Dr. Wallace has received the Wildman Gold Medal awarded to the most significant literary contribution to the advancement of public accounting over a three-year period by the American Accounting Association (AAA) and Deloitte. She has also been awarded a Certificate of Distinguished Performance on the Certified Management Accounting Examination and the Highest Achievement Award (Gold Medal) on the international certified Internal Auditor Examination. A past AAA Vice President, Dr. Wallace has served on the Financial Accounting Standards Advisory Council (FASAC) that advises the Financial Accounting Standards Board (FASB) in 1991 and on the Government Auditing Standards Advisory Council. She has authored over 40 books and monographs, and over 200 articles in such journals as the Harvard Business  Review, CPA Journal, Government Finance Review, and Wall Street Journal.