October 28, 2014

CAQ Congratulates Winners of Los Angeles Area Internal Audit Case Study Competition

University competition utilizes Carolina Wilderness Outfitters Case Study, developed by the CAQ and its partners in the Anti-Fraud Collaboration 

Washington, DC – The Center for Audit Quality (CAQ) applauds the winners of the 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 brought together the best and brightest accounting and auditing students in the LA area to analyze and present their case for responding to potential material fraud at a fictitious public company.

The students based their presentations on the Carolina Wilderness Outfitters Case Study, which was created by the Anti-Fraud Collaboration. The Collaboration represents 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 actively engage in efforts to mitigate the risks of financial reporting fraud. The case study was released earlier this year 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.

Based on the Harvard Business School case study method, the Carolina Wilderness Outfitters Case Study is also helping to educate the next generation of accountants and auditors, including the nine teams representing four universities/colleges in the Los Angeles area that participated in the Internal Audit Case Study Competition. The CAQ and IIA Los Angeles Chapter congratulate the winners who are listed below:

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

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About the CAQ

The Center for Audit Quality (CAQ) is an autonomous, nonpartisan public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high quality performance by public company auditors, convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors’ objectivity, effectiveness, and responsiveness to dynamic market conditions. Based in Washington, DC, the CAQ is affiliated with the American Institute of CPAs. For more information, visit www.thecaq.org.

ABOUT THE IIA

Established in 1941, The Institute of Internal Auditors (IIA) is an international professional association. The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. Generally, members work in internal auditing, risk management, governance, internal control, information technology audit, education, and security.

Globally, The IIA has more than 180,000 members. The IIA in North America comprises 160 chapters serving more than 70,000 members in the United States, Canada, the Caribbean (Aruba, Bahamas, Barbados, Cayman Islands, Curacao, Jamaica, Puerto Rico, and Turks & Caicos), Bermuda, Guyana, and Trinidad & Tobago. Members enjoy benefits offered by the North American Service Center including local, national, and global professional networking; world-class trainingcertificationstandards and guidanceresearchexecutive developmentcareer opportunities; and more. Internal auditors throughout North America enjoy free members-only webinars and national conferences such as the General Audit Management Conference, the Governance, Risk, and Control (GRC) Conference, and the All Star Conference. For more information, visit www.TheIIA-LA.org and www.TheIIA.org.