THE BADGER ACCOUNT
After an exceptional 35-year career that epitomizes the Wisconsin Idea, Terry Warfield has retired, leaving a legacy of excellence, achievement, and service.
Celebrating Achievement and Transitions
Welcome to the 2024 edition of The Badger Account! I always appreciate the opportunity to reflect on our accomplishments from the last year and look ahead to the new year and new initiatives.
You will see we have a lot to celebrate from the past year, from student successes to faculty recognition. Three of our recent graduates were placed in highly competitive positions that will give them an opportunity to participate in the accounting standard-setting process. This past summer, Derek Christensen (PhD ’24) began serving as the Financial Accounting Standards Board (FASB) postdoctoral fellow, and MAcc graduate Tyler McWilliams (BBA ’23, MAcc ’24) began serving as a postgraduate technical
assistant with the FASB. These are one-year positions. Molly McEneany (BBA ’23, MAcc ’24) began a two-year role as the accounting policy manager (APM) with the Financial Executives International (FEI). Placing students in these unique and competitive roles showcases the quality of our programs and students.
We celebrated Todd Watchmaker as our 2023 Distinguished Accounting Alumnus at our annual awards banquet. Todd was recognized as truly distinguished both in his career with KPMG and his allegiance as a Badger alum! At the awards banquet, we also had the opportunity to recognize our generous donors, whose support allows us to offer such great student experiences. As you read about the speakers we are able
Professor Thomas Linsmeier, left, chats with Dean Vallabh “Samba” Sambamurthy during the reception before the start of the doctoral hooding ceremony.
to bring to campus and the early outreach opportunities that expose students to careers in accounting, please remember that none of those experiences are possible without donor support. Thank you, donors!
Our faculty continue to have a significant impact on the academy with their awardwinning research—and teaching! Willie Choi received the Notable Contribution to Management Accounting Literature Award from the Management Accounting Section of the American Accounting Association (AAA), and Ewelina Forker received the 2024 AAA Management Accounting Outstanding Doctoral Dissertation Award. Dan Lynch was promoted to full professor in recognition of his outstanding research, teaching, and service. Joanna Wangerin, Willie Choi, and PhD student McKay Jones were each recognized by the Wisconsin School of Business for their outstanding teaching. Our faculty have also been integral in their service to the department, leading committees that support our hiring initiatives and the evolution of our curriculum and programs.
This new year will bring some new faces to our department. Dain Donelson joins us from the University of Iowa as a full professor and will support our teaching and research missions. Brett Killion, Danielle Johnson, Willie Boucher, and Dan Kelly have all started this fall as lecturers in support of our teaching mission. We welcome them all to campus! As we welcome new colleagues, we must also say “farewell” to others. If you took business law in the Wisconsin School of Business at some point in the last 40 years, there is a strong likelihood that you had John Walsh or Joe Boucher, both of whom retired after long serving our teaching mission. We wish them both well.
Finally, we must bid farewell to somebody so synonymous with the Department of Accounting and Information Systems that it is hard to imagine one without the other. Terry Warfield retired in August after more than 35 years with the university, the last four serving the school as senior associate dean. Terry’s departure will be felt by many.
I hope you will enjoy reading about the highlights of Terry’s career, along with our other accomplishments from the past year. Best wishes for the year ahead!
Tom Linsmeier
Thomas G. Ragatz Accounting and Law Distinguished Chair
Richard J. Johnson Chair of the Department of Accounting and Information Systems
Honoring the 2023 Distinguished Accounting Alumnus, Todd Watchmaker
We rang in the fall as we always do, by recognizing our faculty, staff, and students for their accomplishments; thanking our generous donors for their support; and celebrating our Distinguished Accounting Alumnus—this year, Todd Watchmaker (BBA ’82).
Todd had a very successful career as a tax partner with KPMG, and within that role, he maintained a strong connection to his Badger roots. In addition to serving as KPMG’s lead campus recruiting partner for the UW–Madison campus, Todd was a longstanding member of the Department of Accounting Advisory Board. Beyond those roles, he was a mentor and advocate to countless Badgers—from student interns to fellow partners. He was always available for guidance and support and a good Badger football watch party! Todd embodies all characteristics of a distinguished alum, described by co-workers as being a great leader who acts with high integrity and care for other people. Willing to think creatively to solve challenges, Todd's dedication to supporting those around him continues to leave a lasting legacy.
Todd took the opportunity to address the students in attendance at the banquet and share some words of wisdom from his time in the accounting profession. Todd reminded students that being successful should not be narrowly defined as having success in your career. He attributes much of his overall success to the way he balanced his work and outside interests. He placed a priority on family and close relationships and made time to take care of himself. Doing so allowed Todd to be successful in all areas of life. Todd reminded students to lead authentically, surround themselves with people they can learn from, and always advocate for the directions they want their careers to take.
We so appreciate the impact that Todd has had on the profession overall and the Badger alumni network. Todd is truly distinguished!
Department Chair Tom Linsmeier (L) and Senior Associate Dean Terry Warfield (R) congratulate Distinguished Accounting Alumnus Todd Watchmaker.
OUTSTANDING GRADUATING SENIOR AWARDS
Our annual awards banquet would not be complete without celebrating the academic success of our top 10 graduating seniors. This group of students completed their Bachelor of Business Administration degree with a major in accounting and achieved an average cumulative GPA of 3.97! The future is bright!
• Ziyue Jiang (BBA ’23, MAcc ’24)
• Tyler McWilliams (BBA ’23, MAcc ’24)
• Celia O'Neil (BBA ’23, MAcc ’24)
• Ellie Schini (BBA ’23, MAcc ’24)
• Erin Schneider (BBA ’23, MAcc ’24)
• Achal Singidi (BBA ’23, MAcc ’24)
• Teddy Vessey (BBA ’23, MAcc ’24)
• Frank Warchol (BBA ’23, MAcc ’24)
• Seth Weld (BBA ’23, MAcc ’24)
• Hannah Wensing (BBA ’23, MAcc ’24)
TEACHING ASSISTANT AWARDS
Graduate students are strong contributors to our teaching mission at WSB. Within accounting, teaching assistants lead in-class delivery of our introductory financial and managerial accounting courses taken by all undergraduate students. Each year we recognize two MAcc and two PhD TAs for their outstanding contribution in this important role.
Douglas Clarke Memorial Teaching Award (PhD)
McKay Jones (PhD ’26)
Mitch Kastanek (BBA ’22, MAcc ’23)
Katie Boylen (PhD ’25)
Nicole Pink (BBA ’22, MAcc ’23)
Excellence in Teaching Award (MAcc)
From L to R: Ziyue Jiang, Tyler McWilliams, Celia O’Neil, Ellie Schini, Erin Schneider, Achal Singidi, Teddy Vessey, Frank Warchol, Seth Weld, Hannah Wensing, and Professor Dan Wangerin
Our graduates continue to secure unique and competitive post-graduation opportunities that will allow them to leverage what they have learned on campus and propel their career to great heights.
Participating in the Standard-Setting Process
After graduating last May, Derek Christensen (PhD ’24) began serving for one year as the FASB postdoctoral fellow. The holder of this position brings academic skills and research into the standard-setting process and gains career-enhancing benefits, including exposure to cutting-edge financial reporting issues that can inform future research. This opportunity is highly sought and reserved for highly impressive and motivated PhD graduates.
Well done, Derek!
MAcc graduate Tyler McWilliams (BBA ’23, MAcc ’24) was awarded a highly competitive postgraduate technical assistant (PTA) position with the FASB. The FASB PTA program provides highly motivated individuals with an opportunity to play an active role in the standard-setting process. This prestigious year-long program allows recent accounting program graduates to learn about standard setting—and the profession—by immersing them directly into real-world accounting issues.
Congratulations, Tyler!
STUDENT PLAYS KEY ROLE IN FIRM LEADERSHIP VISIT
Last fall, Wisconsin School of Business students were treated to a visit from PwC’s former U.S. senior partner, Tim Ryan. Throughout the visit, Tim had the opportunity to meet with many groups of students to talk about accounting, technology, and leadership. During the visit, Tim participated in a fireside chat facilitated by our very own Claire Andries (BBA ’23, MAcc ’24). In front of a packed room, Claire skillfully engaged Tim in a great discussion about the future of the accounting profession, his views on technology, opportunities for innovation, and the role of emerging professionals. Claire did an outstanding job in her role and represented Badger accountants very well!
Derek Christensen
Tyler McWilliams
Tim Ryan and Claire Andries pose for a photo after Claire led a public discussion with the former U.S. senior partner from PwC.
STUDENT INVOLVEMENT IN ACCOUNTING & PROJECTION PROJECT
The Small Business Development Center (SBDC) runs an Accounting and Projection Clinic, which assists startup and growth-minded entrepreneurs in Dane, Sauk, and Columbia Counties in Wisconsin with no-cost, confidential, one-on-one assistance in creating financial projections necessary for traditional commercial lending funding requests. WSB accounting student interns support the work of this program and benefit just as much, if not more, as their small business clients. This collaborative effort embodies the Wisconsin Idea, and we are so thankful to the SBDC for the growth opportunities they provide to our students. Recent interns include accounting students Dennis Matott (BBA ’24), Emma Williams (BS ’22, MAcc ’24), and Mika Cavanaugh (BBA ’24).
Congressman Mark Pocan speaks to Accounting and Projection Clinic (APC) program manager and senior business consultant Anne Inman and APC interns during a celebration event on campus. From L to R: Mark Pocan, Dennis Matott (BBA ’24), Anne Inman, Emma Williams (BS ’22, MAcc ’24), Mika Cavanaugh (BBA ’24)
Student Lands Highly Competitive Role with Leading Association of Finance Executives
Molly McEneany (BBA ’23, MAcc ’24) began serving this past summer as the accounting policy manager (APM) with the Financial Executives International (FEI). FEI advances the success of financial leaders, their organizations, and the profession through influential committees, peer networking, conferences, and research publications. The two-year APM position provides a highly motivated recent graduate student with the opportunity to showcase technical expertise and leadership by participating in the advocacy, research, and actions of the preparer community. This role allows the student to learn about standard setting and key controllership issues directly from the leaders of the highestperforming finance organizations and companies. Molly is the first Badger to serve in the APM role and we could not be more proud!
Molly McEneany (BBA '23, MAcc '24)
Congratulations!
Congratulations to Dr. Derek Christensen (PhD ’24), who successfully defended his dissertation and earned his doctorate degree last spring. Derek has earned accolades throughout his time in the PhD program, being recognized by the FASB as its inaugural Emerging Scholar Award winner in 2021 and earning several awards for excellence in teaching. Before heading west to begin his career as an assistant professor for the University of Oregon, Derek will detour east for one year and bring his research skills to the FASB by serving as their postdoctoral fellow. Excellent work, Derek!
Derek Christensen (middle) is joined by faculty members Dan Wangerin (L) and Tom Linsmeier (R).
WELCOME!
We are excited to welcome three incoming doctoral students to our program.
Nick Hirner
Nick Hirner earned his BSBA in accounting in the spring of 2019 from Creighton University. Following graduation, Nick spent three years as an external auditor at Deloitte in Omaha before shifting to internal audit at Kiewit Corporation, a Fortune 500 private construction firm. Nick brings a wealth of good experience that he can leverage as he shifts his focus to becoming an archival financial reporting researcher. Before moving to Madison this fall to join our doctoral program, Nick and his wife, Kathryn, got married in June!
Congratulations, Nick and Kathryn, and welcome to Madison!
Haoning Liu
Prior to joining the University of Wisconsin–Madison, Haoning Liu was a PhD student in operations management at Mays Business School at Texas A&M University (TAMU). She also obtained a master’s degree in industrial engineering from TAMU. Before that, Haoning earned a master’s degree in accounting and financial management from Lancaster University in the U.K. and a bachelor’s degree in accounting from Shanghai Ocean University in China. Haoning is interested in managerial accounting research.
Welcome, Haoning—we are excited to have you join our program!
Anh Nguyen
Anh Nguyen completed her undergraduate studies ahead of schedule at Coe College, earning 150 credit hours in four years and qualifying for the CPA Exam. Notable among her academic achievements is a study abroad grant, which enabled her to expand her knowledge in an accounting program in Northern Ireland. Her dedication culminated in her graduation with summa cum laude honors. Anh is passionate about taxation and its societal implications. Her early college years were marked by tax internships, providing her with invaluable insights and experiences. Upon graduation, she embarked on a fulfilling career as a corporate tax analyst at a leading architecture firm. Here, she delved deeper into the realms of corporate tax and tax reporting.
Looking ahead, Anh is enthusiastic about contributing to the accounting field. She is ready to join UW–Madison's PhD program to pursue her interest in archival tax research.
Enhancing Education Through Diverse Student Experiences
We continue to place an emphasis on student experiences that broaden the scope of education beyond the classroom. Accounting students continue to be active in a variety of student organizations on campus. Whether business-focused or not, student organizations offer the opportunity for students to expand their personal network, develop leadership skills, learn from their peers, and often give back to the community. We are thankful for all of our student leaders!
Beyond student organizations, the department offers a variety of unique experiences for students to engage in throughout the year.
Professional Issues Course
Undergraduate accounting students pursuing the integrated master’s program have the opportunity to participate in a professional issues course where they are exposed to a variety of topics in an intensive three-week session.
Week One
The first week laid a foundation for the course with a focus on diversity, equity, and inclusion (DEI) in the classroom, workplace, and boardroom. Tamie Klumpyan, program manager for Inclusion@UW at the University of Wisconsin–Madison, kicked off the week’s activities. Students also were treated to a panel discussion focused on diversity, equity, and inclusion, featuring Amy Jo Fisher, digital and technology director at American Family Insurance; Sheila Milton, VP DEI and community engagement at UW Credit Union; and Dr. Gregory Stinyard, director of inclusive excellence operations and programs for American Family Insurance.
Lifelong learning: Alumni return to campus to provide insights to current accounting students. From L to R: Brian Caisman, Kim Fleissner, Brent Wegner, Ousmane Kabre, Terry Warfield, and Leah Schmid
Tamie Klumpyan
The week continued with an introduction to the idea of stakeholder capitalism, featuring Alison Omens, President of JUST Capital. This was followed by a public talk by Walt Pavlo, the featured speaker at our Spring Ethics Symposium. The week culminated with students presenting their findings from a case study critically evaluating the commitment of public accounting firms to DEI initiatives.
Week Two
The second week of class took a technical turn, allowing students to dig into contemporary issues in accounting and auditing. Professor Tom Linsmeier led the students in a discussion around incentives and consequences of financial accounting leading to the demise of Silicon Valley Bank. This set up future sessions with Andrew Debbink (BBA ’15, MAcc ’16), Erik Hovila (BBA ’22, MAcc ’23), and Emma Little (BBA ’21, MAcc ’22) regarding their time as FASB postgraduate technical assistants (PTAs) and their career trajectory since graduation.
Students were treated to a visit from Professor Emily Griffith to discuss contemporary auditing issues, which led into a session on artificial intelligence in the auditing profession with Nicholas Beihoff and Lisa Paradowski (BBA ’00, MAcc ’01) from Deloitte. The second week wrapped up with a discussion on environmental, social, and governance (ESG) issues from a standard-setting perspective. This discussion was led by Marc Siegel, national office partner with PwC and former member of the FASB and Sustainability Accounting Standards Board.
Week Three
The focus on technical topics continued into week three when Professor Dan Lynch introduced a discussion and case study on accounting for income taxes and professional judgement. Matthew Lorenz, Patrick Byer (BBA ’11, MAcc ’12), and Jennifer Gray from KPMG led students on a discussion around tax policy and practice issues.
To wrap up the three weeks, students were treated to a panel discussion by the following individuals regarding lifelong learning and career perspectives:
• Brian Caisman (BBA ’99, MAcc ’00)
• Kim Fleissner (BBA ’01, MAcc ’02)
• Brent Wegner (BBA ’02, MAcc ’03)
• Ousmane Kabre (BBA ’15, MAcc ’16)
• Leah Schmid (BA ’10, MAcc ’16)
Reflecting on their own career progressions, the panelists offered great advice to the students. Students received simple reminders to work hard and be nice and to understand that often the biggest barrier to learning something new is our own fear of failure. Students also were encouraged to try and say “yes!” to opportunities and have fun seeing where their career will take them. THANK YOU to our great alumni for spending some time with our students.
No intensive three-week course should wrap up without a little celebration—so celebrate we did! Faculty and students came together for a fun “decompression” session with a “get to know your accounting faculty” trivia session!
Dan Lynch
Emily Griffith
Tom Linsmeier
SPRING ETHICS FORUM
Thanks to generous support from the Howard and Sue Carver Ethics in Accounting Fund, students in the Wisconsin School of Business accounting programs were treated to an excellent visit from Walt Pavlo as part of our Ethics and Professionalism Program. Walt is a nationally recognized speaker who lectures on all aspects of white-collar crime and federal law enforcement.
Senior Associate Dean Terry Warfield engaged in a “fireside chat” with Walt, during which he shared many insights and responded to some excellent student questions. As students begin their professional careers, Walt encouraged them to keep family, personal integrity, and their career in the forefront of their decision-making process. He encouraged them to always know the rules, ask lots of questions, and never back down when things may not feel right.
We are incredibly grateful for the time Walt spent with our students, and we look forward to having him back again soon!
DISCOVER ACCOUNTING! EVENT
The department hosted a new early outreach program last year to help students DISCOVER Accounting! With the help of many alumni and student mentors, the program helped students discover the broad and dynamic career opportunities that accounting can offer. Students were treated to a round-robin networking session with professionals, followed by some fun accounting-themed trivia. The evening wrapped up with some informal networking and an excellent panel discussion. We are so thankful to our alumni, professional partners, and donors who make events like this a possibility.
Top photo: Students interested in discovering more about the accounting profession filled the Plenary Room in Grainger Hall for the DISCOVER Accounting! event.
Bottom photo: The fall panel discussion included several alumni who have pursued different career paths with their degree in accounting. From L to R: Brad Zastoupil, Ousmane Kabre, Laura Shiffman, Sarah Nemke, and Jason Parsons
Students showed up and filled the room to hear from Walt Pavlo.
Terry Warfield (L) engages Walt Pavlo in a fireside chat.
CONGRATULATIONS, GRADUATES!
On a beautiful afternoon in May, our accounting graduates joined more than 7,500 of their peers in Camp Randall Stadium for the spring commencement celebration. These newly minted alumni are spreading their wings far and wide as they begin their professional careers, and we wish them nothing but the best. We look forward to staying in touch with all alumni and cheering them on from Madison!
Soon to graduate,
Ella
and
and Kyle
grab a
for a photo at Camp Randall. 3) MAcc graduates Ella Gibbons, Clara Dramm, and Catherine Hoang pose with Bucky at the MAcc commencement celebration. 4) They did it! MAcc graduates celebrate after the chancellor officially conferred their graduate degree. 5) MAcc graduate Nicholas Friedrichs poses with Katharine Widlak, director of professional programs in accounting, at the MAcc graduation celebration back in Grainger Hall after the formal ceremony in Camp Randall. 6) View of Camp Randall during the May 2024 commencement. 7) Lauren Stacker prepares for her graduation from the MAcc program. 8) MAcc graduates gather at Camp Randall and prepare for the commencement ceremony.
1)
MAcc students Clara Dramm,
Gibbons, Heidi Zahnleuter, Chloe Haines,
Catherine Hoang
picture outside of Grainger Hall. 2) MAcc graduates Cole Navin, Hannah Nietfeld, Lindsey Oberdorf,
Krantz pose
The department has seen some changes over the past year, welcoming new faces to our team and saying a heartfelt goodbye to colleagues who have made an impact on the lives and careers of many current and former students.
WELCOME
Willie Boucher
Willie Boucher (JD ’15) was born and raised in Madison, and he is excited to join the staff of his hometown university and alma matter. Willie is an attorney and certified public accountant practicing estate planning and business law at a mid-size Madison law firm. He previously worked at an AmLaw 200 law firm, a mid-size Milwaukee law firm, a Big Four accounting firm, and a leading regional bank. Willie uses his varied experience across industries and fields to apply classroom content to real-world situations.
Willie enjoys being an active community member through his board positions for the Ice Age Trail Alliance and Herbivorous Acres, a nonprofit farm animal sanctuary. In his free time, Willie enjoys cheering on the Milwaukee Bucks, hiking, traveling, sampling new restaurants, and spending time with his family and friends.
Dain Donelson
Dain Donelson comes to the Wisconsin School of Business from the University of Iowa, where he served as the Tippie Excellence Chair and professor of accounting. Previously, he was a professor of accounting at the University of Texas at Austin. Professor Donelson holds a JD from the Northwestern University Pritzker School of Law and a PhD in accountancy from the University of Illinois. His research focuses on shareholder litigation, financial reporting fraud, corporate law and governance, capital market regulation, directors' and officers' insurance, and accounting standards. Welcome, Dain!
Danielle Johnson
Danielle Johnson has a BA in economics with a double minor in legal studies and political science from Macalester College and a JD, cum laude, from the University of St. Thomas
School of Law. She practiced business and commercial real estate law for over a decade, working at small and big law firms. She obtained her credentials as a neurolinguistic programming coach practitioner and started her own business helping athletes with mental performance training. She also is a certified I'm Possible basketball skills trainer with I'm Possible Madison Headquarters. We are excited to bring Danielle’s breadth of skills to our students in business law.
Dan Kelly
Dan Kelly (BBA ’84, MBA ’85) rejoins the teaching ranks in our department as an adjunct instructor of financial accounting. Dan Kelly is the retired chief financial officer/treasurer and chief underwriting officer of American Family Insurance. Dan received his BBA and MBA from the University of Wisconsin–Madison. He is a certified public accountant, a former licensed insurance agent in Wisconsin, and has earned his Fellow, Life Management Institute and Associate in Customer Service designations.
Dan started his career in public accounting as a staff auditor at Arthur Andersen & Co. in Milwaukee. After two years there, he began his career in 1987 at American Family as a financial analyst in the finance division, ultimately serving in a number of important management roles. In 2016, Dan received the Distinguished Accounting Alumnus Award from the University of Wisconsin–Madison. He served on the Wisconsin School of Business Dean’s Advisory Board from 2012 to 2024, having previously served on the school’s Department of Accounting Advisory Board. He also serves on the school’s Risk Management and Insurance MBA Advisory Board.
Dan has served on the University of Wisconsin Carbone Cancer Center Advisory Board since 2020. He also serves as a member of the University of Wisconsin Athletic Board. In 2024, Dan was elected to the board of directors of Madison Gas & Electric Company, a publicly traded company. We are thrilled to have Dan rejoin our team of instructors!
Brett Killion
Brett (BBA ’99, MAcc ’00) joined the department as a senior lecturer this fall. Previously, Brett was an associate professor of accounting at Lakeland University and director of Lakeland's accounting program. During his 13-year tenure at Lakeland, Brett taught several accounting courses and was the academic advisor for Lakeland's accounting majors. Brett was the recipient of Lakeland University’s Underkofler Excellence in Undergraduate Teaching Award. Prior to Lakeland, Brett was a business education instructor at LuxemburgCasco High School for eight years, where he was a recipient of Economics Wisconsin’s Excellence in Teaching Economics and Financial Literacy Award. Brett also served as the varsity girls' basketball coach at Luxemburg-Casco for six years, winning over 100 games and leading the program to the Division II state runner-up. Brett is a graduate of the University of Wisconsin–Madison, where he earned both his bachelor's degree in accounting (1999) and Master of Accountancy degree (2000). Glad to have you back, Brett!
FAREWELL
Joe Boucher
Teaching Professor Joe Boucher retired last spring after serving UW–Madison students for over 40 years!
Joe earned his JD from UW–Madison in 1977 followed by his MBA in 1978 and has been practicing law ever since. Joe is a founding shareholder of the Madison law firm of Neider & Boucher, S.C., and while he was busy building a successful practice that emphasizes business legal planning for closely held businesses, Joe always made time to impact his community outside of directly practicing law.
Joe has contributed to the drafting of Wisconsin legislation dealing with limited liability law and has been a prolific contributor to many industry publications. In recognition of his contribution to the profession, Joe has earned many accolades and awards, including a Career Achievement Award from the WICPA and a Distinguished Service Award from the
Wisconsin Law Foundation, its highest honor. Joe has been inducted into three Halls of Fame; he is a Hall of Fame member as a friend of high school basketball for the Wisconsin Basketball Coaches Association, an inductee of the Wisconsin School of Business Weinert Center for Entrepreneurship’s Hall of Fame, and an inductee to Edgewood High School’s Sports Hall of Fame! Joe truly embodies the Wisconsin Idea!
In addition to his professional successes, Joe has led a business law course designed for accounting undergraduate students since 1988. Throughout this time, Joe has maintained strong relationships with many alumni, providing legal and business mentoring often at critical points in their careers. Joe truly cares about his students and contributes a significant amount of time to their professional development.
Joe has been a long-time integral part of both WSB and the accounting department. He leaves big shoes to fill! We are so grateful for all of the time, energy, and expertise he has contributed over the past 40 years. We wish Joe all the best!
John Walsh
Senior Lecturer John Walsh, a graduate of the University of Wisconsin Law School, has contributed to the teaching mission of the Wisconsin School of Business since 1983! In addition to maintaining a successful law practice with Axley Brynelson, LLP, John has played a significant role as a discussion leader for the business law course taken by every undergraduate business student in the Wisconsin School of Business.
John is known as an engaging instructor with a knack for bringing his own legal experiences into the classroom to support student learning. John has engaged with thousands of students during his time on campus, impacting countless individuals.
Outside of campus, John has contributed to the legal profession in many ways, including serving as past president for the State Bar of Wisconsin. At the time when John served as president, he was the youngest person to do so. We will miss seeing him in Grainger Hall. Best wishes, John, and thank you for all you have done for our students.
Excellence in Service, Scholarship, and the Wisconsin Idea: Celebrating the Career of Terry Warfield
How lucky we are to have had a colleague like Terry Warfield who makes saying goodbye so incredibly hard. Since joining the school in 1989, Terry has been an integral part of the Wisconsin School of Business; his name is often thought to be synonymous with the Department of Accounting and Information Systems. To say he will be missed is an understatement!
Terry has achieved professional successes across many dimensions of his career, from his research and impressive catalog of publications to his award-winning teaching. Terry is co-author of several textbooks, including one of the most widely used intermediate financial accounting texts around the globe. Terry has tirelessly served on countless committees and initiatives across the School of Business and the broader university. It is said with great certainty that the university is better because of Terry.
After earning his PhD from the University of Iowa in 1989, Terry joined the Wisconsin School of Business as an assistant professor. On his way to full professor, Terry served as an academic fellow in the Office of the Chief Accountant in the Securities and Exchange Commission. Terry’s leadership in the school includes eight years as the chair of the Department of Accounting and Information Systems, one year as the senior associate dean for faculty and research, and for the last three years serving as the school’s senior associate dean. Some highlights of Terry’s university service include his service on the University Committee, chairing many high-level search committees, and serving on the shared governance committee, budget model development committee, student non-academic misconduct board, and as a minority student faculty mentor.
For those lucky enough to have had Terry as an instructor, his receipt of the UW–Madison Chancellor’s Distinguished Teaching Award comes as little surprise. Just one of several teaching awards throughout his career, this university-wide recognition highlights Terry’s excellence in the classroom.
Terry’s teaching was primarily focused on financial accounting and reporting and financial accounting theory. Terry led students at all levels, from undergraduate introductory accounting through doctoral seminars in financial reporting. In each case, Terry brought his passion and expertise to the classroom. Terry ran a flipped
Terry's award-winning teaching was always interactive and student-centric.
Terry Warfield engages author David Callahan in a public talk about ethics in business.
classroom well before it was popular, pushing his students to engage in the material while maintaining a positive and comfortable classroom environment. We all know that when Terry kicked off a session by saying “Good afternoon,” the expectation was for a resounding “GOOD AFTERNOON” in response!
Terry’s contributions to the profession are too many to name, from his impactful research to his role as co-author on an internationally used set of financial accounting textbooks. Somehow, Terry found time to serve at the highest level of standard setting through his service as trustee to the Financial Accounting Foundation (FAF) from 2013 to 2019. The mission of the FAF is, through governance and oversight, to ensure that the Financial Accounting Standards Board and the Governmental Accounting Standards Board establish and improve high-quality financial accounting and reporting standards. Terry also served the standard-setting community as one of two academic members of the Financial Accounting Standards Advisory Council from 2006 to 2009, chair of the FASB/IASB Issues Conference from 2009 to 2010, member of the FASB Financial Accounting Standards Research Initiative Advisory Board from 2012 to 2020, and co-chair of the FAF Standards Setting Oversight Committee from 2015 to 2019. Through all of this service, Terry still maintains an active research agenda, most recently being awarded the American Accounting Association’s Accounting Horizons Best Paper Award in 2023!
While the professional successes described above are impressive, it is Terry’s commitment to, and support of, individuals that truly set him apart. Terry is an inclusive leader and the type of team member everybody wants on their side. He is a mentor to so many, supporting and advising on both professional and personal matters. He is compassionate and beyond generous with his time, never turning away a colleague or student in need. He is unwavering in his commitment to ethics and inclusivity, always leading by example. Terry is good to the core and makes those around him better.
We wish Terry nothing but the very best in his retirement—with many rounds of golf and time with family. You have taught us all well and we will continue your good work in the Wisconsin School of Business.
Professor Warfield and his wife, Mary, have established an endowment to provide scholarship support to Doctor of Philosophy (PhD) and master’s students in the Department of Accounting and Information Systems, with a preference for PhD students. If there are funds available following the awarding of scholarships or scholarships are not awarded in any given awarding cycle, the fund can be used to provide discretionary support for the Department of Accounting and Information Systems. Those wishing to make a contribution to the fund can do so by directing their contribution to the Professor Terry Warfield Support Fund at the UW Foundation. A generous donor is offering a challenge to raise more funds and will match up to $50,000 of contributions made in 2024 and 2025 in honor of Professor Warfield.
Terry celebrates with MAcc students and their families during the annual MAcc commencement celebration.
Success in Accounting Research
In August 2024, Willie Choi received the Notable Contribution to Management Accounting Literature Award from the Management Accounting Section of the American Accounting Association (AAA).
Willie received the award for his research article titled “When and Why Tangible Rewards Can Motivate Greater Effort Than Cash Rewards: An Analysis of Four Attribute Differences.” The research article is co-authored with Adam Presslee (University of Waterloo) and is published in Accounting, Organizations and Society, a top-tier academic accounting journal.
Ewelina Forker is the recipient of the 2024 AAA Management Accounting Outstanding Doctoral Dissertation Award for her dissertation paper “The Informativeness of Dark Data for Future Firm Performance.” The award recognizes outstanding dissertation research in the field of management accounting. Ewelina was presented with the award during the AAA annual meeting in Washington, D.C. in August.
Dan Lynch was promoted to the rank of full professor in recognition of his outstanding research, teaching, and service. Dan’s primary research interests relate to corporate tax avoidance, financial reporting issues related to taxes, and federal tax policy. He has published extensively in several top-tier journals including the Journal of Accounting and Economics, The Accounting Review, Contemporary Accounting Research, and the Journal of the American Taxation Association. Dan currently serves as an editor at the Journal of the American Taxation Association. Dan leads the PhD committee for the Department of Accounting and Information Systems and serves as a primary instructor for the second intermediate financial accounting course taken by all accounting majors.
Willie Choi
Dan Lynch
Ewelina Forker
SCHOOL AWARDS
Each spring, Wisconsin School of Business faculty and staff gather for our final all-school meeting of the academic year. At this celebratory meeting, we recognize colleagues for their outstanding contributions over the past year. In May of 2024, five members of our department were recognized for outstanding teaching and service. Well done, team!
• Joanna Wangerin: Mabel W. Chipman Outstanding Academic Staff Teaching Award
• Willie Choi: Erwin A. Gaumnitz Distinguished Faculty Teaching Award
• McKay Jones: Henry C. Naiman Outstanding Graduate Student Teaching Award
• Terry Warfield: Dean’s Distinguished Service Award
• Brian Mayhew: Dean’s Distinguished Service Award
FACULTY CONNECTIONS
No matter where you may travel, it is a pretty safe bet that a Badger connection will not be too far. When former professor R.D. Nair traveled to New Zealand, he and his wife were able to connect with past colleague Tony Greig in Wanaka, where Tony currently resides.
Joanna Wangerin, Willie Choi, and McKay Jones pose for a picture after receiving their respective awards at the May 2024 WSB end-of-year meeting. Missing are Terry Warfield and Brian Mayhew.
Former colleagues Tony Greig and R.D. Nair connect in New Zealand.
Celebrating Faculty Achievements
Willie Choi
In June 2024, Willie began serving on the editorial board of Accounting Horizons, an academic accounting journal publishing research focusing on important practice issues and problems.
In August 2024, Willie began a three-year term as the Management Accounting Section representative on the American Accounting Association Council. The Council works with the Board of Directors in the governance of the American Accounting Association.
Ann O’Brien
Ann was the featured professor in the April 2024 publication of the MM Blockchain Academy newsletter. Ann led the Accounting and Information Systems course taken by all accounting students for many years before developing a new Foundation in Accounting Analytics course delivered in the graduate curriculum. Through her feature in MM Blockchain Academy’s newsletter, Ann described her teaching philosophies:
"As a teaching professor in a top-tier accounting program, I engage students in active learning of transformative technologies and analytics. This includes exploring the impact of blockchain technology on the accounting profession. I offer various opportunities to learn the basics of accounting for blockchain transactions, to consider related taxation and standard-setting challenges, and to study further aspects of blockchain, including MMBA Blockchain courses. With the rapid expansion of transactional and innovative applications of blockchain and digital assets, it's crucial for accounting students to learn how to effectively utilize this technology in their future professional practices."
Publication:
Borthick, F., Schneider, G., O’Brien, A. "Developing Business Process and Query Skills for Solving Business Problems." AAA Issues in Accounting Education (2024)
Rob Misey
Rob published the 14th edition of his book Federal Taxation: Practice and Procedure. Last summer, Rob began writing a column entitled “International Tax Watch” for Taxes: The Tax Magazine and continues to write his column “Global View” for the Journal of Tax Practice and Procedure.
Rob serves as an officer of the American Bar Association’s International Section and as senior counsel to the International Tax Committee. He is also vice chair to the Ethics Committee. At the annual meeting of the International Section, Rob hosted a roundtable on the ethics of accepting and terminating clients that included attorneys from Germany, Switzerland, Sweden, the United Kingdom, and Canada.
Tom Linsmeier
Publications:
Gee, K., Linsmeier, T., Partridge, C. “Non-GAAP EPS Denominator Choices.” The Accounting Review (2024)
Liang, M., Linsmeier, T. “Can Standard Setters Improve Cash Flow Reporting of Capital Expenditures?” Accounting Horizons (2024)
King, Z., Linsmeier, T., Wangerin, D. “Differences in the Value Relevance of Identifiable Intangible Assets.” Review of Accounting Studies (2023)
John J. Wild
John was reappointed to the editorial board of the Journal of Accounting and Public Policy. John was also a presenter at the AAA Annual Meeting in Denver where he spoke on generative AI (ChatGPT) and assessment integrity.
Publication:
Wild, J.J., Wild, J.M. "Corporate Social Responsibility and Disclosure Transparency." Journal of Financial Reporting and Accounting (2024)
Fabio Gaertner
Publication:
Gaertner, F.B., Hoopes, J.L., Kelley, S., Pflitsch, M. “Investor Perceptions of the Book Minimum Tax.” Management Science (2024)
Stacie Kelley
Stacie and former doctoral student Ben Osswald (PhD ’20) won the Best Paper Award from the Journal of the American Tax Association for their paper with Tobias Bornemann, entitled “The Effect of Intellectual Property Boxes on Innovative Activity & Effective Tax Rates.”
Stacie presented her paper with current and former PhD students Katie Boylen (PhD ’25) and Mary Vernon (PhD ’21), respectively, at the Terry Shevlin Research Conference, and Florida State University and Virginia Tech.
Stacie also was invited to discuss papers at the European Institute for Advanced Studies in Management Tax Conference, as well as the Advances in Accounting Conference, and to discuss her research at a University of Iowa PhD seminar. Finally, her research was presented by co-authors at the National Tax Association Annual Meeting and the European Institute for Advanced Studies in Management Tax Conference.
Publication:
Kelley, S., Lewellen, C., Lynch, D., Samuel, D. “Just BEAT It: Do Firms Reclassify Costs to Avoid the Base Erosion and Anti-Abuse Tax (BEAT) of the TCJA?” Journal of Accounting and Economics (2024)
Ben Osswald (PhD ’20) (left) and Stacie Kelley (middle) accept their Best Paper Award.
Special Thanks to Our Advisory Board
The department would like to recognize the time, energy, and guidance volunteered by our external advisory board. Comprised of alumni of our accounting programs, we come together on the UW–Madison campus twice each year to engage in excellent discussion around the school, our programs and students, and the profession overall. Always ready to share their insights, the group has never run short on agenda topics—only time. We truly appreciate their dedication to the Department of Accounting and Information Systems at the Wisconsin School of Business!
As we grow the membership and representation on our board, we welcomed Jonathan Conduah (BBA ’18, MAcc ’19) and Vicky Fiorenza (BBA ’19, MAcc ’20) in the fall of 2023 and appreciate their engagement throughout this last year. In the fall of 2024, we will welcome Andy Kamphuis (BBA ’09, MAcc ’10), Taylor Paul (BBA ’09, MAcc ’10), and Leah Schmid (BA ’10, MAcc ’16) as they begin their four-year term serving as members of the advisory board.
With new faces, we also need to say “goodbye” and “thank you” to some of our long-serving members. Dianne Dubois (BBA ’83), Jessica Schwantes (BBA ’00, MAcc ’01), and Troy Van Beek (BBA ’05, MAcc ’06) all completed their terms on our board as of May 2024. We are truly appreciative of their time, commitment, and expertise and are grateful for their service to the board.
Members of the advisory board gathered for a picture in Grainger Hall during a recent meeting.
DEPARTMENT OF ACCOUNTING AND INFORMATION SYSTEMS ADVISORY BOARD MEMBERS
Jonathan Conduah Senior Associate Adams Street Partners
Dianne Dubois Principal Maple Street Associates
Katherine Feucht AERS Partner Deloitte
Vicky Fiorenza Senior Tax Accountant Exact Sciences
Andrea Jansen Assurance Partner Baker Tilly
Andy Kamphuis Shareholder Vrakas CPAs
Tim Mattke Chief Executive Officer MGIC Investment Corporation
Derek Matzke Assurance Partner BDO
Amy Mutziger VP, Global Controller Johnson Controls, Inc.
Sarah A. Nemke Senior Director SC Johnson & Son, Inc.
Jason Parsons Audit Partner KPMG
Taylor Paul Director of Financial Accounting, Aeronautics Lockheed Martin Corporation
Leah Schmid Private Wealth Manager Creative Planning
Jessica Schwantes Shareholder Vrakas CPAs
Laura Shiffman FAAS Partner EY
Troy Van Beek Chief Financial Officer American Family Insurance
Brad M. Zastoupil Partner, Trust Solutions PwC
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THE BADGER ACCOUNT
STAY IN TOUCH
TOM LINSMEIER
Department Chair, Accounting and Information Systems
Richard J. Johnson Chair of the Department of Accounting and Information Systems
Thomas G. Ragatz Accounting and Law Distinguished Chair thomas.linsmeier@wisc.edu (608) 265-2985
KRISTEN FUHREMANN
Deputy Department Chair, Accounting and Information Systems kristen.fuhremann@wisc.edu (608) 262-0316