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2018 Deloitte/University of Kansas Auditing Symposium

Agenda

Wednesday, May 16

Location:

Oread Hotel, 9th Floor Terrace

1200 Oread Ave.
Lawrence, KS 66044

7:00 - 9:00 p.m.

Reception

Thursday, May 17

Location:

Capitol Federal Hall
School of Business, University of Kansas

(Note: Buses will transport Symposium participants from the Oread Hotel to Capitol Federal Hall. Buses will run every 8 minutes from 6:30 – 8:30 a.m.)

Capitol Federal Hall
1654 Naismith Drive
Lawrence, KS 66045

7:00 - 8:00 a.m.

Breakfast (Tim Barton Colloquium)

8:00 - 8:30 a.m.

Welcome and Opening Remarks (Dicus Auditorium)

  • Keith Jones, Director of Accounting and Professor, University of Kansas School of Business
  • Paige Fields, Dean and Henry D. Price Professor, University of Kansas School of Business
  • Howard Cohen, Lead Client Service Partner, Deloitte & Touche LLP

8:30 - 9:20 a.m.

The Audit of the Future, Today—Transforming to Meet the Evolving Needs of the Capital Markets

  • Joe Ucuzoglu, Chairman & CEO, Deloitte & Touche LLP

9:20 - 9:30 a.m.

Refreshment break

9:30 - 10:20 a.m.

PCAOB Transition

  • William Duhnke, Chairman of the Public Company Accounting Oversight Board (PCAOB)

10:20 - 10:30 a.m.

Refreshment break

10:30 a.m. - 12:00 p.m.

Panel discussion: Innovations in Auditing

Moderator: Cindy Fornelli, Executive Director, CAQ

  • Scott Showalter, North Carolina State University
  • Jeffrey Burgess, Grant Thornton
  • Dave Sullivan, Deloitte & Touche LLP

12:00 p.m. - 1:45 p.m.

Lunch

  • "Why They Do It"

  • Eugene Soltes, Jakurski Family Associate Professor of Business Administration at Harvard Business School

1:45 - 2:30 p.m.

Audit of the Future—The Future is Now

  • Jeffrey Burgess, National Managing Partner of Audit Services, Grant Thornton

2:30 - 2:45 p.m.

Refreshment break

2:45 - 3:30 p.m.

The Conceptual Framework and FASB’s Future Agenda

  • Christine Botosan, Financial Accounting Standards Board (FASB)

3:30 - 3:45 p.m.

Refreshment break

3:45 - 5:15 p.m.

Research Session

Chenxi Lin, Moderator

Does Increased Access to Non–Accounting Professionals Enhance Financial Statement Audit Quality?

  • Albert Nagy, John Carroll University
  • Matthew Sherwood, University of Massachusetts, Amherst
  • Aleksandra Zimmerman, Northern Illinois University

The Effect of Audit Quality on a Firm’s Internal Information Environment: Evidence from Group Audits

  • Tom Adams, University of Connecticut
  • Ying Zhou, University of Connecticut

Consequences of Low-Quality Audits for Engagement Partners

  • Daniel Aobdia, Northwestern University
  • Reining Petacchi, Georgetown University

5:30 p.m.

Bus will transport Symposium participants from Capitol Federal Hall to Oread Hotel

6:30 - 8:30 p.m.

Reception and dinner

Oread Hotel, Griffith Room

1200 Oread Ave.
Lawrence, KS 66044

Friday, May 18

Location:

Capitol Federal Hall
School of Business, University of Kansas

(Note: Buses will transport Symposium participants from the Oread Hotel to Capitol Federal Hall. You can leave your luggage in a locked room in Capitol Federal Hall. There are no buses back to the Oread Hotel after the Symposium. If you need a ride back to the Oread, let the Symposium organizers know. If you have a car, you can park in the main surface lot next to Capitol Federal Hall in any stall except for the front row, which has a blue sign.)

Capitol Federal Hall
1654 Naismith Drive
Lawrence, KS 66045

7:30 - 8:30 a.m.

Breakfast (Tim Barton Colloquium)

8:30 - 10:00 a.m.

Research Session (Dicus Auditorium)

Ashleigh Bakke, Moderator

Coaching Today's Auditors: When Do Workpaper Reviewers Professionally Develop the Preparer?

  • Lindsay M. Andiola, Virginia Commonwealth University
  • Joseph F. Brazel, North Carolina State University
  • Denise Hanes Downey, Villanova University
  • Tammie J. Schaefer, University of Missouri-Kansas City

A Cog in the Wheel or a Spanner in the Works: Examining the Perspectives of Valuation Service Providers

  • Dereck Barr-Pulliam, University of Wisconsin-Madison
  • Stephanie A. Mason, DePaul University
  • Kerri-Ann Sanderson, Bentley University

Non-Audit Services and the Timeliness and Reliability of Earnings Announcements

  • Chris E. Hogan, Michigan State University
  • Michelle L. Nessa, Michigan State University
  • Joseph H. Schroeder, Indiana University

10:00 - 10:15 a.m.

Refreshment break

10:15 - 11:45 a.m.

Research Session

Yijun Li, Moderator

The Last Chance to Improve Financial Reporting Reliability: Evidence from Recorded and Waived Audit Adjustments

  • Preeti Choudhary, University of Arizona
  • Kenneth Merkley, Cornell University
  • Katherine Schipper, Duke University

Do Global Audit Firm Networks Apply Consistent Audit Methodologies Across Jurisdictions? Evidence from Financial Reporting Comparability

  • Matthew Ege, Texas A&M University
  • Young Hoon Kim, Texas A&M University
  • Dechun Wang, Texas A&M University

How Higher Performance on Client Service Affects Auditors’ Willingness to Challenge Management’s Preferred Accounting

  • Michael A. Ricci, University of Florida

11:45 p.m. - 1:00 p.m.

Lunch

1:00 - 2:30 p.m.

Research Session

Patience Constance, Moderator

Using SEC EDGAR Views to Measure Competition Among Big 4 Auditors

  • Nicholas J. Hallman, University of Texas at Austin
  • Antonis Kartapanis, University of Texas at Austin
  • Jaime J. Schmidt, University of Texas at Austin

Should Uninformed Shareholders Vote? Evidence from Auditor Ratification

  • Cory A. Cassell, University of Arkansas
  • Tyler J. Kleppe, University of Arkansas
  • Jonathan E. Shipman, University of Arkansas

Auditor expertise in Mergers and Acquisitions

  • Ronen Gal-Or, Northeastern University
  • Rani Hoitash, Bentley University
  • Udi Hoitash, Northeastern University

2:30 p.m. - 2:35 p.m.

Concluding Remarks

 

Speaker Backgrounds

* Please note: These speaker background statements were originally posted in 2018

Christine Ann Botosan

Board Member

FASB

Christine Ann Botosan joined the Financial Accounting Standards Board (FASB) on July 1, 2016. Prior to joining the Board, Ms. Botosan served as a professor of accounting at the David Eccles School of Business at the University of Utah.

An award-winning professor and researcher, Ms. Botosan has a broad knowledge of accounting issues, with particular expertise in the areas of financial statement analysis and valuation.

Ms. Botosan has served in a variety of roles during her tenure at the David Eccles School of Business at the University of Utah. In addition to her tenure as a professor, she served as a leadership fellow in the office of the vice president and as the George S. and Dolores Dore Eccles Presidential Chair in Ethical Financial Reporting. She was previously the associate dean of graduate affairs and an associate professor of accounting.

Prior to joining the University of Utah in 1999, Ms. Botosan was an assistant professor of accounting at Washington University in St. Louis, Missouri. Previously, she served as a lecturer at Wilfrid Laurier University in Waterloo, Ontario.

Ms. Botosan has served the academic community in numerous ways, and is an immediate past president of the American Accounting Association (having been president from 2014–2015).

A certified valuation analyst and a chartered professional accountant of Canada, Ms. Botosan received her Ph.D. in business administration from the University of Michigan and received a bachelor’s degree in business administration from Wilfrid Laurier University in Ontario, Canada.

Jeffrey L. Burgess

National Managing Partner, Audit Services

Grant Thornton LLP

Jeff Burgess is the national managing partner of Audit Services for Grant Thornton LLP. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms.

Executive summary

Previously, he served as the national managing partner of Professional Standards and Partnership Board member. Earlier, he was partner-in-charge of the firm’s National Professional Practice Director Group and the National Professional Practice director for the Southeast region. He also served as the partner-in-charge of the firm’s Greensboro, N.C., office and as the Professional Standards partner for the Carolinas practice, which includes offices in Charlotte and Raleigh, N.C., and Columbia, S.C.

Burgess, who is a member of the firm’s Senior Leadership Team, has extensive experience in numerous financial consulting projects, including Sarbanes-Oxley Section 404 compliance, acquisition and disposition due diligence, and process mapping and improvement projects. He has participated in operational and productivity improvement projects; deduction and chargeback process improvement projects; preparation of financial forecasts and projections; and numerous regulatory filings, including debt offerings and initial public offerings.

Prior to joining Grant Thornton in 2002, he spent more than 15 years with Arthur Andersen.

Qualifications and memberships

A frequent lecturer on various emerging accounting and Securities and Exchange Commission reporting topics, Burgess is a board member of Junior Achievement of the Central Carolinas and the United Way of the Central Carolinas. He is a certified public accountant in North Carolina and a member of the American Institute of Certified Public Accountants and the North Carolina Association of Certified Public Accountants.

Education

He received a bachelor’s degree in business administration with a concentration in accounting from the University of North Carolina at Chapel Hill.

William D. Duhnke III

Chairman

PCAOB

William D. Duhnke III was appointed Chairman of the Public Company Accounting Oversight Board by the Securities and Exchange Commission in December 2017, and sworn in on January 2, 2018.

Prior to joining the PCAOB, Chairman Duhnke was the majority staff director and general counsel to the U.S. Senate Committee on Rules and Administration under the leadership of Chairman Richard C. Shelby. He oversaw and managed the committee's consideration of the rules and administration of the Senate, and the organization and operation of the U.S. Congress. In this role, he also managed and organized the strategic planning and implementation process for the functional and technical infrastructure support of the Senate.

Chairman Duhnke served twice as staff director and general counsel to the Senate Committee on Banking, Housing, and Urban Affairs. He had oversight of all administrative and legal matters affecting the committee and its activities, including consideration of public policy affecting banking and other financial institutions and monetary and related international economic policy; and its oversight responsibility for the financial regulators, including the SEC and the PCAOB.

Between those terms working for the Banking Committee, Chairman Duhnke served as staff director and general counsel of the Senate Committee on Appropriations. In this role, he oversaw the committee's work to appropriately allocate the government's discretionary funds to government agencies, departments, and organizations for consideration by the full Senate.

Immediately prior to joining the Banking Committee for the first time in 2006, Chairman Duhnke was the staff director and general counsel for the Senate Select Committee on Intelligence, which oversees the government agencies and programs that are responsible for intelligence information.

Prior to joining the Senate staff in 1995, Chairman Duhnke served in the U.S. Navy. He graduated first in his class from Aviation Officer Candidate School and joined Fleet Air Reconnaissance Squadron Three (VQ-3), where he earned his warfare specialty in the EC-130 Hercules aircraft. Chairman Duhnke's last assignment before completing his naval service as a Lieutenant in 1991 was in the White House.

After leaving the Navy, he served on the staff of the Presidential Commission on the Assignment of Women in the Armed Forces, and the Defense Base Closure and Realignment Commission. He joined the staff of Senator Shelby following the completion of the 1993 round of base closures.

Chairman Duhnke earned a B.A. from the University of Wisconsin-Madison, and a J.D. from Catholic University Columbus School of Law.

Cynthia M. Fornelli

Executive Director

Center for Audit Quality (CAQ)

Cindy Fornelli is Executive Director of the Center for Audit Quality (CAQ), a position she has held since the CAQ was established in 2007. In 2015, Cindy was honored for the seventh time by Directorship magazine as one of the 100 most influential people on corporate governance and in the boardroom. Accounting Today has named her one of the 100 most influential people in accounting for nine consecutive years.

Cindy serves on the Advisory Board of the Ira M. Millstein Center for Global Markets and Corporate Ownership, the Securities and Exchange Commission Historical Society’s Board of Trustees, the Audit & Risk Oversight Committee Advisory Council of the National Association of Corporate Directors, and the Accounting and Auditing Committee of the International Corporate Governance Network. She previously served on the National Association of Corporate Directors’ 2010 Blue Ribbon Commission on the Audit Committee and 2009 Blue Ribbon Commission on Risk Governance. Prior to joining the CAQ, Fornelli was the Regulatory and Conflicts Management Executive at Bank of America and the Deputy Director of the U.S. Securities and Exchange Commission's Division of Investment Management. Cindy is a graduate of Purdue University and received her J.D. degree at The George Washington University.

D. Scott Showalter

Professor of Practice, Incoming Director of the MAC Program

Poole College of Management, N.C. State University

Scott Showalter is a professor of practice and incoming director of the MAC Program in the Poole College of Management at NC State University where he has received numerous university and college awards for teaching, research and service excellence. Prior to entering academia, Scott was an audit partner with KPMG LLP, where he completed his 33-year career in July of 2008.

He currently serves as the chairman of the Federal Accounting Standards Advisory Board, member of AICPA Council, member of AICPA sustainability task force and PCAOB’s Data and Technology Task Force. He joined the North Carolina Association of CPA’s Board of Directors in 2016 and is currently the chair-elect. He completed a five-year term as a member of the Public Company Accounting Oversight Board Standing Advisory Group and as a commissioner in the Pathways Commission. He is very active with the American Accounting Association, having served (and currently serving) in various leadership roles, including President of the Auditing Section. Scott is a licensed CPA in the state of North Carolina. Scott received his bachelor’s degree, summa cum laude, from the University of Richmond.

Eugene Soltes

Jakurski Family Associate Professor of Business Administration

Harvard Business School

Eugene Soltes is the Jakurski Family Associate Professor of Business Administration at Harvard Business School where his research focuses on corporate misconduct and fraud, and how organizations design cultures and compliance systems to confront these challenges. He teaches in several of the school’s executive education programs and was the recipient of the Charles M. Williams Award for outstanding teaching.

Professor Soltes’ work on corporate misconduct and fraud culminated in the book Why They Do It: Inside the Mind of the White-Collar Criminal, which was described by Kirkus Reviews as “a groundbreaking study” on white-collar criminality. The book explores why often wealthy and successful executives engage in deception. The investigation draws on more than seven years of interaction with nearly fifty of the most high-profile former executives. The book refutes popular explanations of why seemingly successful executives engage in fraud and shows that most executives make decisions the way we all do--on the basis of intuitions and gut feelings. The trouble, Soltes shows, is that these gut feelings are often poorly suited for the modern business world and often lead to the harmful acts that we so often read about in the news.

At the organizational level, Professor Soltes examines how firms voluntarily disclose information to investors, employees, and regulators. This research has been published in leading finance, accounting, and economics journals and has resulted in numerous awards including the Hillcrest Behavioral Finance Award, California Corporate Finance Conference Award, and the Financial Research Association Best Paper Award.

Professor Soltes is a popular keynote speaker and frequently advises firms about their compliance programs and training. He is regularly invited to speak to regulators, including the Department of Justice, Securities and Exchange Commission, United States Treasury, and the Federal Bureau of Investigation. Professor Soltes’ research has been widely quoted by the media including in The Wall Street Journal, Financial Times, The New York Times, NPR, and The Economist.

Prior to joining the faculty of the Harvard Business School, Professor Soltes received his PhD and MBA from the University of Chicago Booth School of Business, and his AM in statistics and AB in economics from Harvard University.

David M. Sullivan

National Managing Partner, Quality & Professional Practice

Deloitte & Touche LLP

As the National Managing Partner - Quality & Professional Practice at Deloitte & Touche LLP, Dave leads the national office including the accounting, SEC services, audit policy and methodology, risk management, inspections, and regulatory functions, and also oversees the regional and local quality leaders. In addition, he serves as a member of the Deloitte & Touche LLP Executive Committee and Board of Directors. Dave is a member of the Standing Advisory Group of the Public Company Accounting Oversight Board and of the Professional Practice Executive Committee of the Center for Audit Quality.

Prior to this role, Dave served as the Deputy Managing Partner – Professional Practice, Audit; National Professional Practice Director, West Region; Professional Practice Director in the Silicon Valley and Orange County practices and as the Industry Professional Practice Director for the Technology, Media and Telecommunications industry. Dave has served large Fortune 50 companies and on dozens of IPOs over his career. Dave has 35 years of public accounting experience. Dave is a former member of the Financial Accounting Standards Advisory Committee of the Financial Accounting Standards Board and a former practice fellow at the Financial Accounting Standards Board. Dave graduated from Cal Poly in San Luis Obispo, CA.

Joe Ucuzoglu

Chairman and Chief Executive Officer

Deloitte & Touche LLP

Joe Ucuzoglu is the chairman and chief executive officer of Deloitte & Touche LLP.

As the leader of the US Audit & Assurance practice, Joe is responsible for overseeing all aspects of the organization including execution of our quality, innovation, growth, and talent strategies. He maintains significant audit client responsibilities, serving as the advisory partner for selected client engagements, and is a frequent speaker on issues impacting the audit profession and regulatory landscape. Joe also serves on Deloitte’s Global Board of Directors.

Recognized as a leader in the public accounting profession’s drive to continuously improve audit quality, Deloitte’s public company audit clients in the US total over $7 trillion in market capitalization and include 23 percent of Fortune 1000 companies.

Previously, Joe was Deloitte’s national managing partner for government, regulatory, and professional matters. In this role, he was responsible for Deloitte’s interactions with regulators and elected officials as well as overseeing the government affairs, public policy, independence, and ethics functions.

Prior to rejoining Deloitte, Joe served as senior advisor to the chief accountant at the Securities and Exchange Commission (SEC), advising on complex accounting, auditing, and public policy matters, and interacting frequently with other governmental agencies and Congress.

Joe is a graduate of the University of Southern California (USC). He serves on the board of directors of the US Chamber of Commerce, the board of trustees of the SEC Historical Society, and the executive committee of USC’s SEC Financial Reporting Institute. He is a member of the Committee on Capital Markets Regulation, an independent research organization dedicated to enhancing the competitiveness of US capital markets and ensuring stability of the US financial system, and is active in the Center for Audit Quality, an autonomous group devoted to fostering high-quality performance by public company auditors.

 

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