The American Institute of CPAs launched its second annual AICPA Accounting Competition, a three-stage challenge for teams of college students to test their fraud and forensic accounting skills for the chance to win $10,000.

This year’s competition involves a fictional Texas company looking to expand its business into the Nigerian oil fields. It is open to undergraduate students at two and four-year degree institutions in all 50 states, the District of Columbia, Puerto Rico, Guam, American Samoa, the Northern Mariana Islands and the U.S. Virgin Islands.

“The competition is an opportunity for students to get a hands-on, real-life understanding of one of the fastest-growing interest areas in accounting: fraud and forensics,” said Jeannie Patton, AICPA vice president for students, academics and membership. “Those who participate will hone their teamwork and leadership skills, deepen their understanding of financial risks in international business strategy and potentially bring national attention to their college or university.”

Students compete in teams of four, in which two must be accounting majors and one of those students must serve as team leader.

First-round submissions are due Sept. 30 and will be evaluated to determine the 10 semifinalists that will compete for three finalist spots.

Those finalists will travel to Washington, D.C. and earn cash awards: $10,000 for first place, $5,000 for second, and $2,500 for third.

Student teams can register and find more information on the This Way to CPA website.