The skills and knowledge needed in the accounting profession are changing as quickly
as technology and practices in the business world. The Accountancy programs at the
Sam M. Walton College of Business will provide you with a broad-based accounting education
where critical thinking, creative problem solving, and professional determination
are encouraged.
History of the Accounting Department
2015 to Present
This period was marked by retirements of several longstanding extraordinary faculty
members, including Dr. Rein Bouwman, Dr. Karen Pincus, and Dr. Charles Leflar. Likewise,
a number of exceptional tenured faculty members were added including Dr. Kris Allee
and Dr. Jonathan Shipman. In 2015, the Department was blessed to receive a gift from
the estate of Dr. Bill Glezen to establish a newly endowed chair, as well as Faculty
and Student Innovation Fund. Dr. Gary Peters was the first holder of the William Glezen
Endowed Chair in Accounting.
In 2016, Dr. Peters began his service as department chair. Dr. Peters had previously
served as the MACC director from 2005-2014 and interim department chair from 2014-2015.
The Department successfully achieved AACSB re-accreditation. Supporting this achievement,
the Faculty developed a guiding document to establish strategic focus areas, including
the development of the Department’s Diversity and Inclusion Strategic Plan. In 2017,
the Department launched the College’s first discipline-specific online degree plan
in accounting. The Department also benefited by the expansion of the Accounting Advisory
Board, including strategic accounting additions to the Dean’s Executive Advisory Board.
During this period, the Board established the Advisory Board Leadership Endowment
to support innovative leadership development among accounting students.
In 2020, the Department received a $10 Million naming gift from William Dillard II, to establish the William Dillard Department of Accounting. The gift was provided
in honor of William Dillard Sr. The naming gift established endowments for an Accounting
Transformation Fund, EPIC Accounting Executive-In-Residence Program, MPACC Student
Scholars, Accounting Technology and Analytics Initiative, Dillard Faculty Scholars
of Excellence, Accounting Doctoral Student Support. 2020 also marked the launch of
the Masters of Professional Accounting degree. The faculty specifically designed this
program to allow for concentrations in tax, corporate accounting, and analytics. This
program also strategically complemented the extremely robust and high-profile placement
of students in both public accounting and industry. This also directly reflected the
vast economic and cultural expansion of Northwest Arkansas, as well as the national
placement of our graduates.
Our reputation, alumni support, and employer partnerships have never been stronger.
Compared to our early history, our students are more likely to come from other States,
sit in larger classes, have a more diverse set of internationally-recognized Professors,
and spread to more geographic dispersed careers (not to mention on-line education
experiences). They are also more likely to benefit from on-campus services, study-abroad
experiences, internships, leadership activities, student group conferences, honors
programs, and graduate programs. Their common memories are more likely to be about
transformational experiences and personal development on campus. These memories are
as noteworthy and life-changing as ever. They affirm our mission as the Flagship Institution
in Arkansas.
2000 to 2014
In the first decade of the 21st century, the department developed several new courses
in the SAP/ERP program, developed a new Ethics and Corporate Governance course, participated
in the redesign of the undergraduate business core curriculum to innovate a business
processes approach, and developed several new accounting courses for the MBA and managerial
MBA programs. The MAcc and doctoral programs continued to grow in quantity and quality
and students in these programs enjoyed their choice of multiple great job opportunities.
Supporting materials for all undergraduate and master's courses became available to
students electronically via the Blackboard Learning Management System.
The department's financial resources grew during this decade with the addition of
several student award funds, scholarship funds, funds to support a computer lab and
meeting rooms for the MAcc students, a student emergency fund and several new endowed
chairs - including the Garrison-Wilson Chair, named in honor of donors Tom and Natalie
Garrison and Larry Wilson and first held by Dr. Don Finn, and the Doyle and Maynette
Derr Williams Chair, first held by Doyle Z. Williams, dean emeritus of the college.
The national and international research reputation of the accounting faculty grew
during this period and the tradition of professional service by our department chairs
continued. Karen Pincus served as President of the international board of directors
of Beta Alpha Psi, the student honorary, and represented the United States as a member
of the International Accounting Education Standards Board. She was honored with the
AICPA Distinguished Achievement in Accounting Education Award as well.
Pincus's service as department chair ended in summer 2007. Our next department chair,
Dr. Vernon Richardson, came to the faculty in 2005 as the holder of the Ralph McQueen
Chair in Accounting. Dr. Richardson's reputation as a leading scholar in financial
accounting, information technology and the capital markets; his international teaching
experience; and his service as President of the American Accounting Association's
Information Systems Section continued the strong leadership tradition of the department.
One of the Department’s strongest achievements during this period was the rise of
the Department’s Research contributions and reputation. Notable faculty research achievements
include prominent editorial roles, Top 5 research rankings, and doctoral student placement
shepherded by Dr. Vern Richardson, Dr. Linda Myers, and Dr. Gary Peters, as well as
the promotion and hiring of Dr. Cory Cassell and Dr. T.J. Atwood. Complementing the
massive student growth in the Walton College, the number of students in the Master
program went from less than 10 to over 60. Advancements during this period include
the establishment of the Accounting Advisory Board and creation of the Integrated
Master Program, which provided advanced placement into the Masters degree path. The
Department also launched a full-time Spring Internship program and reinvigorated the
tax curriculum.
1960 thru 2000
During the 1960s, 1970s, and early 1980s, events on a national level had an impact
on the accounting program at the University of Arkansas. Job opportunities were abundantly
available in public accounting, industry and other areas, leading to a rapid growth
in the size of the accounting program. All the international accounting firms began
regularly visiting the campus to seek outstanding recruits. The same was true of the
major industrial companies, particularly those in the oil and gas industry. Financial
support for faculty and scholarship money for students were being provided at an increasing
rate by donations from firms and loyal alumni.
During this era, Dr. James P. Modisette succeeded Nolan Williams as department head
in 1971. Under his leadership, the department instituted many professional activities,
such as conducting professional development courses in Arkansas and throughout the
nation, in both public and private accounting, and holding a review program for the
CPA examination. Other significant developments included the initiation of the Accounting
Recognition Day and Banquet, which celebrated its 25th anniversary in 1998, and the
establishment of a masters degree program to meet the growing demands of professional
practice.
In 1985, the department reached a major milestone when its undergraduate and masters
programs became the first (and to date, the only) accounting programs in the state
of Arkansas to be accredited by the AACSB: International Association for Management
Education. In this same year, Dr. Jackson A. White became the head of the department,
a position he held for ten years.
The decade of Jack White's leadership was one of great change for the accounting profession.
Major forces such as advances in computer technology and increasing globalization
began to change the way accountants worked and the nature of their work. During this
period, Professor White continued the department's tradition of strong professional
service. For example, in 1995, he served as President of the Federation of Schools
of Accountancy, the association of accredited graduate programs in accounting.
Toward the end of this period, the faculty of the department began to discuss the
need for major curriculum change to adapt to the changes in the profession. A change
in the Arkansas law governing the requirements to sit for the CPA exam also contributed
to the need for program change. After the November 1997 CPA exam, candidates were
required to complete either a Masters in Accounting from an accredited program or
150 hours of education, including 30 hours of specific accounting courses and several
other non-accounting course requirements.
In 1995, Dr. Karen V. Pincus joined the faculty as department chair. Dr. Pincus came
to the University of Arkansas with a national reputation as a leader in accounting
education change. In 1999, she became the first holder of the S. Robson Walton Chair
in Accounting, named in honor of Wal-Mart CEO and accounting alumnus Rob Walton. During
the 1995-1996 academic year, the faculty completed their plans for a new undergraduate,
masters, and doctoral curriculum designed to prepare students for the needs of 21st
century careers. Implementation of the new programs began in 1996 and was completed
by the year 2000.
The 1995-2000 period was extraordinary for the number of long-time faculty members
who reached retirement -- including Doris Cook, Jim Modisette, Jack White, Bill Letzkus,
Bill Glezen, Ann Henry and Beth Williams. Together, they had just under 200 years
of UA service. One of the department's greatest accomplishments during this period
was the successful recruiting of a strong group of new faculty to help lead the department
into the next century.
As the turn of the century approached, Dr. Pincus continued the department's tradition
of strong professional service. She was Vice President of the American Accounting
Association from 1996-1998; President of the Federation of Schools of Accountancy
in 1999; and President of the AAA Auditing Section for 1999-2000.
1920's thru 1960
Accounting was the first major offered by the University of Arkansas Walton College
of Business. The roots of the Accounting Department were established by Professor
Walter B. Cole in 1926. Professor Cole was the only accounting professor for many
years, so he taught all of the accounting courses. Walter Cole was also a leader in
the accounting profession in Arkansas, serving as President of the Arkansas Society
of CPA's and President of the Arkansas Board of Public Accountancy. After his retirement,
the Walter B. Cole Chair in Accounting was established in his honor, funded by an
anonymous contribution from a former student. Dr. Nolan E. Williams, who succeeded
Professor Cole as chairman of the department in 1957, was appointed the first holder
of this chair in 1977. The Cole chair was next held by Professor G. William Glezen,
for whom the department's Glezen award is named. The Cole Chair is currently held
by Professor Marinus Bouwman.
Professor Cole taught accounting and led the department at the University of Arkansas
for 43 years. As remarkable as this length of service is, Dr. Doris Cook retired in
1997 with 50 years of distinguished service in the Accounting Department. Dr. Cook's
career includes a long list of "firsts," including being the first woman CPA in Arkansas
and the first woman member of the Arkansas Society of CPAs. In 1988, Dr. Cook was
recognized as a University Professor, adding to her list of firsts by being the first
University Professor in Accounting and the first woman to hold the University Professor
title. After her retirement, the Doris M. Cook Chair in Accounting was established
in her honor, funded by contributions from Dr. Cook, many of her former students and
colleagues and the Walton Family Charitable Support Foundation. The first holder of
the Cook Chair, appointed in 2001, is Dr. Carolyn M. Callahan, a nationally-recognized
scholar.
About the time when Dr. Cook joined the faculty in the late 1940s, a large number
of returning World War II veterans were attracted to accounting. They proved to be
a very serious and diligent group who had a great impact on the business community
in Arkansas and nationally. The growing interest in accounting nationwide, led to
a demand for qualified accounting educators. To help meet this need, the University
of Arkansas started a Ph.D. program during the 1950s, under the leadership of Professor
Nolan Williams. It was then--and still is--the only doctoral program in accounting
in the state of Arkansas. Many Ph.D. graduates subsequently achieved distinction as
leaders in accounting education. Doctoral program alumni have served as members of
the faculty of institutions of higher learning in most states of the U.S. and universities
in Australia, Egypt, Indonesia, Kuwait, Malaysia, Thailand and the United Arab Emirates.
Charles Leflar, clinical professor emeritus of the Sam M. Walton College of Business at the U of A, was recently honored with the prestigious Faculty Gold Medal at the annual State and National Awards Reception.