The Debits and Credits Beta Alpha Psi and Society of Accounting Students Monthly Newsletter Issue #3. Vol #3. December 2023
Alumni Spotlight: Alexandra Turner, CPA By: Brianna Kerrane Our former BAP and SAS President, Alexandra Turner, is a highly accomplished Scranton alumna. She graduated in 2019 with a bachelor’s degree in Accounting, along with minors in Spanish and Business Leadership. In 2020, she furthered her education with a Master’s in Accountancy. Alexandra actively participated in various university clubs and organizations, including the Center for Service & Social Justice, Beta Alpha Psi, the Society of Accounting Students, and the Kania School of Management Student Advisory Board. Notably, she founded the Kania Women in Business Club and served as its executive chair, while also holding the position of secretary in the Business Club. For the Winter of 2019, Alexandra accepted an internship offer with PwC in the firm’s audit sector. Following graduation, Alexandra began her career at PwC as an assurance associate working in the Technology, Media, and Telecommunications sector. Alexandra’s responsibilities included team collaboration for audits, providing feedback for coworkers, analyzing data, optimizing networking opportunities both inside and outside of the firm, and following risk management procedures. In the Technology, Media, and Telecommunications sector of PwC, the firm focuses on artificial intelligence companies, NFTs, 5G streaming content, and other advancements in the industry. This is a unique sector because there have been significant and rapid changes in the industry in the past several years, so PwC offers ample opportunities to explore the field. After gaining valuable experience at PwC and her CPA, Alexandra decided to change her career path to diversify her work experience, tackle new challenges, and improve her work-life balance. In June 2023, she accepted a position with Spotify as a Revenue Operations Analyst. Her role involves various responsibilities, with a major focus on closing accounts receivable ledgers monthly. On a daily basis, Alexandra focuses on billing processes, invoicing “Other Revenue Streams,” and supporting the Director Ads billing process. Additionally, she is tasked with evaluating billing processes across the company to identify implications or innovations for increased efficiencies.
Service continues to be an important aspect of Alexandra’s life. She participated in the Contemplative Leaders in Action (CLA) program, which is an 18-month Ignatian spirituality and leadership program for young adults. CLA participants are formed in Ignatian spirituality, practice the art of Ignatian discernment, and study Ignatian leadership. In December 2023, Alexandra started a new position as a Finance Committee Member at the Loyola Jesuit Center. Additionally, you can routinely find Alexandra back on Scranton’s campus participating in alumni panels and other events. Anyone interested in connecting with Alexandra should reach out to her on LinkedIn.
Balancing the Books and Well-being: Navigating the High-Stress World of Accounting By: Kaleigh Timmons In the demanding and fast-paced world of accounting, workplace wellness has become an essential factor in ensuring lasting success and employee satisfaction. The accounting profession is known for its highpressure environment, long working hours, and strict deadlines, all of which can be detrimental to the wellbeing of professionals. Recognizing the importance of a healthy work-life balance, many accounting firms are taking holistic approaches to promoting well-being at work. One of the main challenges of the accounting profession is finding a balance between professional responsibilities and personal life. Working long hours during busy periods, such as tax season, can lead to burnout and negatively impact mental health. Companies are increasingly implementing flexible work arrangements, encouraging employees to maintain a healthy work-life balance. This flexibility not only improves job satisfaction, but it also improves productivity because employees feel more energized and focused when they are at work. The demanding nature of accounting work can take a toll on mental health. Recognizing this fact, progressive companies are implementing mental health awareness programs. Regular workshops, seminars, and access to counseling services provide employees with the resources needed to cope with stress and maintain a positive frame of mind. Normalizing discussions about mental health reduces stigma and creates a supportive environment where employees feel comfortable seeking help when they need it. Investing in employee professional development is another dimension of workplace well-being in the accounting profession. Continuous learning opportunities, mentoring programs and skill development workshops not only enhance workforce capabilities but also contribute to a sense of accomplishment and job satisfaction. Companies that prioritize professional development demonstrate their commitment to the growth and well-being of their employees.
As the accounting profession evolves, so does the understanding of the importance of wellness in the workplace. Companies that prioritize the well-being of their employees create a positive and motivating work environment, which helps increase productivity, employee retention and overall success. By taking a holistic approach that focuses on physical, mental, and professional well-being, accounting firms can foster a culture of health, satisfaction and long-term success.
Member of The Month: Meet Jacob Jureidini By: Nina Figetakis Senior Jacob Jureidini, hailing from Wood-Ridge, NJ, is a finance major with a concentration in financial services. His campus involvement extends beyond academics, as he serves as a tutor in accounting, finance, and calculus. Jacob is also an active member of Beta Gamma Sigma and plays for the university's club ice hockey team. This past summer, Jacob gained valuable experience as a corporate summer analyst in JPMorgan Chase & Co.'s Asset & Wealth Management team, specifically in the treasury department's Asset Liability Management group. Currently, he has secured a position in JPMC's Global Finance and Business Management program, where he anticipates spending the next two years as a rotational analyst, aspiring to reach an associate level position within the esteemed firm. When asked about his decision to join BAP this year, Jacob emphasized the organization's prestigious reputation and the potential career opportunities it could offer him. We are delighted to welcome Jacob as a candidate and wish him future success in his endeavors at JPMorgan Chase & Co.
Meet the Firms: FORVIS Mazars Merger Announced By: Madelyn Ronan In a groundbreaking move, Mazars is set to join forces with FORVIS, the eighth-largest public accounting firm in the United States. This strategic merger, effective June 1, 2024, will propel the newly formed entity, FORVIS Mazars, into the ranks of the Top 10 Global Networks in the professional services domain. In 2022, FORVIS began when BKD CPAs and Advisors and Dixon Hughes Goodman (DHG) merged. This allowed FORVIS to become a Top 10 Accounting Firm in the United States. This merger has allowed FORVIS to be recognized as ClearlyRated’s 2023 Best of Accounting award for Service Excellence. The merger with FORVIS represents a significant step forward for Mazars, allowing both firms to expand their global network and capabilities. By combining their strengths, FORVIS Mazars aims to deliver enhanced services to clients, leveraging the expertise and resources of two influential players in the industry.
The synergies created by this merger are expected to result in a more robust and versatile organization, well-positioned to navigate the complexities of the global market. FORVIS Mazars will continue to uphold the values of both firms, ensuring a seamless transition and a commitment to excellence in every aspect of their service offerings. This merger represents a significant milestone in the world of professional services, creating a dynamic global force that is poised to redefine industry standards and deliver unparalleled value to clients around the world. Mazars is a premier international audit, tax, and advisory firm with a rich history and a commitment to excellence. Founded in 1945 in Europe by Robert Mazars, the firm has grown to become a powerhouse in the professional services industry, offering a comprehensive suite of services to clients around the globe. Currently, Mazar has fourteen office locations in the United States. One of Mazars' key strengths is their integrated team that seamlessly operates across borders. The firm's global reach enables it to provide clients with a unified and consistent service, ensuring that they benefit from the collective expertise of professionals from various parts of the world. Operating in over 100 countries with a staff of 34,000 people, Mazars is well-equipped to serve clients with a local touch and a global perspective. Mazars distinguishes itself by offering a wide array of services, including audit, tax, financial advisory, consulting, sustainability, and legal services. This holistic approach allows Mazars to address the diverse needs of its clients, contributing to their success in an ever-evolving business landscape. At the heart of Mazars' success are its core values: integrity, responsibility, diversity and respect, technical excellence, independence, and stewardship. These values guide the firm's actions and decisions, fostering a culture of trust and professionalism. FORVIS is actively recruiting for Spring and Summer internships. If you have any questions about recruiting at FORVIS, reach out to our campus recruiter Rebecca Harmon and Rebecca.Harmon@forvis.com.
Navigating the Future: The Impact of AI on the Accounting Landscape By: John Sheehan Artificial Intelligence (AI) is a machine’s ability to perform the cognitive functions we associate with human minds, such as perceiving, reasoning, learning, interacting with an environment, problem solving, and even exercising creativity. In accounting, it is used to enhance various processes, including financial reporting, audit, and compliance; fraud detection; and data analysis. It can improve efficiency and accuracy of these tasks while reducing costs. AI streamlines many simple processes, allowing professionals to focus on more important tasks or judgment-heavy decisions.
AI has many benefits, especially in accounting. First, it increases efficiency and productivity. It makes repetitive tasks easier, which frees up time for more important tasks. Workers can focus on what they do best while relying on AI for mundane and repetitive jobs. Next, automated tasks lead to reduced human error. Human error is an inherent risk in all accounting work, and this risk is mitigated with AI. Another skill of AI is data analysis and predictions. AI helps professionals manage financial data so they can make more accurate predictions and forecasts. AI is very good at identifying trends, errors, and areas of improvement in the data analysis process. Fraud detection, predictive financial analysis, budgeting, tax compliance, bookkeeping, and auditing are all areas that can take advantage of these benefits of AI. One example of AI being used in accounting is ChatCPA, which is an online chatbot trained by CPAs, available at a cost of $6 per month. ChatCPA can be used for a variety of different accounting topics, stemming from tax research, general business, the CPA exam, and audit research. In addition, PwC has partnered with OpenAI, the creator of ChatGPT. PwC is currently piloting its own generative AI tool, ChatPwC, to achieve their goal of upgrading their AI capabilities. The chatbot is currently focused on providing answers to common tax questions and regulations, and it has been said that it has the capabilities of a 25-year-old associate. It will be interesting to see what actions the Big 4 accounting firms take to move towards AI in the future. With that said, many professionals have posed the question, can AI really replace accountants? The answer truly varies depending on the task. Jobs that are manual and repetitive, such as bookkeeping and data entry, are much more susceptible to the risks of AI, but this is not true for most roles. Most accounting functions require an adequate level of professional judgment, and AI is not at the point where it can be relied on for that. For example, AI cannot replace the human aspect of an audit opinion. For the foreseeable future, humans will always have to be at the forefront of an audit to ensure that professional judgment and skepticism are exercised. All in all, the role of accountants will expand with the progression of AI, not get replaced by it. Current professionals and aspiring accountants will have to learn to take advantage of AI and use it to its best abilities.
BAP & SAS Spread Holiday Cheer to Veterans By: Brianna Kerrane Every year, the members of BAP and SAS come together to spread joy during the holiday season. This year, the focus was on making Christmas cards for the veterans residing at the Gino J. Merli Veterans Center in Downtown Scranton. Named after World War II hero Gino J. Merli, a native of northeastern PA and a Medal of Honor recipient, the Gino J. Merli Veterans Center serves as a home for veterans facing financial challenges or physical limitations. Residents not only receive care but also experience a strong sense of community. Understanding and honoring the sacrifices made by these veterans, the members of BAP and SAS chose to extend a gesture of goodwill to the Gino J. Merli Veterans Center this holiday season through a heartwarming card-making party as the final community service event for the fall semester. This festive gathering allowed members to spend quality time with friends and peers, savoring cookies and hot chocolate before the impending finals week. The result of the card-making event was outstanding – a total of seventy holiday cards crafted with care and adorned with cheerful messages from our members. The cards were promptly delivered a few days after the event, and the reception at the Gino J. Merli Veterans Center was one of gratitude. The front desk expressed their appreciation to the University of Scranton BAP and SAS for the thoughtful gesture. This initiative served as a wonderful way for the club to give back to the community during the holiday season and conclude the semester on a heartwarming note.
BAP & SAS Attendance Honor Roll Congratulations to the following BAP & SAS Members who have demonstrated perfect attendance this semester: Nina Figetakis Ryan Hanley Annalisa Mechanick Frederick Rollo Madelyn Ronan Kaleigh Timmons Keep up the good work!
Accounting Knowledge is Power: By: Ryan Hanley “Mazars US to Combine with Forvis to Form $5BN Global Network” By: Nikhilesh Pawar Forvis, a top ten international accounting firm that provides assurance, tax, and consulting services announced a merger with Mazars US, a leading international accounting firm. The firm’s existing management structures will remain the same, and the merger is expected to go into effect in June 2024. Read more at: https://uk.investing.com/news/stock-marketnews/mazars-us-merges-with-forvis-to-form-5bn-global-network93CH-3238946
“EY Pushes Some Graduate Start Dates Back by Almost a Year” By: Stephen Foley
Big Four Accounting and Consulting Firm Ernst & Young is pushing back the start dates for many of the company’s new hires in their US advisory businesses for the second time. Experts are citing a “dealmaking slowdown” in the industry as a key factor forcing these pushbacks, which accounts for a significant amount of EY’s annual revenues. Read more at: https://www-ft-com.ezp-prod1.hul.harvard.edu/content/028d62a9-7211-456d-b56f8e44c7553e99
“SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies” By: U.S. Securities and Exchange Commission Earlier this year, the SEC charged national accounting and advisory services firm Marcum LLP for failures in their quality control systems, as well as violations of audit standards in connection with audits that were completed for special purpose acquisition company (SPAC) clients. The firm agreed to pay a $10 Million penalty to settle the charges. Read more at: https://www.sec.gov/news/press-release/2023-114
Contact Us! Faculty Advisor: Dr. Amanda Marcy, CPA – amanda.marcy@scranton.edu President: Kaleigh Timmons – kaleigh.timmons@scranton.edu Vice President: Madelyn Ronan – madelyn.ronan@scranton.edu Treasurer: John Sheehan – john.sheehan2@scranton.edu Secretary: Nina Figetakis – nina.figetakis@scranton.edu Social Engagement Director: Brianna Kerrane – brianna.kerrane@scranton.edu Junior Officer: Ryan Hanley – ryan.hanley@scranton.edu Email: uofsbap@gmail.com Instagram: uofs_bap_sas
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