Introduction
The June 12, 2013 letter from the Accounting Accreditation Committee emphasizes that the Sixth Year Review period offers an opportunity to tackle various educational quality concerns This section outlines the identified issues and the expectations for their resolution, aligned with the accreditation standards referenced in the committee's letter.
Concerns regarding the Assurance of Learning system for the Accounting Department’s undergraduate degree program.
The evaluation revealed several issues regarding the accounting degree program, notably a lack of comprehensive discussion about specific learning outcomes While there was considerable emphasis on broader competencies such as general knowledge and management skills, the focus on accounting knowledge was minimal, with limited assessment discussions in this area Additionally, it was evident that the department's Assessment of Learning (AOL) system has not yet reached full maturity.
The department must clearly define its learning goals and objectives in alignment with Accounting Standards 39 and 40, as well as Business Standard 16 It should be ready to elaborate on these objectives, particularly regarding the development and communication of financial information, guided by the relevant Accounting Standards Additionally, the department needs to demonstrate an Assurance of Learning (AOL) system that aligns with its learning goals and objectives, includes effective measurement and evaluation processes, and provides examples of how it addresses identified weaknesses through continuous improvement.
Concerns regarding the department’s criteria and process for AQ determination.
Issues Identified a It appeared that one faculty member was inappropriately identified as AQ.
The Department should evaluate the procedure for assessing the AQ status of faculty members and integrate relevant quality criteria when identifying acceptable PRJs, in accordance with Accounting Standard 35, Business Standard 2, and Business Standard 10.
Concerns regarding availability of student placement data.
Issues Identified a It appeared that placement data or other evidence of graduate success through placement was not evident.
The department must demonstrate student placement success and a proven track record of graduates entering the accounting profession, in accordance with Accounting Standard 33 on Student Placement and Accounting Standard 38 regarding Entry Goals.
Responses to Issues Identified
This section highlights the department’s responses to issues identified in the previous section.
Concern #1: Concerns regarding the Assurance of Learning system for the AccountingDepartment’s undergraduate degree program
Concern #1a: There was limited discussion about learning outcomes for the accounting
Before the Peer Review Team's visit in February 2013, the Accounting Program concentrated on assessing learning skills outcomes tied to five specific learning goals In response to the resolution expectations, accounting faculty members reviewed and approved the "Accounting Program Learning Goals and Associated Program Learning Objectives" during the Fall 2013 semester, with formal approval granted at the faculty meeting on November 21, 2013.
Accounting Program Learning Goals and Associated Program Learning Objectives
- Accounting graduates will demonstrate a base of knowledge, skills, and professional orientation consonant with the accounting profession.
Students will cultivate a general awareness of taxation, recognizing its vital role in society They will develop essential skills to identify and address various tax-related issues effectively.
Learning Objective 2: Students will develop a foundation of tax knowledge, including the development of competence with respect to general concepts of taxation, procedural rules and their application, and tax planning
Learning Objective 3: Students will understand the traditional cost accounting concepts such as cost flows, product costing, variance analysis, budget process, decision making performance analysis, and responsibility accounting
Learning Objective 4: Students will be able to use the results of analytical procedures to identify “red flags” of audit risk
Learning Objective 5: Students will be able to apply critical-thinking,decision-making, and analytical problem-solving skills in an accounting environment
- Accounting graduates will develop effective communication and interpersonal skills
Learning Objective 1: Students will be able to demonstrate techniques and formats for writing and speaking in a business environment
Learning Objective 2: Students will be able to prepare and deliver effective written business communication
Learning Objective 3: Students will develop teamwork and interpersonal skills
- Accounting graduates will demonstrate an understanding of general knowledge, organizational and business knowledge, and specialized accounting knowledge
Learning Objective 1: Students will demonstrate a general understanding of the fundamental areas of business
Learning Objective 2: Students will demonstrate an understanding of accounting's role in business and its information customers
Learning Objective 3: Students will be able to promote technical competencies in accounting standards and application
Learning Objective 4: Students will be able to recognize economic transactions that must be recorded and reported in financial statements
Learning Objective 5: Students will be able to analyze, record, and report economic transactions affecting financial statements
Learning Objective 6: Students will be able to apply analytical procedures to comparative financial statements
- Accounting graduates demonstrate an understanding of ethical considerations inherent in the profession
Learning Objective 1: Students will be able to explain the concept of
“independence” as it applies to CPAs
Students will develop the ability to identify suitable professional behavior in diverse situations by applying the IMA Statement of Ethical Professional Practice alongside the AICPA’s Code of Professional Conduct.
Students will develop the ability to analyze ethical cases by identifying key ethical issues and problems They will evaluate the perspectives of relevant stakeholders and assess the implications of various alternative actions Ultimately, students will be equipped to draw logical conclusions based on their comprehensive analysis.
- Accounting graduates will be able to work effectively in the increasingly complex and diversified technological, international, and competitive environments of today's organizations
Learning Objective 1: Students will demonstrate an understanding of information technologies' capabilities
Learning Objective 2: Students will be able to analyze and design database systems
Learning Objective 3: Students will demonstrate a general consciousness of International Financial Reporting Standards
Students will acquire the ability to implement modern cost management strategies, focusing on key areas such as quality cost accounting, variance analysis, and performance metrics for essential success factors, while also addressing relevant international considerations.
Table 1 outlines the Learning Goals of the Accounting Program, detailing five key objectives that are evaluated through external assessments like the ETS field test and internal assessments such as course-embedded evaluations Additionally, the table indicates which courses introduce (I), reinforce (R), and assess (A) these learning objectives.
Table 1 - Accounting Program’s Learning Goals and Learning Objectives
USI Accounting Program ACCT ACCT ASBE CIS ECON MNGT ACCT ACCT ACCT A.CCT ACCT ACCT Learning Goals and
Goal 1: Accounting graduates will demonstrate a base of knowledge, skills, and professional orientation consonant with the accounting profession
Students will develop a general awareness of taxation, emphasizing its significance in society while acquiring skills to identify and address tax-related issues.
Objective 2: Students will develop a foundation of tax knowledge, including the development of competence with respect to general concepts of taxation, procedural rules and
Objective 3: Students will understand the traditional cost accounting concepts such as cost flows, product costing, variance analysis, budget process, decision making performance analysis, and responsibility accounting
Objective 4: Students will be able to use the results of analytical procedures to identify
“red flags” of audit risk
Objective 5: Students will be able to apply critical-thinking, decision-making, and analytical problem-solving skills in an accounting environment
Goal 2: Accounting graduates will develop effective communication and interpersonal skills
Objective 1: Students will be able to demonstrate techniques and formats for writing and speaking in a business environment
Objective 2: Students will be able to prepare and deliver effective written business communication
Objective 3: Students will develop teamwork and interpersonal skills I R, A
Goal 3: Accounting graduates will demonstrate an understanding of general knowledge, organizational and business knowledge, and specialized accounting knowledge
Objective 1: Students will demonstrate a general understanding of the fundamental areas of business *
Objective 2: Students will demonstrate an understanding of accounting's role in business and its information customers
Objective 3: Students will be able to promote technical competencies in accounting standards and application
Objective 4: Students will be able to recognize economic transactions that must be recorded and reported in the financial statements
Objective 5: Students will be able to analyze, record, and report economic transactions affecting the financial statements
Objective 6: Students will be able to apply analytical procedures to comparative
Goal 4: Accounting graduates demonstrate an understanding of ethical considerations inherent in the profession
Objective 1: Students will be able to explain the concept of
“independence” as it applies to
Objective 2: Students will be able to determine appropriate professional behavior in various situations using both the IMA
Objective 3 focuses on equipping students with the skills to analyze ethical cases effectively This involves identifying key ethical issues and problems, assessing the perspectives of relevant stakeholders, and evaluating the implications of various alternative actions Ultimately, students will learn to draw logical conclusions based on their comprehensive analysis.
Goal 5: Accounting graduates will be able to work effectively in the increasingly complex and diversified technological, international, and competitive environments of today's organizations
Objective 1: Students will demonstrate an understanding of information technologies' capabilities
Objective 2: Students will be able to analyze and design database systems I R, A
Objective 3: Students will demonstrate a general consciousness of International
Objective 4 focuses on equipping students with the ability to implement modern cost management techniques This includes understanding the cost of quality, conducting variance analysis, and utilizing performance measures for critical success factors while also considering international issues.
* Introduced and reinforced in multiple business core courses, including FIN 305 (Business Finance),
MNGT 305 (Principles of Management), and MKTG 305 (Principles of Marketing)
If a significant number of students fail to meet or exceed learning objectives, the Accounting Faculty will conduct a "Program Review" of the relevant topics and implement necessary actions in the affected courses.
Concern #1b highlights that the emphasis in the discussion was predominantly on broader subjects, including general knowledge and management skills, while accounting knowledge received minimal attention Additionally, there was a lack of dialogue regarding the assessment of accounting, despite substantial results and focus being directed towards the broader learning outcomes.
To effectively tackle this issue, the department must be ready to elaborate on the learning objectives designed to enhance the development, measurement, analysis, validation, and communication of financial information, following the guidelines established by Accounting Standard 39: Accounting Undergraduate Education Goals.
Learning Objectives focused on the development, measurement, analysis, validation, and communication of financial and other information
This section provides examples of learning objectives that focus on the development, measurement, analysis, validation and communication of financial and other information
Accounting graduates will demonstrate a base of knowledge, skills, and professional orientation consonant with the accounting profession (Learning Objective 5:
Students will be able to apply analytical problem-solving skills in an accounting environment)
How will we know if students demonstrate effective analytical problem solving skills?
Students will demonstrate competency in the following analytical problem solving learning objectives:
1 Incorporate all relevant concepts and accurately use them
4 Interpret logically from the prior analysis
Exhibit 1: Analytical Problem Solving Assignment - ACCT 413
Rossco is evaluating the acquisition of a new computer system, with estimated costs totaling $206,000, which includes $54,000 for initial systems design, $74,000 for hardware, $35,000 for software, $11,000 for one-time training, $20,000 for systems installation, and $12,000 for file conversion The implementation of this system is expected to result in a reduction of three employees, saving an average of $120,000 in yearly salaries, while also decreasing average yearly inventory costs by $150,000 Additionally, the annual operating expenses for the system will amount to $30,000.
The machine is projected to have a lifespan of four years and a salvage value of zero, with a 40% effective tax rate applied The purchase costs for the computer will be depreciated using the straight-line method over its four-year duration Rossco can utilize funds released from reduced inventory, investing them at a cost of capital of 11% All cash flows, excluding the initial investment and start-up expenses, will occur at the end of each year, based on a 365-day calendar year.
Required: a Use a spreadsheet to perform a feasibility analysis to determine whether Rossco should purchase the computer. b Compute the following as part of the analysis:
2 After-tax cash flows for years one through four
5 Internal rate of return c Provide four qualitative factors that should be considered as well.
In addition, the following Analytical Problem Solving Rubric is used to determine a student’s level of performance in the ACCT 413 course.
Table 2: Analytical Problem Solving Rubric
Concepts Does not use relevant concepts to address problems or uses concepts incorrectly
Identifies most of the relevant concepts and accurately uses most of the concepts
Incorporates multiple relevant concepts and accurately uses all concepts
Information Does not use relevant information Uses most of the relevant information Incorporates all relevant information
Operations Fails to correctly calculate mathematical operations Correctly calculates most of the mathematical operations
Identifies and carefully evaluates implications/ consequences for alternative courses of action Interpretation Interpretation is incorrect or does not logically follow from prior analysis
Interpretation is clear and generally follows from prior analysis
Interpretation clearly and logically follows from prior analysis
To build essential skills and knowledge for the accounting profession, continual learning will be emphasized through various courses According to the AICPA Core Competency Framework, strong research skills are crucial for accounting professionals to effectively gather and apply relevant information This focus on research will be integrated into the ACCT 303 and ACCT 311 courses, with ACCT 303 featuring a comprehensive financial reporting research project and assessment, while ACCT 311 will include a thorough federal income tax research project and assessment.