Upload
benjamin-morgan
View
213
Download
0
Tags:
Embed Size (px)
Citation preview
Faculty of Liberal Arts & Professional Studies
Master of Financial AccountabilityEnhancing the quality of corporate governance
School of Administrative Studies
2Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
3Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
4Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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).
5Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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)
6Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
7Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
8Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
9Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
10Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
11Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
12Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
Four Conceptual Cornerstones
Corporate Ethics
Regulatory Standards and Legislative Requirements
Effective Information Systems
Transparency in Financial Reporting
13Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
14Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
MFAc solutions to career challenges
How will York University’s
Master of Financial Accountability
help you to meet these challenges
in your career?
15Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
16Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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)
17Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
18Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
19Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
Required core courses
All students must complete the following 8 courses (24 credits):
6100 Advanced Financial Statement Analysis6120 Corporate Responsibility and Ethics6140 Performance Measurement Systems6160 Controls and Risk Management6180 Research Methods6200 Advanced Theory for Financial Accountability6220 Corporate Governance and Financial Accountability6240 Information Technology Governance and Monitoring
Strategies
20Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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)
21Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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) PengPatrice Gelinas Marcela PorporatoThaddeus Hwong Chris RobinsonJoanne Jones Christobal Sanchez-RodriguezSung Kwon Mark SchwartzLiona Lai Gary SpraakmanRichard Leblanc Ingrid Splettstoesser-HogeterpJoanne Magee Paul WayneJohn Parkinson Nelson Waweru
22Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
Application Deadlines
April 1 – Summer term
July 1 – Fall term
Nov. 15 – Winter term
23Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
24Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
25Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
Course Schedule
Fall 2010 continued…
Research Methods GS/FACC 6180 (3 credits)
Instructors: Dr. Sung Kwon (Quantitative Methods)Dr. Marcela Porporato (Qualitative Methods)
26Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
Course Schedule
Winter 2011
Performance Measurement Systems GS/FACC 6140 (3 credits)
Instructor: Dr. Marcela Porporato and Dr. Nelson Waweru
Controls and Risk Management GS/FACC 6160 (3 credits)
Instructor: Dr. Ingrid Splettstoesser-Hogeterp
27Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
28Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
29Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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.
30Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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
31Master of Financial Accountability | www.yorku.ca/mfac
Faculty of Liberal Arts & Professional Studies
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