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Master of Financial Accountability Enhancing the quality of corporate governance

Master of Financial Accountability Enhancing the quality of corporate governance. School of Administrative Studies. What is financial accountability?. The traditional fiduciary responsibility of accounting professionals for financial reporting;

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Master of Financial Accountability Enhancing the quality of corporate governance

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  1. Master of Financial AccountabilityEnhancing the quality of corporate governance School of Administrative Studies

  2. What is financial accountability? • The traditional fiduciary responsibility of accounting professionals for financial reporting; • A set of requirements and techniques designed to support good corporate governance; and • The responsibility of an organization to be accountable to its stakeholders.

  3. MFAc vs. traditional business master’s programs in North America • “In order to reduce people’s distrust, business schools need to show that they value what society values,” - Joel M. Podolny (Harvard Business Review, June 2009, pp. 63-67). • Podolny is the former dean of the Yale School of Management and was a professor at Harvard Business School and the Stanford Graduate School of Business. Currently, he is the vice president of Apple University in Cupertino, California.

  4. MFAc vs. traditional business master’s programs in North America • Podolny identified the following weaknesses in traditional business education in North America: • Inattention to ethics and value-based leadership in business schools (lack of ethics and value-based leadership courses). • Fragmented study of management challenges, leaving academics without a holistic appreciation of the challenges MBAs face (lack of sufficient integration). • Reliance on the case method, which does not teach students that being consistent in various situations and paying the right attention to detail are among the most challenging aspects of leadership (lack of consistency).

  5. Strengths of York’s MFAc program • We emphasize the importance of ethics and value-based leadership courses in our curriculum. • Several courses specifically and directly relate to the development of high ethical standards and focus on the development of value-based leadership skills, including: • FACC 6120 Corporate Responsibility and Ethics • ` (core) • FACC 6220 Corporate Governance and Financial Accountability (core) • FACC 6840 Experiencing Financial Accountability • (optional)

  6. Strengths of York’s MFAc program • We focus on one critical financial reporting concept – Financial Accountability. • Courses are taught by experts in several functional areas, including: Financial Accounting, Management Accounting, Income Tax Law, Audit and Information Systems, Finance, Corporate Governance, Law and Ethics. • In other words, several functional areas are integrated under the concept of financial accountability so as to avoid any fragmentation that may occur during the study of managerial challenges.

  7. Strengths of York’s MFAc program • Our program blends the advantages of both quantitative research (through the teaching of theories and mathematical models) and qualitative research (through the teaching of cases). • This approach allows MFAc students to apply theories and concepts to practical situations, similar to those epitomized in case studies, in a consistent and coherent manner.

  8. Motivation for the MFAc program • Several key factors sparked the development of our program: • The recent Global Financial Crisis, which started in 2008 and prompted us to ask: How can we ensure that we are better prepared? Is it possible to avoid another crisis? • The 2008 Report from the US Treasury Department’s Advisory Committee on the Auditing Profession, which called for a greater focus on financial accountability and transparency. • The 2002 Sarbanes-Oxley Act, which formalized the roles and fiduciary responsibilities of both accountants and managers.

  9. The Dalai Lama on the Economic Crisis • The exiled spiritual leader of Tibet, who has written about ethics and on-the-job stress (The Art of Happiness at Work, with Howard C. Cutler, 2003), has strong opinions about the global financial crisis and its causes. • What, according to him, caused the collapse? • One: Too much greed • Two: Speculation • Three: Not being transparent

  10. The importance of Transparency • The Dalai Lama also emphasized the importance of, and need for, greater transparency… • “When things become difficult, make it clear to the public…” • “If right from the beginning the true picture is made clear, the public may be less shocked…” • – BusinessWeek, March 2009

  11. Objectives of the MFAc program • To equip graduates with the abilities and skills to effectively tackle complex organizational, ethical, legislative and financial realities that they will face in their careers. • To promote compliance with corporate governance in the private, public and not-for-profit sectors. • To address the complex challenges arising from rapid changes occurring in the financial reporting environment.

  12. Four Conceptual Cornerstones Corporate Ethics Regulatory Standards and Legislative Requirements Effective Information Systems Transparency in Financial Reporting

  13. The challenges you face in your work… • Growing risk for your organization; • Increasing complexity of risk and the need for systems to manage it; • Stakeholders demanding more accountability and transparency than ever before; • Accountants don’t just measure; now risk must be managed and accounted for in terms of all aspects of the organization; and • Lack of support to implement new corporate governance systems.

  14. MFAc solutions to career challenges • How will York University’s • Master of Financial Accountability • help you to meet these challenges • in your career?

  15. As an MFAc student you will… Learn to analyze financial statements and the broader range of corporate communications to assess performance and accountability. FACC6100 Advanced Financial Statement Analysis Critically engage with contemporary theory and practice in financial accountability and corporate governance. FACC6120 Corporate Responsibility and Ethics FACC 6200 Advanced Theory for Financial Accountability FACC6220 Corporate Governance and Financial Accountability

  16. As an MFAc student you will… Understand normative and ethical debates as they relate to financial accountability and to the transformation of corporate governance more broadly. FACC6120 Corporate Responsibility and Ethics FACC6220 Corporate Governance and Financial Accountability) Critically assess corporate risk management procedures as part of financial accountability. FACC6100 Advanced Financial Statement Analysis FACC6160 Controls and Risk Management)

  17. As an MFAc student you will… Optimize internal financial and information management systems and controls to maximize transparency and access for stakeholders. FACC6160 Controls and Risk Management FACC6240 IT Governance and Monitoring Strategies Manage and evaluate performance measurement systems. FACC6140 Performance Measurement Systems

  18. MFAc Courses Challenge & Inspire • As an MFAc student you will… • Apply critical inquiry, research skills and practical techniques to analyze and improve corporate reporting and accountability to stakeholders.

  19. Required core courses All students must complete the following 8 courses (24 credits): 6100 Advanced Financial Statement Analysis 6120 Corporate Responsibility and Ethics 6140 Performance Measurement Systems 6160 Controls and Risk Management 6180 Research Methods 6200 Advanced Theory for Financial Accountability 6220 Corporate Governance and Financial Accountability 6240 Information Technology Governance and Monitoring Strategies

  20. Research and coursework options Major Research Paper (MRP) Option:The MRP is an independent research project leading to a major research paper on a topic relating to financial accountability. Coursework Option:Students will complete an additional 6 credits selected from the list below: 6400 Earnings Management and Forensic Accounting 6440 Management and Control of E-Commerce Systems 6460 Accountability Issues in the Government & Not-For-Profit Sectors 6620 Accounting and Finance Issues in Pensions and Benefits 6840 Experiencing Financial Accountability (experiential course)

  21. MFAc faculty • Our faculty members have expertise in areas such as accounting, finance, tax, audit and management information systems, and corporate governance and ethics. • Brian Gaber Songlan (Stella) Peng • Patrice Gelinas Marcela Porporato • Thaddeus Hwong Chris Robinson • Joanne Jones Christobal Sanchez-Rodriguez • Sung Kwon Mark Schwartz • Liona Lai Gary Spraakman • Richard Leblanc Ingrid Splettstoesser-Hogeterp • Joanne Magee Paul Wayne • John Parkinson Nelson Waweru

  22. Application Deadlines • April 1 – Summer term • July 1 – Fall term • Nov. 15 – Winter term

  23. Course Schedule • Summer 2010 • Controls and Risk Management • GS/FACC 6160 (3 credits) • Instructor: Dr. Ingrid Splettstoesser-Hogeterp • Accounting and Finance Issues in Pensions and Benefits • GS/FACC 6620 (3 credits) • Instructor: Dr. Patrice Gelinas

  24. Course Schedule • Fall 2010 • Advanced Financial Statement Analysis • GS/FACC 6100 (3 credits) • Instructor: Dr. John Parkinson • Corporate Responsibility and Ethics • GS/FACC 6120 (3 credits) • Instructor: Dr. Mark Schwartz

  25. Course Schedule • Fall 2010 continued… • Research Methods GS/FACC 6180 (3 credits) • Instructors: Dr. Sung Kwon (Quantitative Methods) Dr. Marcela Porporato (Qualitative Methods)

  26. Course Schedule • Winter 2011 • Performance Measurement Systems GS/FACC 6140 (3 credits) • Instructor: Dr. Marcela Porporato and Dr. Nelson Waweru • Controls and Risk ManagementGS/FACC 6160 (3 credits) • Instructor: Dr. Ingrid Splettstoesser-Hogeterp

  27. Course Schedule • Winter 2011 continued .. • Advanced Theory for Financial Accountability GS/FACC 6200 (3 credits) • Instructor: Dr. Stella Peng • Corporate Governance and Financial Accountability GS/FACC 6220 (3 credits) • Instructor: Dr. Richard Leblanc

  28. Course Schedule • Summer 2011 • Earnings Management and Forensic Accounting GS/FACC 6400 (3 credits) • Instructor: Dr. Liona Lai • Ms. Lynne MacInnes • Accounting and Finance Issues in Pensions and Benefits • GS/FACC 6620 (3 credits) • Instructor: Dr. Patrice Gelinas

  29. Program fees • For the 2009-2010 Academic Year, • Domestic Students International Students • $25,829.64 $35,829.64 • An annual increase in program fees is expected to be 3-8%. • The fees will be paid in installments over the semesters in which you take courses.

  30. What our students have to say… • Comments from some of our students in the MFAc program: • “The MFAc program’s unique focus on governance and accountability has enhanced my understanding and broadened my perspective on key issues facing many companies today.” • -Gordon Piercey, CA • “MFAc differs from traditional business master’s programs by providing students with leading-edge specialization in an emerging business field. Small class sizes and highly skilled professors allow for an enriched learning environment.” • -Mary Labatia, CA

  31. Contact information • Have a question? Want more information? Not sure if you meet the application criteria? • We want to help. • School of Administrative Studies • York University • 4700 Keele Street • Toronto, ON M3J 1P3 • (416) 736-5744 • www.yorku.ca/mfac

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