Deloitte team members: Seated: Marisa Meyer and Megan Schwegman. Standing: Ben Lahren and Matt Hayjostek
Our Deloitte team members competed on October 18, 2013 against the University of Minnesota, the University of Saint Thomas, the University of Northern Iowa 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 treasury stock under US GAAP and IFRS.
To compete in the case, the team researched the US GAAP and IFRS accounting rules related to methods of accounting for treasury stock, correction of errors versus changes in accounting 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.
The team did a fabulous job, garnering kudos from the judges for their approach and their value-added suggestions.