The Wake Forest University Master of Science in Accountancy program offers the following three tracks for specialization:

• Assurance Services
• Tax Consulting
• Transaction Services

Assurance Services Track

The assurance services track includes Advanced Auditing and Assurance Services (ACC 754), Analytical Procedures (ACC 752), and Forensic Accounting (ACC 750) beyond the general core.

Advanced Auditing (ACC 754) focuses on detecting numerous “red flags” for fraudulent financial reporting and asset misappropriation through weaknesses in internal controls and cutting edge substantive procedures. Preventive controls that can reduce the risk of errors and fraud also are a primary focus of this course. Cases, debates and outside readings are used to enhance critical thinking and oral/written communication skills.  This course is designed primarily for students who are interested in public accounting audit positions. 

Analytical Procedures (ACC 752) is a critical course for students who are interested in public accounting audit positions since every industry has unique business risks. Unmitigated business risks may contribute to financial distress and, in some cases, may cause management to engage in fraudulent financial reporting.  Cutting edge analytical tools can help identify “red flags” of financial distress and possible fraudulent financial reporting.

If “red flags” for fraud are detected, Forensic Accounting (ACC 750) develops investigative skills to determine the true magnitude of a given fraud scheme. Investigative skills include public record searches, net worth method calculations, seizing and searching computers, surveillance techniques, red flags of money laundering, interviewing skills including verbal and non-verbal cues of deception, etc. This course also addresses “red flags” for contract/construction fraud, mortgage fraud and healthcare service provider fraud.  This course is designed for students who are interested in public accounting audit positions and forensic or management advisory positions. The capstone case requires students to investigate a real fraud situation and build sufficient evidence to persuade the primary suspect (role-played by the instructor) to sign a written confession statement.

Accounting Information Systems (ACC 351/651), a required course for the MSA program, is an important component of the assurance services track for all students, but it is especially helpful to students interested in IT audit or risk management positions.

Students in the assurance services and transaction services tracks are encouraged to consider Negotiations (ACC 760) as an elective.  This course focuses NOT ONLY on audit-related conflict, BUT ALSO ON domestic AND GLOBAL DEAL MAKING DISPUTE RESOLUTION.  Self-reflection is a critical component of this course as evidenced by the completion of the Thomas-Kilmann Conflict Mode Instrument, a personal conflict journal, and a discussion of personal conflict issues.  

Tax Consulting Track

The tax consulting track includes Tax Research (ACC 730), Selected Topic in Taxation (ACC 732), Tax Policy and Planning (ACC 733), and Mergers, and Acquisitions and Buyouts (ACC  735) beyond the general core.

The tax consulting track is broad in both scope and coverage. Students planning to embark on a career in tax practice, as well as students who want to enhance their skills for transaction services, investment banking, corporate finance, and entrepreneurship.

The primary goals of the tax consulting track are to:  (1) provide our student with a solid technical background in federal and state and local taxationand (2) enhance their ability to apply that background to issues commonly encountered in tax practice.  We build the foundation through a study of important tax concepts, landmark court cases, key code sections and regulations.  The tax research methods course coupled with a tax internship experience with the major public accounting firms provides the student with the tools to become a successful tax professional.  The advanced courses that complete the track offer further opportunities to expand their understanding and to enhance their professional skills.

Tax Research Methods (ACC 730) introduces students to the research process, primary and secondary sources of tax information, and to the techniques used to present research results and alternative choices of action.  The courseis designed to develop the skills necessary to analyze commonly encountered tax issues, identify the decision alternatives, and effectively communicate the research results.

Federal Taxation of Corporations, Partnerships, Estates & Trusts (ACC 731) is included in the general core.  This course covers in greater depth the subject matter introduced in Taxation of Business Entities (our prerequisite introductory tax course) but also explores new topics, such as corporate reorganizations, partnership distributions, and taxation of estates and trusts.  Taking the perspective of the individual investor, the student gains an essential understanding of the major factors in determining a taxpayer’s tax burden.

Selected Topics in Taxation (ACC 732) explores three essential elements of taxation not previously covered:  state and local taxation, international transactions, and the LLC/partnership income tax model.  This course rounds out the foundation that students need to deal with the complex, multidimensional issues they will encounter in their work.

Tax Policy and Planning (ACC 733) is open to all MSA students.  This course introduces students to the rationale that underlies our income tax system as well as the tax aspects of business decisions.  The hallmarks of Tax Policy and Planning are informed discussion and lively debate.  A seminar format allows students to move beyond the technical aspects of taxation and evaluate the strengths and weaknesses of current thinking.

Mergers, Acquisitions and Buyouts (ACC 735) takes a transaction analysis approach to understanding M&A activities.   The course begins with a brief review of financial statement presentation issues.  However, the principal focus is on the examination of the underlying federal and state income tax concepts involved in purchase transactions and tax-free reorganizations.  Students are able to integrate the knowledge obtained from their tax foundation courses with the high level technical requirements of M&A projects.  This course is particularly valuable for those planning a career in transaction services or investment banking.

Transaction Services Track

The transaction services track includes Merger, Acquisitions and Buyouts (ACC 735), Business Analysis and Valuation (ACC 782) as well as a second year MBA finance elective (Advanced Financial Management or Capital Markets) as requirements beyond the general core.

This track is designed for students who want consulting positions centered around deals and valuations services.  All of the large accounting firms have rapidly growing Transaction Services practices. Major financial institutions also have transaction services departments.

Mergers, Acquisitions, and Buyouts (ACC 735) takes a transaction analysis approach to understanding M&A activities.   As an introduction, the course looks briefly at key financial statement presentation issues.  However, the principal focus is on the examination of the underlying federal and state income tax concepts involved in purchase transactions and tax-free reorganizations.  Students are asked to integrate the knowledge obtained in their tax foundation courses (ACC 237 and ACC731) with the high level technical requirements of M&A projects.

Business Analysis and Valuation (ACC 782) begins with financial statement analysis required for valuation as well as macroeconomic and industry analysis.  Fair value accounting (both U.S. and International standards) as it relates to business valuation is integrated throughout the course.  The final project for the course is a valuation of a privately held company and presentation to the company owners.  This course is seminar based and uses primarily cases and presentations for presentation of material.

Students may choose between one of two second-year MBA finance courses for their third course in the transaction services track. 

Advanced Financial Management (FIN 5110) focuses on value creation by utilizing financial architecture to enhance the corporate strategy of firms.  Advanced valuation techniques are used to evaluate leveraged buyouts, leveraged recapitalizations, initial public offerings, restructurings and real options embedded in investment decisions.  Financing growth, the use of private equity, securitization, syndication and risk management also are covered. 

Capital Markets and Institutions (FIN 5620) is about financial or capital markets: how they work, how they might work better, and, in some instances, how they do not work at all.  This course concentrates on the pricing of financial assets, the determination of interest rates in a competitive international financial market, the organization and regulation of financial markets, the development of innovations in financial markets, and  the basic characteristics of the financial markets and institutions, and the impact of changes to the system.