Deloitte and the Deloitte Foundation recently hosted the 2017 National Audit Innovation Campus Challenge at Deloitte University in Westlake, Texas. Students from Morehouse College ultimately took home first place with their idea of an application that automates the audit risk assessment process.

Deloitte's annual competition gives students the chance to apply their knowledge by solving audit problems they'll likely encounter in the real world. With the help of faculty advisors, student teams from 33 participating colleges and universities compete to solve business problems in a constantly-evolving business landscape.

"As technology disrupts business at an unprecedented rate, the next-generation of talent will need to possess proficiency with emerging technologies and data analytics to help develop more innovative solutions to business challenges," stated Mike Fucci, chairman of the board at Deloitte and the Deloitte Foundation. "This competition provides opportunities for students to apply their creativity and learning to real business challenges facing today's auditors. In addition, the competition reinforces the Deloitte Foundation's focus on connecting education to the profession."

Morehouse College's winning presentation proposed an application that harnesses artificial intelligence to identify non-financial data (such as news and social media) that helps assess the risk of a misstatement in a company's financial statements and better their overall audit quality.

"Technology is enabling auditors to enhance the quality of audits while focusing on what matters most," said Jon Raphael, chief audit innovation officer at Deloitte, per a statement. "Cognitive technologies allow auditors to probe deeper and deliver more insights. Deloitte is harnessing innovation and expanding auditors' skillsets to empower our next-generation auditors."

Pace University placed second in the competition, with the University of Pittsburgh, University of Southern California, College of William and Mary, and University of Wisconsin-Madison earning honorable mentions.

Morehouse College's student team receives the first place prize from members of Deloitte's Audit practice and the Deloitte Foundation.
Morehouse College's student team receives the first place prize from members of Deloitte's Audit practice and the Deloitte Foundation. Deloitte

For more on Deloitte, head to the firm's site here.

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