Deloitte Audit Case Competition winners: Shazreh Ahmed, Dan Swanson, Isaiah Streed, Erin Sattervall, and Alex Sundlof
Shazreh Ahmed, Erin Sattervall, Isaiah Streed, Alex Sundlof, and Dan Swanson competed on October 21, 2011 against the University of Minnesota and the University of North Dakota in the Minneapolis Audit Case Competition sponsored by Deloitte, one of the Big 4 International CPA firms. Our students' case dealt with accounting for contingencies under US GAAP and IFRS.
To compete in the case, the team researched the US GAAP and IFRS accounting rules related to contingencies and other technical issues. They prepared a great set of PowerPoint slides outlining the issues and accounting requirements entailed in the case. And they practiced. And practiced. They needed to be ready to face a panel of Deloitte partners, first to provide 10 minutes of prepared comments, and second to spend 10 minutes answering questions. "It was a busy time preparing this project along with studying for other classes, but it all paid off in the end," according to Dan Swanson.
The work had many benefits. "It was a great way to get to know a fun, intelligent group of students, and our advisors were extremely helpful and encouraging. Despite a heavy course load and other activities, it was definitely worth all the time and effort we put into our case, and we ended up winning!" declared Alex Sundlof.
Erin Sattervall said, "Presenting in front of the partners was a great experience, especially because you do not get a lot of practice presenting in accounting classes."
Why did our team win? They combined stellar accounting analysis with a client service approach - going above and beyond the case question to provide value-added insights. As Shazreh Ahmed pointed out, "it was the perfect opportunity to work on my presentation skills and being able to answer spontaneous questions." Many of those value-added insights were the subject of those spontaneous questions from the judges.
The Minneapolis experience was fantastic. Isaiah Streed reports, "Deloitte really made me feel like they appreciated that we were there and participating. Not only did they present us with an amazing opportunity to compete, but they also treated us very well and made everything perfect while we were there. "
Now the team proceeds to the Regional Deloitte Audit Case Competition in Chicago in December.