Category Archives: Accounting

Walton College Researchers Present Study at American Accounting Association Meeting

Stephen Rowe
Stephen Rowe

Researchers at the Sam M. Walton College of Business at the University of Arkansas presented their study at the annual meeting of the American Accounting Association that indicates audit firms’ reputations suffer when they disclose weakness in corporate clients’ accounting.

Stephen Rowe, assistant professor in the Department of Accounting, and Elizabeth Cowle, a Walton College Ph.D. student in accounting, presented “Don’t Make Me Look Bad: How the Audit Market Penalizes Auditors for Doing Their Job” during the association’s annual meeting in San Francisco.

Rowe and Cowle wrote: “The issuance of an ICMW (a flag indicating material weaknesses in companies’ internal controls) should neither impair the issuing auditor’s reputation, nor deter clients from selecting auditors with a history of issuing ICMWs.” Yet, “auditors who issue an ICMW are perceived as less attractive in the audit market,” which therefore “disincentivizes auditors from disclosing internal-control information that could make their clients look bad.”

At Walton College, Rowe teaches intermediate accounting and does research in auditing. He has a Ph.D. from the University of Illinois at Urbana-Champaign, a master’s degree from Loyola University Chicago and a bachelor’s degree from Covenant College.

Flagging material weaknesses in companies’ internal controls over financial reporting is a responsibility mandated by the Sarbanes-Oxley act of 2002. “Sarbanes-Oxley represented the principal legislative response to a severe crisis not only for the accounting profession but for the free-market system,” Rowe said. “While some studies have found SOX to be of value, the issue, as this study suggests, is far from settled. To anyone who believes in the free-market system, this needs to be concerning.”

The paper was among hundreds of scholarly studies presented at the association’s annual meeting, which attracted some 4,000 scholars and practitioners to San Francisco on Aug. 9-14. The AAA is a worldwide organization devoted to excellence in accounting education, research, and practice.

Their study also was written about in the Wall Street Journal.

 

Walton College Engages Students Through Summer Programs

The Office of Diversity and Inclusion at the Sam M. Walton College of Business hosted four residential summer camps in June to introduce high school students to the University of Arkansas and Walton College.

The four camps introduce high ability minority students to career options, campus resources and campus life.

“Introducing college life to high school kids who may not otherwise have this opportunity is life changing,” said Barbara Lofton, director of the Office of Diversity and Inclusion for Walton College. “Through our summer camp programs, these students meet faculty and staff, stay in dorm rooms and eat meals on campus, participate in research and learn about academic and career opportunities available to them.

“It changes their perception of college and makes them feel at home here.”

The Business Leadership Academy, held June 9-13, introduced newly admitted freshmen to campus life. The students enhanced leadership skills through team projects and met Walton staff and faculty. The program also told students about career opportunities in retail and marketing.

The Fleischer Scholars Program, held June 16-21, hosted two camps for low income high school juniors and seniors whose parents did not attend college. Fleischer Scholars Program I was for students new to the program. Fleischer Scholars Program II welcomed back students who attended the camp previously.

The weeklong camps taught students how to research, develop and present a business plan and helped them transition from high school to college. The Fleischer Scholars Program provides a four-year partial college scholarship to participants.

The Accounting Career Awareness Program was held June 23-28 for underrepresented high school juniors and seniors interested in pursuing careers in accounting. Students attended undergraduate classes and networked with accouting professionals. Workshops focused on basic skills needed for accounting careers, business etiquette and requirements for certified public accountants.

The Office of Diversity and Inclusion was established in 1994 to support, advocate and assist Walton College in developing plans for diversity and supporting students throughout the college. It is the oldest office of diversity at an Southeastern Conference business school and recently celebrated its 25th anniversary. For more information regarding the Office of Diversity and Inclusion, visit walton.uark.edu/diversity.

 About the University of Arkansas:The University of Arkansas provides an internationally competitive education for undergraduate and graduate students in more than 200 academic programs. The university contributes new knowledge, economic development, basic and applied research, and creative activity while also providing service to academic and professional disciplines. The Carnegie Foundation classifies the University of Arkansas among fewer than 2.7 percent of universities in America that have the highest level of research activity. U.S. News & World Report ranks the University of Arkansas among its top American public research universities. Founded in 1871, the University of Arkansas comprises 10 colleges and schools and maintains a low student-to-faculty ratio that promotes personal attention and close mentoring.

U of A Offers Online Accounting Degree

The Sam M. Walton College of Business now offers an online Bachelor of Science in Business Administration in accounting, in addition to its online general business program. To earn the degree, students must complete 120 credit hours including 24 hours of major course work in accounting.

“Walton College is committed to providing the best academic environment for Arkansans, no matter where they live or work,” said Matthew Waller, dean of the Walton College. “With our online programs, we provide opportunities for students to pursue a degree whether they are new to college, completing a degree they may have started years ago, or seeking an additional degree to enhance their skillset.”

The online program is open to any student who is eligible for admission to the University of Arkansas. It provides a more flexible schedule for those seeking a non-traditional path to higher education.

“Online degree programs provide the flexibility needed by some students to overcome barriers of time, distance and life demands,” said Don Judges, vice provost for Distance Education. “The new online accounting degree is the perfect complement to the U of A’s growing list of online bachelor’s and graduate degree programs.”

Coursework includes pre-business core, business core and upper-division business classes and will be taught by the same Walton College faculty who teach the traditional semesters as offered by the University of Arkansas.

“Adding the online accounting degree program reflects our ongoing efforts to advance the college’s vision for being a catalyst for transforming lives,” said Gary Peters, chair of the Department of Accounting.

Walton College is one of the Top 30 Public Business Schools in the nation, according to U.S. News & World Report.  Through the online degree program, Walton College students may enter or advance in the workplace with strong knowledge of accounting principles and skills, taught by an AACSB-accredited institution. To learn more about this and other online U of A programs, visit online.uark.edu.

Accounting Ph.D. Alumnus Receives National Outstanding Educator Award

Jan R. Williams, dean and professor emeritus of the Haslam College of Business at the University of Tennessee who earned a Ph.D. in 1970 from the Sam M. Walton College of Business at the University of Arkansas, is one of two recipients of the 2018 Outstanding Accounting Educator Award from the American Accounting Association. Continue reading Accounting Ph.D. Alumnus Receives National Outstanding Educator Award