NIU accountancy major Chad Young was named a PCAOB Scholar by the Public Company Accounting Oversight Board. Young is one of only 207 accounting students nationwide to earn the PCAOB Scholar credential. Each recipient also receives a $10,000 scholarship.
“The PCAOB Scholars program aims to benefit outstanding students who are likely to become accountants and auditors,” PCAOB Chairman William D. Duhnke said. “We congratulate this group of students and look forward to engaging with them as they continue to pursue a career in the profession.”
Established by Congress through the Sarbanes-Oxley Act of 2002, the PCAOB is a nonprofit corporation that oversees the audit of public companies. Its mission is to protect the public interest and investors by promoting informative, accurate, and independent audit reports. PCAOB oversight extends to the review of audits of brokers and dealers, including all compliance reports filed in keeping with federal securities laws. The U.S. Securities and Exchange Commission has oversight authority over the PCAOB.
The PCAOB Scholar program was created out of penalties imposed by the organization in its disciplinary proceedings. Federal law requires that those monies be used to fund the merit scholarship program for which students in accredited accounting degree programs are eligible. In 2019, the program criteria were refined to include scholarship awards for qualified students who transferred from a two-year institution to the accounting program at a four-year institution.
“We are fortunate to have such a highly talented, diverse student body and with it, many and varied life pathways,” says NIU College of Business Dean Balaji Rajagopalan. “Chad’s journey, character, academic accomplishments, and personal and professional commitment personify the idea of crossing boundaries – a mindset we try to imbue throughout the NIU Business experience. His background and talents also exemplify what it means to be a PCAOB Scholar.”
PCAOB Scholars are nominated by their educational institutions. Only regionally accredited and AACSB accredited U.S. colleges and universities may submit nominations. Eligibility requirements include an overall grade point average of 3.3 or higher and high ethical standards, among other criterion. Schools are encouraged to consider students from populations that historically have been underrepresented in the accounting profession.
”Chad’s achievements across the board make him incredibly worthy to hold this important credential. I greatly appreciate PCAOB’s support of such high quality students like Chad,” said NIU Department of Accountancy Chair Rebecca Shortridge.
Over the course of his academic experience, Young served as an accounting and economics tutor at Kishwaukee Community College where he also worked on and completed his associates degree, and participated in the Volunteer Income Tax Assistance Program (VITA) as a tax associate/preparer. Other activities include his ongoing membership in Phi Theta Kappa, the National Society of Leadership and Success, and the Kishwaukee College of Business Club. At NIU, Young continues to serve as a student voting member on the NIU Department of Accountancy Curriculum Committee and on the NIU Accountancy Leadership Advisory Council. He is also a student ambassador in the NIU College of Business ambassador program and an incoming member of the Beta Gamma Sigma Honor Society. Beyond his academic and campus pursuits, Young has held a variety of professional positions, including customer service representative with Fifth Third Bank and financial capability manager with the Center for Economic Progress at Waubonsee Community College
by Michelle De Jean, Director of Marketing, NIU College of Business