The Center for Audit Quality(CAQ) recently announced the winners of its Internal Audit Case Study Competition, held at the Los Angeles Athletic Club on October 23, 2014. Sponsored by the Los Angeles Chapter of The Institute of Internal Auditors (IIA), the competition saw some of the best and brightest accounting and auditing students in the L.A. area present their case for responding to potential material fraud at a fictitious public company.

The students based their presentations on theCarolina Wilderness Outfitters Case Study, which was created by the Anti-Fraud Collaboration earlier this year. The Collaboration reflects the efforts of the Center for Audit Quality, Financial Executives International, The Institute of Internal Auditors, and the National Association of Corporate Directors, organizations that mitigate the risks of financial reporting fraud.

The case study looked to raise awareness of environments in which financial reporting fraud might flourish. By describing a potential material fraud in a fictional company, the case study serves as a catalyst for an interactive discussion about what audit committees, financial executives, and internal and external auditors could do to mitigate the risk of fraud.

The winners of the 2014 Case Study Competition are as follows:

First Place: Loyola Marymount University

Students: Naomi Domkam, Christopher Kilkuts, Sarah Neel

Faculty Advisor: Dr. Mahmoud Nourayi

Second Place: University of Southern California

Students: Gean Qin, Suyuong Min, Julia Lee

Faculty Advisor: Professor Rose Layton

Third Place: California State University of Los Angeles

Students: Ryan Archuleta, Yun Ha Park, Calvin Lam

Faculty Advisor: Professor Canevari

For more information on the CAQ, visit their website here.