Accounting and Information Systems
What is ACIS?
At its basis, Accounting is the language of business. It is used in all manners and aspects of running a business. ACIS students are qualified to work in any facet of a business from management to finance to analytics. As a major, ACIS will develop the analytic skill set necessary to make decisions at all levels of a business enterprise.
Scholarships
- Every year $370,000 are given in scholarships to students majoring in Accounting
- 95% Job Placement of students graduating with an ACIS degree
- Students receive a median of $60,000 as their starting salary
Reasons Why Students/Alumni Say ACIS Is Important
- Accounting analytics drive both professional and personal business decisions that are so important in today’s business climate (tax, investments, and personal financial planning)
- Accountants often form their own practices to provide financial planning and consulting services. This may be appealing to those with an entrepreneurial spirit and independent mindset.
- Resistant to political and economic changes with high employment demands across all industries
- Diverse work opportunities both in scope (business, government, not-for-profit) and geographical opportunities both domestically and internationally
- Skills are highly transferable to all business careers.
- Discipline of accounting provides multiple opportunities for professional licenses (CPA, CMA, CISA, CFE, CFF)
MYTHS ABOUT ACIS
A “stereotypical accountant” is perceived as an antisocial person who works a set schedule at a cubicle creating Excel spreadsheets all day. However, real accountants are very social people. Regardless of your specific role, accountants constantly communicate with clients and work in teams on projects (engagements). Your job is to be an awesome, flexible, and driven problem-solver for your clients.
Technology has helped automate some processes and transactions, but has not and will not fully automate this field. Accountants are required to gather information, find patterns, and report on trends. It requires a human eye to sort through all of this and share with others. Technology augments but does replace the need for accountants.
OPTIONS WITHIN ACIS
ACCT (Accounting Option)
Is a leading-edge accounting and auditing program that prepares students for careers in the preparation, reporting, audit, analysis and use of financial information. Prepares graduates to earn the CPA, CMA, and other professional accounting certification.
Information Systems Audit (ISA)
Is an innovative systems program designed to prepare students for careers in assurance services (or auditing) and to add value to the financial reports of businesses and the information systems they use. Prepares graduates to sit for the CPA or CISA certification
152-Hour Program
The 152-hour program is an easy segue for students who want to obtain a Masters in Accounting and Information Systems (MACIS). Students who are accepted into the program are able to take three graduate level courses during their senior year at the undergraduate tuition rate.
Master of Accounting and Information Systems
MACIS is a one year masters program that allows students to specialize their knowledge in one of five accounting concentrations. The MACIS program prepares its graduates for success on the Uniform CPA Exam and provides additional senior level career opportunities.
Potential Career Paths
The Accounting degree provides innumerable starting positions that allow for expansive growth into high-profile roles such as CFO, CEO, Partner, and Controller. Pamplin ACIS graduates include Phillip Bullock (Global Tax Director – Apple Inc) and Lynn Doughtie (Chairperson and CEO – KPMG).
Description
Auditors review financial information to ensure that what is presented is accurate when released to investors/stakeholders. Auditors must ensure the information complies with legal reporting standards and is free from fraud and error within a certain margin of error (called materiality).
Roles
- Financial Statements Auditor
- Internal Auditor
- Compliance Auditor
- Audit Manager/Partner/Director
Description
Tax Accountants work with clients to develop tax plans that allow the client to strategically recognize expenses and revenues in a way that minimizes the total amount of taxes paid. Tax Accountants must be well-versed in tax laws to know which laws can be capitalized on to provide the most value for clients.
Roles
- Tax Manager/Partner/Director
- Tax Analyst
- Tax Specialist
Description
Forensic Accountants perform investigations on cases where clients are losing money due to reasons unbeknownst to them. Oftentimes, clever accounting tricks and other schemes are used by employees to steal money from their employers, and forensic accountants help determine who did it and how it was done.
Roles
- Investigative Auditors
- Fraud Examiners
- Forensic Auditors
Description
Managerial Accountants work internally within an organization to help direct decision making through analysis of cost data. Managerial accountants may use scenario and trend analysis to determine the most cost-effective solutions to problems and create valuable documents like budgets.
Roles
- Management
- Financial/Cost Analyst
- Treasurer
- Controller
Description
Financial Accountants also work internally within an organization with their biggest responsibility being to accurately represent their company’s financial position to external stakeholders such as debtors, creditors, suppliers, investors, and more. Financial Accountants prepare the financial statements that are eventually reviewed by auditors at the firm’s year-end.
Roles
- CFO/CEO
- Accounts Receivable (AR) Accountants
- Accounts Payable (AP) Accountants
- Treasurer
- Controller
Description
Accounting Consultants are a hybrid between a legal advisor and an accountant. They work directly with clients to review financial information to determine next steps as well as to suggest fixes/improvements to the accounting department’s operations and various reporting mechanisms.
Roles
- Advisory Consultant
- IS Audit Consultant
- Accounting Advisor
Description
Information Systems are a component of all of accounting. Working in this field has become more and more desirable as accounting and information systems have become inextricably linked. Many professionals in this field are Information Systems Auditors who work to ensure that the systems used by companies are appropriately secure and accurate and work as part of the broader overall audit.
Roles
- IS Auditor
- IS Analyst
- Consultant
Interesting ACIS Courses
This is an excellent introduction class into the world of Excel. You will learn how to efficiently use Excel to solve business problems. You will understand all of the unique features in the program that you might not have used yet.
Topics:
- Microsoft Excel
- Data Cleaning
- Visualizations
- Big Data Analytics
This course is the second session for Principles of Accounting. Instead of doing financial accounting, you will be covering managerial accounting. You will learn the ins and outs of internal processes and controls to help managers make smart business decisions.
Topics:
- Cash Flow Analysis
- Budgeting/Forecasting
- Variance Analysis
- Product Costing
- Trend Analysis
Since most ACIS majors graduate into the auditing profession, the information provided in this class is invaluable. You will learn why the audit profession exists, how auditors should think/behave, what documentation auditors use, and accounting assumptions that every auditor should know.
Topics:
- Risk Assurance
- Materiality
- Error vs. Fraud
- Professional Skepticism/Judgement
- Financial Statement Cycles
This course is designed for students to frame their minds from both perspectives of a forensic accountant and a criminal. Students learn the origins of forensic accounting, the most common types of schemes committed by criminals to steal money, and basic skills on report-writing and interviewing suspects.
Topics:
- Fraud Triangle
- Forensic Accounting vs. Fraud Examination
- Sarbanes-Oxley Act
- Fraud Case Studies - Enron/WorldCom/Tyco/etc
Big Data and analytics have changed the accounting profession. This course is designed to provide insights and practical hands-on experience in the analytics space. This focuses on application of critical thinking, data transformation, data analytics, and visualizations across the various accounting fields (financial, managerial, audit, tax, and consulting). There is also focus on application of software packages such as Alteryx, Tableau, and Power BI.
Topics:
- Application of Data Analytics
- The extract, transform, and load process
- Data Visualization
- Data Storytelling
- Data Ethics
THINK OF IT THIS WAY
“Accounting is like flossing. We all know how important it is, but very few of us take those extra few minutes to get it done.”
The work of an accountant can go underappreciated, but is important for the smooth operation of businesses and the economy as a whole.
“Auditors are like superheroes, they’re defenders of the free market”
Auditors ensure that companies are reporting correct information to investors and by extension the stock market so that any transactions made are made with legitimate funds that companies actually own