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LETTER FROM THE CHAIR

Charting Progress, Embracing Possibility

Welcome to the 2025 edition of The Badger Account! I appreciate the opportunity to reflect on our accomplishments from the last year and look ahead to the new year and new initiatives. The Department of Accounting and Information Systems continues to be a key contributor to the Wisconsin School of Business (WSB) and its mission to empower a broad community of students, learners, scholars, and researchers to tackle complex business and societal challenges and integrate innovative theories with realworld practices. Our faculty continue to make an impact with publications in top-tier journals, and our students continue to impress with placements in highly competitive positions in the standard-setting community. We continue

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to innovate within our curriculum to ensure students are best prepared to enter the everevolving profession. We have much to celebrate from the last year, including placing four students in highly competitive post-graduate technical accounting positions with the Financial and Governmental Accounting Standards Boards! Our doctoral program continues to shine with several current and former PhD students receiving national awards and recognition for their research. Faculty successes include Dan Wangerin being promoted to the rank of full professor and Fabio Gaertner visiting the Congressional Budget Office, working in the Tax Analysis Division during his sabbatical.

We celebrated our 2024 Distinguished Alumna, Leslie Overton (BS ’75, MBA ’77), at our annual fall awards banquet, along with recognizing the many generous donors who give back to the department and make possible so much of our success. As you read about our inaugural high school accounting case competition and the DISCOVER Accounting! event, know that these impactful events promoting the accounting profession to students would not be possible without the generous support of our donors. Thank you, donors!

We do face potential headwinds on the horizon. We have felt the national trends of declining enrollments in accounting programs and are closely monitoring changes in education requirements for CPA eligibility. These changes could have a significant impact on our signature one-year master’s program in accounting. You can read about updates to our graduate program portfolio, including a successful inaugural offering of an MS in Accounting and Business Analysis program and the development of an MS in Financial Management and Accounting.

We continue to innovate and evolve our programs to ensure we are meeting the demands of a profession continually impacted by changes in technology. We successfully participated in the university’s RISE-AI initiative by hiring new faculty member Christian Peters. The Wisconsin Research, Innovation and Scholarly Excellence (RISE) Initiative is a multifaceted effort focused on faculty hiring, research infrastructure, interdisciplinary collaboration, and student opportunity. Given the transformative potential, with high stakes, great possibilities, and significant risks, artificial intelligence was identified as the first focus area for Wisconsin’s RISE Initiative. We are excited to welcome Christian to our faculty and benefit from his area of expertise.

We remain optimistic and energized about the work we are doing on campus and hope you enjoy reading about our many accomplishments and initiatives from the past year. Best wishes for the year ahead! Tom Linsmeier Thomas G. Ragatz Accounting and Law Distinguished Chair Richard J. Johnson Chair of the Department of Accounting and Information Systems

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

AWARDS BANQUET

Honoring the 2024 Distinguished Alumna, Leslie Overton As tradition dictates, we welcome each fall semester by coming together as faculty, staff, students, alumni, and donors at our annual awards banquet. This celebratory event recognizes the accomplishments of our dedicated students, excellence in teaching by our graduate student TAs, and the generosity of our many donors. We also recognize our Distinguished Accounting Alumni for their contributions to the profession. The Department of Accounting and Information Systems proudly honored Leslie A. Overton as the 2024 Distinguished Accounting Alumna. Leslie, a University of Wisconsin– Madison alumna with a BS in home economics (retailing of textiles and clothing) (1975) and an MBA in accounting (1977), has had a remarkable career in accounting and public service and truly embodies the definition of a Distinguished Alumna. Leslie’s career accomplishments include over 20 years with the U.S. Securities and Exchange Commission (SEC), where she served as associate chief accountant for the Division of Corporation Finance. When accepting her award, Leslie shared many anecdotes from her time with the SEC, where she was leading key discussions on emerging topics, such as the reporting of airline reward programs. The work Leslie did with the SEC shaped many policies that companies follow today, ensuring transparency in corporate reporting.

Department Chair Tom Linsmeier (L) recognizes Leslie Overton (R) as the 2024 Distinguished Accounting Alumna for the Department of Accounting and Information Systems.

Leslie received multiple prestigious awards throughout her career, such as the SEC Law and Policy Award (2009), the SEC Capital Markets Award (1999), and the SEC/AICPA Sydney C. Orbach Award (1991), recognizing her significant contributions. We so appreciate the impact that Leslie has had on the Badger alumni network and the profession overall.

TEACHING ASSISTANT AWARDS Graduate students are strong contributors to our teaching mission at WSB. Within accounting, teaching assistants lead in-class delivery of our introductory financial and managerial accounting courses taken by all undergraduate students. Each year we recognize two MAcc and two PhD TAs for their outstanding contribution in this important role.

Douglas Clarke Memorial Teaching Award (PhD)

Excellence in Teaching Award (MAcc)

Brayden Bulloch (PhD ’27)

Nathan Kaplon (BBA ’23, MAcc ’24)

Dongsheng Li (PhD ’26)

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Christopher McKenna (BBA ’23, MAcc ’24)

OUTSTANDING GRADUATING SENIOR AWARDS Our annual awards banquet would not be complete without celebrating the academic success of our top 10 graduating seniors. This group of students completed their Bachelor of Business Administration degree with a major in accounting and achieved an average cumulative GPA of 3.97! The future is bright! • Alyssa Benzine (BBA ’24, MS ’25) • Tommy Gibney (BBA ’24) • Matthew Grundman (BBA ’24, MS ’25) • Joe Hribar (BBA ’24, MS ’25) • Grace Kaderavek (BBA ’24, MS ’25)

• Breanne Karlen (BBA ’24, MS ’25) • Nick Kempf (BBA ’24) • Jessica Lamers (BBA ’24) • Jack Muirhead (BBA ’24, MS ’25) • Jiarui Yang (BBA ’24)

From L to R: Alyssa Benzine, Matthew Grundman, Joe Hribar, Grace Kaderavek, Breanne Karlen, Nick Kempf, and Jack Muirhead. Not pictured: Tommy Gibney, Jessica Lamers, and Jiarui Yang.

STUDENT SCHOLARSHIPS Another important part of the annual awards banquet is recognizing the generosity of our donors and the impact of their giving on our programs. Deputy Department Chair Kristen Fuhremann closed the evening by reminding us all of the personal nature of giving back— from a very recent graduate looking to get in the habit of giving early in her career, to an alumnus nearing the end of his professional career looking to pay it forward by opening educational opportunities for future students. With too many stories to tell, Kristen simply requested that as each student reflects on their experiences in the accounting programs at WSB, they consider the individuals who helped make that experience possible. Thank them. Celebrate them. And, when able, consider paying it forward like them. Students, faculty, staff, donors, and alumni come together for an evening of celebration.

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

STUDENT SUCCESSES

Students Awarded Highly Coveted Post-Graduate Internships Four recent graduates from the MS in Accounting and Business Analysis program were awarded highly competitive post-graduate technical assistant (PTA) internships with the Governmental and Financial Accounting Standards Boards. The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) are the bodies responsible for establishing Generally Accepted Accounting Principles (GAAP) in the United States. Emma Reinhart and Claire Debbink were awarded PTA internships with the GASB while Sam Steigenberger and Jack Muirhead were awarded PTA internships with the FASB. The GASB/FASB postgraduate technical assistant program provides highly motivated individuals with an opportunity to play an active role in the standard-setting process. This prestigious year-long program allows recent accounting program graduates to learn about standard setting—and the profession—by immersing PTAs directly into standard-setting activities. We are thrilled to have such a strong Badger presence in these impactful roles and wish Emma, Claire, Sam, and Jack all the best in their new ventures!

Claire Debbink

Jack Muirhead

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Emma Reinhart

Sam Steigenberger

FANTAXTIC CASE COMPETITION The Wisconsin School of Business entered two teams into the 2025 Deloitte FanTAXtic Case Competition, a prestigious invitational that helps students gain real-world business experience. UW–Madison's 2025 teams—including Victor Bye, Andrew Portale, Noopur Patel, Shawn Chen, Braden DuCharme, Christian Chin, Kile Sullivan, and Cyril Li—competed against more than 200 students from approximately 40 colleges and universities in the regional competition. Deloitte assigned a hypothetical real-world business scenario to the teams in September. Each team then researched ways to address the case’s potential business and tax implications, delivering their comprehensive solution to judges in a virtual presentation in October 2024. After a long month of hard work, the students earned an unprecedented achievement: Both UW–Madison teams were selected to advance to the national finals, held in Westlake, Texas, at Deloitte University (DU) in January 2025 for the top 16 teams in the nation. Senior Lecturer Lindsay Acker, the faculty advisor for the teams, was there to assist with general strategies and provide suggestions, but UW–Madison's regional FanTAXtic victory belongs to the students who earned it. “They all worked so hard,” Acker said. “Together, they were able to formulate a plan to analyze the data and prepare professional presentations, and on a very tight timeline. We are all very proud of our student teams.” At DU, the teams enjoyed networking with faculty and students from other schools and many Deloitte professionals. The details of the next case were shared Friday evening, and presentations were given Saturday morning. UW–Madison's student teams worked through the night and delivered excellent presentations, only to be met with a change in client facts and asked to present again later in the afternoon. While they did not come away with a win, the DU experience provided our students with real-world client service practice, team-building opportunities, and a chance to think on their feet and show off their impressive research skills. The FanTAXtic experience will certainly serve them well as they continue their journey with the Wisconsin School of Business.

From L to R: Cyril Li, Kile Sullivan, Christian Chin, Braden DuCharme, Noopur Patel, Shawn Chen, and Victor Bye. (Not pictured: Andrew Portale, who was studying abroad at the time of the national competition.)

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

PhD PROGRAM

Congratulations! Congratulations to Dr. Katie Boylen (PhD ’25), who successfully defended her dissertation and earned her doctorate degree last spring. Katie headed west after graduation to begin her new role as an assistant professor with California State University, Northridge where she will continue pursuing her research interests in the area of multijurisdictional taxation and corporate tax planning. We wish Dr. Boylen all the best on her new adventure!

Katie Boylen (PhD '25) at the WSB hooding ceremony last May with Dean Samba (left) and faculty advisor Stacie Kelley (right).

WELCOME! We are excited to welcome two incoming doctoral students to our program. Sidney Khasacha Sidney Khasacha graduated from the University of Texas at Dallas with a Bachelor of Science in accounting in 2019 and a Master of Science in accounting in 2020. He is also a licensed CPA in the state of Texas. Sidney spent nearly five years at PricewaterhouseCoopers (PwC) in Dallas, Texas, within the audit practice, mainly focusing on private companies (AICPA audits). His time at PwC equipped him with a deep and practical understanding of financial reporting and audit work. Sidney now plans to leverage this expertise as he transitions into becoming an archival financial reporting researcher. He is looking forward to the opportunity to learn and work with amazing minds here at UW–Madison. Hetian (Joy) Yang Hetian (Joy) Yang joined the University of Wisconsin–Madison after five years of professional experience in fund operations with top asset management firms. Most recently, she worked at BlackRock as an ETF operations manager, where she focused on fund accounting, operating systems, and ETF platform construction. Her research interests include financial reporting and market regulation, particularly the impact of accounting standards on financial market and investor outcomes.

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CELEBRATING PhD STUDENT ACCOMPLISHMENTS Dongsheng Li Awarded 3 AAP Grants for Groundbreaking Audit Research Dongsheng Li (PhD ’26) has been awarded two of the three 2025 Access to Audit Personnel (AAP) grants from the American Accounting Association. One grant supports his dissertation proposal, “Balancing Curiosity and Ownership: Maximizing Auditor Potential in the Technology-Driven Era.” The other supports his collaborative research with Professor Emily Griffith (UW–Madison) and Alex Johanns (University of Kentucky), titled “When Do Auditors Rely Too Much or Too Little on Technological Insights?” In addition, Dongsheng, along with Professor Emily Griffith, Cassandra Estep (Emory University), and Nikki McKenzie (Georgia Institute of Technology), received one of the two 2024 AAP grants for their project, “Promoting Upward Teaching by Junior Auditors.” The AAP program supports scholars in gaining access to auditors for experimental and behavioral research.

McKay Jones Wins Prestigious Accounting Ethics Prize McKay Jones (PhD ’26) has been awarded the 2024-25 Glen McLaughlin Prize for Research in Accounting Ethics from the Steed School of Accounting (University of Oklahoma). His co-authored paper, “Reasonable and Rational Judgment Guidance as an Informal Control,” was unanimously selected by the committee. Jones will share a $15,000 cash award and has been invited to present the research at an upcoming workshop.

Dimitri Yatsenko Honored Dimitri Yatsenko (PhD ’19) was selected as the 2024 IMA (Institute of Management Accountants) Emerging Scholar Award winner! This award recognizes an early-career researcher who has made a meaningful and important contribution to the applied management accounting literature. Dimitri is an assistant professor at the University of Wisconsin–Whitewater.

DEPARTMENT HOSTED VISITING SCHOLAR FOR FALL TERM Last fall we welcomed Stefanie Pendl as a visiting scholar from the PhD program at the University of Graz, Austria. Stefanie’s area of research is in taxation with several papers in the area of auditorprovided tax services. During her stay, she participated in the PhD seminar course, attended research workshops, and presented her own research to department faculty. Stefanie enjoyed her time in Madison collaborating with students and faculty from our program. She also enjoyed exploring the greater Madison area, including the downtown Madison farmers market and her very first football game!

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

STUDENT EXPERIENCES

Maintaining the Pipeline of Future CPAs Consistent with national trends, we have experienced a decline in the number of accounting majors over the last 10 years, despite growth overall in WSB’s undergraduate program. Because opportunities in the accounting profession may not be well understood, we are engaging in a number of activities to share the exciting, dynamic nature of the profession with our students. From high school case competitions and myth-busting events to curricular enhancements and defined career pathways, we are working hard to ensure that students at WSB have the right information when choosing their major.

DISCOVER ACCOUNTING! In an effort to bust some myths about the accounting profession, we once again hosted an early outreach program aimed at freshman and sophomore business students. To help students DISCOVER the broad and dynamic career opportunities that accounting can offer, we invited several alumni with diverse professional experiences to engage with our students in a round-robin style of informal networking. Students were treated to a fun “experiment” with Professor Willie Choi to demonstrate that accounting is so much more than numbers. We are so thankful to our alumni, professional partners, and donors who make events like this a possibility, and we are confident that students left the room with a better understanding of what a career with a foundation in accounting can look like.

Professor Willie Choi engages a group of WSB students in an activity to demonstrate that accounting is so much more than numbers.

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INSPIRING THE NEXT GENERATION: UW–Madison Hosts First Annual High School Accounting Case Competition

Students representing 30 high school teams convene in the Fluno Center to learn the results of their case competition.

On April 11, 2025, the Department of Accounting and Information Systems welcomed 30 high school teams from across the state of Wisconsin for the inaugural High School Accounting Case Competition. Held at the Fluno Center, the event was a resounding success, introducing over 100 students to the dynamic world of accounting in an engaging and experiential format. The competition challenged teams to step into the shoes of real-world accounting analysts. Each team received a detailed case study in advance and prepared a presentation to share their findings and recommendations with a panel of judges. Congratulations to Sparta High School for winning the inaugural case competition! Beyond the competition, the day offered students a deeper look into the diverse and rewarding opportunities within the accounting profession. Participants attended breakout sessions led by practicing professionals, heard from expert guest speakers, and engaged in a lively Kahoot! Accounting Challenge designed to test individual accounting knowledge in a fun, competitive way. A panel comprised of UW–Madison accounting students, alumni, and faculty shared personal stories and advice, helping attendees see what a future in accounting could look like. It was fun to see the energy and excitement throughout the day, and for many students, this was their first time stepping foot on our campus. With the support of our faculty and the broader accounting community, this event served as a powerful recruitment and outreach effort—strengthening the pipeline of future accounting professionals.

The winning team from Sparta High School.

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

STUDENT EXPERIENCES

Undergraduate Curriculum Updates As the profession continues to evolve, so too must our curriculum. From the use of technology and analytics to changes in the CPA credentialing exam, we have ensured that our curriculum best prepares students to successfully enter the profession.

Introductory Financial Accounting Introductory Financial Accounting is part of the core curriculum that all undergraduate students at WSB must complete and is, for many students, their first exposure to accounting. While sometimes considered a “weed-out” course, our goal is to ensure that the course is accessible to all students, allowing them to understand how accounting portrays key differences in the economics of a business and is therefore useful for decision making.

Joanna Wangerin

Led by Senior Lecturer Joanna Wangerin, a committee of financial accounting faculty undertook a holistic review of the curriculum and delivery model of the introductory course with proposed changes being executed this fall. One such change is de-emphasizing the debit/credit model and focusing on how different economic transactions impact the financial statements. This “Financial Statement Effects Template” (FSET) model visually maps the impact of economic transactions onto the accounting equation, leading to greater conceptual clarity for students by helping them understand the economic substance of a transaction before adding in debit/credit terminology. This model also provides a direct link to the financial statements by reinforcing how transactions affect the income statement and balance sheet. Another significant change this fall is the delivery model of the introductory course. Traditionally delivered in twice-weekly lectures by graduate student teaching assistants, we are rolling out a change to have new content introduced in a once-weekly, large-lecture format by a faculty member. Students will then engage in twice-weekly discussion sections with a graduate student TA to work through examples and reinforce the content. This innovative format maintains the strong benefit of student-TA interaction while also bringing in the voice of a more seasoned instructor to bring the material to life.

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undergraduate accounting program (U.S. News & World Report, 2024-25)

in CPA pass rates by large institutions* for first-time test takers (NASBA) *Large institutions are those with more than 60 reported candidates.

Corporate and Advanced Taxation Students pursuing the undergraduate accounting major have historically only been required to complete one taxation course, Fundamentals of Taxation, focused primarily on individual taxation concepts. In response to a comprehensive review of content covered on the CPA exam, we added in Corporate and Advanced Taxation to our undergraduate curriculum, which will be taught by Professor Stacie Kelley. Not only will this course better prepare students as they enter the profession, but it also aligns well with the regulation section of the exam. Stacie Kelley

Professional Experiences in Accounting The value of an internship during a student’s undergraduate program cannot be overstated. Internships provide direct exposure to how concepts learned in the classroom apply in the workplace. Internships develop a student’s technical competence while also building soft skills and overall professionalism. The Professional Experiences in Accounting course is now required for all students as part of their undergraduate major, ensuring each student pursues an internship during their studies.

Professional Practice Issues in Accounting, Auditing, and Taxation Affectionally known as the “three-week class,” Professional Practice Issues in Accounting, Auditing, and Taxation is a course taken over the last three weeks of the spring semester by senior accounting students who completed a busyseason internship. This course has provided an excellent bridge to graduate school, helping students learn how to work well in groups and examine issues with no right answers. However, over time, more and more students are pursuing summer internship opportunities to maximize time on campus to complete required coursework. As a result, we will discontinue offering the course after the spring 2026 semester. In its place, we plan to develop a graduate student welcome week for all students moving on to our graduate programs in accounting to achieve many of the same objectives as the threeweek class.

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

STUDENT EXPERIENCES

Graduate Program Updates

The Department of Accounting and Information Systems hosted a graduation celebration last May for graduates of our master’s programs in accounting.

Significant changes in the profession are underway with many CPA licensing jurisdictions adding alternative education pathways to allow more candidates to pursue the CPA credential. Most recently, all jurisdictions required candidates to complete 150 credit hours of advanced education to become a licensed CPA. In response to the declining number of CPAs, and with a goal of increasing accessibility to the profession, many jurisdictions are adding a CPA pathway that would allow candidates to earn their CPA license after completing a bachelor’s degree and two years of relevant work experience (in addition to passing the CPA exam and completing relevant ethics coursework). We believe strongly in the value of a master’s degree for future CPAs, but we must also consider the impact a new pathway would have on our graduate program enrollment. We have been proactive in updating our portfolio of accounting graduate programs to ensure they are most relevant and valuable to our students.

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MS in Accounting and Business Analysis Last spring we graduated our first class of students from the newly designed, one-year accounting graduate program targeting students with an undergraduate major in accounting. The Master of Science in Accounting and Business Analysis (MSABA) gives students advanced technical and analytical skills and a deeper understanding of systems, controls, and data analysis. Notable changes from the one-year Master of Accountancy program include a more focused curriculum centered around two tracks and five specializations. We had a successful first offering of the MSABA with positive student feedback about their experience in the program. We have collected a variety of student feedback and will consider any updates or enhancements to the program over the upcoming academic year.

MS in Financial Management and Accounting We are excited to introduce a new one-year accounting graduate program designed for nonaccounting majors interested in accounting or finance professions. The MS in Financial Management and Accounting (MSFMA) provides a holistic education in the accounting and tax principles needed for success in financial advising, capital management, or related careers. The program complements finance, personal finance, or related undergraduate degrees through advanced tax, financial reporting, information systems, and financial analytics curriculum. We are excited to add this new program to our portfolio starting in the fall of 2026.

MS in Financial Management and Accounting Curriculum ACCOUNTING AND TAX CORE • Financial Reporting II or Accounting and Analysis for Reporting Entities

• Fundamentals of Taxation

• Accounting Information Systems

• Managerial Accounting

• Corporate and Advanced Taxation

• Financial Statement Analysis

ELECTIVE PATHWAYS Accounting Analytics

Financial Advising

Capital Management

Required:

• Foundations of Auditing

• Strategic Planning for Estates and Business Transitions

• Business Valuation

• Wealth Management and Financial Planning

• Analysis of Performance Measurement and Control

• Foundations in Accounting Analytics • Information Risk, Control, and Forensics Choose one:

• Analysis of Taxes and Business Decisions

• Accounting and Analysis for Reporting Entities

Choose one:

• Analysis of Taxation for Pass-Through Entities • Data Technology for Business Analysts

• Mergers and Acquisitions

Choose one: • Investment Banking

• Analysis of Taxation for Pass-Through Entities • Risk Analytics and Behavioral Science

• Project Management • Challenges and Solutions in Business Sustainability

• Principles of Risk Management

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

DEPARTMENT UPDATES

WELCOME Christian Peters The department is pleased to welcome Christian Peters as a new assistant professor. Christian received his PhD in accounting from Tilburg University in the Netherlands and spent a research visit at Emory University during his doctoral studies. Before entering academia, Christian worked briefly at EY and as a junior controller at a real estate firm. He joins Wisconsin after serving as an assistant professor in accounting at Nanyang Technological University in Singapore for two years. Christian’s research focuses on the intersection of auditing and emerging technologies, particularly the behavioral consequences of AI and automation on auditors’ professional judgment. His dissertation examines how automation affects auditors’ effectiveness in reviewing structured audit tasks and explores how behavioral interventions can mitigate unintended consequences. In his research, Christian typically partners with audit firms and other stakeholders in the accounting ecosystem to conduct research in collaboration with these organizations. He uses a combination of experiments, archival analysis using proprietary data, and surveys to improve our understanding of judgment and decision-making in auditing. He also recently co-authored a paper on auditor learning published in Accounting, Organizations and Society. Christian looks forward to working with new colleagues on practically relevant research in the areas of technology, auditing, and behavioral accounting. At Wisconsin, Christian will teach Accounting Analytics and is excited to engage with students and corporate partners on topics at the intersection of technology and accounting. He is particularly enthusiastic about contributing to the Wisconsin Idea, the university's longstanding commitment to ensuring that education and research benefit people across the state and beyond. After living in Singapore’s tropical climate for several years, he is also excited to return to a place with four seasons; he looks forward to running and race cycling on Wisconsin’s beautiful trails, and, as a true Dutchman, he cannot wait to put on his ice skates during the winter months. Kelin Boldiis We are excited to introduce Kelin Boldiis as the department’s academic program manager (APM). Kelin came to us over the summer from a different unit on campus, where he served as a graduate program manager. The APM role is integral to the successful operations of an academic unit, and we are thrilled to have Kelin on board! Kelin filled the role vacated by Nhia Vang. After three years working in the accounting academic unit, Nhia felt compelled to pursue an accounting-focused role within a different unit on campus. We are thankful for all of the time and expertise Nhia provided and wish him well in his new role.

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FAREWELL Ann O’Brien We said “farewell” to Ann O’Brien, a steadfast presence in the department for over 25 years, as she transitioned into well-deserved retirement. Ann has been instrumental in the success of our department across several dimensions. Ann has delivered instruction to WSB students across a wide variety of topics, from financial and managerial accounting to cost, fraud, health care accounting, analytics, emerging technologies, and accounting information systems. Ann was a key contributor to content and course development around accounting information systems, analytics, and emerging technologies—bringing many new technologies to accounting students. Ann’s passion for education and student success led her to pursue a doctorate in curriculum and instruction from UW–Madison, with her research and dissertation focused on the teaching and learning of accounting information systems and accounting analytics. In real time, her teaching was informing her research, and her research was informing her teaching. Ann published several teaching cases around accounting technologies and analytics and has participated in many professional workshops, panels, and presentations. Ann was awarded the American Accounting Association AIS Section Best Education Paper and Outstanding Service Awards. Ann received WSB’s Educational Innovation Award, was a UW–Madison Teaching Academy Fellow, and received the WSB Student Faculty Board’s Business Award of Excellence. Ann’s service to WSB includes inaugural leadership of accounting’s integrated MAcc program, development of the student ethics program, faculty advisor to the student group Beta Alpha Psi, and multiple curriculum development efforts. Ann retired as a distinguished teaching professor. The distinguished status is a campus-wide designation reserved for an academic staff member who performs at a level of proficiency typically requiring extensive experience and advanced knowledge and skills. The expertise of an academic staff member at this level is commonly recognized by their peers and through a reputation that extends beyond their work unit. A distinguished academic staff member is expected to develop new approaches, methods, or techniques to resolve or prevent problems with little or no expert guidance and to cope independently with new, unexpected, or complex situations. The teaching professor title is awarded at the school level for instructional staff whose contributions can be characterized by excellence, distinction, and innovation in the instructional enterprise within their department and beyond. Candidates for the teaching professor title will ordinarily be expected to have a relevant terminal degree, expertise in the relevant discipline, and pedagogical expertise in that discipline, as well as at least 10 years of teaching experience.

Kristen Fuhremann and Ann O’Brien celebrate Ann’s retirement on a sunny afternoon last May.

Ann has been a key contributor to our department, WSB, and the university overall. We will miss her as a colleague and friend and wish her all the best in her new retirement adventures!

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

DEPARTMENT UPDATES

Integrating Artificial Intelligence Senior Lecturer Russell Epp leads the undergraduate Accounting Information Systems course required for all undergraduate accounting majors and the Information Risk, Control, and Forensics course required for all MS in Accounting and Business Analysis graduate students. This year, Russell integrated generative AI into his courses to enrich student learning and highlight the evolving role of technology in the profession. Students used generative AI to read and evaluate System and Organization Control (SOC) reports, complete related working papers, and perform detailed data analyses, gaining hands-on experience with AI tools reshaping the accounting landscape. Russell also introduced demonstrations showing how fraudsters might leverage AI to manipulate data in ways that align with analytic expectations, emphasizing the importance of professional skepticism and effective controls. In addition, he piloted an innovative homework submission process using generative AI platforms, allowing students to submit assignments via shared links, which streamlined the grading and resubmission process. These initiatives reflect Russell’s commitment to integrating technology into the accounting curriculum and preparing students for the future of the field.

PERFORMANCE MANAGEMENT FIELD RESEARCH SYMPOSIUM Willie Choi, along with Tyler Thomas and Adam Presslee from the University of Waterloo, organized a field research symposium held at the Fluno Center in Madison last April. The symposium was jointly sponsored by CPA Ontario Centre for Sustainability and Performance Management, and the Robert Beyer Center for Managerial Accounting and Control. The symposium was a great success, featuring four working paper presentations and discussions. The symposium was attended by over 40 faculty from across the globe.

Symposium organizers Willie Choi (far left) and Adam Presslee (back row, left) are pictured with the symposium’s presenters and discussants.

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STAYING CONNECTED

Current and former faculty members came together to celebrate Terry Warfield’s retirement. From L to R: Tom Linsmeier, Larry Rittenberg, Terry Warfield, R.D. Nair, and John Wild.

Faculty, staff, and PhD students in the Department of Accounting and Information Systems gather at the start of the fall semester to reconnect and have some fun!

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

DEPARTMENT UPDATES

Celebrating Faculty Achievements Kristen Fuhremann

Robert Misey

At last spring’s all-school end of year celebration, Deputy Department Chair Kristen Fuhremann was awarded a 2025 Dean’s Distinguished Service Award in recognition of her contributions to the Department of Accounting and Information Systems and WSB overall.

Robert Misey is the chair elect of the Ethics Committee for the American Bar Association's International Law Section. At the annual spring meeting in New York, Rob moderated a panel that evaluated the applicability of the Model Rules of Professional Conduct to attorneys in various settings.

Dean Samba recognized Kristen Fuhremann with a Dean’s Distinguished Service Award.

Robert Misey moderating a panel at the spring meeting of the American Bar Association’s International Law Section.

Fabio Gaertner Fabio Gaertner is making the most of his sabbatical this year by visiting the Congressional Budget Office, working in the Tax Analysis Division. The Tax Analysis Division projects future federal revenues (from individual income taxes, payroll taxes, corporate income taxes, and other sources), using economic models and microsimulation techniques. The division also analyzes the distribution of federal taxes and spending, and it examines how possible changes in tax law would affect the behavior of taxpayers and the overall economy. Tom Linsmeier Publication: Christensen, D., Linsmeier T., Wangerin, D. “Do Reporting Incentives and Consequences Change Under the New Lease Accounting Standard?” The Accounting Review (2025)

THE BADGER ACCOUNT | 2024-2025 AIS YEAR IN REVIEW

Dan Wangerin Dan Wangerin was promoted to the rank of full professor in recognition of his outstanding research, teaching, and service. Dan’s primary research interests relate to financial reporting regulation and accounting standards for complex transactions. He has published extensively in several top-tier journals, including The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies, and Management Science. He currently serves on the editorial boards at The Accounting Review and Contemporary Accounting Research. Dan chairs the Professional Programs Committee for the Department of Accounting and Information Systems and teaches courses on advanced financial accounting and mergers and acquisitions. He also completed a three-year term serving as chair of the Financial Reporting Policy Committee of the American Accounting Association. This committee provides input and written comment letters to the FASB on accounting standard-setting projects using insights from academic research. Publications: Burke, Q., Wangerin, D., Warfield, T. “Assuring the Crowd: The Role of Assurance in Securities Crowdfunding Success.” Management Science (2025) Christensen, D., Linsmeier T., Wangerin, D. “Do Reporting Incentives and Consequences Change Under the New Lease Accounting Standard?” The Accounting Review (2025) Nylen, J., Wangerin, D., Zehms, K. “Do Key Audit Matter Disclosures About M&A Transactions Predict Future Performance?” Review of Accounting Studies (2025) John J. Wild John was invited to serve on the 2024-25 AAA Krull EDGE in Teaching Award Committee. John was also reappointed to the editorial board of the Journal of Accounting and Public Policy and was a presenter at the AAA Annual Meeting in Washington, D.C. Publication: Wild, J.J. "Financial and Managerial Accounting: Information for Decisions." McGraw Hill (2025) Karla Zehms Publication: Janssen, S., Hardies, K., Vanstraelen, A., Zehms, K. “Auditors’ Professional Skepticism: Traits, Behavioral Intentions, and Actions in the Field.” Auditing: A Journal of Practice & Theory (2025) Nylen, J., Wangerin, D., Zehms, K. “Do Key Audit Matter Disclosures About M&A Transactions Predict Future Performance?” Review of Accounting Studies (2025)

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

ADVISORY BOARD

Special Thanks to Our Advisory Board We are so thankful for the time, energy, and guidance provided by our external advisory board. Comprised of alumni of our accounting programs, we come together on the UW–Madison campus twice each year to engage in excellent discussion around the school, our programs and students, and the profession overall. Especially during times of change, as the accounting profession faces headwinds, we are grateful for the insights our board brings to the table. Last spring saw the end of service for two of our board members, Kathy Feucht (BBA ’96) and Tim Mattke (BBA ’98, MAcc ’99). Kathy and Tim are two of the longest-serving members who have contributed significantly during their tenure on our board. We are incredibly grateful for their service.

Kathy Feucht

Tim Mattke

THE BADGER ACCOUNT | 2024-2025 AIS YEAR IN REVIEW

2024-25 DEPARTMENT OF ACCOUNTING AND INFORMATION SYSTEMS ADVISORY BOARD MEMBERS Jonathan Conduah Senior Associate Adams Street Partners

Amy Mutziger VP, Global Controller Johnson Controls, Inc.

Katherine Feucht AERS Partner Deloitte

Sarah A. Nemke Senior Director SC Johnson & Son, Inc.

Vicky Fiorenza Senior Tax Accountant Exact Sciences

Jason Parsons Audit Partner KPMG

Andrea Jansen Assurance Partner Baker Tilly

Taylor Paul Director of Financial Accounting, Aeronautics Lockheed Martin Corporation

Andy Kamphuis Shareholder Vrakas CPAs Tim Mattke Chief Executive Officer MGIC Investment Corporation Derek Matzke Assurance Partner BDO

Leah Schmid Private Wealth Manager Creative Planning Laura Shiffman FAAS Partner EY Brad M. Zastoupil Partner, Trust Solutions PwC

WISCONSIN SCHOOL OF BUSINESS | UW–MADISON

975 University Avenue Madison, WI 53706

THE

BADGER

ACCOUNT STAY IN TOUCH TOM LINSMEIER

KRISTEN FUHREMANN

Department Chair, Accounting and Information Systems Richard J. Johnson Chair of the Department of Accounting and Information Systems Thomas G. Ragatz Accounting and Law Distinguished Chair thomas.linsmeier@wisc.edu (608) 265-2985

Deputy Department Chair, Accounting and Information Systems kristen.fuhremann@wisc.edu (608) 262-0316