Poole College’s ‘Wolfpack in the Black’ in AICPA Fraud, Forensics Case Competition

“Wolfpack in the Black” is the name of a team of four NC State Poole College of Management students who are digging deep into the subject of accounting fraud and forensics this fall.

The team is one of 10 semi-finalists out of 215 college and university teams from across the country participating in the 2011 American Institute of Certified Public Accountants (AICPA) Fraud and Forensics Case Competition. This is the college’s second year to have a team in the national competition.

The AICPA is a national organization that promotes advocacy, community, development and guidance for the continued professional growth of certified public accountants. College students are eligible for a student membership.

Alan Perry, team captain and a senior majoring in accounting, said he appreciates the connection to accounting he is gaining from the experience.

“Practically everyone in the accounting profession is an AICPA member,” Perry said. “The whole experience has certainly given all of us something to talk about when we interview for graduate school, jobs, and internships.”

His teammates are Brian Jones, a senior in accounting concentrating in financial analysis; Amanda Dew, a junior in business administration and managerial accounting; and Seanna Robey, a senior in accounting concentrating in financial analysis. Their faculty advisor is Dr. Eileen Taylor, Poole College assistant professor of accounting.

The case theme for this second annual competition is ‘Vigilance is a Virtue.’ The scenario includes a fictitious company, High Prairie Construction company, that is interested in territorial expansion. The student teams use a combination of judgment and classroom knowledge to make recommendations to High Prairie’s audit committee. High Prairie’s audit committee then will determine how the company can legally and ethically avoid fraud risks as they move from constructing buildings in West Africa and Dubai to constructing oil pipelines in Nigeria.

“Accountants use professional judgment and work as a team on a daily basis, and that is the great thing about this competition” Perry said. “We are relying on our judgment, research, and teamwork every day to succeed and win this competition.”

Each team has been conducting research and applying the combined knowledge and judgment of its members for each stage of the competition.

The first stage was an executive summary, with the Wolfpack in the Black members submitted on September 30. The next summary and video presentation are due on November 7.

The public is invited to log onto the AICPA competition website to view the videos and vote for a favorite team presentation, starting at 12 noon on November 14 through 12 noon on November 21.

“Voting is 15 percent of our score,” Perry said. “We will definitely be encouraging people at the Poole College of Management, NC State, and everyone else we know to vote for us during the public vote period.”

Once voting and judging is complete, the top three teams will be announced on the AICPA web site on November 23. These teams will travel to Washington, D.C., to give a 10-minute presentation on December 16 and compete for first place and a $10,000 prize. The winning team will be announced on December 17.

The 10 semi-finalist teams are:

• Catawba Valley Consultants, Catawba Valley Community College
• Ccbwaves, Pepperdine
• Forensic Four, Ohio Dominican University
• Highly Debticated, University of Texas at Dallas
• Internal Control Freaks, Iowa State University
• Money and the Power, Belmont University
• MU ACFE, University of Missouri
• Saint Anselm College Hawks, Saint Anselm College
• Super Stars, Cal State LA + UC Riverside
• Wolfpack in the Black, North Carolina State University

Voting for Poole College’s ‘Wolfpack in Black’ team

To view the semi-finalist videos and cast a vote for your favorite team, log on to the AICPA’s competition web site, This Way to CPA, from 12 noon on Nov. 14 through 12 noon on Nov. 21.

Author: Linda McKnight for the NC State Poole College of Management