Iowa Ledger (2019) - Tippie College of Business

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campus HOT TOPIC Cautionary Tale Whistleblower in massive fraud scandal speaks to Iowa accounting students WRITTEN BY • LYNN DAVY At the height of his career at HealthSouth Corporation, Weston Smith enjoyed lavish fishing excursions on yachts and business travel on private executive jets. But he ditched those luxuries and others when he became a whistleblower in one of the most spectacular financial statement fraud cases in U.S. history. As the chief financial officer of HealthSouth Corp., Smith played a role in misreporting financial figures to investors and Wall Street. In a talk with accounting students during the Fall 2018 semester, Smith said the misreporting started small, but quickly grew as executives continued to try to hide missed financial targets from the finance world as well as ongoing fraud from law enforcement. At the height of the fraud, HealthSouth had $275 million of cash recorded on its balance sheet, but only about $25 million in the bank. “Basically, it was one big shell game,” Smith told students. The stress of the cover-up and the pressure from his boss to remain loyal to the company despite the deception finally became too much for Smith. He was losing his hair and he was filled with regret. In 2003, he went to federal regulators and told them everything. In the end, he served 27 months in prison. The first night of his prison stay will stick with him forever. “I remember lying in my bunk bed and thinking ‘What on earth are you doing here?’” said Smith, who now travels the country speaking about financial maleficence and business ethics. “But at the same time, I was so thankful that the lying was over. I was involved in something so wrong that I was serving time in federal prison. I knew I had broken the law and I knew I had to pay for what I had done.” Smith was invited to speak with students by Jaron Wilde, associate professor of accounting, to reinforce the immense importance of accounting ethics. Wilde conducts research on whistleblowers and he knew of Smith from discussions with academic colleagues. “Weston’s presentation is a personal account of a very difficult situation, centered in accounting fraud,” Wilde said. “His presentation invites students to reflect on their own decision framework and determine what they will do when they face difficult circumstances and ethical dilemmas.” • 8 IOWA LEDGER 2019
campus Baker Awarded Hancher-Finkbine Alumni Medallion (L-R): University President Bruce Harreld, Dale Baker, and Vice President for Student Life Melissa Shivers at the 102nd Finkbine Dinner on April 23, 2019. Dale Baker (BBA68) received one of the university’s highest alumni honors at the 102nd Finkbine Dinner on April 23, 2019. Hancher-Finkbine Medallions recognize leadership, learning, and loyalty. Baker has long given back to the Department of Accounting and the university as a whole. Baker provides support for more than 40 scholarships in the Tippie College of Business. Since 2013, Baker has also funded the College of Education’s iPad Teacher Education Program, which provides iPads and training to education students. Baker served on the Department of Accounting’s Professional Accounting Council for three years. He joined the board of the UI Alumni Association in 1998 and the Tippie Board of Visitors (now the Tippie Advisory Board) as an ex-officio member. In his role with the Alumni Association, he served as the chair of the finance committee and later president of the board. He currently serves on the UI Center for Advancement Board of Directors and on its executive committee. According to Dean Sarah Gardial, Dale Baker has been an active and supportive alumnus for more than 25 years. “Dale Baker is truly an engaged and model alumnus. His financial support of this institution has not only helped educate today’s students, but it has enabled several colleges to plan for the future. There are many parts of the University of Iowa that are stronger because of the support, guidance, and volunteer assistance that Baker has provided through the years. He is truly one of our most loyal and ardent supporters,” Gardial said. • Frank Business Communication Center Faculty Now Under UI Accounting The traditional academic faculty at the University of Iowa are tenure and tenure-track faculty with portfolios of teaching, research, and service. Additionally, the university employs non-tenured instructional faculty who are primarily engaged in the teaching mission of the college. This academic year, the outstanding instructional-track faculty of the Frank Business Communications Center were adopted under the academic umbrella of the UI Department of Accounting. This decision pays tribute to the history of the Accounting Writing Program, which ultimately expanded into the Frank Business Communications Center and serves all Tippie College of Business students. This reorganization gives instructional-track faculty within the Frank Business Communications Center a pathway to promotion, representation on the UI Faculty Senate, and more transparent expectations for workload. • (L-R): Professor of Practice Pam Bourjaily, Lecturer Kodi Scheer, Lecturer Jane Murphy, Associate Director of the Accounting Writing Program Carl Follmer, and Lecturer Erin Elgin. UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 9
Page 1 and 2: 2019 IOWA LEDGER UNIVERSITY OF IOWA
Page 3 and 4: The Iowa Ledger is an annual public
Page 5 and 6: Commendations and best practices:
Page 7 and 8: MEET THE Class of 2023 2019 Beta Al
Page 9: campus CPA Exam Performance The fol
Page 13 and 14: LEFT: Collins, surrounded by his
Page 15 and 16: campus Faculty NEW FACULTY 1 LARS H
Page 17 and 18: “ I WANTED TO SERVE MY COUNTRY AN
Page 19 and 20: Slykhuis with fellow soldiers durin
Page 21 and 22: “The University of Iowa, Maria, a
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Page 27 and 28: family Joe Ceryanec Named Deloitte
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