To formally celebrate the end of the semester, USC hosted a MAcc/MBT Yacht Party at Marina Del Ray.
The two hour cruise kicked off at sunset and provided a well-deserved celebration of all our hard work this past semester! Below are pictures of the event.
Fight On!
Kate
In celebration of the last day of classes, some MAcc and MBT students participated in the “Fountain Run,” a run through campus’s 30 fountains on the night of the last day of classes. Can’t believe the semester is almost over!
MAcc and MBT students celebrating the last day of classes!
Fight On!
Kate
The Magic Castle is the private clubhouse for the Academy of Magical Arts. Led by Neil Patrick Harris, the Academy’s President, the Magic Castle attracts some of the most talented magicians from all over the globe and offers a unique experience for visitors. Below are some MAcc students who got a chance to check it out.
Above are MAcc students in the lobby of the Castle. No pictures are allowed to be taken upon entering in the Castle. (Please excuse the poor quality of the group photo.)
Fight On!
Kate
MAcc student Eddie Consigliere in front of the Great Wall of China!
As many prospective students might know, there are a number of accounting electives offered to MBT and MAcc students to fulfill the 15 credit hour semester. One of the electives offered is ACCT 526: Global Accounting Experience. (Click here for a complete listing.)
This 1.5 credit course is a unique class offered at USC because it gives students the opportunity to learn about the global economic environment both inside and outside the classroom.
For the weeks leading up to Spring Break students met once a week to examine accounting, legal, and tax environments, focusing on economic, political, and cultural differences.
Over Spring Break, the 24 students enrolled traveled to Beijing and Shanghai to experience these differences and learn more about the global business environment first-hand. Below are pictures of the trip.
MAcc students at the Yu gardens in Shanghai.
Although not commonly eaten by locals, deep fried insects such as spiders, scorpions, and starfish are offered for tourists who are feeling adventurous.
A view of the summer palace in Beijing.
Shanghai is also has the world’s fastest train, Shangahi Maglev Train which can reach to 431 km/h.
Chinese guardian lions traditionally stand in front of Chinese imperial palaces, tombs, government offices, and temples.
Students had the opportunity to visit two of the Big 4 accounting firms (Ernst & Young and PwC shown above) as well as global companies such as Morgan Stanley and the Shanghai World Financial Center (informally referred to as the “Bottle Opener”) shown below.
MBT and MAcc students gather around a conference table at Morgan Stanley.
The trip was a great way to not only experience the global environment first-hand but also an opportunity to network and bond with other fellow MAcc/MBT students.
Fight On!
Kate
As we head down the homestretch of our year here at USC Leventhal, we’re all looking for fun ways to relieve school stress and spend time together. For sports fans, this time of year means that baseball is back! And in the LA area, we are lucky enough to be able to attend both Dodgers and Angels games. This evening, I went to the Dodgers-Giants game with seven of my fellow MAcc and MBT students. Three of us grew up in Northern California, so it was fun to get to cheer on our San Francisco Giants down here in LA!
I’m so happy to have met so many great people this year. While the workload can be stressful, and we find ourselves saying that we can’t wait for graduate, we’re all beginning to feel sad! Despite this sadness, it’s great to know that we’ll have not only connections across the US, but great friends as well, and memories from fun events like tonight’s game.
Fight On!
Aly
It is now the beginning of spring and USC Leventhal is a great place to be especially during this time. The campus is full of green scenery and there are many activities that are occurring on the front lawn in front of Leavey Library. For example, there are student booths that have been set up announcing various activities and there are also more sports occurring around campus. It has mostly been sunny, with a few days of rain here and there.
Furthermore, in terms of classes, everyone has been refreshed by spring break and we are now mostly done with midterms. Most classes are now working on group projects or various assignments, so our time is more relaxed and students have been able to find time to enjoy the campus and downtown LA. One of the best things about being here at USC is that the warm weather is perfect for taking a jog, swimming, and generally exploring the surrounding places. LA has a relatively sunny spring season, so students can usually enjoy the weather similar to during summer. Also, we are starting to get ready for commencement, with our cap and gowns and inviting friends and family.
Fight On!
Theresa
Another fascinating class offered to us Leventhal students is ACCT 559: Strategy and Operations through a CFO lens. This class is designed to give us a better understanding of the issues faced by CFOs of today. Partners and managers from audit firm KPMG typically visit the class to provide insight into a particular company, its competitors, and the industry overall. The assignment that follows usually instructs us to compare the main company with one of its biggest competitors through evaluation of company strategy and operations in particular areas of interest like growth, customer focus, sourcing, etc. We are also asked to come up with measures CFOs would find most useful in their analysis of these strategies and operations.
A sample of companies whose CFOs have come to speak in class.
On the day the assignment is due, the class convenes for a debate. About a week is given to four assigned groups to prepare to defend their chosen positions and attack the positions of others all relating to the main company. For example, next week there is a debate on toy company Mattel, Inc. Group one wants Mattel to focus mainly on its core product: Barbie; group two wants Mattel to divert its focus to a new non-core business: making children’s clothing; group three is suggesting an acquisition of a new product line: The Lego Group; while group four is arguing for complete manufacturer outsourcing. This variety of positions and the amount of preparation that goes into it contributes to heated debates every time. On a positive note, such a classroom exercise gets everyone thinking about the best option for the company. As a result, it prepares us for a meaningful discussion with the CFO. Soon after the debate, a day or so later, the CFO comes in to speak in more depth about the company and address the viability of the different positions previously discussed in the debate.
So far this semester, we have been exposed to six CFOs from such major companies as The Walt Disney Company, Edison International, Cedars-Sinai Medical Center, and Dole Food Company. After spring break, we plan to meet five more CFOs. In my opinion, this is a valuable class because it allows students to discover different industries, think like CFOs, and most importantly, get inside their minds. It is truly a unique class and as such, reward does not come from the grade, but the knowledge gathered from it.
Fight On!
Marina
Everyone is now back from Spring Break and ready to start the final stretch before graduation. It seems crazy that the year has flown by so fast; I can’t believe it is almost over. These upcoming few weeks will be quite packed with class assignments, squeezing everything in before the end of the year. Below is a sample of what the typical assignments are for a few of the courses I am taking:
My other classes are packed as well but these are just some highlights of what is to come. It may be busy and time-consuming at times, but the level of knowledge that I am learning could not be duplicated anywhere else.
I truly will miss this school and everything that comes with being in the USC MAcc/MBT program once I have graduated.
Fight On!
Ben
There is a lot talk about maintaining an attitude of “professional skepticism” as an auditor when performing an audit. But what does that exactly mean?…
While an auditor should always perform substantive procedures to check management’s estimates, maintaining professional skepticism doesn’t mean that the auditor should distrust management if they’ve proven to be honest and trustworthy in the past.
To illustrate how biases sometimes occur during the audit process (for both auditors and management) we performed an in-class exercise in my Advanced Auditing Topics class.
image source: http://centennialreader.ca/rolling-pennies
First, the class was divided into two roles: management and the auditor. The teams that assumed the role of management were given a jar of pennies and were asked to give an initial estimate (which would not be shown to the auditor) and a “Best Estimate” that would serve as a starting point for any negotiations with the auditor. Once these estimates were completed, the auditor observed the “Best Estimate” and performed his/her own inspection. After the auditors completed their examination, a negotiation process began between management and the auditors about what would be reported on the financial statements. The management team who reported the highest number of the pennies and the auditor team who reported the lowest number of the pennies won a gift card to Starbucks.
While I was aware of management’s bias to report a higher number, I had not thought about the possibility of a bias from the auditor. The exercise really demonstrated how difficult it can be to reach a consensus on what value should be reported when the two negotiating parties have different incentives.
In the end, my team (management) won and Professor Riley gave us giftcards to Starbucks. Above is my teammate Eddie with our prize.
Fight On!
Kate
One of my favorite things about being a part of the Trojan family is that they really know how to take care of their students! Along with the amazing professors, great advising, abundance of academic resources, and a beautiful campus the school really provides many opportunities to have fun and spend time with other students! Last week, I was spending time on campus between classes and I got a call from a classmate asking where I was because he couldn’t find me at the Marshall social event and there was no reason not to be there. The event was just outside the building where most of the graduate classes take place and was simply an opportunity for students to hang out. Snacks, wine, and beer were provided and it was a great chance to take a break between classes and hang out with my friends. These types of events take place quite frequently outside of Popovich hall and are just one more reason I am loving my time here at USC as a MAcc student!
Fight On!
Brittney
