Accounting Society Newsletter

A Message from Thy Sin - Accounting Society President

It has been a privilege to serve as the President of the Accounting Society during my senior year at Southern. I enjoyed dealing with the responsibilities and challenges that come with this position. I wish to share my success with the other officers who spent countless hours doing their jobs, making my own job easier. I would also like to thank the faculty for their support and invaluable advice. Through speaker meetings and field trips, the Accounting Society has broadened our horizons and revealed opportunities to be explored after graduation. The Accounting Society has also served as a proving ground for friendships with colleagues and faculty which will be cherished forever.

A special thanks to the guest speakers who have volunteered their time and enriched our experience here at Southern. The topics covered were: motivating ourselves to succeed in school and setting goals for the future (Slusz, Person/Wolinsky); knowing what to expect and preparing for the CPA exam (Slusz, Person/Wolinsky and Peck, Conviser Duffy); career opportunities in small CPA firms (LaMorte, DHL&S), an introduction to the banking industry (Shea, New Haven Savings Bank), managerial accounting (Selyes, IMA), and state governement (Carroll, CT State Auditors); CSCPA Student Pledge programs (Fernandes, CSCPA); recent changes in tax laws (Ricciardelli, Burzenski & Co, PC); and ethics (Beatman, Becker CPA Review).

This year we also had the opportunity to offer two exciting field trips. On November 13^th, we visited Integrated Industrial Systems, a small manufacturing firm in Wallingford, CT. It was very interesting to see design engineers plan the modification to machinery on a computer in an office, hit the “GO” button and deliver the orders to the shop floor immediately. A lot of the information we learned in our managerial accounting and MIS classes actually made sense. We also learned how this company was affected by the financial crisis in the Asian markets. On March 18^th, we visited Bloomberg Financial Services in New York City. It was fascinating to witness a fast paced, state-of-the-art business with an open management style (even the owner’s work space is a cubicle). We got to see live TV and radio recordings but did not get to see Charlie Rose interview some hot-shot celebrity. The dual flat screen monitors, cordless keyboards, endless databases, and virtual fish tanks made us realize that this is the information age and we’ve got to keep abreast with changes in technology in order to succeed.

The Accounting Society invested in educational materials for its members (FASB Original Pronouncements, AIPCA Standards, and Accounting Trends and Techniques). The GLEIM CPA software and additional study materials were gifted to the Accounting Society by Gleim this year. All of these materials are available on reserve in the library.

Based on my experiences last year as a member and this year as the President, I’d strongly encourage all students to actively participate in, and assume leadership roles with, the Accounting Society. This is a unique opportunity to contribute to Southern and enrich your own experience at the same time.

A Message from Arundhati Rao Accounting Society Advisor

After a decade of teaching if I needed an affirmation about why I am still in this business, the answer is simple: THE STUDENTS. While I get this affirmation frequently in the classroom, watching the students grow outside the classroom is indeed a unique experience. What is even more unique about the Accounting Society is that it is truly a student organization. All I had to do as advisor was to give the officers some direction and then watch them follow through with all their plans. The officers are very dynamic and professional leaving me very little room to do any “advising.” They have learned how to organize meetings and field trips, and how to manage a situation (without letting it become a crisis) when things don’t fall in place as they had planned. Before the end of this semester we will be online, thanks to Lara Quail our webmaster. I’d also like to recognize the following students for their outstanding contribution to the growth and success of the Accounting Society this year: Thy Sin, Luisa Torres, Adam Herbst, Lara Quail, Vicki Lane, Urmi Gandhi, Frank Freeman, and Annette Bomba. I’d also like to thank Professors Betty Horn and Geoffrey Gurka for actively encouraging their students to participate in all the activities of the Accounting Society. A very special note of appreciation for Ms. Barbara Frost, Accounting Department Secretary, and her work studies for always helping us out at very short notices.

Last year, Dr. Gurka spearheaded the Vounteer Income Tax Assistance (VITA) program at Southern. Once again under Dr. Gurka’s guidance, and with Luisa Torres as the program chair, this year the participation increased dramatically. Special thanks to the following students for participating in the VITA program: Kwasi Asamoah, Kelly Coleman, Anna DiLustro, John Evans, Jigna Gandhi, Urmi Gandhi, Wade Hobbins, Venice Kenlock, Tara Lalley, Greg Landes, Jeffrey Lemmon, Jenny Li, Korin Mathews, Helen McIntyre, Anita Olasanaye, Aneta Pawelec, Remy Sanon, Heather Smith, Sandra Smith, Luisa Torres, Diane Trella, Alicia Turski, Mary Ward, and Kris Yeager.

A Message from Robert Kirsch Accounting Department Chair

The Accounting Department is drawing to the end of its second year under my Chairmanship. During that time, the Department has undertaken the following:

It has put into place an MBA - Accounting Option degree program to commence summer 1999; this degree can be completed in 15 months and qualify its graduates to sit for the Connecticut Uniform CPA Examination.

1.      The Department is presently undergoing self-assessment as part of Southern's overall institutional assessment; Dr. Samir B. Fahmy, St. John's University, New York, has agreed to serve as the department's external evaluator.

2.      Bourmemouth University, England has signed an articulation agreement with SCSU whereby Southern accounting majors may study at Bournemouth towards the M.Sc. degree and Bournemouth accounting majors can study at SCSU towards the MBA - Accounting degree beginning in mid-summer 2000. Upon completion of their studies, students who avail themselves of the SCSU/Bournemouth articulation agreement and graduate from each other's Masters programs will be eligible to sit for each other's respective professional exams. This will provide students the opportunity to obtain dual certification and enhanced marketability in today's global economy.

Accounting Faculty News

   Prof. Wafeek Abdelsayed will present a paper entitled “An Empirical Investigation of Auditor Differences and Similarities in the Application of the Audit Risk Model,” at the Ohio Region American Accounting Association meeting, April 1999. Prof. Abdelsayed has been approved for sabbatical leave during Fall 1999.

   Prof. Geoffrey Gurka published "Income Tax Return Filing Facts," WG&L Tax Ideas, July 1998. He made three presentations: "An Overview of the United States Tax System," and "Policy Implications of Tax Law: The Role of Tax Practitioners," at the Morgan Pacific Training Seminars, October 1998, and "Substantial Authority, Neutralization, and the Practitioner's Ethic," at the Northeast American Accounting Association meeting, April 1999.

   Prof. Betty Horn has served the School of Business as Coordinator of Assessment for the university’s internal assessment program. Prof. Horn has made a significant contribution to the revised Accounting Program with the development of an Accounting Information Systems course (ACC 370). She continues to work on research that investigates success in accounting education and in accounting careers.

   Prof. Janet Phillips has published three articles this year: “For-Profits Snag More Financially Viable Not-for-Profit Hospitals Over Time,” Healthcare Financial Management Association, forthcoming issue; “Factors Contributing to Not-for-Profit Hospitals’ Decision to Concede to Acquisition by For-Profit Hospital Corporations,” Journal of the American Society of Business and Behavioral Sciences, Fall 1998; and “Do Managerial Efficiency and Social Responsibility Drive Long-Term Financial Performance of Not-for-Profit Hospitals before Acquisition?” Journal of Health Care Finance, March 1999. She will present “How Going For-Profit Impacts Free Cash Flow, Quality of Earnings and Other Operational Factors – The Case of Not-for-Profit Hospitals” at the Ohio Region American Accounting Association meeting, April 1999. Prof. Phillips has been approved for sabbatical leave during Spring 2000.

   Prof. Arundhati Rao has published “Is Your Petty Cash Working for You?” Journal of Accounting, Finance and Taxation for Business, Summer 1999 (co-authored with Walker and O’Callaghan). She will present “Potential Effects of SFAS No. 130 “Reporting Comprehensive Income,”” at the Midwest American Accounting Association meeting, April 1999.

Officers
 

Upcoming Events

   April 16^th 11:10 AM – Accounting Society Business Meeting: Election of Officers for 1999-2000 – EN 4.

   April 29^th 6:00 PM: Accounting Society Banquet – 500 Blake Street

   April 30^th 11:00 AM – 2:00 PM: School of Business, Spring Fling – SCSU, between Seabury Hall and Student Center

   May 7^th 7:00 PM: School of Business, Awards Banquet – SCSU, Connecticut Hall

   May 28^th immediately after graduation: School of Business Reception – SCSU, Student Center Commuter Lounge

The Southern Abacus – Spring 2000

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