A team of students from North Carolina State University received a $10,000 award from the American Institute of CPAs after winning a national case competition focused on a fictional Texas company looking to expand its business into the Nigerian oil fields.

Students from Iowa State University took second place and received a $5,000 award. The third-place team from the University of Texas at Dallas won $2,500.

“This year’s competition highlighted fraud and forensics, which is one of the fastest growing areas of accounting.” said AICPA chairman Greg Anton, who announced the winners in Washington, D.C. on Saturday. “Through hard work and research, the winning team showed great insight into the many components of a business strategy, including compliance with international and U.S. law.”

Ninety-eight student teams from around the country entered eligible submissions in the competition, with 10 selected to participate in the semi-finals. Semi-final teams submitted written and video proposals on the AICPA’s Web site, ThisWayToCPA, so the public could vote on the best ideas. Those results and a review of an executive judging panel narrowed the field to three final teams, which each gave a presentation to a panel of judges and participated in a question and answer session.

The N.C. State University team believed the company could achieve their objectives of expansion while working with management to ensure they implement the necessary preventive, detective and corrective controls. They stressed that effective controls should be designed to meet three objectives: limit fraud exposure, align with the company’s strategic goals and being cost effective.

Members of the NC State University team, named Wolfpack in the Black, are:
•    Alan Perry (‘12), (Captain)
•    Amanda Dew (’13)
•    Brian Jones (’12)
•    Seanna Robey (’12)
•    Eileen Taylor (Faculty advisor)

For more information about the competition or to watch the video submissions, visit www.thiswaytocpa.com.