Iowa Ledger (2022) - Tippie College of Business

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CAMPUS Stand Out Students Each year our students work hard and achieve big things. It’s great to see them recognized! Congratulations to these scholarship winners: $25,000 $10,000 $10,000 $2,500 $2,500 Accounting Ph.D. candidate Cory Hinds won a prestigious $25,000 Deloitte Foundation Fellowship. The foundation awards only 10 such fellowships a year to top tier candidates across the United States. Hinds’ research uses experimental methods to study the judgments and decisions of investors and managers in financial reporting and capital markets. Cameron Erickson (BBA22) was selected as a 2022-2023 Public Company Accounting Oversight Board scholar and received a $10,000 scholarship. He will start his career in the Process Risk & Controls division of RSM’s consulting practice in Chicago after finishing his MAc degree at Tippie in December 2022. “I’m grateful to Deloitte for sponsoring the award and supporting my academic research. While my name is attached to the award, I would not have been in a position to receive it without the great support and mentorship of the accounting faculty at Iowa.“ —CORY HINDS Haley Graves (BBA22) was selected as a Public Company Accounting Oversight Board scholar for the 2021- 2022 school year and received a $10,000 scholarship. She is currently pursuing her master’s degree in accounting. After two rounds of competition, accounting senior Ryan Brickhaus won a $2,500 Norman J. Kallaus Scholarship out of a pool of students enrolled in the Business Communication & Protocol course at the Tippie College of Business. For the final round, students submitted recorded elevator pitches. According to Meredith Ringel-Ensley, the assistant director of the Judith R. Frank Business Communication Center, “Ryan’s submission stood heads above all the others.” Accounting senior Bryce Buhlman received a $2,500 Iowa CPA Education Foundation Scholarship. The foundation was formed in 2014 to provide support to students interested in becoming CPAs in Iowa. Buhlman, who will graduate with his bachelor’s degree in May 2023, has internships with RSM in Waterloo and EY in Des Moines lined up before he plans to start his MAc degree at Iowa the fall of 2023. • 10 IOWA LEDGER 2022
RESEARCH The Case for the Chief Accounting Officer BY • TOM SNEE 14 % ( ) The likelihood firms with a CAO will have to restate earnings One of the biggest C-suite trends over the last decade has been the evolution of the chief financial officer (CFO) into more of a strategic manager, which begs the question of who on the executive team devotes their time to overseeing the financial reporting. A recent study by Tippie College of Business assistant professor Adrienne Rhodes and her co-author, Dan Russomanno of the University of Arizona, finds that many firms elevate a chief accounting officer (CAO) or controller to the executive officer team. Overall, this has been beneficial for firms that have made the change, as those that elevate their CAO to an executive officer position tend to produce more reliable financial statements than firms with a chief financial officer only. Firms with this reporting structure see a 14% decrease in the likelihood of a restatement than firms that have only a CFO, and the longer the CAO is in place, the less likely a firm will need to restate its earnings. Rhodes and her co-author tracked the executive officers in Form 10-K or proxy statement filings of public firms between 2000 and 2016, some with CAOs, others with only CFOs. They found other benefits for those with CAOs or equivalent positions: they made fewer accrual estimation errors and unsigned total current accruals, and corrected material weaknesses in internal control more quickly. They also found firms are most likely to benefit from a CAO at the executive officer level when there is more pressure on executives’ time and attention, such as those with more segments and subsidiaries, and with more foreign transactions. Since the CFO in many firms has evolved into a position focused more on strategic matters and firm management, a CAO is able to give financial reporting the time and attention that a CFO may no longer have time for. Since restatements are often seen as signs of sloppy management, they can lead to lower stock prices or greater attention from regulators that will lower the firm’s value. Rhodes says elevating the CAO to an executive officer position also has a kind of symbolism that could build trust and firm value. “The presence of a CAO may represent a firm strategy to signal high financial reporting quality to the market, and the increased reliability of reporting from a firm with a CAO may be driven by this commitment,” she said. • UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 11
Page 1 and 2: 2022 IOWA LEDGER UNIVERSITY OF IOWA
Page 3 and 4: Iowa Ledger is an annual publicatio
Page 5 and 6: CAMPUS NEW FACULTY Learning from th
Page 7 and 8: 1 2 3 ANDREW CHRISTIANSEN (BBA01/MA
Page 9 and 10: Yet even the numbers seem inadequat
Page 11: CAMPUS RETIREMENTS Raising the Bar
Page 15 and 16: The air was abuzz with anticipation
Page 17 and 18: Shea Fowler (BBA94) didn’t know m
Page 19 and 20: Dan Collins By Lucas Underwood Mixe
Page 21 and 22: The evening of Dan Collins’ retir
Page 23 and 24: Another program that Collins spearh
Page 25 and 26: Accounting Department Executive Off
Page 27 and 28: FEATURE BY • JENNIFER SETER WAGNE
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Page 31 and 32: When he was a student at Iowa, Anth
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