The Debits and Credits The Beta Alpha Psi and Society of Accounting Students Monthly Newsletter Issue #1. Vol #3. October 2023
Viva Las Vegas! By: Kaleigh Timmons and Madelyn Ronan August 3rd-5th, our BAP President, Kaleigh Timmons, Vice President, Madelyn Ronan, and Faculty Advisor, Dr. Amanda Marcy, traveled to sunny Las Vegas, Nevada for the BAP Annual Meeting, Reimagining the Path Forward. On the first day, we all participated in Community Impact Day, sponsored by KPMG U.S. Foundation, Inc., KPMG LLP – University Talent Acquisition, and BAP, in collaboration with the non-profit social enterprises United Way of Southern Nevada, The Pack Shack, Back 2 School America, and First Book. We took part in The Pack Shack’s Feed the Funnel Party. Along with more than 500 other meeting attendees, we donned gloves and hairnets and packed more than 125,000 meals for under-served communities in Las Vegas, local food banks, and the food resource centers at local college campuses – to help combat food insecurity that exists amongst college students. This was a great opportunity to serve the community while getting to know the members of other BAP chapters across the country. After that event, we headed out for some lunch at Wahlburgers and explored the Bellagio Conservatory & Botanical Gardens. We returned to the conference for the Opening Plenary Session and heard from the Keynote Speaker, Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of the Institute of Internal Auditors. We then completed a “Becoming a Professional” Leadership Session with members from other chapters. The night ended with a Networking Reception where we met with different firms, organizations, and exhibitors. Following the session, we hit up the two-story Taco Bell Cantina at the heart of the Vegas strip, showcasing a VIP lounge and a DJ booth.
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We began the next day by hearing from the Keynote Speaker, Simon T. Bailey, DBA, CSP, CPAE, prolific author and Hall of Fame Keynote Speaker. Throughout the rest of the day, we attended different sessions with professional partners on a variety of professional development and informational topics. In between these sessions we attended an Etiquette Lunch where we learned proper business etiquette during meals. Our final session of the day was a keynote address by Dorri McWhorter, President and CEO of YMCA of Metropolitan Chicago. We ended the night by exploring Las Vegas, enjoying some great food and milkshakes from Black Tap at the Venetian where we got to sit outside by the Grand Canal, and experiencing both the Bellagio Fountain and Mirage Volcano shows. On the final day of the meeting, we heard from our final Keynote Speaker, Jessica Sales, MSA, CPA, Managing Principal at Houldworth, Russo & Co., P.C., who shared with us an amazing and impactful story about her life. We then prepared for our Chapter Operations Presentation where Kaleigh and Madelyn presented in the category of Creative Social and Service Activities, detailing for other chapters all the exciting social and community services activities in which our Nu Kappa chapters take part. It was an incredibly rewarding experience to present and to learn from the other chapters presenting. We ended the conference with a lunch stop at beautiful Cafe Lola at Caesars Palace before heading back to the airport. Overall, this was an amazing experience for us, and we are very excited to implement what we learned at the meeting with our chapter during the upcoming year!
Alumni of the Month: Emma McGrath, CPA By: Brianna Kerrane Emma McGrath graduated in 2016 from the University of Scranton with a bachelor’s degree in accounting. During her time at Scranton, Emma was heavily involved on campus. She was a member of BAP, Omega Beta Sigma, PRISM, the Business Club, CIEE Study Abroad, and played intramural soccer. Emma mentioned that her participation in these extracurricular activities got her out of her comfort zone and allowed her to gain new experiences outside of academics. After graduating from the University, Emma started her career in public accounting with a summer internship at EY in 2016. Following that, Emma obtained her master’s degree and CPA by Fall of 2017 and started full time at EY as an Associate in the Financial Services Assurance practice in the Wealth and Asset Management sector. In this niche, Emma focused on
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substantive testing relative to the valuation of investment portfolios, realized gains/losses, income expenses, and capital allocation. After spending two years at EY, Emma interviewed and accepted a position as an Accounting and Operations Associate at Kepos Capital, LP, a hedge fund in New York City. Emma worked alongside the CFO and Controller and on teams with traders and portfolio managers. Four years later, Emma continued to network and circled back to Landing Point, the recruiting firm who had helped her get her job at the hedge fund. Emma inquired about any new opportunities the firm had and Landing Point offered her a job in the beginning of 2023 as an Accounting and Finance Recruiter. In this role, she pairs individuals looking for jobs in accounting and finance with companies searching for employees in these specialties. In addition to this, Emma guides people through building their resumes, navigating the interview process, and creating a resignation notice once they have found a new job. Landing Point advertises itself as a “matchmaker,” as the firm sends out people like Emma who have an accounting and finance background to network with professionals from other companies. Landing Point sets their accounting and finance clients up with interviews with entities like Private Equity Firms, Hedge Funds, Venture Capital Firms, Real Estate Firms. Emma has been loving her new role and getting to help people who were once in the same position she was in the early part of her career. This semester, Emma returned to Scranton as part of BAP’s Recruiter-in-Residence Days and moderated the clubs recent Internship Panel. Emma stressed the importance of meeting as many people as possible and how powerful the Scranton Alumni network is. Anyone interested in learning more about careers in the accounting and finance industries should reach out to Emma on LinkedIn: https://www.linkedin.com/in/emma-mcgrath-cpa-ba07836a/.
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 3
BAP & SAS Calendar of Upcoming Events ● ● ● ● ● ● ● ●
Wed, 10/11-Tue, 10/24 (BRN 343): Blessing Bag Drive Thurs, 10/19, 11:30am (BRN 228): UWorld - CPA Evolution Update Sat, 10/21, 4-8pm: Chipotle Fundraiser – Commerce Blvd, Dickson City Tue, 10/24, 11:30am (BRN 314): BAP Drop-In Tutoring Tue, 10/24, 5:30pm (BRN 500): PwC – A Career of Service Tue, 10/24, 5:30pm (BRN 500): Build-a-Blessing Bag Party Thurs, 10/26, 5:30pm (BRN 312/314): BAP Drop-In Tutoring Session Wed, 11/1, 5:30pm (BRN 228): Accounting Exploration Event NOTE: Please contact Nina Figetakis, BAP & SAS Secretary, with any questions concerning attendance and participation.
Member Highlight: Jessenia Robles By: Nina Figetakis Senior BAP member Jessenia Robles is an accounting student from Stroudsburg, PA. She is very involved on campus as a CTLE accounting tutor, as well as a member of Kania Women in Business (KWIB), Omega Beta Sigma (OBS), and the United Cultures Organization (UCO). This past summer Jessenia did the launch internship at EY, and after graduation in May, she will start full-time there as an FSO Assurance staff! This past July, Jessenia was awarded a coveted $10,000 PCAOB scholarship as part of the organization’s Scholars Program! This year’s group of 369 PCAOB Scholars is the largest number of recipients in the program’s history. The Scholars Program’s overarching goals are to benefit outstanding students who are likely to become auditors, and to make a difference to eligible students who might otherwise pursue a different career path. When asked about her experience earning this award, Jessenia said, “I had the privilege of being awarded the PCAOB scholarship and am fortunate to have a PCAOB associate director serve as my mentor.” Lastly, as a first-generation college student, Jessenia is deeply appreciative of the support and opportunities extended to her by the University of Scranton, which has enabled her to pursue a career in accounting – “an achievement that once felt unattainable.” We are so happy to have Jessenia as a member of BAP. Congratulations on your scholarship and good luck at EY!
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Unlocking Success with PFK O'Connor Davies: A Leading Force in Accounting and Career Development By: Madelyn Ronan PFK O'Connor Davies (PFKOD) stands as an influential powerhouse in the world of assurance, tax, and advisory services. This esteemed firm has earned its place among the nation's largest and most respected practices. In a testament to its excellence, PFKOD secured an impressive ranking at #25 on Accounting Today's prestigious list of the “Top 100 Firms” for 2023. Notably, within the competitive Mid-Atlantic region, it has been ranked as the #5 top tax firm, a testament to its expertise. What sets PFKOD apart is not just its size, but its exceptional team of 1,500 top-notch professionals. These experts continually drive efficiencies, uncover opportunities, manage risks, and providing clients with invaluable insights and solutions. The firm's influence extends across twenty strategically located offices, spanning across the Northeast and India. This extensive footprint allows PFKOD to offer its wide-ranging services to over thirty different industries, showcasing its adaptability and commitment to meeting the unique needs of its diverse clientele. Furthermore, the firm's accolades go beyond its professional prowess. PFKOD has been named the "Best Place to Work" in New Jersey, a recognition that underlines the firm's dedication to fostering a positive work culture and environment. They strive to create an inclusive workplace where all employees feel valued, respected, and have access to professional growth and development opportunities. For students eager to embark on a promising career journey, PFKOD provides a multitude of opportunities. The firm's commitment to nurturing talent is evident through its various internship programs: Freshmen Pathways Program: One-day virtual program, typically held in mid-June, offers insights into public accounting within a leading mid-sized firm. It facilitates networking with professionals at various levels, explores career opportunities in business and accounting, and helps participants develop essential skills for future success. Leaders of Tomorrow Program (For Sophomores and Juniors): Two-day program in June allows participants to engage in skill-building workshops, network with firm professionals, and cultivate leadership abilities while gaining a deeper understanding of the firm's culture.
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Winter Tax Internship (For Juniors and Seniors): This hands-on program during the tax season, from mid-February to mid-April, offers valuable experience in public accounting. Interns work directly with clients, assisting with tax scanning and tax return preparation. Summer Audit Internship (For Juniors and Seniors): The firm's full-time, eight-week internship program, running from mid-June to mid-August, provides real-world audit experience, immersion in the firm's culture, and opportunities to build a professional network through community service and firmsponsored events. Moreover, PFKOD will be visiting campus on Wednesday, October 11th, and Thursday, October 12th, as our Recruiter-in-Residence, hosting table sits and meet-and-greet sessions. This presents a fantastic opportunity for students to explore the firm, learn about the opportunities provided, and connect with PFKOD representatives. PFKOD not only embodies excellence in the accounting and advisory field, but also serves as a nurturing platform for students and professionals alike, where talent is cultivated, and career opportunities abound. For those interested in pursuing a career with PFKOD, further information on career opportunities can be obtained through the Center for Career Development, stopping by their table sits on campus, or by visiting their website at (https://www.pkfod.com/careers/).
Join the PICPA Today! By: Kaleigh Timmons The Pennsylvania Institute of Certified Public Accountants (PICPA) is the premier accounting association for Pennsylvania CPAs. Its 22,000 members represent practitioners in public accounting, private industries, the government, and education. The PICPA developed the Pennsylvania CPA Foundation to inspire students to pursue careers in accounting and to provide educational, motivational, and financial support to those working to attain the CPA credential. Through this foundation, the PICPA gives more than $200,000 in student scholarships each year. Applying is simple, and the 2024 scholarship window will open in January, so make sure to apply! The PICPA also provides for CPA Exam scholarships, granting $1,000 to recipients to support the costs of preparing for the CPA Exam. For more information on PICPA scholarships and to apply, please visit https://www.picpa.org/future-cpas/scholarships-awards. The PICPA also has countless events and webinars available to college students to help them learn more about the profession and to provide networking opportunities with other students and emerging professionals in the field. For more information about these events and to register, please visit https://www.picpa.org/future-cpas/events. 6
Finally, you can gain access to all these benefits by becoming a PICPA Student Affiliate Member. The best part? IT’S FREE for all full-time students majoring in accounting or a related field! If you are interested in becoming a student member of the PICPA, please use the QR code below to access the membership application. If you have any additional questions, please contact Scranton’s PICPA Student Ambassador, Kaleigh Timmons, at kaleigh.timmons@scranton.edu.
Scan Here to Join Today! Are You Ready for the Change? By: John Sheehan The AICPA is launching the CPA Evolution in January 2024, which is the new CPA licensure model. The purpose of the evolution is to transform the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future. Under the current CPA licensure model, candidates must pass four sections (AUD, FAR, REG, and BEC) within an 18-month window. Under the CPA Evolution, three core sections will remain, with BEC being replaced by three disciplines (BAR, ISC, TCP). A candidate must pass the three core sections along with one of the new disciplines to pass the CPA exam. The following outlines important dates relevant to exam transition. CPA Evolution Timeline: October 1, 2023 – BEC application deadline for first-time BEC takers. November 12, 2023 – BEC application deadline for re-exam candidates. November 14, 2023 – Last day NASBA will process a Notice to Schedule (NTS) for BEC. November 22, 2023 – NASBA will being NTS processing for the three new disciplines. December 15, 2023 – Last testing date under current model for all sections. December 16, 2023 - January 9, 2024 – No testing will take place. January 10, 2024 – First testing date under new model for all sections. February 6, 2024 – End of Q1 testing window for new disciplines. March 26, 2024 – End of Q1 testing window for AUD, FAR, and REG. 7
Note: For AUD, FAR, and REG, a NTS can continually be submitted, and the process will not be interrupted
For more information on what to expect with these upcoming changes, please join us on October 19 th at 11:30am in the Pearn Auditorium (BRN 228) as BAP and SAS host Robert Gayhardt, UWorld Business Development Manager!
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BAP Attendance Honor Roll Congratulations to our BAP Members who have had perfect attendance so far this semester: Jason Adams Nina Figetakis Brett McCartney Annalisa Mechanick Nicholas Promutico Frederick Rollo Madelyn Ronan John Sheehan Kaleigh Timmons Ashley Zaita Keep up the good work!
Accounting Knowledge is Power By: Ryan Hanley “CPA Evolution: What is the early thinking on three CPA Exam Disciplines?” By: Susan S. Coffey & Colleen K. Conrad For the past ten months, the American Institute of Certified Public Accountants (AICPA) has been working diligently to restructure the CPA Exam. Three of the four existing core sections will remain the same –Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Regulation (REG). However, three new sections–Business Analysis & Reporting (BAR), Tax Compliance & Planning (TCP), and Information Systems and Control (ISC) –will be added to the exam starting in January 2024. Read more at: https://www.aicpa-cima.com/news/article/cpa-evolutionwhat-is-the-early-thinking-on-three-cpa-exam-disciplines “$20 an Hour, Clothing Stipend, Meals: How a Big Four Firm is Trying to get Teens Interested in Accounting” By: Jessica Dickler
As many firms struggle to find quality CPA candidates, Big Four accounting firm KPMG has begun offering paid internships to high school students, in an attempt to attract younger people to the accounting field. Students who are accepted to the program are paid anywhere from $20-$25 per hour and often receive a clothing allowance of $250. Read more at: https://www.cnbc.com/2023/07/28/kpmg-offers-teens-paid-internships-to-boost-interestin-accounting.html “BDO USA, Two Audit Partners Tagged with Fines for Breaking PCAOB Rules” By: Jason Bramwell Top ten accounting firm BDO USA was fined $2 Million and censured by the PCAOB for failures stemming back to the 2017 audit of AAC Holdings. The PCAOB found that BDO USA, and two of their audit partners failed to properly evaluate significant estimates related to AAC Holding’s valuation of their client-related revenue and accounts receivable. Read more at: https://www.cpapracticeadvisor.com/2023/09/26/bdo-usa-and-two-partners-tagged-withfines-for-breaking-pcaob-rules/95014/
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It’s Classified Information
Register for AICPA webinars at: https://www.thiswaytocpa.com/webinars/
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