The Badger Account Year in Review 2016-2017

A message from Terry Warfield, chair of the Department of Accounting and Information Systems

The Badger Account Year in Review

News about our students and faculty—their activities, awards, and accomplishments

2016–2017

From ethics and professionalism to the global mindset initiative

LETTER FROM THE CHAIR

TERRY WARFIELD PwC Professor in Accounting and Richard J. Johnson Chair of the Department of Accounting and Information Systems at the Wisconsin School of Business

Welcome to the 2017 issue of The Badger Account.

We have lots of news to report. I hope you will enjoy catching up on what we have been doing.

Here is a brief overview from the chair’s perspective.

First, the department continues to work to support the Wisconsin School of Business vision that public universities join forces with the business community to guide research opportunities, inform learning experiences, and generate the inspiring ideas and leaders that will propel us all forward. As discussed within this year’s newsletter, the Department of Accounting and Information Systems has been active in the past year to advance the School’s three strategic pillars—focused research excellence, inspiring learning experiences, and an exemplary learning community. I am proud to report that the department earlier this year earned reaccreditation by the Association to Advance Collegiate Schools of Business (AACSB). Reaccreditation occurs every five years and it is a significant accomplishment, providing external validation of our progress in the areas of research, teaching, and outreach.

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choosing Wisconsin. This year, we admitted three new students for a Ph.D. program total of 13 students.

As you will read, Ph.D. candidate Zach Kowaleski is completing a prestigious PCAOB fellowship as part of his research on broker-dealers, and several of our Ph.D. students have national visibility through their roles as presenters and/or discussants in various research conferences. Our Ph.D. alums have been great supporters, with an ongoing fundraising campaign that has raised nearly $750,000 to date.

These contributions, when combined with the Deloitte Scholars Campaign, allowed us to recognize Ph.D. candidate Abe Carr as the Deloitte Scholar and Ph.D. candidate Dimitri Yatsenko with the Lawrence and Margaret Ortman Scholarship, dedicated by Ph.D. alum Richard Ortman (Ph.D. ’71).

RESEARCH EXCELLENCE Our group has been exceptionally productive on the research front, with the onboarding of nine new faculty over the past four years—most recently Tom Linsmeier. As detailed in the faculty recognition section, our faculty has been publishing a growing body of scholarly articles and textbooks in the past year. Several faculty members have external grants to support their research projects, many of which are in collaboration with Ph.D. students.

INSPIRING LEARNING EXPERIENCES Our curriculum continues to evolve to meet the demands of the professional accounting environment, within the themes of knowing, doing, being, inspiring, and networking (KDBIN). The Capstone course is an elective for MAcc graduate students. Twenty-four students enrolled in the first offering of the course; 41 are enrolled in this, its fourth year. The Capstone course offers a unique opportunity to address new topics and expand on exposure to topics introduced in prior coursework, utilizing an evidenced-based practice model. In fact, the analytics module in the course has spurred a faculty conversation about curricular enhancements to develop enhanced analytic skills in our graduates.

The doctoral program continues as a key contributor to our research mission. Indeed, our recent new hires all specifically commented on the strength of our program and its students as key factors in

The Capstone offering, combined with curriculum evolution, complements and builds on the range of cocurricular activities discussed in this newsletter: the Future is Now; Ethics and Professionalism

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Program; case competitions and internships (supporting doing, being, inspiring, and networking); our active student groups (supporting being and networking); and active engagement with our alumni (supporting networking). In addition, with support of a major grant from EY, we are in the third year of delivery of a set of curricular and cocurricular elements within the Global Mindset Leaders Program, which introduces students to cultural and social diversity in business and supports the School’s and department’s strategic focus on diversity.

EXEMPLARY LEARNING COMMUNITY As noted in prior newsletters, one of the most important tasks for a department chair is related to people and community. As reported in the following pages, our faculty continues to make substantive contributions in the research, teaching, and service/ outreach domains, including faculty support of student case competitions. We also continue to place post-graduate interns at the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB). Carly Lapins (BBA ’16, MAcc ’17) began her position in July at the FASB and Andrew Debbink (BBA ’15, MAcc ’16) is finishing up his service at the FASB in December.

Their selections continue our strong tradition of service to standard-setting boards. We continue to do well in the rankings of accounting programs, including a number five ranking in CPA exam-pass rates (as discussed in the letter, two of our graduates earned the Sells award this past year) with a top five ranking for programs with 15 or fewer faculty; and a top 20 overall in the Public Accounting Report ranking of master’s programs.

In prior newsletters, we have noted that our highest priority was to increase enrollment in the undergraduate and master’s programs. Even in the face of enrollment caps, we now have over 450 upper division accounting majors—a steady increase relative to prior years, with the quality of our incoming students remaining constant. As a result, we have one of the largest Beta Alpha Psi chapters in the country and the largest class ever completing the MAcc degree. Looking forward, and in line with the emerging strategy being developed by the new Wisconsin School of Business dean, Anne P. Massey, we aim to continue the trend of increasing enrollment, along with increasing diversity in the student population. Given the trends in growth, we could

not be more gratified by our success in attracting tenure-track faculty to provide depth in our research and teaching capacity. Finally, I’d like to express my gratitude for the support of our advisory board, which provided good counsel and input on our accreditation report.

In summary, I am very proud of both our accomplishments over the past year and of our outstanding students. I hope you are as excited as I am about our future. Our success is due in large part to the contributions of our alumni and friends, and our future depends on your continued support.

Some may notice the addition to my title. Read on to learn about the newly endowed Richard J. Johnson Chair. If you, like Richard, value your Wisconsin degree, and if you feel that you have benefited from your experience here, I hope you will consider making a contribution to the Department of Accounting and Information Systems at go.wisc.edu/givetoaccounting.

Thank you!

Terry Warfield PwC Professor in Accounting and Richard J. Johnson Chair of the Department of Accounting and Information Systems at the Wisconsin School of Business

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WELCOME DEAN ANNE P. MASSEY In August 2017 the School welcomed a new dean, Anne P. Massey. (Professor Terry Warfield served as chair of the search committee.) Prior to joining the Wisconsin School of Business, Massey served as a researcher, teacher, and administrator at Indiana University and the Kelley School of Business in Bloomington. Her broad and varied leadership roles resulted in innovative cross-campus collaborations, new funding sources, and mutually beneficial relationships with industry partners.

Massey is a thought leader on technology-driven innovation processes and strategies, particularly as they relate to team performance. Throughout her career, she has leveraged interdisciplinary and crossdisciplinary relationships, creating environments that inspire students, foster research excellence, and nurture an engaged community.

“This is a pivotal moment for business education,” says Massey. “We have the potential to lead efforts to overcome disciplinary boundaries. In doing so, the Wisconsin School of Business and UW–Madison can help develop better solutions to real problems— solutions found only at the intersection of different thought worlds.”

COLLABORATIVE LEADERSHIP As a former associate vice president in the Office of the Executive Vice President for University Academic Affairs at Indiana University, Massey played a leadership role focused on the academic relations mission across all eight campuses. Leveraging her expertise in technology adoption and use, she led complex technology-based initiatives that resulted in greater effectiveness, efficiency, and visibility in the operation of the university. Prior to her university-level appointment, Massey served as a top administrator in faculty and academic affairs at Indiana University Bloomington, overseeing promotion and tenure policies and practices, and leading related change initiatives that fostered collaboration across disciplines.

FORWARD-THINKING RESEARCH While holding her administrative appointments, Massey held the title of the Dean’s Research Professor of information systems. Her research focuses on how technology can support individual, group, and organizational performance, with application to areas such as information technology-enabled services, collaborative work, and health care. She has published more than 100 articles, book chapters, and conference proceedings in leading academic journals and outlets.

Massey has received awards for her research and has been ranked among the most productive information

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systems researchers. Her work has also received funding and support from industry partners, as well as institutions such as the National Science Foundation, the Robert Wood Johnson Foundation, and others.

INNOVATION IN TEACHING Massey has been recognized for innovation and excellence in teaching, receiving the IU Board of Trustees’ Distinguished Teaching Award and Kelley’s MBA Distinguished Faculty Teaching Excellence Award on several occasions. She has also been recognized by Bloomberg Businessweek as an Outstanding MBA Faculty Member. As former chair of the Information Systems Department at the Kelley School, Massey introduced curriculum innovations that contributed to high national rankings for the undergraduate and graduate degree programs in information systems.

Massey received a doctorate in decision sciences and engineering systems, a Master of Science in industrial engineering, and a bachelor’s degree in management, all from Rensselaer Polytechnic Institute in Troy, New York.

Dean Massey arrived in August and has been actively engaged in listening sessions with faculty, staff, students, and alums as she develops her strategy for leading the School forward. Accounting professors Ella Mae Matsumura and Brian Mayhew are serving as associate deans in Dean Massey’s leadership team.

Anne P. Massey Albert O. Nicholas Dean Wisconsin School of Business

Ph.D. PROGRAM The Ph.D. program is a key contributor to the vibrancy of our research environment.

Welcome New Ph.D. Candidates Amanda Gates Carlson Amanda Gates Carlson, CPA, graduated from the Master of Science in Accountancy and MBA programs at Bentley University with highest honors.

She also earned a Certificate of Accounting from the University of Southern California and a Bachelor of Arts degree in history and literature, magna cum laude, from Harvard College. Gates Carlson was an assurance manager at PwC, senior manager of accounting policy at Harvard University, and controller and director of finance for New England Conservatory of Music prior to joining the Wisconsin Ph.D. Program. She has also previously served as a consultant to the AICPA where she wrote simulation questions for the CPA exam and has volunteered on several nonprofit organizations’ boards.

Gates Carlson is an AICPA Accounting Doctoral Scholar and is interested in audit research using primarily experimental and behavioral methodologies.

Benjamin Osswald Benjamin Osswald earned his degree from the University of Bayreuth in Germany where he also worked as a student research assistant.

Upon graduation, he gained professional experience in business development and strategy at Samsung Electronics in South Korea.

Before joining UW–Madison, Osswald started his doctorate in international business taxation at the Vienna University of Economics and Business.

His research interests include tax avoidance of multinational corporations and tax incentives for research and development.

Linette Rousseau Linette Rousseau is a first-year accounting Ph.D. student interested in audit research. She holds a bachelor’s degree in psychology from the University of Tennessee, Knoxville, and a master of accountancy degree from Georgia Southern University. Before beginning her Ph.D. program, Rousseau was with KPMG’s federal government auditing practice in Washington, D.C. As an undergraduate, Rousseau performed behavioral neuroscience research related to rhythms of sleeping and waking.

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Ph.D. PROGRAM 2017 Midwest Accounting Research Conference On June 2-3, 2017, the Department of Accounting and Information Systems hosted the 13th Annual Midwest Accounting Research Conference at the Fluno Center. Over 70 faculty and doctoral students from the University of Illinois, Indiana University–Purdue University Indianapolis, Indiana University, University of Iowa, Michigan State University, University of Minnesota, Notre Dame University, The Ohio State University, Penn State University, Purdue University, and the University of Wisconsin–Madison participated in six research presentations.

Faculty presenters (and the UW Ph.D. students who introduced them) are: • John Jiang, Michigan State University (Clay Partridge) • Scott Asay, University of Iowa (Dimitri Yatsenko) • Joe Schroeder, Indiana University (Amy Tegeler) • Xiaoli Tian, The Ohio State University (Eric Condie) • Dereck Barr-Pulliam, University of Wisconsin (Abe Carr) • Erik Beardsley, Notre Dame University (Zach Kowaleski) Participants attended a networking dinner at the start of the conference and, in true Wisconsin form, attendees had the option to tour Babcock Dairy with a Union Terrace excursion or tour New Glarus and Ale Asylum breweries on Saturday afternoon after the last paper session. It was a productive and fun conference enjoyed by all. Thank you to Professor Tyler Thomas for serving as Wisconsin’s conference coordinator and host.

Ph.D. Student Completing Research Fellowship Zach Kowaleski Zach Kowaleski (BBA ’08, MAcc ’09) is finishing a year-long position as an economic research fellow in the Office of Economic and Risk Analysis at the PCAOB. He is also working on his Ph.D. at the University of Wisconsin–Madison. Kowaleski’s research explores auditor objectivity and audit quality issues within the broker-dealer industry. Kowaleski is working on his dissertation, “Auditor Size, Partner-Specialization, and Private Company Audit Quality: Insights from the Broker-Dealer Industry.” Prior to entering the Ph.D. program, Kowaleski was a senior auditor with PwC specializing in the broker-dealer industry.

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Farewell, Ph.D. Students Two Ph.D. students, Eric Condie and Amy Tegeler, completed their five-year journey and graduated in May 2017. Both were senior managers at KPMG before joining our Ph.D. program, so everyone involved with the department has benefited from their unique and valuable perspectives from practice.

Eric Condie Eric Condie has joined the faculty at the Georgia Institute of Technology as a visiting assistant professor, continuing his research on the antecedents and consequences of financial reporting fraud, including auditor detection methods and labor market consequences for CFOs employed by companies in which material financial reporting fraud exists. Condie has a research paper, “In the Wrong Place at the Wrong Time? Labor Market Consequences for Non-Implicated CFOs of Fraud Firms,” with Professor Karla M. Johnstone and Amanda Convery (Ph.D. ’15).

Amy Tegeler Amy Tegeler joined the faculty at the University of Wisconsin–Milwaukee, continuing her research on auditor behavior as it relates to the structure and implementation of regulatory practices associated with the PCAOB. On a very exciting note, Tegeler has a paper that will be published in the Journal of Accounting Research, one of the top accounting journals in the world, titled, “The Impact of Consulting Services on Audit Quality: An Experimental Approach,” with Professor Brian Mayhew and current Ph.D. student, Zach Kowaleski.

Ph.D. Alumni Reception Each summer, the Department of Accounting hosts a reception for alumni of the Ph.D. program during the American Accounting Association (AAA) annual meeting. This year, over fifty current faculty, Ph.D. students, and alumni gathered together at Buster’s Beach House in San Diego, California to reconnect.

Current faculty members Karla Johnstone and Dereck BarrPulliam catch up with alumni and friends of the program at the AAA Alumni Reception

Ph.D. Alumni Reunion Ph.D. alumni from the classes of 1961–1978 held a reunion on the UW–Madison campus during Summer 2017. The group enjoyed a weekend of casual social time, tours of new buildings on campus and around the city of Madison, and heard from current accounting department faculty about their active research projects

Alumni of the Ph.D. program enjoy lunch at the Nitty Gritty in downtown Madison WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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MACC PROGRAMS Professional Issues Course More than 120 students were admitted to the Integrated Master of Accountancy (IMAcc) program in Spring 2016.

Students who completed a Spring 2017 internship returned to campus in April and participated in a three-week Professional Practice Issues in Accounting, Auditing and Taxation course led by Professor Tom Linsmeier. The course allows students to use their internship experiences to build a foundation for their future development and begins to prepare the students for graduate school. The format of the course is fast-paced and challenging, and provides a common bond for the students as they reflect on their time at WSB. Students in the Professional Issues Course are treated to a visit by author David Callahan

The course included several external speakers who engaged the students on a variety of topics, including: • “FASB: Investor Representation, Uses of Reporting Information & Non-GAAP Measures,” Mark Siegel, FASB board member • “Big Data and the Future of Auditing & Material Negative Events: Materiality, Misstatements, Restatements, and Evaluation of Related Deficiencies,” led by Ray Wilson and Fabian Strauss of PwC • “PTA,” panel discussion led by Professor Linsmeier with:

– Panelists: Tanner Engmann (BBA ’15, MAcc ’16), FASB; Kayta Gruenberg (BBA ’15, MAcc ’16),

GASB; Kate Konetzke (BBA ’12, MAcc ’13), Schilit Forensics; Taylor Paul (BBA ’09, MAcc ’10),

Deloitte; and Troy Van Beek (BBA ’05, MAcc ’06), American Family Insurance • “Making Career Choices,” panel discussion led by Professor Linsmeier with:

– Panelists: Heather Acker (BBA ’97), Baker Tilly; Salman Aasi (MAcc ’14), Duff & Phelps Consulting;

Kathy Feucht (BBA ’96), Deloitte; Andy Pascaly (BBA ’06, MAcc ’07, JD ’13), Epic; and Erika Schwagerl,

current Ph.D. student.

• “Responsibilities of a CFO,” led by Dan Kelly (BBA ’84, MBA ’85), American Family Insurance • “Tax Reform,” led by Todd Watchmaker (BBA ’82), Matt Lorenz, and Jason Divine of KPMG • “Public Company Accounting Oversight Board (PCAOB) and the Future of Auditing Standards,” led by Jeanette Franzel, PCAOB member • “Private Company Issues in Accounting, Auditing and Taxation,” led by Daryl Buck, Grant Thornton, former FASB member; Derek Matzke (BBA ’01, MAcc ’02), BDO; and Jessica MacNaughton (BBA ’00, MAcc ’01), Wipfli.

• “Role of the Audit Committee and Its Interrelationship with the Internal Audit Function,” led by David Gay (BBA ’96) EY, and Emeritus Professor Larry Rittenberg, former faculty member and audit committee chairman at Woodward Governor.

• “Ethics and Professionalism Program: A session with David Callahan, author of The Cheating Culture: Why More Americans are Doing Wrong to Get Ahead.”

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Farewell and Welcome Each May the department celebrates the accomplishments of graduating MAcc students as they leave their student status behind and become Wisconsin Business Alumni. On Saturday, May 13, 2017 MAcc students had the opportunity to participate in the campuswide commencement ceremony at Camp Randall Stadium and hear from featured speaker and UW–Madison alum Steven Levitan. Later in the day the department hosted a celebration for the graduates and their families in the Wisconsin School of Business. Several faculty members joined Dean François Ortalo-Magné to personally congratulate the new graduates.

The graduating MAcc students demonstrated their gratitude for their time as Business Badgers by pledging to give back to the School through a peer-driven commencement campaign.

MAcc students celebrate their graduation with Bucky Badger at the MAcc commencement celebration

Incoming Graduate Master of Accountancy (GMAcc) students meet during their orientation

MAcc graduate Alyssa Kroneberg enjoys a photo op with Bucky

As we say goodbye to one MAcc class in the spring, we welcome a new class of graduate students each fall.

We are excited to welcome 130 new MAcc students in Fall 2017. Students have the opportunity to take courses in accounting theory, strategic cost management, advanced audit and assurance, and corporate tax in addition to the innovative Capstone course. In addition to the challenging curriculum, 53 MAcc students will help advance the School’s teaching mission by leading introductory accounting courses for students in their first two semesters at WSB.

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STUDENT GROUP UPDATES Beta Alpha Psi The Sigma chapter of Beta Alpha Psi, led by senior lecturer Tony Greig, continues to thrive as a prominent student organization within WSB. The Sigma chapter is one of the largest chapters in the world, with over 160 members! Those members are very active on campus and in the community, contributing over 350 total service hours in one semester, including tutoring for the foundational accounting courses, assisting the accounting department in delivering professional development events, and participating in various communitybased service activities. This chapter’s commitment to providing service truly demonstrates the “Wisconsin Idea.”

The Sigma chapter held several professional meetings, each being hosted by a corporate sponsor. These meetings allow members to continue developing their professional networks along with learning valuable insights into various professions available to them with an accounting degree.

Sigma chapter of Beta Alpha Psi, Fall 2016 Board

Institute of Management Accountants

IMA members enjoy a social outing on the ice

The UW–Madison student chapter of the Institute of Management Accountants (IMA), led by lecturer Russell Epp, continues its mission of educating students about opportunities within the accounting industry, building students’ relationships with their peers and alumni, and benefiting the community through volunteer events. IMA was quite active hosting a variety of employers representing many industries to share insights and experiences with student members. IMA serves as a wonderful resource to students entering WSB, hosting mentoring and advising sessions with new members looking to secure a path in business.

National Association of Black Accountants The UW–Madison student chapter of the National Association of Black Accountants (NABA), led by faculty associate Kristen Fuhremann and Ph.D. student Kim Walker, continues to live the NABA mission of “lifting as we climb.” NABA provides a strong community where WSB students can network and develop mentoring relationships with their peers. NABA collaborated with several other WSB organizations to plan an event on inclusive leadership with Binnu Palta-Hill, WSB assistant dean for diversity and inclusion, as the keynote speaker. NABA also collaborated with UW–Madison’s Delta Sigma Theta chapter on a financial literacy event, bringing in a speaker from the UW Credit Union.

NABA continues to promote its organization and mission through study events and other promotional activities throughout the year.

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NABA members attend the Central Region Student Conference

ARTHUR ANDERSEN CENTER ACTIVITIES The Arthur Andersen Center supports a wide range of activities in the Department of Accounting and Information Systems. The center provides an independent source of funding for department activities focused on accounting research, student development, and the accounting profession.

The Andersen Center funds The Future is Now, the department’s signature student development event. WSB students interested in exploring academic and professional accounting opportunities attend a two-day event that brings together over 40 alumni to deliver content in the areas of developing a personal brand, global mindset, professional competencies, career path exploration, team building and leadership. The Future is Now is at the center of the department’s efforts to both attract students to the profession and also start them on the path to becoming accounting professionals. Over 100 students attend this event each year.

The center also sponsors a workshop series that invites scholars to present their research in an active 90-minute presentation. Both faculty and Ph.D. students attend these workshops to learn about cutting-edge accounting research and issues. We typically invite four to six leading accounting scholars per semester and also encourage presentations by our own faculty and Ph.D. students. Outside speakers meet with faculty and students one-onone and in small groups to discuss research and other professional issues. These small meetings provide great networking opportunities and keep UW–Madison connected to the wider academic community.

The workshop also serves an important role in recruiting new faculty. Faculty candidates give workshop presentations as part of their on-campus visit. These workshops serve a dual purpose in providing insights into the candidates’ research while also demonstrating their skills as teachers. These workshops have been a key ingredient in our successful recruiting efforts over the past several years.

External workshop speakers for the 2016-2017 academic year included: • Chris Akroyd, Oregon State University, “The Temporal Effect of Management Control in an Uncertain Environment”

• Don Moser (Ph.D. ’86), University of Pittsburgh, “Investment Professionals’ Use of Corporate Social Responsibility Disclosures”

• Bradley Bennett, University of Massachusetts Amherst, “The Effect of Expectancy Violations and Audit Partner Tenure on Client Managers’ Negotiation Positions: The Benefits and Implications of Longer Partner Tenure”

• Beth Blakenspoor, Stanford University, “Robo-Journalism and Capital Markets”

• Laura Swenson (Ph.D. ’12), University of Wisconsin– Milwaukee, “Do Employee Reviews Provide Information about Future Firm Performance? Evidence from Glassdoor.com®”

• Melissa Martin, University of Illinois–Chicago, “Money for Nothing? Using Loss Persistence Information from Tax Accounts to Examine Bonus Compensation in Loss Making Firms”

• Jeff Hoopes, University of North Carolina at Chapel Hill, “The Impact of Public Tax-Return Disclosure”

• Sonja Rego, Indiana University, “Who Invests in Corporate Tax Avoiders?”

• Benjamin Osswald, Vienna University of Economics and Business, “Corporate Tax Avoidance and IP Boxes”

• Jennifer Joe, University of Delaware, “When Following the PCAOB’s Guidance Increases Auditor’s Litigation Risk”

Students listen to a talk on integrity from Arthur Andersen Alum John Blumberg

• Colleen Boland, University of Wisconsin–Milwaukee, “The Impact of PCAOB Inspections on Audit Standard Setting”

Students prepare for the second day of The Future is Now conference with a networking breakfast WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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STUDENT RECOGNITION Accounting Alumni Earn Prestigious Elijah Watt Sells Awards Andrew Debbink (BBA ’15, MAcc ’16) and Sarah Stang (BBA ’15, MAcc ’16) were recognized by the AICPA as top 2016 CPA exam performers.

The Elijah Watt Sells Award is given to candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination and passed all four sections of the examination on their first attempt. A total of 102,323 individuals took the examination in 2016, with 58 candidates meeting the criteria to receive the Elijah Watt Sells Award.

Debbink is currently working as a postgraduate technical assistant at the Financial Accounting Standards Board, working on financial performance reporting, leases implementation, and fair value projects.

Stang, who emphasized in taxation, is working in the state and local tax group of KPMG in their Chicago office.

Named for one of the country’s first CPAs, the Elijah Watt Sells Award program was established by the AICPA in 1923. Sells was active in the establishment of the AICPA and played a key role in advancing professional education in the field.

Accounting Student Chosen for Prestigious Internship with Standards Setting Board Carolyn Lapins MAcc student Carolyn Lapins (BBA ’16, MAcc ’17) was recently selected for a postgraduate technical assistant (PTA) internship. Lapins joined the Financial Accounting Standards Board (FASB) in July 2017.

PTAs have the opportunity to be assigned to major agenda projects or to short-term practice and implementation issues. PTAs are involved in all phases of their assigned projects, including analyzing written submissions received on documents issued for public comment, reviewing and analyzing published research, preparing memorandums on technical issues for board members’ information, drafting due process documents, and much more.

The MAcc program has a long tradition of students being selected for these prestigious PTA positions. Recent FASB interns include Andrew Debbink (BBA ’15, MAcc ’16), Tanner Engmann (BBA ’15, MAcc ’16), Andrea Willett (BBA ’13, MAcc ’14), Alex Debbink (BBA ’12, MAcc ’13), and Kate Konetzke (BBA ’12, MAcc ’13). Recent GASB interns include Kayta Gruneberg (BBA ’15, MAcc ’16), Matt Baker (BBA ’14, MAcc ’15), and Liesl Seiser (BBA ’13, MAcc ’14).

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Scholarships In addition to scholarships awarded through the very generous donations of our alumni, our students also compete for various external scholarships. Two MAcc students, Katherine Powers and Migena Lybeshari, were honored with scholarships from the Wisconsin Institute of Certified Public Accountants (WICPA) Education Foundation. The WICPA Educational Foundation recognizes fifth-year students working toward the 150-hour requirement to sit for the CPA Exam. The award is based on academic achievement, a personal statement, and letters of recommendation. Both students were awarded the LeRoy Schmidt 150-Hour Accounting Scholarship.

Powers was also awarded a scholarship through the Public Company Accounting Oversight Board (PCAOB) scholarship program. The PCAOB Scholarship Program awards funds to outstanding undergraduate and graduate students enrolled in an accounting degree program using funds generated from the collection of monetary penalties imposed by the PCAOB. The goal of the program is to provide a source of funding to encourage outstanding undergraduate and graduate students to pursue a career in auditing.

Case Competitions Accounting students have the opportunity each year to compete in various case competitions. The competitions require students to devote a lot of time and effort beyond their already busy academic schedules, but the benefits are certainly worth the commitment. Competing in these case competitions—sponsored by Deloitte, KPMG, and PwC—offers students the opportunity to polish their research, analytical, teamwork, and presentation skills, network with professionals, and get a feel for the issues they will face upon entering the profession.

The case competitions ranged in format from tax challenges to international business issues and audit innovation challenges.

The most notable finish came from students competing in the Deloitte Audit Innovation Campus Challenge. Six students, led by faculty advisor Derek Barr-Pulliam and several Deloitte professional advisors, won their regional competition in Chicago and competed in the national competition at Deloitte University in Dallas, Texas. Students Rachel Keirse, Heidi Knoche, Nicholas Eufrasio, Sanja Grujo, Kate Holubowicz, and Emily Hettmann travelled to Deloitte University to present their innovative solution to an audit challenge. Deloitte Professional Advisor Brian Schreiber said, “They did a tremendous job presenting their idea and answering the judges’ tough questions. It was a really well thought out presentation and the team executed their plan well. I am really proud of the work, effort, and dedication they all put in.” Well done team!

Deloitte Audit Innovation Challenge National Competition at Deloitte University

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GLOBAL MINDSET With ongoing financial support from the EY Foundation to WSB, the Accounting Department continues its focus on the Global Mindset initiative. Students are introduced to cultural and social diversity in business through various activities in the WSB curriculum. From sessions in the introductory accounting courses through the Capstone course offered to MAcc students, activities are aimed at addressing the importance of embracing different perspectives in today’s global business environment.

The department had the opportunity to award Global Mindset Scholarships to five students this fall. Scholarship support is an integral component of the Global Mindset Leaders Program and is funded as part of the EY donation. The scholarship program will support a variety of students from incoming freshmen to graduate students. Students who receive the Global Mindset Scholarship will meet regularly as a group to foster mentoring and community. We are excited to support the following students with a Global Mindset Scholarship: • Matthew Dohse, WSB direct-admit freshman

• Kyle Studnicka, sophomore business student

• Nathan Yahnke, WSB direct-admit freshman

• Alexander Nunn, sophomore business student

• Elishah Fields, sophomore business student

• Oscar Andrade, junior business student

Global Mindset Student Experiences Jacob James From January through March 2017 I worked as an international tax intern for PwC in Chicago. During my internship, I was selected to participate in PwC’s International Intern Experience in Melbourne, Australia. Seven other interns and I, all from different offices, spent the week developing our global acumen by networking with professionals from PwC Australia, interacting with clients, and exploring Melbourne. It was interesting to compare and contrast the accounting profession between Australia and the United States. One similarity is the increasing use of data analytics. One major difference is that Australian regulations require statutory audits of companies much smaller than would typically be audited in the United States. This created significant budget pressures for the Australian audit teams. This global experience was an amazing learning opportunity which I have leveraged in my professional, academic, and personal endeavors. I am incredibly grateful for this experience, and am excited to return to PwC after graduation!

Natalie Meicher During the summer of 2017 I had the awesome opportunity to work in Sydney, Australia as an audit intern for Deloitte. My main client was an investment bank that had just listed on the Australian Stock Exchange (ASX). I really enjoyed learning about the client and the financial climate in Sydney. The Sydney office was extremely diverse. I not only worked with people from Australia but also people from the Netherlands, London, and Ireland. My team was so welcoming and they really cared about helping me learn as much as I could to get the best experience possible. It was busy season in Sydney but I still took full advantage of my evenings and weekends. I got to hike along some beautiful coasts, snorkel at the Great Barrier Reef, see a show at the Opera House, attend a “footy” match, get lost in the Blue Mountains, visit the Figure 8 Pools, and climb the Sydney Harbour Bridge. I formed strong friendships with other interns from all over the U.S. I’ll never forget the incredible memories I made with them.

Kaitlin Hackbarth KPMG’s Global Internship Program has truly been an amazing experience that has enhanced my personal and professional skills. During my internship with KPMG in Chicago during the winter of 2017, I had the opportunity to travel to Brisbane, Australia. I have learned so much about KPMG on a global level including similarities and differences to KPMG in the U.S. Similarities include fantastic people to work with, who are welcoming and happy to help. One difference that I’ve noticed is the concept of time. The U.S. seems way more rushed all the time and on a strict schedule, while the atmosphere in Brisbane is more laid back. Getting data in a timely manner from clients can be difficult. I have built many strong relationships that will last a lifetime. I worked on three clients throughout the internship including: Collection House Group, a debt-collecting company; Firstmac Bank, working on a loan file review; and Origin Energy, working on an initial public offering (IPO) audit. All clients were challenging yet friendly. When I was not working, I spent my time traveling to Sydney, Gold Coast, Whitsunday Islands, and many more places. I learned so much about KPMG, the world, and myself. Thanks KPMG for an experience I will never forget!

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ACCOUNTING AND INFORMATION SYSTEMS | YEAR IN REVIEW

ETHICS AND PROFESSIONALISM PROGRAM Spring Ethics Symposium The Howard Carver Ethics and Professionalism Program hosted a spring ethics symposium with author David Callahan. Callahan has authored many books, including, “The Cheating Culture: Why More Americans Are Doing Wrong to Get Ahead,” a book that all MAcc students are required to read, analyze, and use as a framework for a summer ethics writing assignment. Students in Professor Linsmeier’s Professional Issues course were treated to a small-group discussion with Callahan during the afternoon prior to the larger, public talk.

Callahan’s visit to campus included a public talk where he addressed a large, engaged crowd and shared insights and opinions from his research. He had a powerful message for students, faculty, and community members.

Callahan’s advice centered around the students taking ownership of their path, researching the companies they hope to work for, and leading by example. He encouraged students to focus on the broader goal of learning and pursuing knowledge during college versus just looking at earning money or getting a job. The robust Q&A after his formal talk was evidence of his impact.

Callahan was previously a senior fellow at Demos, a national think tank he co-founded in 2000, as well as a resident scholar at the Century Foundation. His writing has appeared in numerous publications, including The New York Times, USA Today, the Los Angeles Times, and the Washington Post, and he is a frequent media commentator.

Callahan is currently the founder and editor of Inside Philanthropy, a digital media site that covers the world of giving by wealthy donors and foundations.

For news on the Howard Carver Ethics and Professionalism Program student initiatives and its statement of values, see our website at: go.wisc.edu/aisethics.

Professor Terry Warfield engages in a ‘fireside chat’ with author David Callahan for the Department’s Spring Ethics Symposium

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ALUMNUS GIFT Giving Back for Continued Excellence With the foundation for his successful career built at WSB, Richard J. Johnson (BBA ’72) is giving back to his alma mater by funding an endowment to create a new chair in the department.

The Richard J. Johnson Chair of the Department of Accounting and Information Systems was established this fall with a $2 million gift from the 1972 accounting graduate. It will be held by the chair of the department, and also can be used to support faculty within the department and support the department’s goals and initiatives.

Johnson is executive vice president and chief financial officer at Barker Pacific Group, a real estate development firm based in Los Angeles. Before joining Barker Pacific in 1986, he was a senior vice president at Guardian Savings and Loan in Houston, where he managed a $450 million commercial real estate portfolio consisting primarily of new construction.

He previously served as CFO of Michels Financial Corporation in Milwaukee and as an audit manager in the Milwaukee office of Arthur Andersen & Co. “Accounting gave me a great foundation,” Johnson says. “It led me to public accounting, and public accounting led me to other things. I realized I wanted to make the deals, not audit them.” Building on his BBA from UW–Madison, Johnson earned a master’s in accounting from The Ohio State University. He’s a certified public accountant licensed in Wisconsin.

He lives in San Ramon, California.

“He’s had a great career by virtue of his start in accounting,” says Terry Warfield, the PwC Professor in Accounting and the first Richard J. Johnson Chair of the Department of Accounting and Information Systems. “He’s a good example of many of our alumni who are working in other areas but began their careers in accounting.”

Helping students see career options is a part of Johnson’s gift, too. Some of the gift will be used to support programs in which students can learn from accounting alumni who are now CEOs, CFOs, or hold other executive-level positions.

“I want to have students ask themselves where they want to be in 10, 15, 20 years. What is their career path?” says Johnson. “You don’t walk out the door with the skill set to be a CEO or CFO. That’s not reality.

But if you continue to work on your skills and your knowledge base, there are a lot of stepping stones that can take you beyond being an accountant.”

Warfield currently holds the Richard J. Johnson Chair.

As the department chair changes, Warfield says, Johnson’s gift will continue to resonate through the School for years to come.

“This chair is timeless,” Warfield says. “It will always be there to support whatever it is we’re doing.”

Johnson was honored for his gift to the Wisconsin School of Business at the Department of Accounting and Information Systems’ annual awards banquet.

“I’m proud to be a Badger alumnus and my education at the Wisconsin School of Business was the catalyst to my professional career,” Johnson says. “I remember the lessons my father taught me: Remember where you came from and always give back.

That’s what I’m doing.”

– Richard J. Johnson (BBA ’72) EVP and CFO, Barker Pacific Group

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ACCOUNTING AND INFORMATION SYSTEMS | YEAR IN REVIEW

FACULTY RECOGNITION Terry Warfield DEAN’S SEARCH COMMITTEE Warfield served as chair of the 17-member dean search committee, which worked to identify finalists, resulting in the hiring of Anne P. Massey.

Massey succeeds François Ortalo-Magné, the Albert O. Nicholas Dean of the Wisconsin School of Business since 2011, who departed Madison in Summer 2017 to become dean of the London Business School.

DISTINGUISHED TEACHING AWARD Terry Warfield was a recipient of a 2017 Distinguished Teaching Award, one of only twelve UW–Madison faculty members selected for the honor. In a news release announcing the awards, University Communications describes Warfield as “achieving something that few academics accomplish: He has excelled in teaching students, other teachers, researchers and public-policy makers and regulators.”

“This award confirms what we at the Wisconsin School of Business have long known about Terry,” says Russ Coff, senior associate dean for faculty and research. “He sets the standard for the field in both teaching and research.

We are honored to have someone of his caliber on our faculty.” Warfield is a widely cited researcher, with his primary research interest in financial accounting standards and disclosure policies, including the effects of accounting information and disclosures on securities markets.

Since 1953, the Distinguished Teaching Awards have recognized UW educators who are outstanding in their fields.

Chancellor Rebecca Blank and Provost Sarah Mangelsdorf presented the 2017 awards at a ceremony on March 16.

SERVICE TO THE PROFESSION Warfield continues to serve on the Financial Accounting Foundation (FAF) Board of Trustees with his term expiring December 31, 2018. FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), which set accounting standards for public U.S. companies and for state and local governments, respectively. Professor Warfield’s appointment to the board recognizes his status as an expert on financial reporting and its role in capital markets. Warfield is the only accounting academic member of the board. He serves as co-chair of the FAF Standard Setting Process Oversight Committee.

SERVICE TO THE UNIVERSITY In May 2017, Warfield was elected to a three-year term on the campuswide, six-member University Committee (UC). The UC serves as the executive committee of the faculty senate and considers questions concerning the educational interests or policies of the university and represents faculty interests, including serving as the ultimate faculty grievance committee. The UC also maintains liaison between faculty and other shared governance bodies.

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FACULTY RECOGNITION Stacie Laplante Stacie Laplante was nominated as an editor for the Journal of the American Taxation Association beginning in June 2017. She also received the 2016 “Best Discussant Award” from the Journal of the American Taxation Association for her discussion, “Taxes, Investors, and Managers: Exploring the Taxation of Foreign Investors in U.S. REITs,” by Margot Howard, Kathryn Pancak, and Doug Shackelford.

Emily Griffith Congratulations to Emily Griffith, assistant professor in accounting and information systems, for her recent award from the auditing section of the American Accounting Association (AAA).

Griffith received the Outstanding Auditing Dissertation Award at the auditing section’s annual midyear meeting in January for her paper, “The Role of Valuation Specialists in Auditing Complex Estimates.” This award is given to the author who makes the most outstanding contribution to auditing knowledge based upon timeliness and importance of the problem addressed, creativity of the research, development of an appropriate theoretical framework, appropriateness of the research method and analysis, potential for publication in a scholarly journal, and potential for the results to have an impact on the practice of auditing.

Griffith was unable to make the AAA meeting in January, but fortunately colleague Karla Johnstone, president of the auditing section of the AAA, was able to present the award at a Department of Accounting and Information Systems faculty meeting. Congratulations, Emily!

Griffith has also been busy in her service to the profession:

• Three of Griffith’s research papers were cited by the PCAOB in two new proposed standards on audits of estimates and auditors’ use of specialists.

In addition, Griffith:

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• Was appointed to the editorial boards of the following journals: Contemporary Accounting Research, Auditing: A Journal of Practice & Theory (re-appointed), International Journal of Auditing.

• Served on the selection committee for the AAA Auditing Section Innovation in Auditing Education Award.

• Was appointed to serve on the selection committee for the AAA Auditing Section Outstanding Auditing Dissertation Award.

• Was appointed to serve on the AAA Auditing Section Research Committee.

• Was appointed to serve on the AICPA’s Assurance Research Advisory Board.

ACCOUNTING AND INFORMATION SYSTEMS | YEAR IN REVIEW

Russell Epp During the Spring 2017 semester, Epp was selected as a University Housing Honored Instructor. Each semester, University Housing residents have the opportunity to recognize outstanding classroom instructors for their contributions to student learning. This is the second time Epp has been honored by his students through this program. He was also recognized with a WSB Outstanding Academic Staff Teaching Award in 2016.

Russell Epp participating as a guest coach for the UW–Madison football team

In addition, Epp was invited to be a ‘guest coach’ for the UW–Madison football team. This invitation was extended by a student athlete who considered Epp to have a positive and meaningful impact on the studentathlete’s time here at Madison. As a guest coach, Epp watched football practices, followed the team out of the tunnel on game day (a childhood dream come true for him) and watched much of a home game from the sidelines. These activities gave Epp the opportunity to get an inside look at the athletic demands and commitment of student athletes.

As faculty advisor to the UW–Madison student chapter of The Institute of Management Accountants (IMA), Epp worked with Wipfli, a multidiscipline professional services firm with a focus in accounting and consulting, to secure a sponsorship for UW–Madison IMA students who wish to attend the annual IMA Student Leadership Conference. The conference is a multi-day event full of educational, networking, and recruiting sessions.

Student interest was strong and the students look forward to sharing their experiences with others.

Brian Mayhew Mayhew has taken on the role of associate dean of undergraduate program for WSB. In this role, he will lead efforts to ensure the undergraduate student experience, both curricular and cocurricular, delivers on the established program learning outcomes. This is an important service to the School. We are excited to have Mayhew in this leadership role.

Kristen Fuhremann During the Fall 2016 semester, Fuhremann was also selected as a University Housing Honored Instructor by University Housing residents as recognition for her outstanding contributions to student learning. This is the second recognition that Fuhremann has received for her contributions to the classroom. She was recognized with a WSB Outstanding Academic Staff Teaching Award in 2014.

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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RESEARCH GRANTS, PUBLICATIONS, AND PRESENTATIONS Stacie Laplante LaPlante presented her research, “The Relation Among Trapped Cash, Permanently Reinvested Earnings, and Foreign Cash,” at the University of Houston Accounting Conference, at the University of Wisconsin–Milwaukee, and at Washington State University.

She also published the following articles, beginning with an article about the research referenced above: “The Relation Among Trapped Cash, Permanently Reinvested Earnings, and Foreign Cash” with Wayne Nesbitt, The Journal of Corporate Finance (forthcoming); and “Trends in the Sources of Permanent and Temporary Book-Tax Differences during the Schedule M-3 Era,” with Fabio Gaertner and Dan Lynch, National Tax Journal, 2016, V69 N4: 785-808.

Karla Johnstone “Information Sharing During Auditors’ Fraud Brainstorming: Effects of Psychological Safety and Auditor Knowledge,” by J.L. Gissel (Ph.D. ’10) and K.M. Johnstone. Auditing: A Journal of Practice & Theory 2017: 36 (2): 87-110.

PRESENTATIONS “Audit Committee Members’ Social Identity and Corporate Governance Roles: A Field Interview Investigation,” by J.R. Cohen, K.M. Johnstone, and K.M. Obermire (Ph.D. ’16).

Presented at the University of New South Wales (Australia, June 2017) and at the University of Adelaide (Australia, July 2017) and Monash University (Australia, July 2017).

“Being in the Wrong Place at the Wrong Time? Labor Market Implications for Nonimplicated CFOs of Fraud Firms,” by E.R. Condie (Ph.D. ’17), A.M. Convery (Ph.D. ’15), and K.M. Johnstone. Presented at the Accounting & Finance Association of Australia and New Zealand (Adelaide, July 2017).

“On becoming a Professional in Public Accounting: Organizational Socialization, Transition, and Role Acquisition,” by K. W. Cole, M. Covaleski, C. Earley, and K.M. Johnstone. Presented at the University of Auckland (New Zealand, May 2017).

GRANTS Foundation for Auditing Research, Amsterdam. Research Grant for “Professional Skepticism Profiles, Effects on Audit Processes and Outcomes, and the Moderating Role of Audit Firm Culture,” October 2016 through September 2019, €25,152 to cover costs and €145,722 for research support for Professors Hardies (University of Antwerp) and Vanstraelen (Maastricht University).

Emily Griffith Griffith’s paper, “When do Auditors Use Specialists’ Work to Improve Problem Representations of and Judgments about Complex Estimates?” was accepted for publication in The Accounting Review.

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ACCOUNTING AND INFORMATION SYSTEMS | YEAR IN REVIEW

Brian Mayhew Mayhew participated in The Journal of Accounting Research 2017 Registered Reports of Empirical Research Conference in May of 2017. Participation in this conference is notable as the format changed in 2017. As an experiment, the 2017 conference implemented a new two-stage editorial process calling for submissions of what is known in other fields as “registered reports.” The process is designed to encourage researchers to engage in innovative research with potentially higher outcome risk that involves gathering new data.

By collecting at least some new data, researchers can credibly attest that they did not know the results of the study before stating their hypotheses. Mayhew’s was one of seven papers presented at the conference.

The paper presented, “The Impact of Consulting Services on Audit Quality: An Experimental Approach,” was written with co-authors Zach Kowaleski, current Ph.D. student (and PCAOB fellow) and Amy C. Tegeler (Ph.D. ’17), University of Wisconsin–Milwaukee.

The paper explores the effect of accounting firms taking on consulting services as part of their overall business portfolio. We examine whether providing consulting services leads to a culture or mindset of customer cooperation in a way that could hurt auditor independence. We use experiments to explore the general effect of offering a cooperative service as well as an audit-like service. We do so in treatments that vary whether the consulting service is to audit clients or nonaudit clients. At a broad level, we do not find an effect of consulting on audit quality. However, when we look more closely, it appears auditors who also provide consulting services appear to cooperate with their clients’ preferences for audit quality. For clients who demand high audit quality, the auditor provides even higher quality audits than they provide when they do not provide consulting services. For clients who demand lower audit quality, auditors provide even lower quality than when they do not provide consulting services. It appears that the consulting mindset leads to a more cooperation with client demands whether or not the auditor provides the consulting to their audit clients or just to nonaudit clients. We plan to follow up on the research in a future study to specifically manipulate client preferences for audit quality to see if we can produce similar results in a more controlled setting.

Tyler Thomas Along with fellow UW–Madison researchers, Brian Mayhew and Abe Carr (current Ph.D. student), Thomas was awarded a WARF grant from UW–Madison for “Can Documentation of Contradictory Evidence Help Auditors Overcome the Tendency to Accept Clients’ Preferred Aggressive Accounting Methods?”

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WHERE ARE THEY NOW? Larry Rittenberg It is hard to believe I am in my sixth year of retirement. Fortunately, I have maintained good ties with the department and with program graduates. I have been able to stay active professionally, and have almost finished the transition to full-time retirement.

For the past 12 years, I served as a board member for Woodward, Inc., and chair of their audit committee for the last six years. It was an exhilarating learning experience.

Unfortunately, I hit their mandatory retirement age this past January. I miss it, but I also think that the retirement is a good way to get new people involved.

I have also stayed busy with various activities for the Institute of Internal Auditors (IIA). I spent six years on the IIA Research Foundation Board of Trustees, and another three years as a member of the newly established International Professional Practices Oversight Committee. I had the opportunity to work with representatives from the OECD, IFAC, NACD, and Supreme Audit Organizations (similar to GAO). I also worked on some very interesting research projects. The largest, and most impactful, was a study with Patty Miller, a former chair of the IIA, on the politics of internal auditing. We examined pressures for internal auditors to audit findings. We also were able to offer advice on how to deal with such situations. My colleague and I have given over 25 conference talks on our findings.

I also wrote two Common Body of Knowledge studies: one dealing with ethics and culture, the other in making the interaction with audit committees more effective. Last February, I was the 16th individual to receive the IIA’s “Distinguished Audit Practitioner Award”—the IIA equivalent of the “Hall of Fame.” It was a wonderful recognition of my career work with the IIA and was greatly appreciated.

An important part of life has been the opportunities to do more with my wife Kathleen, including a 12-day trip to Newfoundland last year. (Yes, I am directionally impaired, but it was great!) I also spend a great deal of time with our twin grandchildren, and we have many projects to do together at our cabin. My life has been enriched by all of the wonderful students I was able to mentor and, hopefully, positively influence during my time at the University of Wisconsin–Madison. I would welcome all opportunities to continue our great discussion and friendships.

Werner G. Frank Werner G. Frank, Emeritus Robert Beyer Professor of Accounting at UW–Madison School of Business, 1964-1992, no longer reads or writes accounting books for either work or pleasure! He recently celebrated his 88th birthday with his traditional Italian prune plum cake, prepared for his birthday by his mother when he was a young boy, and now baked for him by his wife Jean. Although he has been sidelined by congestive heart failure and nearblindness from glaucoma, he continues to enjoy reading. He recently completed books-on-tape “Camino Island”

by John Grisham, “The Wright Brothers” by David McCullough, “The Apprentice” by Jacques Pepin, and several mysteries. He and Jean are currently reading together and having their eyes opened about political shenanigans in another book, “Dark Money” by Jane Mayer. Werner continues to support Madison Symphony Orchestra with series tickets, and he likes listening to compact discs of classical music, from the London Symphony Orchestra to Filament by Eighth Blackbird.

His three daughters have their own lives in Middleton, Wisconsin; Geneseo, Illinois; and Houston, Texas; and his four grandchildren are finding their way in early adulthood in sales, counseling, history, and nursing in Baltimore, Maryland; Louisville, Kentucky; Chicopee, Massachusetts; and Galveston, Texas. He recently enjoyed seeing old students and friends in August at the Accounting Department reunion for alums from the classes of 1961–78.

Ernie Hanson At the end of 2017, Emeritus Professor Ernie Hanson will retire a second time, this time from the UW Credit Union Board of Directors. He will also retire as chair of its audit committee. He has served in both positions since the early 1990s. He recently joined the operating council and the finance team of Sharing Active Independent Lives (SAIL).

SAIL is a “village” of about 500 seniors in the greater Madison area who help one another age in place (see sailtoday.org). Hanson sends best wishes to his former students and colleagues.

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ACCOUNTING AND INFORMATION SYSTEMS | YEAR IN REVIEW

ADVISORY BOARD

Department of Accounting and Information Systems Advisory Board Members

Isabel Bartos* Financial Reporting Analyst Journal Communications, Inc.

Derek Matzke* Assurance Partner BDO

Robert J. Cottingham* Partner Wipfli LLP

Amy Mutziger* Assistant Corporate Controller Johnson Controls, Inc.

Dianne Dubois* CFO Say Media, Inc.

Sarah Nemke* Senior Director SC Johnson

Katherine Feucht* Deloitte AERS Partner

Jason Schultz Director Northwestern Mutual Investment Management Company, LLC

David Gay* Partner EY LLP Scott Harmsen* Partner Grant Thornton LLP Tim Mattke* Executive Vice President and CFO MGIC Investment Corporation

Tom Sheahan Partner Baker Tilly Todd Watchmaker* Partner KPMG LLP Ray Wilson Partner PwC *Alumnus

WISCONSIN SCHOOL OF BUSINESS | TOGETHER FORWARD

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975 University Avenue Madison, WI 53706

STAY IN TOUCH TERRY WARFIELD

KRISTEN FUHREMANN

PwC Professor in Accounting and Richard J. Johnson Chair of the Department of Accounting and Information Systems

Director, Professional Programs in Accounting kristen.fuhremann@wisc.edu 608-262-0316

terry.warfield@wisc.edu 608-262-1025