Accounting & Information Assurance

Progyan Basu

Dr. Basu has over 25 years of experience teaching accounting at undergraduate and graduate levels. He has also taught accounting courses and seminars for professionals in the US and abroad.

Useful Links


Explore what Smith's Office of Career Services has to offer, and check out the accounting-job-resource mega-list.




  • Virtual Business Information Center, a Web site produced on campus. It hosts many valuable and technical accounting links, such as tax codes, accounting standards, and government links.


  • Accounting Scholarships
  • - This site features over 9,000 accounting programs and contains interviews with current accounting students as well as informative articles about accounting specialties and careers.
  • American Institute of Certified Public Accountants (AICPA) - The American Accounting Association promotes worldwide excellence in accounting education, research and practice. It is a voluntary organization of persons interested in accounting education and research. This site includes information about special interest and regional sections, meetings, faculty development, accounting web sites, and publications. The newsletters and journals are citations only, abstracts, and/or full text. Some are searchable.
  • American Accounting Association - The AICPA is the premier national professional association in the United States linking all members of the CPA profession. This site includes information on press releases and daily news alerts, the AICPA Online Audio/Video Library with downloadable video clips of issues of interest to CPAs, and some online publications (newsletter, free and subscription journals, association documents, professional ethics, and the Uniform Accountancy Act). It also includes CPA links, information about the Technology Advisor Program, conferences, software, AICPA teams (technical, member interests, self regulation, external relations, and administration), the CPA Vision Project, and a student section.
  • Institute of Management Accountants (IMA) - The IMA is devoted to management accounting and financial management. It helps its membership keep up with the changes affecting the management accounting and financial management professions. It provides insights, ideas, and ethical guidance in these fields.
  • International Accounting Standards Committee (IASC) - The IASC is an independent private-sector body working to achieve uniformity in the accounting principles that are used by businesses and other organizations for financial reporting around the world. This site includes a current member list, information about IASC history, objectives, achievements, acceptability (companies, countries, stock exchanges), and a detailed summary of all IASC standards. There is also IASC news, a bibliography, statistics about cross-border financing transactions, IASC project information, and an alpha index.
  • Maryland Association of Certified Public Accountants - The Maryland Association of CPAs is the statewide, professional membership organization representing the majority of Maryland CPAs in practice, industry, government and education with a membership of nearly 10,000.
  • National Association of State Boards of Accountancy (NASBA) - NASBA's mission is to enhance the effectiveness of state boards of accountancy. This site includes a listing of all state boards with contact information and Web site links. There is information about association programs and services, upcoming events, and CPA exam information (services, results). You can also find select articles from the most recent issues of the NASBA newsletter, publications for purchase, and The Uniform Accountancy Act and Uniform Accountancy Act Rules, Third Edition, that can be downloaded using Adobe Acrobat.
  • Internal Revenue Service (IRS)

Department Information

The accounting faculty offers a four-course sequence in financial accounting principles (introductory and intermediate) and also teaches courses in managerial accounting, auditing, accounting systems, income tax accounting, accounting ethics and professionalism, international accounting, and advanced accounting.

 Information assurance is now an integral part of most accounting courses at the Smith School, including: auditing, managerial accounting, ethics and professionalism in accounting, business ethics, accounting systems, financial statement analysis, taxes, international accounting, and financial planning and control systems for managers and consultants.

 Information assurance is concerned with protecting the integrity and confidentiality of organizations' databases, reports, and computer systems along with ensuring the availability of the information to authorized users. Thus, it is not surprising that information assurance is an integral part of the discipline of accounting. For example, the accuracy and integrity of information is critical to accurate financial reporting and the generation of timely and relevant internal accounting reports for decision-making.

 Additionally, accountants, including auditors, have a responsibility for ensuring that proper internal controls are in place to protect the key strategic asset of information. External independent auditors have the responsibility of commenting on the fairness of accounting information and their actions are subject to a code of ethics. While accounting has always been concerned with information assurance, this concern, however, has been growing rapidly since the development of the Internet.

 Moreover, the Sarbanes-Oxley Act of 2002 has clearly solidified the interconnectivity between accounting and information assurance. The ethical performance of the work of the independent auditor is now monitored by the Public Company Accounting Oversight Board. Indeed, the importance of information assurance has transformed the research, teaching and practice of the discipline of accounting. Accounting faculty members at the Robert H. Smith School of Business have taken the lead in this area.

Accounting Concentration in the MBA Program

Accounting is a vital part of the core curriculum at the Smith School because it is at the heart of any information system organizations use to make managerial decisions. It provides managers with the financial information necessary for planning business strategy and controlling organizations, and helps investors make informed financial decisions. Course work taught by our outstanding Accounting Department can be integrated with classes in finance, economics, and information systems. The core accounting courses provide the foundation and breadth needed to make informed managerial decisions, while electives teach advanced managerial accounting, financial statement analysis, and taxation. With the careful selection of electives, students can qualify to sit for the Certified Public Accountant (CPA) exam upon completion of the MBA. When combined with courses in information systems, an accounting concentration provides strong preparation for jobs with major accounting and consulting firms.

Detailed Information

Student Organizations


Undergraduate Programs

The undergraduate accounting curriculum is designed to prepare students for careers in the various fields of accounting and management. These include careers in public accounting firms, corporate firms and governmental and not-for-profit organizations. The program emphasizes a broad background in the arts and sciences through elective courses outside the School of Business, along with business and accounting courses.

Detailed Information

Graduate Programs

The Department of Accounting and Information Assurance offers graduate programs including accounting concentrations in the highly acclaimed MBA and PhD programs. The graduate programs are accredited by the American Assembly of Collegiate Schools of Business (AACSB)

Detailed Information

Syllabi for Accounting Courses

Accounting courses are listed in the Smith School's Online Course Database. Follow the link provided and scroll down to see a list of all undergraduate and graduate courses for the current semester. Clicking on Public View will display information about the location of the course, a description of the course and the instructor's contact information. A copy of the current syllabus will be on this front page as well.

Detailed Information


The Smith School’s AIA faculty holds advanced degrees from such leading research universities as Columbia, Cornell, Harvard, Indiana, Michigan, MIT, Northwestern, Oxford, Pittsburgh, RPI, Wharton, and Wisconsin.

Faculty members possess a rare mix of "real-world" experience, excellence in research and scholarship, and a commitment to teaching and developing students for careers in the accounting field. Many of the faculty members work in partnership with members of the accounting profession to ensure that their teaching reflects the profession's needs. Two faculty members co-edit the Journal of Accounting and Public Policy, a major academic accounting journal.

AIA faculty have served as editors or editorial board members for leading accounting research journals and have published in a wide range of leading academic research journals including:

  • The Accounting Review
  • ACM Transactions on Information and System Security
  • American Economic Review
  • Contemporary Accounting Research
  • Journal of Accounting
  • Business and Finance
  • Journal of Accounting and Public Policy
  • Journal of Accounting Research
  • Journal of Business Ethics
  • Journal of Computer Security
  • Journal of Economic Theory
  • Journal of Law and Economics
  • Journal of Philosophy
  • Management Science
  • MIS Quarterly
  • Review of Accounting Studies

The AIA faculty members address a broad array of issues related to the use of financial information systems that are critical in making economic decisions. Research by Smith AIA addresses questions such as:

  • Do managers try to help or hinder the public's understanding of financial statements?

  • How can managers effectively communicate to investors the intangible value associated with strategic initiatives?

  • Would it be good for investors of US firms and for developing countries, if accounting rules were standardized across the globe?

  • What is the right amount for firms to invest in cybersecurity?

  • What is the impact of new SEC Disclosure Guidance on Cybersecurity risks and Cyber Incidents?

  • What are the characteristics of firms that manage cost more efficiently?

  • How do optimistic beliefs create stock market bubbles and can accounting information help to correct such beliefs?

Accounting faculty members at the Smith School of Business are actively engaged in various research projects related to economic and risk management aspects of information assurance. In this latter regard, the Cybersecurity Risk Management Research Group was formed in 2006.

Several Smith School accounting faculty members are also actively engaged in information assurance research.

For example, two faculty members have published an entire stream of research on the economic aspects of information security. Their research has been supported by the National Security Agency through a grant with the University of Maryland Institute for Advanced Computer Studies. Other faculty members conduct research on corporate governance and business ethics. Faculty members at the Smith School are also working with corporations on the practical implementation of information assurance.

Faculty in the News

Michael Kimbrough

We are proud to announce that Dr. Michael Kimbrough has been named the Cohn-Reznick Fellow in recognition of the excellence exhibited across all dimensions of research, teaching and service.

2014 Undergraduate Studies Faculty Fellows 

Progyan Basu

Dr. Progyan Basu has been selected for the 2014 Undergraduate Studies Faculty Fellows at the University of Maryland.  During the 2014-15 academic year, the Undergraduate Faculty Fellows will participate in a faculty learning community that will consider the challenges and opportunities in teaching large enrollment courses and seek to understand and define these courses as uniquely important for student success. 

Large enrollment courses are among the first courses new students take at UMD. To the extent that these courses introduce students to college level work, they also ideally model what we expect of students. This program will be led by Ann Smith, Assistant Dean, and Lisa Kiely, Assistant Dean, in the Office of Undergraduate Studies. Their work will include collaboration with Associate Provost Ben Bederson and the Teaching & Learning Transformation Center (TLTC), along with consideration of how learning analytics may support teaching and learning.

It is an honor for Dr. Progyan Basu to represent the Smith School of Business and be recognized for his contributions to improving the learning experience of University of Maryland students.

2013 University Alumnus Award Goes to Dr. Yang-Tzong (Jimmy) Tsay

Dr. Yang-Tzong (Jimmy) Tsay will be awarded the University of Maryland’s 2013 Graduate Studies Distinguished Alumnus at the Alumni Association Awards Gala on October 25, 2012.

Jimmy earned a PhD in accounting from Maryland in 1988. Dr. Lawrence A. Gordon (Ernst & Young Alumni Professor of Managerial Accounting and Information Assurance) chaired Dr. Tsay’s Dissertation Committee and Dr. Martin P. Loeb, also (Deloitte & Touche Faculty Fellow, Professor and Chair of the AIA Department) served on Jimmy’s dissertation committee.

After his doctoral work, Jimmy returned to his home country to accept a faculty position at National Taiwan University. Dr. Tsay quickly moved up the ranks, and served as the Chairman of the Department of Accounting from 1997 to 2000. He was instrumental in setting up NTU’s masters program in accounting (currently ranked #1 in Far East Asia) as well as their doctoral program. Dr. Tsay organized the University of Maryland Alumni Association in Taiwan (for all Maryland alumni, not just accounting or business alumni). This chapter has become the biggest UMD alumni body outside North America.

Dr. Tsay is currently the President-elect of the Asia-Pacific Management Accounting Association. He will become the President as of January 1, 2014.

Gordon-Loeb Model featured in the Financial Times
May 20, 2013 - Maryland professors weigh up cyber risks

2012-13 Accounting and Information Assurance Newsletter 

2011-2012 Accounting and Information Assurance Newsletter 

Gordon/Loeb Model featured in the Wall Street Journal

2010-2011 Accounting and Information Assurance Newsletter 

Recruiters Rank Smith School Accounting Program No. 7 
University of Maryland Ranks No. 8, According to Wall Street Journal Survey

College Park, Md. — Sept. 14, 2010 — The University of Maryland’s Robert H. Smith School of Business is a favored source for accounting hires, according to a Wall Street Journal survey of recruiting executives released yesterday. Participants were asked to rank schools that produced the best-qualified graduates for their industries, overall and by major. The Smith School’s accounting major ranked No. 7 by recruiters, and the University of Maryland as a whole ranked No. 8 on the survey.

Stephen Loeb

University of Maryland Business Professor Honored with Prestigious Accounting Award
College Park, Md. — August 26, 2010 — The University of Maryland’s Robert H. Smith School of Business today announced Stephen E. Loeb, the Ernst & Young Alumni Professor of Accounting and Business Ethics, was honored with the 2010 Accounting Exemplar Award for his notable contributions to professionalism and ethics in accounting education. The award is given by the Public Interest Section of the American Accounting Association. Loeb received the award at the Accounting Exemplar luncheon on August 1, during the association’s annual meeting in San Francisco.

The 2009-2010 Accounting and Information Assurance Newsletter 

Jim McKinney, recipient of the Academy of Accounting Historians Vangermeersch Outstanding Manuscript Award.

Gordon Prize in Managing Cybersecurity Resources Awarded
Researchers from Technische Universität Dresden in Germany and Harvard University won for their essay titled “The Iterated Weakest Link.” The Gordon Prize is named for pioneering cybersecurity expert Lawrence A. Gordon, the Smith School’s Ernst & Young Alumni Professor of Managerial Accounting and Information Assurance.

Fall 2008 Newsletter 

Smith Professor Creates Gordon Prize in Managing Cybersecurity Resources
Lawrence Gordon, Ernst & Young Alumni Professor of Managerial Accounting and Information Assurance, is committed to raising awareness of the issue of cybersecurity and its importance to business and government leaders.

Professor Lawrence Gordon Testifies to Homeland Security Congressional Committee
Lawrence A. Gordon, Ernst & Young Alumni Professor of Managerial Accounting and Information Assurance, gave testimony concerning his research (with Dr. Martin Loeb, professor of accounting and information assurance and Deloitte & Touche Faculty Fellow) on cybersecurity economics to the U.S. House of Representatives Subcommittee on Homeland Security on October 31, 2007.

Smith's Larry Gordon to Speak at London School of Economics' Management Accounting Research Group 
Larry Gordon, Ernst & Young Alumni Professor of Managerial Accounting and Information Assurance and director of the Ph.D. Program, will be the plenary speaker at the London School of Economics' Management Accounting Research Group (MARG) Conference on April 6, 2006. The conference is sponsored by the Department of Accounting and Finance at LSE, the Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants in England and Wales (ICAEW), with a theme of "Risk Management & Financial Control." 

Management accounting practices revolve around organizational control issues. Never before have interdependencies between corporate control concerns, risk management priorities and security technology and computer assurances been more significant to management and management accounting processes. This year's MARG Conference places these concerns and cybersecurity issues -defined widely as the control of computer-based system vulnerabilities including the managerial use of systems - center stage and discusses a variety of aspects of risk management and management accounting. 

"My talk, Risk Management and Cybersecurity: A Management Accounting Perspective, will focus on my research with Martin Loeb in the area of economic aspects of cybersecurity," says Gordon. Gordon goes on to note that "the high academic profile of LSE's accounting faculty, coupled with the fact that the two main professional accounting organizations in the UK, are cosponsors of this conference provides strong evidence that our research is having an important impact on the field of accounting as well as the field of computer science." There should be at least 150 individuals in attendance at the 2006 MARG Conference, with a roughly even split between academicians and senior executives/practitioners. 

Gordon is the co-author (with Martin Loeb) of the highly acclaimed new book from McGraw-Hill's Professional Division entitled Managing Cybersecurity Resources: A Cost Benefit Analysis. This book was written in order to bring Gordon and Loeb's research on cybersecurity to a wider audience. Visit the London School of Economics Web Site for more information.

Professor Steve Loeb, who coauthored with Dan Ostas (a former Smith School professor, now at the University of Oklahoma) won The Ralph C. Hoeber Award for the outstanding article 2002-2003 in the Journal of Legal Studies EducationThe paper was: Teaching Corporate Social Responsibility in Business Law and Business Ethics Classrooms, Journal of Legal Studies Education Winter/Spring 2002, pp. 61-88. Professor Steve Loeb is a faculty member in the Accounting and Information Assurance Department at the Smith School.

Larry Gordon and Marty Loeb Pen Washington Business Journal Column [ MORE ]

Nerissa C. Brown, PhD Candidate, was awarded the Best Paper Presentation Award at the Center for Corporate Reporting & Governance Conference held in Costa Mesa, CA, on 9/18/04. Nerissa presented a working paper from her dissertation titled Herd Behavior in the Voluntary Disclosure of Capital Expenditure Forecasts. The Center is based at Cal State Fullerton with Board Members from the Big 4, SEC, Purdue, UCLA.


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