Economic crisis leads to York U graduate program in financial accountability

TORONTO , Oct. 5 /CNW/ - In the aftermath of the economic meltdown, there is a pressing need for a different type of business-focused program - one that teaches higher standards of financial accountability and governance oversight. To address this need, the School of Administrative Studies at York University has initiated a new graduate program - the Master of Financial Accountability (MFAc) - a unique program in Canada that offers a specialized focus solely on business ethics and financial accountability.

"The watchwords today and into the near future are regulation and reform, accountability and transparency, investor protection and trust, risk management and integrity, but many business programs are lacking in being able to equip executives with the skills to tackle this new reality," said Dr. Sung Kwon , associate professor of accounting and MFAc program director. "Our goal is to give practicing professionals the expertise they need to solve the increasingly complex problems related to financial accountability."

The MFAc is geared to practicing professionals with accounting or legal designations who now face increased expectations and demands for specialized skills and knowledge unique to the area of financial accountability. The program, taught by nationally or internationally recognized faculty members, consists of four dynamic and interrelated conceptual cornerstones: (1) Corporate Ethics; (2) Regulative Standards and Legislative Requirements; (3) Effective Information Systems; and (4) Transparency in Financial Reporting.

"Graduates of the program will be well-prepared to play an important role in motivating their management teams to engage in uncompromising accounting and risk measurement practices, resulting in better run organizations overall," according to Kwon.

The MFAc's core courses, such as Corporate Responsibility and Ethics and Corporate Governance and Financial Accountability, are designed to develop graduates with the awareness that it is no longer a case of business as usual in the 21st Century. It integrates the traditional functional areas of business - Financial Accounting, Management Accounting, Income Tax Law, Audit and Information Systems, Finance, and Corporate Governance, Law and Ethics - under the common flagship concept of financial accountability to avoid fragmenting the study of managerial challenges by function.

The program also blends the advantages of quantitative research, through teaching of theories and mathematical models, and qualitative research, through teaching of cases, so that MFAc graduates will be able to apply theories and concepts to practical situations.

For further information: Sung S. Kwon, PhD, Graduate Program Director, Financial Accountability, Associate Professor of Accounting, [phone]; Janice Walls, Media Relations Coordinator, York University, [phone] ext. 22101, [email protected]; For further information on the program please visit the website at www.yorku.ca/mfac/ or e-mail MFAc program assistant Sabina Lackner, [email protected]