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CAQ Congratulates Winners of Third Annual Internal Audit Case Study Competition

Monday, November 18, 2013

IIA Atlanta Chapter competition featured Anti-Fraud Collaboration’s Hollate Manufacturing Case Study

Washington, D.C. – The Center for Audit Quality (CAQ) today applauds the winners of the state of Georgia’s Third Annual Internal Audit Case Study Competition, held at Georgia State University. Sponsored by the Atlanta Chapter of the Institute of Internal Auditors (IIA), the competition brought together the best and brightest accounting and auditing students in Georgia to analyze and present their case for responding to potential material fraud at a fictitious public company.

The students based their presentations on the Hollate Manufacturing 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.

Inspired by the Harvard Business School case study method, Hollate Manufacturing is also helping to educate the next generation of accountants and auditors, including the 34 teams representing eight universities/colleges throughout Georgia that participated in the Internal Audit Case Study Competition. The CAQ congratulates the winners who are listed below.

First Place: Wesleyan College 
Mai Huong Phung
Linh Lai
Sarah Ch’ng
Faculty Advisor: Dr. Kel-Ann Eyler
Mentor: Jerry Jennison, UPS

Second Place: University of Georgia
Ceara MacCracken 
Agata Rzucidlo
Shelby Vold
Faculty Advisor: Dr. Jason Matthews
Mentor: Steve Rosenthal, Aaron’s

Third Place: Columbus State University 
Pavla Melkova
Robert Jones
Kenneth Cordell
Faculty Advisor: Dr. Yvonne Ellis
Mentor: Chris Pryor, Deloitte 

As a part of its educational efforts, the Anti-Fraud Collaboration plans to release a second case study in early 2014. Visit for the latest resources from the Collaboration. 

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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, D.C., the CAQ is affiliated with the American Institute of Certified Public Accountants.
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