Joseph Carcello

Expertise:

Audit and Risk Management, Board of Directors, Regulatory Oversight

Education:

State University of New York, B.S. Accounting

University of Georgia, M.Acc. Accounting

Georgia State University, Ph.D. Accounting

JOSEPH V. CARCELLO, Ph.D., CPA, CGMA, CMA, CIA is emeritus professor of accounting at the University of Tennessee. He also is the cofounder and emeritus director of the University of Tennessee’s C. Warren Neel Corporate Governance Center. Carcello received the Bank of America Leadership Award in 2014, the Tennessee Society of CPAs Distinguished Achievement in Accounting Education Award in 2010, the UT National Alumni Association Outstanding Teacher Award in 2009, and Beta Alpha Psi’s Business Professional of the Year award in 2008. Carcello is a past recipient of the Robert Beyer Gold Medal for his performance on the Certified Management Accountant examination. He was named by Business Week as a “prominent faculty” in its ranking of undergraduate business programs, and as one of the “most influential” individuals in accounting and finance by Business Finance magazine for four consecutive years, the only academic to be so recognized.

Carcello has testified before United States Treasury Department committees and a Congressional subcommittee on accounting and auditing regulation. He served as a member of the Securities and Exchange Commission’s (SEC) Investor Advisory Committee and as a charter member of the Public Company Accounting Oversight Board’s Investor Advisory Group and Standing Advisory Group. He also served as a member of the SEC Historical Society Board of Advisors and Museum Committee.

Carcello has published over 60 articles in academic and professional journals on audit committee performance, financial fraud, going-concern reporting, and audit quality, including publications in The Accounting Review, Journal of Accounting Research, Contemporary Accounting Research, AUDITING: A Journal of Practice & Theory, and Accounting Horizons, among numerous others. He serves as an editor of Contemporary Accounting Research, and on the editorial boards of The Accounting Review, Auditing: A Journal of Practice & Theory, Accounting Horizons, and Current Issues in Auditing. Carcello also has served as an ad-hoc reviewer for numerous other journals including: Journal of Accounting Research, Journal of Accounting and Economics, Management Science, Decision Sciences, and the Journal of Accounting and Public Policy and as an outside reviewer for the research councils of the Canadian and Hong Kong governments.

Carcello co-authored COSO funded research studies that examined fraudulent financial reporting in the U.S. from 1987-2010 and follow-on research studies on SEC fraud-related actions against auditors. These studies were cited by publications such as The Wall Street Journal and Barron’s, numerous regional newspapers and public television programs and this work has been referred to by Senator Paul Sarbanes as a “landmark” study on fraudulent financial reporting. The study’s results have been presented to officials at the Securities and Exchange Commission (SEC), and frequently cited in SEC rules and speeches.

Carcello also co-authored CCH’s GAAP Guide and GAAS Guide, financial accounting and auditing reference books for practicing CPAs. He has provided consulting services for a number of public company audit committees, including the audit committee of a Fortune 50 company. Carcello has provided consulting services on revenue recognition to the software industry, and has served the Securities and Exchange Commission and private attorneys as an expert in evaluating corporate governance reforms instituted as part of legal settlements of shareholder claims in federal and state courts. Carcello has provided training to a number of

public and private companies on fraudulent financial reporting and on corporate governance, including Section 404 of the Sarbanes-Oxley Act and related PCAOB auditing standards, and the COSO internal control framework. Finally, he has taught continuing professional education courses for two of the Big 4 accounting firms, AICPA, Institute of Internal Auditors, The Institute of Management Accountants, and the Tennessee and Florida Societies of CPAs.

Carcello has taught undergraduate, MAcc, Executive MBA, and Ph.D. courses and has received awards from the Haslam College of Business for his teaching and research performance. He has delivered academic lectures and or professional presentations in Australia, Canada, Germany, The Netherlands, and the United Kingdom, including teaching Ph.D. seminars at the Norwegian School of Economics.

Carcello previously served on COSO’s Small Business Control Guidance Advisory Group Task Force, a group established at the behest of the SEC to provide guidance to smaller public companies in complying with Section 404(a) of the Sarbanes-Oxley Act. He has previously served as Vice President – Finance of the American Accounting Association (AAA), and as a member of the Executive, Finance, and Audit Committees of AAA. Carcello also served the Auditing Section of the AAA as President, Past President, Vice President – Academic, Treasurer, liaison to the AAA Annual Meeting Planning Committee, and Vice Chairperson of the Auditing Standards Committee. Carcello served the AAA as chair of the program committee for the 2005 Annual Meeting, as a member of the Wildman Award Committee, and as a member of the Education Committee where he served as liaison to the 2001 New Faculty Consortium Planning Committee. In addition, he has served as a member of academic advisory councils for Grant Thornton and Institutional Shareholder Services. Finally, he has served on the Institute of Internal Auditors’ Professional Issues Committee and on IIA’s Board of Research Advisors.