Next generation Accounting

Transcription

Next generation Accounting
spring 2010
A publication of the
Wisconsin Institute
of Certified Public
Accountants
Spring 2010
Next Generation
Accounting:
consider the impact of IFRS
on tomorrow’s accountants
By Denise C. Probert, MPA, CPA
in this issue
• Next generation accounting: consider the impact of IFRS on tomorrow’s accountants
• Explore clues to a future as a forensic accountant
• Transitioning from student to
young professional
• The do’s and don’ts of
social networking
• Discover the benefits of
internal networking
Y
ou are the “next generation” and,
most likely, you will be the first to
practice primarily under the next
generation of accounting standards, the International Financial Reporting Standards
(IFRS). This article will describe the recent
resurgence of interest in IFRS convergence
in the U.S. and the implications for you as
the next generation of accountants.
Current status of
convergence project
• Focus on fraud: UW-Ambassador Kim Perschke shares fraud
simulation experience
The world appears to be getting impatient
with our slow-paced approach to convergence. In September 2009, the G-20 leaders
placed pressure on the SEC with this statement:
NEWS FOR THE CPA2B
“We call on our international accounting
bodies to redouble their efforts to achieve
a single set of high quality, global accounting standards within the context of their
independent standard setting process, and
complete their convergence project by June
2011. The International Accounting Standards Board’s (IASB) institutional framework should further enhance the involvement of various stakeholders.” (quote from
Leaders’ Statement)
Editor, Amy E. Gaeth
Director of PR/Communications
Wisconsin Institute of CPAs
amy@wicpa.org
As a result, on Nov. 5, 2009, the Financial
Accounting Standards Board (FASB) and
the International Accounting Standards
Body (IASB) issued a joint statement reaf-
firming their commitments to the convergence project. These bodies meet monthly
to ensure that convergence projects stay on
course for timely completion in June 2011.
In the Norwalk Agreement of 2002, the
FASB and the IASB first formally acknowledged the need for cooperation in future
standard setting. This agreement was
followed by a reaffirmation of that need in
a Memorandum of Understanding (MoU)
in 2006, which formalized a joint project
agenda and convergence process. This MoU
was confirmed again by both standardsetting bodies in 2008.
continued on pg. 3
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news for the cpa2b • spring 2010
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continued from pg. 1
Next generation accounting
The joint project work has resulted in the successful issuance
of standards that are suitable for application in the U.S. The IFRS
are principles based. However, since the FASB and IASB have
been working jointly on standard-setting projects, the resultant
IFRS are more detailed than the international standards of the
past. The influence of the U.S. standard-setting process will continue and the work of the two boards will likely become more
similar to U.S. GAAP in the future.
Impact on
next generation
The need for a single global financial reporting language is
strong. The U.S. can no longer expect that the global financial
reporting language will be U.S. GAAP. In fact, many countries,
including Brazil, India, Japan, Canada, and those in the European
Union have voiced their commitment to IFRS as their current
or future financial reporting language rejecting U.S. GAAP as a
viable global financial reporting language.
The implications of the convergence project are widespread
for U.S. accountants and businesses. While the SEC’s decision to
adopt IFRS will directly impact filing companies, it will indirectly impact all organizations. Similar to our experience with
Sarbanes-Oxley implementation, lending institutions, regula-
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tory agencies, and external auditors will create procedures and
processes to ensure compliance with IFRS as the new accounting
standard. They will not likely want different procedures and
processes for non-filing companies. In fact, in July 2009, the IASB
issued IFRS for Small and Medium-Sized Entities (IFRS for SMEs)
recognizing that the full IFRS would be unnecessarily burdensome for non-filing companies.
The SEC roadmap towards convergence will continue to take
shape over the next six to 18 months. The Nov. 5, 2009 joint
statement calls for convergence completion by June 2011. Filing
companies should plan to implement IFRS for the 2015 reporting
period. They should also expect to have at least one reporting
period of comparative, audited financial reports.
The differences between U.S. GAAP and IFRS range from revenue and expense recognition, to asset, liability, and equity valuation. A key part of the successful implementation of IFRS will
be a full understanding of these differences. To fully understand
the implications of those differences, a solid education in IFRS
will be essential.
U.S. accountants will also find that the similarities between
the two sets of standards are great. The conceptual framework
of both sets of standards is very similar; U.S. accountants will
find many of the principles of IFRS to be similar to U.S. GAAP.
U.S. accountants will notice the lack of detailed rules that have
evolved in U.S. GAAP over decades of implementation.
We are on the path toward convergence with IFRS. Both
standard-setting bodies are committed to creating a high-quality
set of global financial reporting standards. Education will be
critical over the next several years. The CPA examination will
include IFRS on Jan. 1, 2011. Kaplan CPA Review’s communication with university professors supports the immediate need
for IFRS education. Most likely, your university has already
implemented IFRS education in its curriculum either as a standalone IFRS course or with the compare-and-contrast approach in
existing courses. This IFRS education will give you a competitive
advantage in your job search as firm leaders will be looking for
accountants with IFRS expertise to be change agents for their
clients.
For more on the upcoming changes to the CPA Exam, read the
blogs at www.schweser.com.
Denise C. Probert, MPA, CPA is vice president of CPA Education at
Kaplan Schweser, Kaplan Financial Education, and Kaplan CPA Review
in La Crosse. She can be reached at Denise.Probert@Kaplan.com or 608779-5599 ext. 2347.
continued on pg. 4
news for the cpa2b • spring 2010
By Tracy L. Coenen, CPA, MBA, CFE
The field of forensic accounting
brought together all of my interests and
strengths: searching for clues, tracking
down the criminal element, working
with numbers, putting together puzzles,
and being an expert. The fact that this
specialty can be lucrative was simply
a bonus.
I never could have imagined loving my job as
much as I do. Each case is different, so things
never get boring. Every fraud has its own special twist, and the search for the smoking gun
can be tedious, but the results are invigorating. Testifying in court is exciting and helping
companies and individuals put things back
together after a fraud is rewarding.
Working in the field of auditing laid the
perfect foundation for becoming a fraud
investigator. The leap from the classroom to
field work is a big one, and you can’t truly understand the workings of the financial statements without rolling up your sleeves and
digging in. Doing independent audits gave
me the necessary real-world experience with
financial statements, exposed me to several
wicpa.org
news for the cpa2b • spring 2010
different types of companies, and forced me
to think critically about the numbers behind
financial statements.
graduates are interested in the field of forensic accounting, but they lack the investigative
experience that so many firms are seeking.
The fraud-related skills I use as a forensic accountant came from field work too.
It was a matter of working with someone
very experienced and following his lead. As I
developed my investigative skills and honed
my creativity in finding new ways to look at
data and uncover fraud, I was gradually given
more responsibility on cases. Working in the
trenches with a very capable mentor was the
key to becoming an effective investigator and
honing my natural skills.
The best way to prepare for a career as a
forensic accountant is to get as much educa- FRAUD
tion about fraud as possible, even if that’s
limited to the one class taught at your college.
Wherever you may land an internship or job,
seek out opportunities to work on fraudrelated matters. Put yourself in a position
to be assigned to fraud-related matters, and
make sure your superiors know about your
interest in the field.
While the job of a forensic accounting is
always interesting and rewarding, it can also
be high-stress. There are often very tight
deadlines for the completion of work. There
is little room for error in an investigation,
and the cases are often high-stakes for those
involved. Developing new clients and referral
sources takes a lot of time, as creating a bond
of trust can be a slow process. As I’ve done
more work and established a successful track
record, word of mouth has created a strong
client base for my firm.
There are more opportunities than ever for
forensic accountants, but one of the biggest
obstacles to getting a job is having the requisite experience. Lots of students and new
Working full-time as a forensic accountant is
something that may take a few years to happen, depending on where you work, the opportunities available, and your willingness to
push for more fraud-related projects. If fraud
is your passion, then keep seeking the chance
to get involved with fraud, and look for
career moves that will enhance your depth of
knowledge and your chance to develop your
forensic accounting skills.
Tracy L. Coenen, CPA, MBA, CFE is president of
Sequence Inc. Forensic Accounting, with offices
in Milwaukee and Chicago. She can be reached at
tracy@sequenceinc.com or 414-727-2361.
continued from pg. 1
Next generation accounting
IFRS and the CPA Exam:
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©2010 DeVry/Becker Educational Development Corporation. All rights reserved.
O
n Jan. 1, 2011, the CPA Exam will change significantly.
One major change will be the inclusion of exam questions
on International Financial Reporting Standards (IFRS).
These questions will appear primarily in the Financial Accounting
and Reporting (FAR) section of the CPA Exam. You should have
a solid understanding of the IFRS conceptual framework, basic
financial reporting, first time adoption, and the more common
international financial reporting standards. The decision to add
IFRS to the new CPA Exam was essential since the U.S. Securities
and Exchange Commission (SEC) is preparing to adopt IFRS as our
national financial reporting standard. It is responsibility of every
CPA to be proficient in this new, authoritative literature.
In addition, the International Auditing Standards will be tested in
the Auditing and Attestation (AUD) section of the exam. Because
of the increase in global commerce, accountants need to have a
thorough understanding of global business concepts. Therefore,
exam questions on global business concepts will appear in all four
sections and will be tested more heavily after Jan. 1, 2011.
Consider sitting for the CPA examination as soon as you graduate.
Check with the state regulatory board for the jurisdiction in which
you will be licensed. Each jurisdiction has its own requirements.
You may discover that you can apply to sit for the exam before you
graduate. Applying early may allow you to test as soon as
you graduate and complete all four sections sooner. This initiative
always impresses prospective employers. In addition, you may find
that you will finish all four parts before Jan. 1, 2011 when
the effects of these recently announced changes to the CPA exam
take effect.
news for the cpa2b • spring 2010
welcome new members
Ronard Acquah, Edgewood College
Natasha Amundson, University of Wisconsin–Whitewater
Fariba K. Anaraki, University of Wisconsin–Whitewater
Heather Athey, University of Wisconsin–Green Bay
Ryan Beld, University of Wisconsin–Whitewater
Erika Berg, University of Wisconsin–Whitewater
Jessica Burg, University of Wisconsin–Whitewater
Karyn Camacho, State of Wisconsin-Legislative Audit Bureau
Darin Clay, University of Wisconsin–Whitewater
Dave K. Daane, Hagen CPA LLC
Brian DelVecchio, University of Wisconsin–Whitewater
Hannah Edwards, University of Wisconsin–Whitewater
Adam Faltersack, University of Wisconsin–Green Bay
Katharine C. Fehr, Marquette University
Jacqueline F. Flood, Komisar, Brady & Co., LLP
Morgan Fredericks, University of Wisconsin–Whitewater
Ana Glaaser, University of Wisconsin–Whitewater
Mike Henika, University of Wisconsin–Whitewater
Kelcey Hoehnen, University of Wisconsin–Whitewater
Alex Husslein, University of Wisconsin–Whitewater
Alyssa Jensen, University of Wisconsin–Stevens Point
Chelsea Knutson, University of Wisconsin–Whitewater
Phillip Koerner, University of Wisconsin–Whitewater
Chris Konz, University of Wisconsin–Whitewater
Wendy Kopplin, University of Wisconsin–Whitewater
Megan Krummen, University of Wisconsin–Whitewater
John J. Larsen, University of Wisconsin–Milwaukee
Deb Lawrence, University of Wisconsin–Whitewater
Bethany Manteufel, University of Wisconsin–Whitewater
Julie A. Martin-Schnell, Feeding America
Alexander Matveev, University of Wisconsin–Whitewater
Maria L. Mejia, University of Wisconsin–Whitewater
Robert Monroe, MBA, Marquette University
Megan Passella, University of Wisconsin–Whitewater
Kimberly Perschke, University of Wisconsin–Whitewater
Daniel Pfankuch, University of Wisconsin–Whitewater
Mary G. Pierce, Richard A. Mamer, S.C.
Jason Race, University of Wisconsin–Whitewater
Nicole Rudolph, University of Wisconsin–Whitewater
Amanda M. Schroepfer, KPMG LLP
Debra A. Sibley, Hack CPA, S.C.
Allison Stoll, University of Wisconsin–Whitewater
Leslie Suring, University of Wisconsin–Whitewater
Volha Sutton, University of Wisconsin–Whitewater
Joseph F. Tregellas, Concordia University
Jason Trifilo, University of Wisconsin–Whitewater
Halle M. Viste, University of Wisconsin–Whitewater
Matthew Westphal, University of Wisconsin–Whitewater
Update your member profile
A
s the school year is winding down, make sure to update
your contact information with the WICPA. Whether you’re
moving to a new apartment, back home or leaving college
forever, keeping your information up-to-date with the WICPA is vital
to your membership survival. Once a member your membership
renews annually, so you don’t have to let it lapse because you are no
longer a student. Our affiliate membership category is for students
who graduate but are not yet licensed. Stick with us through your
CPA journey and we can help you along the way.
Here’s how to update your member profile or just to check it out:
1. Go to www.wicpa.org and login.
2. Enter your username. Your last name
(apostrophes and hyphens included).
3. Enter your password. Your member ID number.
Your member ID can be found on the label of any WICPA
mailer sent to you, (e.g. CPA2B, On Balance or The Bridge).
wicpa.org
news for the cpa2b • spring 2010
For more information, please contact the membership team
at 262-785-0445.
Transitioning
from student to
young professional
By Adam R. Smith
After completing the rigorous interview process to land
your first career job, you now might be wondering what
full-time professional life is really like. Recent graduates
can experience a few “culture shocks” in the transition from
student to full-time accounting professional.
The first culture shock from day one is that you just went from being
an experienced student to an inexperienced young professional. The
first days of starting work at your new firm are similar to the feelings
you had starting college: excitement, anxiety, anticipation all rolled
into one. Like with any new job, it can take a while to feel comfortable
with your new firm, understand what procedures and policies are in
place and become familiar with your co-workers’ personalities. A great
way to overcome this shock is to get involved in company functions at
work or outside of work.
One of the best things I did with my firm was run in an 8K charity
run. I am not a long-distance runner, so it was something new for me.
What I discovered was that I really enjoyed finding out something new
about a few of my fellow co-workers outside of work.
Being a student for most of your life, another big difference is the
work-life balance as a full-time accountant and the responsibilities
accepted with the position. The days of sleeping in until noon, waking
up for one or two classes, and then having the rest of the day free are
gone, and now your career has become your life. This doesn’t mean
you lose all your free time, but priorities have to be set and maintained. A simple way to help balance your personal life and work life is
to set goals for both; it will assist you in prioritizing both lives and how
they mesh together.
One of the first goals I had after graduating was passing the CPA
Exam, so I knew it was going to interfere with some of my personal
life. I wasn’t going to be able to go to as many sporting events or
travel as much as I wanted to. However, passing the exam was my first
priority; I was willing to sacrifice the personal time to get it done and
benefit in the long run.
Another distinctive change from student life that you might find is
the generation gaps that you have to work with, both in the office and
with clients. Throughout your education you studied and learned with
your peers, but at work you operate with a wide variety of generations.
Technology has become more and more relevant in the workplace. We
grew up with e-mail, Internet, and cell phones for most of our lives.
We almost intuitively pick up with technology as it is released. However, older generations have functioned with other means for years.
You will have to learn to adapt to your co-workers and clients and use
the means of communication and technology that they prefer.
A few clients that I work with don’t have access to the Internet at
the work place; I had to adapt to the client’s situation and environment. Also, I have had to adapt to the paperless approach that our
firm is taking. It hasn’t been an easy adjustment for me, so it probably
hasn’t been any easier for people accustomed to using paper copies of
everything.
There are quite a few differences between full-time student life and
life as young professional. How you integrate your talents and personality to your firm’s culture and balance life as a young professional will
help you jump start your career.
Adam R. Smith is a staff accountant at Komisar, Brady & Co. LLP in Milwaukee. He can be reached at asmith@komisarbrady.com or 414-271-3966.
news for the cpa2b • spring 2010
>
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Career advancement made easy
WICPA Career Center is the ideal place to be seen by
employers who are specifically looking for accounting
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professionals. Whether or not you are actively looking
for
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on the WICPA Career Center.
The WICPA Career Center offers:
Free online job search: All job-seeker functions are available
at no charge.
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WICPA Career Center makes finding the perfect job easy.
Post your resume today!
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To find a job or fill a position, visit wicpa.org/CareerCenter today.
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news for the cpa2b • spring 2010
O
nline social networking: Depending on who you
ask, it is either the tool that will be the demise of
our civilization, or the greatest thing since video
games that sense your physical movements. Come to think of
it, those who think it will be our demise, probably think the
same about video games. Anyway, like anything else in life,
taken or used in moderation, social networking is an essential
tool for career development.
There are a number of online social networking sites, but as
of 10 minutes ago, the big three were LinkedIn, Facebook,
and Twitter. While that may change by the end of this article
the concepts on not making them the demise of your own
career will not.
Nearly half of all hiring managers surveyed in a June 2009
examination by CareerBuilder, reported the use of social
networking sites to research job candidates’ background
for information. That could prove to be a hindrance in the
successful pursuit of a post-college job if a candidate’s site
is awash with activities that people making hiring decisions
might deem “unprofessional.”
While you may be able to erase something you tweeted
or posted to your wall, remember, the Internet is like an
elephant. It never forgets. Somewhere, there is likely a copy
of what you put out there. So, here are a few don’ts when
deciding “post or not to post.”
>
>
%
?*%
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>
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Don’t #1: When spell check isn’t enough
@##the obvious things that can get you on a hirer’s
It isn’t always
naughty list. Consider how poor spelling, bad grammar, or ugly
color combinations might reflect on your personality. It isn’t
just the pictures of you and your friends having too much fun at
a summer music concert that can get your resume tossed in the
circular file.
?*%
Don’t #2: Complaint department
in that organization or its affiliations. Say, for example, you are a
blue & purple alien sometimes mistaken for a dog and you join an
online group named “Death to the Galactic Federation.” Obvious^!:) the Galactic
ly, that would reduce
^!:) your odds at landing a job with
Federation or its subsidiaries, but what if the Galactic Federation
ends up saving all life on Earth, thus sending their approval rating through the roof. You may, at that time, wish to reconsider
your group affiliation.
^!:)
@##
Telling the world that your current boss is a jerk via a post
from your phone may feel great when you firmly punch the send
button, but that short-term pleasure will come with a lot of pain
if a new prospective boss thinks that one of your strengths is
complaining about management. Like your mother always told
you, “if you don’t have something nice to say about your current
or former employer, don’t tweet it.”
Don’t #3: Not watching your surroundings
It is great to be a champion for a cause or to be affiliated with
others who share your beliefs, but always be aware of what those
affiliations say about you. That includes being aware of changes
Don’t #4: It’s not a contest
When it comes to your friends or associations, it is quality, not
quantity. Employer A is not going to look at candidates A and
B and compare hire the one with the most Facebook friends
or LinkedIn connections. Ok, maybe a real lazy one might, but
they would probably end up in bankruptcy and you’d be back to
square one. They will, however, look at what those connections
say about you, and are saying about you. Don’t be afraid to block
or un-friend the person who is constantly noting how drunk you
looked at the last company party, or is posting your break dancing home videos everywhere.
^!:)
^!:)
Enough with the negatives!
How about some Do’s!
Do #1: Brand yourself
Your online persona can help distinguish yourself as an expert
in a specific area. Using your site to be a resource for your friends
can set you apart from other candidates for a job. If you are into
photography, and you fill your site with links to articles, your
own blogs, and other resources that show your expertise, that
says a whole lot of good things about you, not just as a photographer, but as a knowledgeable professional.
Do #2: Must learn balance
Your wall doesn’t have to be all work and no play. Showing off
your overall personality is generally a good thing. That doesn’t
mean listing your all-time high scores at a variety of video games.
Instead, your interests and activities can display the strengths of
your personality. Volunteer activities, part-time leadership roles,
athletic accomplishments, and important role models in your life
can all convey a powerful message, much more than a few lines
on a resume.
The bottom line is employers are expanding their use of online
social networking. Make it work for you, not against you.
Oh, and I checked again. The “big three” online social network
sites are still the same. Hey, you can’t be too careful, MySpace
used to be the only place to be.
Jeff Lemmermann, CPA, CITP, CISA, CEH is the Wisconsin IT security
practice manager at Clifton Gunderson in Milwaukee. He can be reached
at Jeff.Lemmermann@cliftoncpa.com or 414-721-7558.
news for the cpa2b • spring 2010
^!
Discover
the benefits of
internal networking
By Brandon P. Alsup
D
o you have a best friend at work? If
you do, chances are you are more
engaged and satisfied with your job
than someone who does not. As an employee
who wants to succeed and contribute to the
success of your firm, you should actively seek
out and form close friendships within your
organization. The importance of external
networking with members of the local business community and other accountants is
constantly underscored, but the benefits of
solid internal relationships are often taken
for granted.
information with and have a likelihood of
meeting outside the workplace in social circumstances. However you define friendship,
engaged employees provide many benefits.
They are more enthusiastic, more involved,
and more likely to strive to advance the goals
and interests of the organization. However,
a non-engaged or an actively disengaged
employee can be apathetic towards work and
even poison morale among other employees.
Employers, as well as other employees, should
encourage and seek office friendships that go
beyond a normal work relationship.
A recent Gallup poll determined that of the
30 percent of workers who strongly agree
that they have a best friend in their firm;
more than half are fully engaged. Of the
remaining 70 percent without a best friend at
work, only 8 percent were engaged while the
remaining employees were not engaged or
were actively disengaged. The poll does not
define a best friendship, but instead leaves
that interpretation to the reader. Friendship
is very subjective, yet, I would assume this
is anyone at work that you share personal
Firms often try to create environments that
are conducive to creating friendships. They
build opportunities to interact beyond work
situations, implement systems for open and
honest feedback, and encourage friendship
through mentorship and coaching. Firms
strive to engage their employees because they
know it has a positive impact to their profitability. But as an employee, are you taking full
advantage of the opportunities provided to
create these friendships?
wicpa.org
news for the cpa2b • spring 2010
Friendships are generally built on a common
interest, a binding element. Obviously everyone within an organization has at least one
common interest. But if that was sufficient,
every co-worker would be friends. There
needs to be additional stimulus outside of the
normal course of business to bind employees
into friendship that engages them. During
college, these situations were easy to come
by due to the sheer number of people available for possible friends in addition to a large
amount of different activities and engagements available to students. However, as we
roll into our careers and begin working within
small and less diverse organizations it can be
much more difficult to find these opportunities. Often we become content with our current set of friends and may hesitate to develop
new bonds within our new atmosphere.
Fortunately, the principles for friendship are
the same in our careers as they were in college. We already know how to make friends;
we just have to find the correct situations.
The most daring and effective method to
creating new bonds is to reach outside of your
comfort zone, putting yourself in a position
to build friendships. Research has shown that
individuals who have had a shared experience outside their comfort zone easily create
a bond that can turn into a friendship. Think
of a friend from summer camp or a fraternity
brother. As employees, we can leverage this
by seeking out opportunities beyond our current workloads and job descriptions.
These opportunities are already available to
many employees. A great example is volunteering. Many organizations have committees
or groups dedicated solely to community
service where like-minded employees work
together to give their time and knowledge
towards noble causes. Joining such an organization or effort will provide an employee
with an environment to connect and bond
by creating a common interest outside their
normal work. The benefits of volunteering
will go beyond the good work you perform for
the community. The friendships and bonds
you create will help you be more engaged in
your work as well as help to engage others in
their work.
If you are an extrovert who naturally makes
friends, your skill set may be best utilized
fostering friendships between others. For example, social committees at many companies
strive to create opportunities for employees
to meet and interact outside of the normal
work environment. Planning these events is
rewarding when you know you have created
an atmosphere that encourages important
friendships amongst your team.
Engaged employees not only benefit their
company but they also reap personal benefits.
When people enjoy their work it often shows
through what they make or contribute to.
Engaged workers genuinely care about the
work they produce and are more likely to
work harder and help other team members in
completing a project. In addition, anyone who
has been a CPA during busy season knows,
having friends at work can also make the long
hours much more bearable.
Everyone from associate to partner should
be concerned with forming and enabling
friendships not just in the external professional community, but within their organization. It is a simple fact that the more we
enjoy the work we do, the better and more
enthusiastically we do it. This provides more
opportunities to exceed client expectations,
increase our skills and achieve better performance reviews.
Congratulations
graduates!
The following WICPA student members will graduate this spring from
their respective universities. We wish you great success as you begin
your accounting career!
Dennis Ancevic,
University of Wisconsin-Whitewater
Rebecca Arnold,
University of Wisconsin-Whitewater
Trevor Arnold,
University of Wisconsin-Whitewater
Heather Athey,
University of Wisconsin-Green Bay
Sandra Barg,
University of Wisconsin-Whitewater
Nathan J. Boeckers,
Concordia University
Peter J. Brunner,
University of Wisconsin-Green Bay
Darin Clay,
University of Wisconsin-Whitewater
Dave Cooper,
University of Wisconsin-Whitewater
Paul M. Davis, Carroll University
Melissa Dionne,
University of Wisconsin-Whitewater
Aaron Dressler,
University of Wisconsin-Whitewater
Mark K. Durham, Lakeland College
Megan Everson, Marquette University
Mark D. Fichtel,
University of Wisconsin-Whitewater
Jacqueline F. Flood,
University of Wisconsin-Milwaukee
Mike Frederickson,
University of Wisconsin-Whitewater
Jennifer Gildner,
University of Wisconsin-Whitewater
Garrett L. Gosh,
University of Wisconsin-Green Bay
Douglas E. Gross, Upper Iowa University
Michael Huxsol,
University of Wisconsin-Whitewater
Alyssa Jensen,
University of Wisconsin-Stevens Point
Gabriel J. Kijak,
University of Wisconsin-Platteville
Gina Koberle,
University of Wisconsin-Whitewater
John J. Kuehn,
University of Wisconsin-La Crosse
Julieta Langarica,
University of Wisconsin-Milwaukee
John J. Larsen,
University of Wisconsin-Milwaukee
Thomas Larsen, Concordia University
Dan Lutz,
University of Wisconsin-Whitewater
Lori A. Malak, Lakeland College
Cheryl A. McCormick,
University of Wisconsin-Milwaukee
Patricia L. Merrill, Carthage College
Ellen M. Murphy, Lakeland College
Paul Murphy,
University of Wisconsin-Whitewater
Eric T. Neuman,
University of Wisconsin-Milwaukee
Jean M. Paalman, Lakeland College
Erich R. Palecek,
University of Wisconsin-Whitewater
Kelsey Palmer, Marquette University
Anthony Paulis,
University of Wisconsin-Milwaukee
Adrienne Peterson,
University of Wisconsin-Whitewater
Ashley Quackenboss,
University of Wisconsin-Madison
Katelyn Reiland, Concordia University
Julie Ripple,
University of Wisconsin-Whitewater
Michael Verhagen,
University of Wisconsin-Whitewater
Halle M. Viste,
University of Wisconsin-Whitewater
Tracy Werner,
University of Wisconsin-Whitewater
Tammy J. Wierl,
University of Wisconsin-Whitewater
Brandon P. Alsup is a tax associate at PricewaterhouseCoopers LLP in Milwaukee. He can be reached
at brandon.p.alsup@us.pwc.com or 414-212-1629.
news for the cpa2b • spring 2010
Fraud simulation
piques student interest in accounting
By Kim Perschke
W
ith today’s ever-increasing need for
forensic accountants, WICPA student ambassadors are often tasked
with discovering new and ingenious ways of
piquing student interest in accounting. That’s
why I planned, organized and implemented
“Murder Mystery Night,” my way of allowing
students to have fun in a relaxed environment while introducing the career path of a
forensic accountant. During the preparation
phase and throughout the event, I encountered many new experiences and opportunities to expand my knowledge and skills. First,
though, I’d like to give a brief description of
the information and activities that constituted the evening, followed by the lessons I
learned and some of the challenges I faced.
The premise of the night was simple enough:
combine a presentation introducing forensic accounting with a fun murder mystery
theater game. The mystery took place at a
fictitious firm’s dinner party to celebrate
its expansion and the recent promotion of a
valued employee, Dow Jones. Jones, however,
was murdered and the guests were asked
to assist in solving the crime. They were
encouraged to mingle and speak with the cast
members in order to determine which suspect
had the best motive for killing Dow Jones.
Each had his or her seemingly strong motives
to kill, but was it Iam Greedy, Will Steel, or Em
Bezole? After allowing the guests to interrogate the suspects, the night concluded with
the murderer being taken into custody.
After the murder mystery was completed,
forensic accountant Jeff Lemmermann, CPA,
CITP, CISA, CEH of Clifton Gunderson LLP in
Milwaukee, presented the guests with insightful and excellent information on life as an IT
auditor. His presentation included his experience with fraud cases along with a discussion
of trends and advice on pursuing a career in
IT audit and forensic accounting.
wicpa.org
news for the cpa2b • spring 2010
As exciting as the night was, it was not
without its complexities. Though the process
leading up to event was fun, it was definitely
demanding at times and I was not initially
prepared for the magnitude of unforeseen
challenges. One should know when planning new and different events that he or
she must have an extremely high level of
Finding actors and actresses to play the roles
of the employees within the firm was probably the most challenging aspect of the event.
Some were reluctant to act, while others were
excited about the idea, but the date of the
event made them unable to participate. Still
others said they would commit to this event,
but in the end they canceled for various
reasons.
With the date of the presentation looming,
things seemed like they were beginning to
unravel. In order to overcome this obstacle, I
was assertive and persistent. When an event
relies so much on the participation of others,
one must, as an organizer, keep everyone on
track, because this is the only way for the
event to be successful.
There were other aspects of the event that
were more time consuming than originally
anticipated. The tasks included sending emails to coordinate all the people involved,
arranging for play bills and props, and ordering and pickup up the food and drink.
In all, the “Murder Mystery Night” was successful, fun and informative. Organizing this
event was a terrific experience; it allowed me
to face unforeseen challenges and overcome
obstacles, which was a very rewarding experience in the end.
perseverance. There are many obstacles
that may arise which one must overcome to
have a successful presentation. One of these
obstacles is finding reliable assistants since
they generally don’t have a vested interest in
the project. Originally, everyone I approached
was enthusiastic about the idea of combining
the forensic accountant presentation with
a murder mystery. However, as time went
by and details of the event began to finalize,
challenges arose and some volunteers had
scheduling conflicts.
I definitely cannot forget to thank all of the
volunteers who helped me during “Murder
Mystery Night.” Also, I would like to include
a heartfelt thank you to Jeff Lemmermann,
Leah Grunewald and the actors who gave of
their time and talent. There is no doubt that
it would not have been a successful event
without their help. If you asked me if I would
do this type of event again, I would have to
say, “absolutely.”
Kim Perschke is an accounting student and a
WICPA college ambassador at the University of
Wisconsin-Whitewater. She can be reached at
PerschkeKA30@uww.edu.