FIC3 Fraud and Internal Control Case Competition

Objective

Drexel LeBow’s Department of Accounting is pleased to host our 9th Annual Fraud and Internal Control Case Competition (FIC3) with co-sponsors The Institute of Internal Auditors Philadelphia Chapter and Mercadien. Student teams will compete in analyzing a real-life–inspired fraud and internal controls case and presenting their comprehensive detection, prevention and deterrence plans to a panel of judges for a cash prize. The students and local area business leaders who volunteer as team coaches and judges will build network connections, friendships and mentoring relationships that extend beyond the event. This year, the competition will be held in a virtual environment.

Kickoff Event

There will be a live, mandatory kickoff for participants to meet their teammates and get the case materials on Monday, Feb. 7, from 5 to 6 p.m. EST. A link to a recording of the event will be made available to all teams.

Day of the Competition

Check-in will take place from 8 to 8:30 a.m. EST. Participants will have a chance to meet their coaches. The program will begin at 8:30 a.m. with a guest speaker who will provide vital information for the case.

Each team will have three and a half hours (9 a.m.–12:30 p.m. EST) to review the case and critical information provided, formulate their response to the case questions and develop a PowerPoint-based presentation. Each team must submit an electronic copy of their presentation by 12:30 p.m. EST. No changes may be made to teams’ PowerPoint presentations after the 12:30 p.m. submission deadline.

Teams will be randomly assigned a 15-minute slot with one of our two panels of judges to present their results. Team presentations will be in 20-minute intervals to allow transitions between 1 p.m. EST and 3:30 p.m. EST. The top six teams will be announced at the conclusion of the first round of judging. Immediately following this, we will release the rest of the group and the top six teams will again be randomly assigned for the final round of judging. Awards will be presented as soon as the judges have reached a decision.

Key Dates

• Registration Deadline: Feb. 1, 2022, Midnight EST
• Kick-off Event: Feb. 7, 2022, 5 p.m.–6 p.m. EST
• Competition Date: Feb. 11, 2022, 8 a.m.–4 p.m. EST

Team Structure

Teams will be assigned by the accounting department and align with the below requirements:

• Four students per team
• At least one accounting major, one upperclassman or MS student and one underclassman per team
• A limit of 15 case teams, so the first 60 eligible students who sign up and are assigned to teams will receive one of the available spots

Team Prizes

1st Place - $1500 ($375 per each team member) 2nd Place - $1000 ($250 per each team member) 3rd Place - $800 ($200 per each team member) 4th Place - $600 ($150 per each team member) 5th Place - $400 ($100 per each team member) 6th Place - $200 ($50 per each team member)

Registration and Requirements

Due to the nature of the competition, participation is limited; not every application will be accepted into the competition.

You will be notified if you have been accepted into the competition no later than Feb. 4, 2022.

To register, please complete the registration form. You will be required to agree to the attached statement of comportment and prize forms.

Please note: This event will be VIRTUAL again this year. A Zoom link will be sent to all participants. We require a one-week cancellation notice if you can no longer participate. If you are with a company and would like to participate, please contact Jocelyn Craighead at jmc557@drexel.edu.