Deloitte announced on Monday that a team of undergrad and graduate accounting students representing Louisiana State University (LSU) placed first in the Deloitte Foundation's 21st annual National Student Case Study Seminar.

Facing teams from five other schools, LSU's team won by solving and presenting a real-world business case study in accounting and auditing. The Deloitte Foundation awarded each of the five winning LSU team members a $2,000 scholarship and a $10,000 award towards LSU's accounting program.

The competition sees a faculty advisor and a Deloitte manager work with each competing team to identify, define, and solve complex challenges in real-world accounting case studies. Each group presents recommendations to a panel of active and retired Deloitte partners, and concludes with the panel selecting the team that best outlines relevant issues and presents their case the most effectively.

Brigham Young University's team placed second, with each member receiving $1,000 scholarships, and the school's accounting department seeing a $5,000 award. Florida A&M University, Miami University of Ohio, University of Missouri, and the University of Notre Dame all received a $500 scholarship per student and $2,500 towards their schools as runner-ups.

"The National Student Case Study Seminar is among the many programs our foundation supports to help develop the accounting profession's future talent and help align audit education more closely with real-world challenges," said Tonie Leatherberry, president of the Deloitte Foundation, per a statement. "On behalf of the foundation, congratulations to all the teams and especially the winners, whose work demonstrates the power of critical thinking and the complement of technical knowledge and soft skills today's audit professionals will need to help them succeed."

The National Student Case Study Seminar is sponsored by the Deloitte Foundation through contributions made from retired partners, principals, and directors of Deloitte and its subsidiaries.

For more on the Deloitte Foundation, head to Deloitte'ssite here.