Accounting Area

Accounting alum elevates talent and culture at KPMG

Katelynn C Hipolito — Mon, 03 Nov 2025 15:57:31 +0000

Accounting alum elevates talent and culture at KPMG Katelynn C Hipolito Mon, 11/03/2025 - 10:57

Growing up in southern Virginia, Sandy Torchia, BS Accounting ’93, discovered her passion for accounting early. During high school, she realized that hard work in the field could not only open doors to exciting opportunities but also to a fulfilling career.

Sandy Torchia. Photo by KPMG

As the first in her family to attend college, she chose �鶹��Ƶ because it checked a multitude of boxes for her, including its academic rigor, location in vibrant Fairfax, Virginia, and proximity to Washington, D.C. Four years later, she graduated from the Costello College of Business with an even deeper appreciation for the learning environment that shaped her educational and professional journey.

“My parents taught me to put in the work and dream big,” Torchia says. “Graduating from George �鶹��Ƶ was accomplishing one of those dreams for myself, and also for them.”

Torchia attributes her current position as vice chair of talent and culture at KPMG to the education she received at Costello, which equipped her with a strong business foundation and a comprehensive expertise in accounting. She states that these skills are critical to her and her organization’s success as they drive the firm’s talent strategy, positioning KPMG to attract, develop, and retain the best talent.

Her work—leading KPMG into the future—puts her focus on the firm’s employees and partners and how they experience the firm. And like her passion for accounting, she also has a passion for people—she states it’s one of the main reasons she’s stayed at KPMG for more than 28 years. “I love the people I work with,” she says.

Among Torchia’s most impactful experiences at Costello was helping found George �鶹��Ƶ’s chapter of Delta Sigma Pi, one of the largest co-educational professional business fraternities in the country. Establishing and leading the chapter honed skills she has continued to use throughout her career, including relationship management, public speaking, and negotiation. Those came in handy as the work required her to coordinate with other universities and organizations at George �鶹��Ƶ.

She’s proud to not only have co-founded the chapter but to be part of the chapter’s first graduating class too. Torchia encourages Costello students to get involved in special projects and extracurriculars like Delta Sigma Pi. "Whenever and wherever you can, take advantage of opportunities to develop and elevate your skills, including those beyond the classroom,” she says. “Whether it's a formal program like a business fraternity or an informal mentorship, seeking new experiences or training will always add value."

"Whenever and wherever you can, take advantage of opportunities to develop and elevate your skills, including those beyond the classroom. Whether it's a formal program like a business fraternity or an informal mentorship, seeking new experiences or training will always add value."

—Sandy Torchia, BS Accounting ’93

Of course, her drive extended to the classroom as well. “Sandy was a student in one of the first accounting classes I taught at �鶹��Ƶ, and she remains every professor’s model success story,” says Janet Faughnan, senior instructor of accounting at the Costello College of Business. “The technical accounting knowledge and interpersonal skills Sandy developed through her dedication to her studies at George �鶹��Ƶ have been refined and perfected throughout her professional career.”

Sandy Torchia’s journey from a first-generation college student to management committee member at KPMG is a testament to the impact of education, leadership, and innovation. Her time at the Costello College of Business not only equipped her with academic and technical expertise but also inspired her to build something lasting—like George �鶹��Ƶ’s Delta Sigma Pi chapter—that continues to benefit students today. As she leads KPMG's talent strategy, Torchia can call back to those academic and leadership experiences as a strong foundation, equipping her with the right skills for fostering environments that encourage new ideas to excel and people to thrive.

In This Story

Janet Faughnan

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‘Nothing to see here’: How corporate spin confuses Wall Street

Katelynn C Hipolito — Wed, 08 Oct 2025 14:38:35 +0000

‘Nothing to see here’: How corporate spin confuses Wall Street Katelynn C Hipolito Wed, 10/08/2025 - 10:38

Managers’ attempts to distract investors from bad news have serious implications for market efficiency.

Public-relations professionals call it “getting ahead of the story”—feeding positive spin to the media to blunt the impact of unflattering news to come. Celebrities engage in it; so do companies when, for example, their forthcoming earnings report is destined to disappoint. But do these face-saving distraction tactics affect the long-term movement of share prices?

Min Shen, associate professor of accounting at Costello College of Business at �鶹��Ƶ, recently published a paper in The Accounting Review suggesting that traders see through these pre-emptive disclosures of positive news, and change their info-seeking behavior accordingly.

Shen’s co-authors were Edward Xuejun Li of Baruch College, K. Ramesh of Rice University, and Joanna Shuang Wu of University of Rochester.

The researchers analyzed share price movements surrounding corporate and non-corporate disclosures between January 2003 and March 2016 (35,330 firm-year observations in their sample). Corporate disclosures included earnings announcements, management guidance, press releases, SEC filings, etc. Non-corporate disclosures come from intermediaries such as analysts, credit rating agencies and journalistic outlets.

Splitting the firm-years into “good” and “bad” years based on stock performance, the researchers uncovered a striking discrepancy. During a bad year (i.e. when a company was underperforming relative to peers), the market’s immediate response to corporate disclosures had much less of a lingering effect, accounting for a mere 40 percent of price discovery over the course of the year. The equivalent figure for good years was around 60 percent.

Shen stresses that corporate disclosures were no less frequent during bad years, but they were seen as less informative. Press releases were one of the main drivers of the disparity: Their contribution to price discovery fell from an average of 27 percent during good years, to three percent in bad times.

Min Shen. Photo by Hannah Patterson/Costello College of Business.

“A company might rush a press release announcing a new AI model, or a new five-year contract with the government, in anticipation of an upcoming adverse disclosure,” Shen says. “And for bad news, they try to delay it as much as possible, until they are forced to disclose in mandatory SEC filings.”

This gap was basically unaffected by the 2008 global financial crisis. “We picked 2009 as the cut-off year, and compared pre-crisis to post-crisis,” Shen says. “In the post-crisis period, we find management teams became somewhat more cautious and less inclined to withhold bad news. So the gap between good-news and bad-news years narrowed a bit, but the main findings still hold.”

So if official disclosures from underperforming companies became less influential, where was the market getting its information during bad years? In the absence of reliable public disclosures, investors intensified their search for private information. The price-setting power of so-called “extreme order imbalances”—incidents of severely lopsided supply and demand that are often triggered by private information-sharing—was greater during bad years.

Moreover, by sharing what they know, outside monitors such as short sellers, equity analysts, and dedicated long-term institutional investors can put pressure on managers to be more transparent about bad news. Shen and her co-authors found that more stringent external monitoring by these market participants was associated with faster disclosure of bad news. When managers see that the news they are trying to bury is leaking out anyway through other channels, they may conclude that there’s nothing to be gained by continuing the cover-up.

Shen says her paper calls attention to how conflicting managerial incentives shape disclosure. “Managers are driven by compensation and job security incentives, which are pegged to benchmarks such as target share price or debt-to-equity ratio. That’s why they disclose good news as fast as possible, and try to hide bad news.”

But managers’ attempts to control the narrative are bounded by government regulations (e.g. SEC reporting requirements) and the company’s risk of a shareholder lawsuit that may follow a sudden decline in share price. Therefore, Shen suggests that policymakers could consider playing a more active role.

“SEC filings are quite significant for price discovery during bad years and insignificant during good years,” Shen says. “Mandatory disclosure brings bad news to light faster, because management faces more severe penalties and heightened litigation risk if they insist on burying it.”

In This Story

Min Shen

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Janis S. Reed Scholarship helps BAM student keep her focus

Greg Johnson — Fri, 18 Apr 2025 19:44:42 +0000

Janis S. Reed Scholarship helps BAM student keep her focus Greg Johnson Fri, 04/18/2025 - 15:44

Receiving the Janis S. Reed Scholarship sharpened the focus even more for the goal-oriented Anh Tran. Wrapping up her final semester as an undergraduate student in accounting at �鶹��Ƶ and completing the bachelor’s to accelerated master’s (BAM) program, she already had her eyes on the larger picture.

Anh Tran

Following a similar path as her aunt and nearly 30 other students each year, she attended two years at Northern Virginia Community College (NOVA) in the ADVANCE Program before transferring into the accounting program at George �鶹��Ƶ. Her path is now leading her to completing the CPA exam after finishing her master’s degree courses.

Tran was drawn to the Costello College of Business because of its reputation for excellence and diversity. After transferring from NOVA, she worked with an academic advisor to see how she could earn the credits required to sit for the CPA exam. That’s when she first learned about the BAM program. At first, she was concerned that taking undergraduate and graduate courses at the same time would be too much. However, as she eased into the course material, she found that it was nothing she could not handle. Tran is now one of more than 60 BAM students pursuing this accelerated path to the MS in accounting degree.

Still, her course load was increasingly heavy, so Tran was relieved that the Janis S. Reed Scholarship helped pay off her financial costs. “It’s my first time taking both the undergraduate and also the grad classes, so I really want to focus on school,” she says.

Not only did the scholarship help with finances, but it also gave her other opportunities, like connecting her with Reed herself. “I had a chance to talk to her and other recipients at the scholarship luncheon,” she says. “She gave us good advice for our academic journey and then also tips for the career journey that we asked her for. It was really a great opportunity for us to meet her, and she was very sweet and friendly.”

The scholarship luncheon, which brought together Costello donors and recipients to the Fairfax Campus, was an experience that Tran was grateful to take advantage of.

Looking back on her experiences at the Costello College of Business, Tran is glad that she took advantage of many of the opportunities, some of which were recommended or assigned by professors. She recalls attending the career fair for the first time with one of her classmates.

“At that event, I had my first opportunity to talk with real recruiters, and it was really special for me,” she says.

It was at that career fair where she had the chance to interview for her first internship. The internship was exactly what she was looking for—a great learning experience in the professional tax services area at a public accounting firm.

Through focus, hard work, and informed planning, Tran is on schedule to sit for the CPA exam after graduation. She plans to begin her career immediately and balance her CPA studies with her work schedule. “I want to work for a public accounting firm, perhaps in the tax area as well,” she says. “I believe I am familiar with taxes after my past internships, and I’d like to gain more knowledge and experience about this field.”

Tran is excited to begin her state and local taxes internship at a public accounting firm in the summer of 2025. Another summer plan that she’s looking forward to is the global residency trip to Rome, Italy, as part of her global accounting environment class, where she will be able to engage with local companies and explore the culture.

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Accounting students visit the U.S. Securities and Exchange Commission (SEC)

Greg Johnson — Thu, 11 Apr 2024 13:25:04 +0000

Accounting students visit the U.S. Securities and Exchange Commission (SEC) Greg Johnson Thu, 04/11/2024 - 09:25

Prior to his teaching career, Bret Johnson, an associate professor of accounting at the Costello College of Business at �鶹��Ƶ, was a staff accountant at the U.S. Securities and Exchange Commission (SEC).

Accounting students and faculty

“I went back as an academic fellow, so I was there from 2020 to 2021, and part of my responsibility was arranging these student visits for other universities to come,” he says. Johnson knows the current SEC academic fellow Ally Zimmerman, an assistant professor of accounting at Florida State University’s College of Business. She coordinated the visit for Costello College of Business students to visit the SEC headquarters on the afternoon of Wednesday, February 28. An independent agency of the United States federal government, the SEC was established following the Wall Street Crash of 1929 to protect investors and enforce the law against market manipulation.

Johnson worked with Ethan Kinory, an instructional assistant professor of accounting at the Costello College of Business, to assemble a group of students they could bring on the visit. Kinory is the faculty advisor to �鶹��Ƶ’s chapter of Beta Alpha Psi, an international honor organization for financial information students and professionals. The chapter has 41 total students, 29 of whom are accounting majors, and it runs approximately 12 events per semester. In addition to Beta Alpha Psi students, other attendees in the group included students from the accounting honors program and the master of science in accounting program. “It’s a huge benefit of us being here in the backyard of Washington, D.C., to have these types of opportunities,” says Johnson. “We have a great relationship with the people there, and that’s really helpful to foster these types of opportunities in the future.”

The Costello College of Business group arrived at SEC headquarters by 1:30 p.m. and was greeted by Ally Zimmerman in the lobby. From there, the afternoon was broken into segments running approximately half an hour each until the agenda concluded at 5:00 p.m. Interactive presentations were given by representatives from the office of the chief accountant, division of investment management, division of enforcement, division of corporation finance, and division of examinations.

The students’ trip to the headquarters showed them how they could apply what they have learned in the classrooms as future professionals, whether it be at the SEC or elsewhere. “This excursion provided an invaluable opportunity for students to gain insight into the SEC's role and organizational structure,” says Maya Didier, a master’s in accounting student and vice president of Beta Alpha Psi. "Visiting the SEC provided me with a valuable opportunity to apply the theoretical knowledge I gained from textbooks into a real-life experience from talking to individuals who work for the SEC to visiting the building where all the work happens,” says Nathaly Pablo, a master’s in accounting student. “It was a great experience to broaden my understanding and perspective of the accounting profession."

For the 20 students who attended, it was a worthwhile and potentially career-altering event. “A lot of my students who attended told me that they hadn’t previously considered a career in the SEC or any regulatory agency,” says Kinory. “Now that they’re aware, they are considering those types of opportunities and potential employment down the road.” The proximity of �鶹��Ƶ and the proactive partnership building done by the faculty members open the doors for countless other top-notch experiential learning opportunities for Costello College of Business students.

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Accounting student receives prestigious PCAOB honor

Jennifer Anzaldi — Wed, 06 Jul 2022 16:53:18 +0000

Accounting student receives prestigious PCAOB honor Jennifer Anzaldi Wed, 07/06/2022 - 12:53

Ngoc Le

As Ngoc Le was wrapping up her sophomore year at the �鶹��Ƶ School of Business, she was surprised to learn that she had been nominated for the Public Company Accounting Oversight Board (PCAOB) scholarship. After a demanding application process, her hard work was rewarded as she was named a PCAOB scholar. Originally undeclared, Le chose to major in accounting after learning about how central it was to everything in business. “I wanted to explore what the School of Business had to offer before declaring,” she says. Peggy Tsirigotis and Kevin Matthews, both instructors of accounting, were two impactful professors she had in accounting and they pushed her to be a problem solver. It was during their courses that Le realized her passion and calling.

After receiving the PCAOB nomination, Tsirigotis guided her as a mentor throughout the application process. “The nomination and selection process took about two months and was rigorous as she competed against outstanding accounting students not only at �鶹��Ƶ but also across the country,” says Tsirigotis. “As her former instructor, I am honored to have guided and supported her during the process.” The pair worked together in writing a profile and filling out copious forms. “Professor T was so helpful and we communicated frequently to ensure everything was proficiently completed,” says Le.

While working toward a future as an auditor, in the near-term Ngoc Le is looking forward to the rest of her time as a student at �鶹��Ƶ. Now a junior, she spent her freshman year doing everything online. “This past year, I was really excited because I got to be on campus and attend all of my classes and club meetings in person,” she says. “I had only visited campus once back in high school, so it’s really been nice walking around to classes and events this past year.”

Clearly, the disappointment of the pandemic did not hinder Le’s academic achievement and a superb sophomore year was further enriched by the PCAOB recognition. Her full plate of extracurriculars include the Accounting Society, Vietnamese Society, and the Environment Club. She hopes to secure an internship soon and already has her eye on �鶹��Ƶ’s master’s in accounting program. In addition to the financial benefit, the PCAOB scholarship carries incredible prestige, giving Le the confidence that the work she’s been putting in has been paying off.

“Nominating Ngoc for the PCAOB scholarship was an easy decision considering her high academic achievement, enthusiasm for accounting, and her well-rounded student profile,” says Tsirigotis. Halfway through her undergraduate classes, Ngoc Le has taken advantage of every opportunity and done so in impressive fashion. The School of Business is honored to be represented by her as a PCAOB scholar.

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