FIC3 Accounting Department Fraud Case Competition

Objective The purpose of FIC3 is to provide students an experiential learning opportunity to understand the implications of fraudulent financial reporting and the value and relevance of Internal controls. This competition will provide students an opportunity to demonstrate their understanding of the accounting process, system of internal controls and the COSO framework for internal controls. It also provides opportunities to refine presentation skills and network with alumni and local professionals who serve as the coaches and judges.

Pertinent Information Participants will receive the actual case, detailed requirements and supplement material one week prior to the competition. Each team will have 3.5 hours (9am -12:30pm) to review the case, formulate their response to the case questions and develop a PowerPoint based presentation, a template will be provided the day of the competition.

We strongly encourage all registrants to attend the kickoff event: “Ripped From the Headlines: Case Studies of Major Embezzlements” by Bethmara Kessler of Campbell’s Soup in GHall 722 from 4-6pm. Check the events calendar for registration and further details.

Day of the Competition Registration will take place from 8-8:30am. Participants will have a chance to enjoy a continental breakfast and get to know team members and coaches. The program will begin at 8:30am with a guest speaker who will provide vital information for the case. A box lunch will be provided at noon so teams may continue to work on their presentations. Each team must submit an electronic copy of their presentation by 12:30pm. No changes may be made to teams’ PowerPoint presentations after the 12:30pm submission deadline.

Teams will be randomly assigned a 15 minute slot with one of our two panels of judges to present their results. Team presentations will be in 20 minute intervals between 1:00 and 3:30. The top four teams will announced at the conclusion of the first round of judging. Immediately preceding this we will release the rest of the group and the top four teams will again be randomly assigned for the final round of judging. Awards will be presented as soon as the judges have reached a decision.

Key Dates • Registration Deadline: February 2, 2016 • Kick-off Event: February 2, 2016 • Case will be released to participants: February 5, 2016 • Competition Date: February 12, 2016

Team Structure Teams will be assigned by the accounting department and align with the below requirements. • Teams of 4 students • Teams will consist of at least one Accounting Major, one upper classman or MS student, and one under classman • There will be a limit of 10 case teams, so the first 40 students who sign up and are assigned to teams will receive one of the 10 available spots.

Team Prizes • 1st Place - $500 ($125 per each team member) • 2nd Place - $300 ($75 per each team member) • 3rd Place - $200 ($50 per each team member)

Registration and Requirements Due to the nature of the competition, participation is limited; not every application will be accepted into the competition. You will be notified if you have been accepted into the competition no later than February 4, 2016. To register please complete the registration form. You will be required to agree to the attached statement of comportment. Please note: We require a one week cancellation notice if you can no longer participate.