Critical Thinking for Professional Success Susan K. Wolcott, PhD, CPA, CMA WolcottLynch and CPA Canada CTLA August 6, 2017

Quiz to Focus on OUR current beliefs Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Which is the MOST important CT learning opportunity for a typical undergraduate Introductory accounting student? For a particular business context: Recognize accounting uncertainties (i.e., imperfect or unknown information) Interpret accounting #’s (e.g., ratios) Analyze pros and cons of acctg methods Recommend an acctg assumption after thorough analysis of alternatives Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Which is the MOST important CT learning opportunity for a typical undergraduate Intermediate II accounting student? For a particular business context: Recognize accounting uncertainties (i.e., imperfect or unknown information) Interpret accounting #’s (e.g., ratios) Analyze pros and cons of acctg methods Recommend an acctg assumption after thorough analysis of alternatives Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Which is the MOST important CT learning opportunity for a typical accounting student at the end of 150 hours? For a particular business context: Recognize accounting uncertainties (i.e., imperfect or unknown information) Interpret accounting #’s (e.g., ratios) Analyze pros and cons of acctg methods Recommend an acctg assumption after thorough analysis of alternatives Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Confused Fact-Finder Typical Undergraduate Introductory Accounting Student Cartoon omitted in this file due to copyright license restrictions For a description of this pattern of thinking, see YouTube channel: WolcottLynch Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Biased Jumper Typical Undergraduate Intermediate II Accounting Student Cartoon omitted in this file due to copyright license restrictions For a description of this pattern of thinking, see YouTube channel: WolcottLynch Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Perpetual Analyzer Typical Accounting Student at the End of 150 Hours (Maybe…) Cartoon omitted in this file due to copyright license restrictions For a description of this pattern of thinking, see YouTube channel: WolcottLynch Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Accounting Student Performance (End of Undergraduate Program, Western Canada) 0 = Confused Fact-Finder 1 = Biased Jumper 2 = Perpetual Analyzer Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

So, What Do We Do? Identify Desired Skills Assess Student Skills Focus on BUILDING Skills Teach Students a CT Model Practice, Practice, Practice Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Examples of CRITICAL THINKING Models FOR ACCOUNTING This Photo by Unknown Author is licensed under CC BY-SA Examples of CRITICAL THINKING Models FOR ACCOUNTING Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

A Skill Development Model: Steps for Better Thinking Based on King & Kitchener’s reflective judgment model and Fischer’s Dynamic Skill Theory Downloadable at http://www.wolcottlynch.com/educator-resources.html See YouTube channel: WolcottLynch Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

EY: The Professional Judgment Framework Can be downloaded at: http://www.ey.com/Publication/vwLUAssets/ey-faculty-connection-issue-45-professional-judgment-framework/$FILE/ey-faculty-connection-issue-45-professional-judgment-framework.pdf Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

KPMG: Professional Judgment Framework Sign up for KPMG resources at: https://www.kpmguniversityconnection.com/ Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) CPA Canada Model and resources downloadable at: https://www.cpacanada.ca/en/become-a-cpa/pathways-to-becoming-a-cpa/national-education-resources/the-cpa-way Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

The CPA Way: Video Example Model and resources downloadable at: https://www.cpacanada.ca/en/become-a-cpa/pathways-to-becoming-a-cpa/national-education-resources/the-cpa-way Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

The CPA Way: Document Example Model and resources downloadable at: https://www.cpacanada.ca/en/become-a-cpa/pathways-to-becoming-a-cpa/national-education-resources/the-cpa-way Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Simplified Classroom Model Contact Susan Wolcott for a faculty handbook working draft (PDF), which includes this model in an appendix Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

How Do These Models Relate to the 2018 CPA Exam? This Photo by Unknown Author is licensed under CC BY-NC-SA How Do These Models Relate to the 2018 CPA Exam? Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Critical Thinking on the 2018 CPA Exam See blueprint and other information at: http://www.aicpa.org/BecomeACPA/CPAExam/Pages/default.aspx Critical Thinking on the 2018 CPA Exam Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

CPA Exam Skills and Developmental Progression Pattern 0 Confused Fact-Finder Pattern 1 Biased Jumper Pattern 2 Perpetual Analyzer Application Use or demonstrate knowledge, concepts, or techniques without uncertainty Use or demonstrate knowledge, concepts, or techniques with limited uncertainty Use or demonstrate knowledge, concepts or techniques with significant uncertainty CPA Exam Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

CPA Exam Skills and Developmental Progression Pattern 0 Confused Fact-Finder Pattern 1 Biased Jumper Pattern 2 Perpetual Analyzer Analysis  Examine and study limited interrelationships of a few separate areas to identify apparent causes and find some evidence to support inferences Examine and study numerous interrelationships of many separate areas to identify uncertain causes and find reasonable evidence to support inferences CPA Exam Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

CPA Exam Skills and Developmental Progression Pattern 0 Confused Fact-Finder Pattern 1 Biased Jumper Pattern 2 Perpetual Analyzer Evaluation  Perform examination or assessment of problems with limited uncertainty, and use judgment to draw single/correct conclusions Perform thorough examination or assessment of problems with significant uncertainty, and use unbiased judgment to draw reasonable conclusions CPA Exam Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Teaching/ Learning Strategies Excerpts from Faculty Handbook: Steps for Better Thinking (2e, in process); request copy via email to Susan Wolcott Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) This Photo by Unknown Author is licensed under CC BY-SA

One-Paragraph Assignment: Identify and Describe Uncertainties Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Require Students to Investigate More Than One Side Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Help Students Recognize Stronger/Weaker Evidence Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Scaffolding Development Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Questions to Scaffold Skills: Short Case “Janet Baker’s Housing Decision” in Eldenburg and Wolcott, Cost Management (2005, pp. 29-30), copyright by John Wiley and Sons. Presented here with permission. Grading rubric on next slide Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Continued on next slide Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com) Continued from previous slide Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Susan K. Wolcott, CTLA, August 6, 2017 (www.WolcottLynch.com)

Questions?