Business consulting project: For this type of project, students work as consultants for a small business or nonprofit organization. They conduct an in-depth analysis of the business/organization’s accounting and finance operations. Some key activities students may undertake include analyzing financial statements, assessing internal controls, benchmarking against industry peers, conducting a breakeven analysis, and developing recommendations for improvement. The final deliverable is usually a formal written report and presentation to the client.
Fraud examination project: In this project, students are given a financial dataset from a fictitious or real company that contains indications of possible fraud. They need to analyze the data and documents using forensic accounting techniques to investigate the suspected fraudulent activities. The project involves developing an investigation plan, interviewing key individuals, reviewing evidence, and writing a report summarizing the findings and conclusions. Students demonstrate skills in fraud prevention, detection, and investigation.
Accounting information systems project: For their capstone, students analyze and assess the accounting information system of a company. This involves documenting the current AIS, evaluating system controls, identifying risks, and recommending improvements to ensure accurate financial reporting and compliance with regulations. The evaluation covers topics like security protocols, IT infrastructure, transaction processing procedures, input/output controls, and system changes. Students present their analysis and enhancement strategies.
Tax compliance project: In this project, students work on a portfolio of individual and/or business tax returns from start to finish. This involves obtaining source documents to prepare each return, performing the required calculations, selecting the appropriate tax form, ensuring accuracy, and advising taxpayers appropriately. Students also research tax laws and plan for tax strategies. The final deliverable is the completed tax returns along with supporting workpapers and research materials used. This type of capstone showcases tax preparation and compliance skills.
Financial statement analysis project: For their capstone, students are provided with the annual financial statements of a public company spanning multiple years (3-5 years). They conduct both horizontal and vertical analysis of key financial statement line items to identify trends and flag anomalies over time. Students also calculate and analyze important financial ratios to assess the company’s performance, liquidity, profitability, solvency and efficiency. The project involves writing a written report with recommendations for investing, lending or other decision making purposes based on the analysis. This type of capstone focuses on financial statement evaluation and interpretation.
Not-for-profit accounting project: In this capstone, students volunteer with a local not-for-profit organization (NPO) like a charity, arts group or advocacy organization. They conduct an in-depth analysis of the NPO’s accounting systems, internal controls and compliance with regulations like Sarbanes–Oxley and GAAP for NPOs. Students also help the NPO prepare and analyze their budget and statement of financial position and recommend process improvements. The final deliverable includes a formal report, presentation and implementation of certain recommendations to strengthen the NPO’s accounting operations. This type of capstone provides exposure to not-for-profit accounting.
That covers some examples of different types of capstone projects that accounting students can consider for their final year. The capstone is meant to demonstrate the accounting knowledge and professional skills gained throughout the program. By working on real-world or simulated projects involving consulting work, fraud investigation, financial analysis, tax preparation or not-for-profit accounting, students get to apply classroom learning to practical scenarios. These experiences help strengthen critical thinking, problem-solving, communication and teamwork abilities which are invaluable for their future career. Students get to choose a topic area that interests them the most based on their career aspirations. The department may provide guidance on available and approved project options as well.