Logan Schramel, Andrew Sweere, Logan Hershey, Emma Weber, Mary Triggs and Daniel Tripicchio competed on October 10, 2014 against the University of Minnesota, University of St. Thomas, 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 the many implications of a company's sales tax avoidance.
To compete in the case, the team first learned all they could about sales tax. Did you know that only 45 states charge sales tax? These 45 states have various rules for what creates 'nexus', or a taxable presence in a state. They also researched the US GAAP accounting rules related to liabilities, contingencies, and correction of errors. Then they tackled the ethical issues posed by a client who fails to comply with compliance requirements. They prepared a great set of PowerPoint slides outlining the issues entailed in the case. And they practiced. And practiced. They needed to be ready to face a panel of Deloitte partners, first to provide 15 minutes of prepared comments, and second to spend five to six minutes answering questions.
"It was a great experience overall as a team and we couldn't be happier with the results!" said Andrew Sweere. Why did our team win? Deloitte was "blown away by how polished the team was." They took the judges on a journey with their artful and smooth presentation. Their slides included a number of visuals - not just bullet points - that presented the issues and summarized their conclusions. Their seamless presentation and their ability to answer the judges' questions clearly and with confidence sealed the win for CSB/SJU.
"We had a great time and I felt incredibly proud to represent our school," said Emma Weber. The entire team did an outstanding job representing CSB/SJU.
The Minneapolis experience was fantastic. Now the team proceeds to the Regional Deloitte Audit Case Competition in Chicago in December. Mary Triggs said, "This has been such a great experience and I cannot wait to take on Chicago." Daniel Tripicchio echoes Mary's sentiments, "I am beyond excited to compete in Chicago!"