FIC3 Fraud and Internal Control Case Competition

Objective

Drexel LeBow’s Department of Accounting is pleased to host our 7th Annual Fraud and Internal Control Case Competition (FIC3) with co-sponsors The Institute of Internal Auditors Philadelphia Chapter and Mercadien. Student teams compete in analyzing a real-life inspired fraud and internal controls case and then presenting their comprehensive detection, prevention and deterrence plans to a panel of judges for a cash prize. The students and local area business leaders who volunteer as team coaches and judges build network connections, friendships and mentoring relationships that extend beyond the event. This year the competition will be held in a virtual environment.

Kickoff Event

There is a live mandatory kickoff via for participants to meet their teammates and get the case materials on Monday, February 8 from 4-6 p.m. EST. A link to a recording of the event will be made available to all teams.

Day of the Competition

Check In will take place from 8-8:30 a.m. EST. Participants will have a chance to meet their coaches. The program will begin at 8:30 a.m. with a guest speaker who will provide vital information for the case.

Each team will have three and a half hours (9 a.m. -12:30 p.m. EST) to review the case and critical information provided, formulate their response to the case questions and develop a PowerPoint-based presentation. Each team must submit an electronic copy of their presentation by 12:30 p.m. EST. No changes may be made to teams’ PowerPoint presentations after the 12:30 p.m. 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 to allow transitions between 1:00 p.m. EST and 3:30 p.m. ES. The top six teams will be announced at the conclusion of the first round of judging. Immediately following this, we will release the rest of the group and the top six 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 3, 2021, Midnight EST

• Kick-off Event: February 8, 2021, 4 p.m.-6 p.m. EST
• Competition Date: February 12, 2021, 8 a.m.-4 p.m. EST

Team Structure

Teams will be assigned by the accounting department and align with the below requirements:

• Four students per team
• At least one accounting major, one upperclassman or MS student and one underclassman per team
• A limit of 15 case teams, so the first 60 eligible students who sign up and are assigned to teams will receive one of the available spots

Prizes

Monetary prizes will be awarded to the top teams.

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 5, 2021.

To register please complete the registration form. You will be required to agree to the attached statement of comportment and prize forms.

Please note: We require a one-week cancellation notice if you can no longer participate. If you are with a company and would like to participate, please contact Jocelyn Craighead at jmc557@drexel.edu