LeBow College of Business hosted the annual FIC3 Competition on February 17. The winning team, from LaSalle University, was comprised of members: DJ Rostron, Thanh Huong Trsnguyen, Gengrong Deng, and Crystal Wilson. A team from LeBow College placed second.
FIC3 provides students an experiential learning opportunity to understand the implications of fraudulent financial reporting and the value and relevance of internal controls. This competition is an opportunity for students to demonstrate their understanding of the accounting process, system of internal controls and the COSO framework for internal controls. It is also an opportunity to refine presentation skills and network with alumni and local professionals who serve as the coaches and judges.
“The biggest thing I learned from this event was that fraudulent activity within a company may not always be something obvious you can immediately see,” says Christina Emsley, a pre-junior accounting major. “You have to evaluate where potential frauds could occur based on where there are potential pressures and opportunities that could cause someone to rationalize their actions. A lot of this pressure can be (even unintentionally) caused by upper management’s tone. I also learned that even one rationalization of illegal or unethical actions can lead to opening the door to more rationalizations.”
“I am really interested in auditing, so FIC3 was a perfect learning opportunity for me,” says Kevin Wibowo, a junior accounting major. “I learned even more than I had expected.”
Philly Metro Event
On Thursday, Feb 23, the first Philly metro event was co-hosted by Drexel University’s Beta Alpha Psi-Delta Tau Chapter along with West Chester University at Gerri C. LeBow Hall. Doug Strang, the keynote speaker, discussed the importance of teamwork and how it relates to peoples’ personal and professional lives. He leads global and U.S. advisory teams at PwC and is a former Penn State Championship football player.
“This was a great networking and service event with students from different schools and recruiters from different firms. We participated in making 1,000 sandwiches to be delivered to the homeless shelters in Philadelphia. Each school took their share of sandwiches and made the donations to different places,” says Harpreet Sandhu, a LeBow College senior and dual major in accounting and legal studies.
This unique event provided students the opportunity to network with professionals, students, and recruiters within our region. In addition, members participated in a community activity: making 1,000 sandwiches for homeless shelters throughout Philadelphia.
Temple University, Widener University and Rowan University also participated.