Washington, DC (Dec. 17, 2011) — The American Institute of Certified Public Accountants today named students from North Carolina State University winners of a national case competition focused on a fictional Texas company looking to expand its business into the Nigerian oil fields.
Students from Iowa State University took second place and received a $5,000 award. The third-place team from The University of Texas at Dallas won $2,500.
“This year’s competition highlighted fraud and forensics, which is one of the fastest growing areas of accounting.” said Greg Anton, AICPA Chairman, who announced the winners in Washington, D.C. this morning. “Through hard work and research, the winning team showed great insight into the many components of a business strategy, including compliance with international and U.S. law.”
Ninety-eight student teams from around the country entered eligible submissions, with 10 chosen to participate in the semi-finals. Semi-final teams submitted written and video proposals on ThisWayToCPA, so the public could vote on the best ideas. Those results and a review of an executive judging panel narrowed the field to three final teams, which each gave a presentation to a panel of judges and participated in a question and answer session.
The NC State University team believed the company could achieve their objectives of expansion, while working with management to ensure they implement the necessary preventive, detective and corrective controls. They stressed that effective controls should be designed to meet three objectives: limit fraud exposure, align with the company’s strategic goals and being cost effective.
“Congratulations to the students from NC State University and all the participating teams for their ideas and analysis of this very challenging topic,” added Anton.
Members of the NC State University team, named Wolfpack in the Black are:
· Alan Perry (‘12), (Captain)
· Amanda Dew (’13)
· Brian Jones (’12)
· Seanna Robey (’12)
· Eileen Taylor (Faculty advisor)
For more information about the competition or to watch the video submissions, visit www.thiswaytocpa.com.