Graduate Studies

Accountancy - 2012-2013

Admission | Courses | Program | Requirements | Integrated Degree | Profile

Chairperson: Gregg Woodruff
Graduate Committee Chairperson: Gregg Woodruff
Office: Stipes Hall 418
Telephone: (309) 298-1152 Fax: (309) 298-2952
Location of Program Offering: Macomb

Graduate Faculty

  • John A. Elfrink, CPA, Ph.D., St. Louis University

Associate Professors

  • Steven Hunt, CPA, Ph.D., University of Florida
  • Gregg Woodruff, CPA, Ph.D., University of Memphis

Assistant Professor

  • Charles Pryor, Ph.D., Mississippi State University

Associate Graduate Faculty

  • Martin J. Coe, CPA, CISA, CMA, CGFM, MBA, St. Ambrose University

Assistant Professors

  • Kevin Diehl, Ph.D., University of Iowa

  Program Description

The WIU Department of Accounting and Finance provides a student-centered environment that promotes academic excellence, professional and personal growth, a spirit of collegiality, and ethical and professional conduct.

The Department’s curriculum and activities develop outstanding graduates who demonstrate the knowledge, skills, and competencies necessary to enter the accounting profession and to meet future career challenges.

The faculty is committed to excellence in teaching and is engaged in research, service, and professional interactions to benefit the university, the accounting profession, and the community.

  Integrated Baccalaureate and Master’s Degree Program

Go to for details and program offerings.

  Admission Requirements

In addition to meeting the general admission requirements of the School of Graduate Studies, admission to the Master of Accountancy program requires a GMAT score of 500 or above, with scores at or above the 25th percentile in both the verbal and quantitative sections and a score of 4 or above on the written portion. An acceptable combination of undergraduate grade point average and total GMAT score is also required. Specifically, either 200 x GPA + GMAT must at least be 1,100 with a minimum cumulative undergraduate GPA of 2.75, or 200 x GPA + GMAT must at least be 1,150 with a minimum GPA of 3.0 for the last 60 hours of undergraduate courses.

The GMAT requirement is waived for students with an undergraduate major in accountancy having an overall GPA of 3.25 (on a 4.0 scale) from an institution with AACSB International accreditation. Applicants with a bachelor’s degree in business from AACSB-International accredited institutions with cumulative undergraduate GPA of 3.60 or higher (on a 4.0 scale) will not be required to take the GMAT exam. International students must also have minimum scores of 550 PBT or 79 IBT on TOEFL; 220 on TSE and 4 on TWE. All application materials and supporting documents must be received before an admission decision is made.

Students may take graduate accounting courses as non-degree graduate students; however, they may not enter the Master of Accountancy program until all admission conditions are met.

Each prospective Master of Accountancy candidate must demonstrate academic background equivalent to that of an undergraduate accounting major at Western Illinois University, including mathematics equivalent to a first course in calculus. All academic courses fulfilling the background requirement must have been completed with a grade of C or better. The Graduate Committee for Accountancy will evaluate each transcript individually to determine any background courses which a student must take as part of the Master of Accountancy degree program.

Required Background Accounting Courses (or equivalents):

ACCT 341 Intermediate Accounting I
ACCT 342 Intermediate Accounting II
ACCT 351 Management Accounting
ACCT 371 Principles of Taxation
ACCT 441 Advanced Accounting I
ACCT 451 Accounting Systems and Control
ACCT 480 Financial Auditing

Required Background Business Courses (or equivalents):

ACCT 307 Accounting for Managers and Management Decisions
BL 431 The Law of Commercial Transactions
CS 302 Spreadsheet and Database Applications
ECON 408 Economics for Decision Makers
FIN 331 Financial Management I
STAT 171 General Elementary Statistics

  Degree Requirement

The Master of Accountancy degree is designed as a one-year program for candidates with accounting degrees from accredited institutions or as a two-year program for candidates whose business degree is not in accounting. Candidates who do not possess degrees in business disciplines should anticipate a time frame of approximately three years to complete all background courses and graduate course requirements.

Each prospective Master of Accountancy candidate is required to complete a graduate program of study, subject to approval by the Graduate Committee for Accountancy. The program must be submitted for approval after the completion of nine semester hours and before completion of 15 semester hours.

Master of Accountancy programs must include the following:

I. Core Courses: 12 s.h.

ACCT 537 Issues in International Accounting (3)
ACCT 540 Contemporary Issues in Accounting (3)
ACCT 551 Advanced Management Accounting/Systems (3)
ACCT 580 Operational Auditing (3)
ACCT 611 Graduate Outcomes Assessment (0)

II. Directed Electives: 3–9 s.h.

ACCT 442G Advanced Accounting II (3)
ACCT 445G The Analysis and Use of Financial Statements (3)
ACCT 457G Fraud Examination (3)
ACCT 471G Advanced Federal Taxation (3)
ACCT 555 Information Systems Auditing (3)
ACCT 620 Accounting Internship (3)

III. Research Skills: 3 s.h.

DS 533 Applied Business Forecasting and Planning (3)
MGT 540 Applied Business Research (3)
MKT 526 Applied Business Research (3)

IV. Integrative Experience: 6–12 s.h.

MGT 590 Strategic Management (3)
Graduate-level accounting, business, or computer science courses. (A minimum of three hours must be taken outside of accounting.) (3–9)


All courses selected are subject to the approval of the Graduate Adviser and the Graduate Committee for Accountancy. No more than 50% of the degree program (15 s.h.) may be taken at the 400-G level.

Application of the School of Graduate Studies policies with respect to transfer and extension credits will be implemented on an individual basis.

  Course Descriptions

Accounting (ACCT)

442G Advanced Accounting II. (3) Study of advanced accounting topics including segment reporting, partnerships, SEC reporting, and state and local government accounting. Prerequisite: ACCT 342 with a grade of C or better.

445G The Analysis and Use of Financial Statements. (3) Integration of concepts from accounting, economics, business strategy, and other business disciplines to analyze financial statements for investment and credit decision making. Prerequisite: ACCT 441 with a grade of C or better.

457G Fraud Examination. (3) An examination of the principles and practices for investigating allegations of fraud and financial misconduct. Topics include the elements of fraud, red flags, document examination, interviewing techniques, and report writing. Prerequisites: ACCT 200 or 201, or permission of the instructor.

471G Advanced Federal Taxation. (3) A study of advanced topics in federal taxation. The course will address compliance and planning issues in the taxation of corporations, partnerships, estates and trusts, and other advanced topics.Prerequisite: ACCT 371 with a grade of C or better.

513 Accounting for Athletic Administration. (3) An introduction to the basic procedures in accumulating, reporting, and analyzing financial data; the theory and procedures applicable to accounting for not-for-profit institutions; and the accounting methodology for planning, coordinating, and controlling activities of departments of athletics. (Not open to students in the Master of Accountancy or Master of Business Administration programs.)

537 Issues in International Accounting. (3) An investigation of the external and internal reporting problems encountered by multinational business entities and a study of accounting systems in different countries. This course will also review the purpose of international accounting organizations and their role in solving current accounting problems. Prerequisite: ACCT 307 or equivalent.

540 Contemporary Issues in Accounting. (3) A conceptual study of financial accounting and reporting topics with an emphasis on current regulatory and policy issues. Emphasis will be placed on critical thinking, written and oral communication skills, and professional development. Prerequisite: ACCT 342 or equivalent with a grade of C or better.

547 Corporate Financial Reporting and Analysis. (3) An analysis of corporate financial reports and other disclosures, with emphasis on how this information can be used for making investment and credit decisions. This course will also consider the impact of accounting choice decisions on financial reporting and analysis.Not open to undergraduate or graduate accountancy students. Prerequisite: ACCT 307 or equivalent.

551 Advanced Management Accounting/Systems. (3) Application of managerial accounting concepts and techniques to develop, analyze, and interpret information and participate in management decision making processes. Prerequisite: ACCT 451 or equivalent with a grade of C or better.

555 Information Systems Auditing. (3) A detailed examination of principles and practices for auditing in computerized environments. Course materials will focus on development and evaluation of specific control plans and activities, and on auditor and management responsibilities. Prerequisites: Permission of the instructor.

557 Accounting for Management Planning and Control. (3) An advanced analysis of cost management techniques and methodologies for effective decision making. Emphasis will be placed on emerging cost concepts and techniques, financial and non-financial performance measurement systems, and deficiencies of traditional costing systems. Not open to Master of Accountancy students. Prerequisite: ACCT 307 or equivalent.

580 Operational Auditing. (3) The study of internal auditing as an independent internal appraisal function designed to examine and evaluate the activities of the organization. The course includes the study of internal audit standards and techniques, communication of audit results, as well as human relations techniques. Prerequisite: ACCT 480 or equivalent with a grade of C or better.

600 Independent Research in Accountancy. (3, repeatable to 6) Independent reading and study of selected topics in Accountancy. Prerequisite: Completion of six graduate hours in accounting and permission of Graduate Committee.

611 Graduate Outcomes Assessment. (0) Requires each Master of Accountancy student to demonstrate his/her proficiency on selected learning goals for the program. The course must be taken near the end of the program. Graded S/U. Prerequisites: Completion and/or co-enrollment in at least 24 s.h. of graduate level business courses.

620 Accounting Internship. (1–9, repeatable to 9) Integrates accounting theories with application to actual business practices. Students are exposed to a variety of positions within the business firm during the semester. All internships are supervised by a faculty coordinator and an executive in the business firm. Analytic reports of work accomplished by each student are presented to the coordinator. Graded S/U only. Prerequisites: Completion of six hours of accountancy courses and prior approval of the Graduate Committee.