from all over the world and it got me out of that “net” that is Miami. I did appreciate having other Miami students there to help me feel comfortable, but I loved meeting new people and learning other cultures.”

– Brandon Kelley

“The time I spent in Seoul, South Korea, and Beijing, China, is something I would not trade for anything, not even passing two sections of the CPA exam! I have memories and friendships that will last a lifetime. This trip gave me a new appreciation for other cultures that I could not have gained elsewhere. Overall, I am extremely grateful that I had the opportunity to participate in the University of Seoul study abroad program.”

– Kathleen Vistica

One recent graduate student gave up her last summer of “freedom” and postponed her start date with her future employer to pursue a rare opportunity.

Allison Lanham, B.S. 2007, MAcc 2008, has been awarded a prestigious internship with the Financial Accounting Standards Board (FASB).

For the past 25 years, the FASB has offered one-year postgraduate internships. Faculty member Brian Ballou served as one of these interns 20 years ago. Along with Phil Cottell, he encouraged Lanham to consider an opportunity to go to the FASB and work on a special six-month project related to a comprehensive codification of its existing standards. “Allie’s intellect, attitude, and reliability made her an easy candidate to recommend for this prestigious opportunity,” says Ballou. “Her exposure to some of the best minds in accounting will serve both her and Deloitte very well when she returns to start her career with the firm in January.”

“Allie will represent Miami University well and pave the way for future intern candidates,” he continues. “Already, students are expressing an interest in being nominated for a postgraduate internship next year. We at the Farmer School hope to establish a presence at the FASB going forward, particularly as it begins to move toward harmonization with the International Accounting Standards Board and its IFRS standards.”

When she was several weeks into the job, we touched base with Lanham to learn more about her experiences.

Why did you apply for the FASB internship?

I applied for the FASB internship for two main reasons: 1. To Expose Myself to Other Areas of Accounting During my undergraduate summers, I experienced industry accounting during a Cincinnati Bell internship and audit during my Deloitte internship. The master’s program showed me some nontraditional areas of accounting that I may pursue in the future. The FASB internship offered a nontraditional approach to beginning an accounting career. It is an unusual position to come by, so I had to jump on it. This is an opportunity to see the standards-setting process and the FASB’s influence on the future of accounting. Already, I have sat in on board meetings and plan to attend some Emerging Issues Task Force sessions. It is very exciting to see how the political side of accounting works and understand how standards are developed. (This is also a very exciting time to be here with the pressures of IFRS.) 2. To Develop New Skills to Benefit My Future Career Miami was an excellent experience for me. However, the FASB internship allows me to build new skills in research. Researching and understanding how to navigate through accounting information is a skill that I will use throughout my career. Just over a month ago, I had little understanding of the different authoritative sources of GAAP and who was responsible for making each type of pronouncement. Now I have an excellent understanding of the different types of standards and how to navigate through them.

MAcc Program

From the Farmer School to the FASB

What is a typical day like?

I am working on a six-month project with the FASB, with six others at my level. Each of us has our master’s in accounting, except for one girl who has bachelor’s degrees in both business and accounting. We come from all across the U.S.: Ohio State, Drury University, University of Washington, Illinois, and Texas. (Many of them haven’t heard of Miami University, so there’s a little extra pressure to represent us well and make the school proud.) My official title is XBRL Research Assistant.

For this to make sense, I have to give you a little background on XBRL: XBRL-US recently completed and released the U.S. GAAP Taxonomy.

The taxonomy is for companies to use for financial statement filings using XBRL (Extensible Business Reporting Language) and includes references to appropriate disclosure requirements set by the SEC, FASB, etc. As the primary U.S. accounting standard-setter, the FASB will maintain the bulk of the ongoing taxonomy in conjunction with XBRL-US. continued on next page

19

MAcc Program

continued from page 19

The taxonomy is comprised of around 12,000 elements. Each of these elements represents a component of a filing, whether it is an account like cash or a text block that encompasses the whole disclosure of a specific accounting policy. Each of these elements has a related description that acts as a definition for users. XBRL-US included current references for each of these elements to the appropriate disclosure requirements set by the SEC, FASB, etc.

questions that arise. I surprise myself when random items will come up that I learned back in ACC 422, and I can provide an answer without even having to think about it. (I sometimes scare myself.) But I have also learned that Miami gave me some distinctive experiences. For instance, none of the others had a valuation or risk management course at our level of detail. Everyone thinks Miami is just some little school, but when they hear about the curriculum they seem impressed.

XBRL-US did not include references to the FASB Accounting Standards Codification, which led to this project.

What have you learned or hope to gain from this experience?

Personal level: One thing I hoped to gain from this experience was independence. I grew up in the Cincinnati area and attended Miami, never spending more than a couple of weeks away from Ohio. This was a great time in my life (few responsibilities or attachments) to try out some new scenery and see how I survived away from my comfort zone. Right now it is still a little difficult, but I’m growing stronger every day.

The FASB Accounting Standards Codification is currently in its verification phase. The codification project took all authoritative U.S. GAAP and created an online research system. The codification no longer uses the FAS numbers to identify authoritative literature. Instead, the codification has organized items based on topics such as assets, liabilities, equity, etc. and includes information such as measurement, recognition, and disclosure. After the one-year verification phase, it will become the single source of authoritative U.S. GAAP. You can view it for free at http://asc.fasb.org. This is a really great tool and makes research very easy.

My job entails examining the different XBRL elements and assessing its description and current references and then placing the related references to the codification. (The references in the taxonomy refer to the element’s related disclosure and presentation requirements since XBRL is primarily about disclosure and not measurement.) The project is organized by each XBRL research assistant taking different “areas of expertise.” Currently, I’ve reviewed the elements relating to receivables, guarantees, inventory, asset retirement obligations, debt, capital leases, and extractive industries. Every day we examine the different elements and ensure all of the appropriate codification references are provided.

This involves not only using the codification website, but also research with other tools.

I’ve learned a lot about different research methods and have grown very comfortable using the codification website. I think this will really benefit my career because I have a deep understanding of the codification and how the XBRL taxonomy will be used by financial statement preparers.

What were your expectations going in and how do they compare to reality?

My initial expectation was to be intimidated by both the amount of information and by the others working with me. The FASB is a whole different level of accounting, and I wasn’t sure how I would stand up to the pressures. However, I have become very comfortable and proud of my education at Miami. I can very easily carry on conversations about a variety of different topics. Although we work independently on our “area of expertise,” there is a lot of collaboration amongst us concerning any 20

Career level: I really hope that my experience at the FASB will set me apart from my peers. I have the opportunity to experience new things and learn different skills before starting my career in audit. Already I am seeing the benefits. First, I am learning more about XBRL than I ever thought I would. We spoke a little about the benefits of XBRL in our master’s program, but now I have a deeper understanding of what it entails and how it will affect our future. Second, I have a good understanding of the architecture of the FASB Accounting Standards Codification. I know how it is organized, how to use it, and how to perform searches. Since this will become the authoritative source of U.S. GAAP, I am that much further ahead of the others in the industry. I think I will be able to take both of these skills back to Deloitte and offer a different perspective than others without this experience.

How did your time at Miami prepare you for your internship?

As I said earlier, I believe Miami effectively prepared me for this internship. The class curriculum during undergrad gave me the financial background to understand the different elements found in the taxonomy.

During the graduate program, we touched upon XBRL both in the MIS course and valuation course.

But even more than the technical accounting information, Miami instilled in me a high level work ethic. I believe that Miami holds students to high academic standards and causes us to build other skills that are helpful in our career. Miami helped me master time management skills. I can efficiently manage the various tasks that I am working on.

Miami also taught me to be self-sufficient. Sometimes I find my coworkers asking multiple questions without doing the appropriate research beforehand. Miami has taught me the importance of gathering all of the possible facts and building the confidence to make a decision on my own.

Lanham will join the Cincinnati office of Deloitte when she completes her internship.

Miller Heads GE Accounting Function Jamie S. Miller is vice president, controller, and chief accounting officer for General Electric Company (GE). She is responsible for all accounting functions, accounting policy, and financial reporting for GE’s five large, diversified business segments. GE had revenues of more than $170 billion in 2007. It has operations in over 100 countries with products such as aircraft engines, refrigerators, NBC network programs, Universal motion pictures, healthcare diagnostic imaging equipment, real estate, private-label credit cards, and large equipment financing. Miller leads a global GE controllership team of approximately 3,500 Certified Public or Chartered Accountants.

Previously, Miller served as the senior vice president, chief accounting officer, and controller of WellPoint, Inc., a Fortune 50, Indianapolisbased health insurer. Prior to joining WellPoint, she served as a partner with PricewaterhouseCoopers LLP in a number of roles including, most recently, the financial services leader for the Chicago practice.

A 1990 accountancy graduate of Miami, she started her career with PricewaterhouseCoopers (formerly Coopers & Lybrand) in Cincinnati and was made partner in 2001. “Miami’s accounting program gave me the foundation for strong fundamentals in my career in business and as a public accountant,” notes Miller.

Alumni Highlights

Alumni Highlights

Miller is a former member of the Board of Directors of the Indianapolis Symphony Orchestra and a member of the Women’s Fund of Central Indiana. Previously, she held board memberships with the Joffrey Ballet and Hubbard Street Dance in Chicago. She is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants.

Miller resides in Fairfield, Connecticut, with her husband and three children.

Miami’s accounting program gave me the foundation for strong fundamentals in my career in business and as a public accountant.

Siblings Share More Than Just a Name Thank you to everyone who responded to our “Family Tradition” article last year. It was great to hear from students and alumni whose Miami accountancy roots run deep. Since we could not share all of the stories, we selected one of the more distinctive ones: the story of siblings Brian, Jan, and Doug Michel.

The Michel children were the first in their family to go to college. The oldest son, Brian, paved the way, enrolling at Miami University in 1975. He, like his siblings to follow, commuted to campus and became actively involved in the Commuter Association. Brian graduated with a degree in accountancy in 1978 and went to work for a local firm, Jennings, Lindsey, & Reimer, in Hamilton, OH. He passed the CPA exam in 1982 and moved on to work at General Electric and Lenscrafters/Luxottica, where he currently serves as vice president of finance.

When Brian graduated, he sold his house in the small Cincinnati suburb of White Oak to younger sister, Jan, who enrolled at Miami in 1978. Four years later, accountancy degree in hand, she went to work for Lunkenheimer Valve. After holding positions with Buckhorn Material Handling Group and Cinox, she put her accounting career on hold to raise four children. Jan passed the CPA exam in 2003 and currently works for Chambers & Grubbs in Northern Kentucky.

Not to be outdone, baby brother Doug carried on the family tradition at the Farmer School of Business. Like his older brother and sister, he worked his way through school and became active in the Commuter Association. Doug purchased the “Michel house,” earned his B.S. in accountancy in 1986, and joined regional firm Clark, Schaefer, Hackett & Co. He passed the CPA exam in 1989 and is now a shareholder with CSH. “I don’t think our parents ever planned on having three CPAs in the family, it just happened that way,” jokes Doug. “Our experiences at Miami certainly paved the way for three different, successful accounting careers.”

Perhaps we will see the Michel offspring in the FSB Department of Accountancy in the years to come. Unfortunately, the house recently caught fire and one-third of it burned down, so future Michel CPAs may have to find a different place to live!

21

Alumni Highlights

Class Notes Have you recently started a new job? Graduate school?

Are wedding bells soon to ring? Is a new child on the way? Let your fellow alumni know through the Class Notes section of the Accountancy Annual Report. If you would like to update your fellow alumni, complete our Alumni Update form found at http://www.fsb.muohio.edu/alumni/update-form.

1930s Byron Haines (1936) retired in 1973 from Armco Steel Corporation in Middletown, OH, where he served as credit manager in the metal products division.

Byron’s wife died in 2002 and he now lives in a life care retirement community and continues to lead an active life.

1960s Delano (Del) Hoover, CPA (1969), received (along with Glenn Roberts, 1972) the Accountant of the Year award from the Ohio University Chapter of Beta Alpha Psi. At the May 8 dinner meeting, Hoover was recognized for his many years of service with the peer review programs of the OSCPA and AICPA and as a member of the Executive Board of the OSCPA. 1970s Glenn Roberts, CPA (1972), received (along with Del Hoover, 1969) the Accountant of the Year award from the Ohio University Chapter of Beta Alpha Psi. At the May 8 dinner meeting, Roberts was recognized for his work with the peer review program, as chair of the accounting and auditing committee of the OSCPA, and as a frequent seminar instructor.

Mark Morrison (1977) is a retired air traffic controller.

Douglas Pontsler (1979) is vice president of global sourcing at Owens Corning. He is involved in his community as an executive board member of the Regional Growth Partnership and a member of the board and executive committee of the Jamie Farr Owens Corning Classic. Doug and his wife, Cinda, reside in the Toledo area with their children, Andrea, Ryan, and Aaron.

1980s Eric Allen (1985), now the managing director and finance & accounting practice leader for Xperianz, LLC, began his career with one of the Big 8 public accounting firms. He was hired by one of the firm’s clients and had a 12-year career in banking. Since 2003, Allen has successfully led the Midwest expansion of three management consulting firms, and was instrumental in founding Xperianz, a regional business process improvement consultancy. “The education and skills acquired while in Miami’s accountancy program have been the critical foundation for my career in business,” says Allen.

22

Christopher Gayheart, CPA (1986), is treasurer for JR Remick, Inc., in Kettering, OH. He lives in Fairborn, OH, with his wife, Pam (MS, 1991), and two children, Casey (15) and Corey (11). He is enjoying life and would love to hear from classmates.

Lawrence E. Brown (1988), of Pewaukee, WI, is director of finance for manufacturer and process solutions with Rockwell Automation in Milwaukee.

Paula (Cronin) Runciman (1988) is controller for Trans Pacific Oil Corporation in Wichita, KS. 1990s Alison (Vandall) Barker, CPA, CFA, CVA (1990), purchased Beachwalker Rentals in 2006 with her mother, Gail Vaughan Vandall, who attended Miami from 1959-1961. Beachwalker manages 150 vacation rental properties on Kiawah and Seabrook Islands, SC. She is also involved in building home and real estate investment. Barker lives in Kiawah Island, SC, with her husband of six years, Ken, a fellow CPA and Penn State graduate, and their 3 1/2 year old daughter, Alexa.

I. Timothy Trombetta (1992) has been appointed vice president and assistant controller of the Aleris International, Inc. He joined Aleris in December 2004 as the director of external reporting and currently serves as director of financial planning and analysis. Prior to joining Aleris, Trombetta was with Ernst & Young, LLP for 12 years, rising to senior manager in the Assurance & Advisory Business Services practice.

Michael Butera (1993) has been promoted to senior vice president and head of distribution strategy for Fifth Third Bancorp. Prior to joining Fifth Third in 2002, the Loveland, OH, resident was with Broadwing, Inc., Jay Industrial Technologies, and Arthur Andersen LLP. John Guarnieri (1993) is managing partner with G Capital Corporation in New York City. G Capital is a venture capital firm which is located in NYC and does business worldwide. Some of G Capital’s projects have included creating an iced tea beverage company with the musician Moby; investing in film projects (one of which, “Southside,” with Vincent Pastore, Tiki Barber, and Lawrence Taylor, is in the works); and investing in numerous restaurants, clubs, and entertainment facilities nationwide.

James Fadel, CFA (1997) recently became a senior investment manager analyst with The Marco Consulting Group in Chicago, IL. Mary (Kochera) Sasmaz (1998), of Cleveland, OH, works in taxation and financial planning with MTD Products. Her children, Ozan Mustafa (3/2/06) and Ela Su (6/17/08), were both born at home. Sasmaz has also developed and taught a financial planning course at Case Western Reserve University.

Shannon Cline (1999) lives in Morrow, OH.

Laura (Weber) Tomeny, CPA (1999), is a senior manager with PricewaterhouseCoopers in Rochester, NY. She married Brian Tomeny in June 2005 and they welcomed their first son, Logan Matthew, in September 2007.

2000s Kimberly Kienker, CPA (2001, 2002 MAcc) is an account executive with Robert Half International in Cincinnati, OH. Daniel Fuerman (2002) is an auditor in the Seattle, WA, office of RSM McGladrey. He recently switched jobs and locations, having previously been living in San Francisco working as a business manager for The Killers, Green Day, Third Eye Blind, Train, and other bands.

Congratulations to Fuerman, who passed the CPA exam in 2007!

Jason Morsch (2002) earned his MS in Accounting from the University of Cincinnati in December, 2007, and accepted a position as manager, financial reporting at Xanodyne Pharmaceuticals, Inc. in Newport, KY. In May of this year he completed the CPA Examination, passing all four sections on the first try, and moved to Cleves, OH, where he resides with his wife, Beth, and 21-month-old daughter, Maria.

Elizabeth M. (Parrott) Axthelm, PMP, CIA (2003), has an MBA and is vice president and RISC manager with KeyBank in Cleveland, OH. She and her husband welcomed their first child, Addison Lily, on September 26th, 2008.

Kirby Reiling (2005) is pursuing a Master of Arts in Law and Diplomacy at The Fletcher School, Tufts University.

He lives in Cambridge, MA, and works as operations manager and program coordinator for the University of the Middle East Project.

Kathleen (Joyner) Robb (2005) is an accountant with Joyner Homes, LLC, in Greenfield, IN. She and her husband (also a 2005 Miami grad) welcomed their first son, Clark David, on September 17, 2008.

Jameson Czech, CPA (2006), an associate with PricewaterhouseCoopers in Toledo, OH, started his third year with the firm in July. He obtained his CPA license in April of this year.

Asha Augustine (2007) is an auditor in Deloitte’s Columbus, OH, office.

Jennifer Peters, CPA (2007), is an auditor in Deloitte’s Cincinnati, OH, office.

Stephen Staruch (2008) is a staff accountant with Arby’s Restaurants.

Holzhauser’s Passion for Giving Back Fuels Career “Miami’s accountancy program provided me with a lot of great experiences that helped prepare me for the real world,” comments Andrew J. Holzhauser, CPA, who earned his B.S. in accountancy in 2001 and his Master of Accountancy in 2002. “It instilled in me a work ethic that continues to enable me to overcome the business challenges I face today. “ Service has long been a key aspect of Holzhauser’s life. As an undergraduate student, he was awarded the Miami University Parents Association Certificate of Merit in recognition of his service to the community. He continued to serve Miami after graduation as an active member of the Cincinnati chapter of the Alumni Association. In 2006, Holzhauser was awarded the H. Kenneth Gambee Young Alumni Award in acknowledgement of his exemplary service, leadership, and development of the Alumni Association.

“The relationships that I fostered when I was at Miami inspired me to want to give back as an alumnus,” he explains.

Now Holzhauser has turned his passion for service into a career. As the controller for Cincinnati Center City Development Corporation (3CDC), a non-profit corporation dedicated to developing Cincinnati’s urban core as a center for high value employment and real estate, he uses his accountancy tools and training to help revitalize his community.

And when the work day ends, his commitment to Cincinnati does not. For the past year he has been a member of the Economic Development Committee of Mayor Mallory’s Young Professional Kitchen Cabinet. He was appointed to this position by the mayor’s office to lead efforts to attract and retain young professionals in Cincinnati. Holzhauser also serves as president of the Columbia-Tusculum Community Development Corporation, through which he works closely with local business owners, the city, and economic developers to ensure initiatives undertaken are in the best interests of all parties.

Holzhauser began his career with Deloitte & Touche, LLP, as a staff auditor. In 2003, he seized the opportunity created by the Sarbanes-Oxley Act and started the internal control department at Pomeroy IT Solutions. After three years, with the compliance program up and running, Holzhauser knew it was time to move on to a new challenge. He joined Fifth Third Bancorp as a senior financial auditor, then honed his management skills in the role of financial controls manager.

Working at Fifth Third brought Holzhauser back to downtown Cincinnati, and his volunteer activities led him to 3CDC. “Now,” he says, “my passion for economic development and making Cincinnati a better place to live, work, and play has been connected to my technical skills.” Holzhauser came on board with 3CDC in July 2008. “For me it’s all been part of a learning process to get me where I am now, what I feel is a perfect situation.”

To learn more about the mission and work of 3CDC, please visit www.3cdc.org.

Miami’s accountancy program instilled in me a work ethic that continues to enable me to overcome the business challenges I face today.

From the Dean Undergraduate, MAcc programs continue to set pace

By Roger L. Jenkins Dean, Farmer School of Business

After you have reviewed this report, I am sure that you will understand why I share with the accountancy faculty a deep sense of pride in our Department of Accountancy and everything that it has achieved during the past year. Thanks to strong leadership, a distinguished and dynamic faculty, and a real commitment to teaching and scholarship excellence, our undergraduate and graduate accountancy programs continue to innovate and thrive.

Our accountancy graduates are sought-after because they are the products of an educational experience that does more than just teach them the fundamentals they will need to become competent members of the profession. At both the undergraduate and graduate levels, we integrate into our curriculum the examination of today’s most compelling concerns for accountants and auditors. Our Center for Business Excellence is an increasingly important resource in bringing practitioners, executives, academicians, and students together to look at issues of transparency, integrity, and leadership. Increasingly, the department is developing more and more leadership development opportunities for the students.

As a result, our graduates are prepared to act ethically, think broadly, solve tough problems, and rise quickly to leadership positions within their organizations.

The excellence of our accountancy programs is reflected in the high rankings our programs continue to achieve in the Public Accounting Report annual surveys. The exceptional quality of the undergraduate experience is one factor, I am sure, contributing to the Farmer School’s top-20 position among the nation’s undergraduate schools of business.

Challenges do remain, however. In these days of decreasing state support for higher education, we must look to our alumni for gifts that will enable us to attract and retain the very best faculty members, promote global literacy among students and faculty, encourage educational innovation, and ensure that financial limitations do not block any student’s access to a full Miami experience.

I would strongly encourage you to become a partner with the Farmer School as we continue our journey “from good to great.”

23

Department of Accountancy 310 Laws Hall Oxford, OH 45056

How You Can Help The Department of Accountancy would like to thank each friend who supported our efforts in 2007-08. We appreciate this support as it indicates your confidence in our programs and services. A successful program depends upon teamwork; by reaching out to our various partners and working together to continually improve, we can look to the future with great optimism.

As a supporter of the Department of Accountancy, or one of our alumni, you are an excellent ambassador of our programs.

You possess insights, skills, and experience that can enhance classroom instruction and benefit any number of our programs and activities. We encourage you to contact us to explore ways in which you can contribute your time and talent to making the Farmer School’s accountancy experience even better in the years to come.

If you have questions about the Department of Accountancy’s funding priorities and initiatives, please feel free to contact Marc Rubin personally at 513-529-3831 or rubinma@muohio.edu, or Kirk Bogard, senior director of development, at (513) 529-9727 or bogardks@muohio.edu.

Thank you again for your continued support.