LeBow College of Business hosted the 5th Annual Fraud and Internal Control Case Competition (FIC3) on February 22. Students from several local universities including Drexel University, Temple University, Eastern University, West Chester University, Rowan University, and LaSalle University competed for the first prize of $1,500.
The event, sponsored by the Greater Philly chapter of the IIA (Institute of Internal Auditors), PwC, KPMG, BDO, Mercadien LLP, and Hubert Glover, provides students the opportunity to understand the implications of fraudulent financial reporting and demonstrate their understanding of the accounting process and the COSO framework for internal controls.
Teams representing Drexel University took the top spots with Fraud Busters taking first place, LeBros placing second, and Elbow placing third. “It was a wonderful experience,” said Rosaline Fiati, current MBA student at Drexel and member of Team Fraud Busters. “We were excited and amazed that we came up first. We had a strategy for the case competition and put in a lot of hard work which ultimately paid off in the end.”
Fiati’s teammate, Zachary Peterson, a senior from Temple University studying finance, said, “It was a great opportunity to be able to work with teammates who had different understandings of the material. Adding that to being able to synthesize qualitative and quantitative data taught me a lot about prioritizing. I wish I could do it again next year.”