Baruch College Students Win Deloitte's 1st Annual Audit Innovation Campus Challenge
(From L-R): Meghan Jaacks, Deloitte; Prof. Thomas Ray; Baruch Students Julian Niemetz, Jasmine Liu, Zhiyi Zhang, Christine Yan, Scott Ngan, Timothy Wong; and, Martin Racek ’98, Deloitte.
NEW YORK, NY- May 25, 2016 – Students from Baruch College’s Zicklin School of Business won first place at the inaugural Deloitte Audit Innovation Campus Challenge. Teams from participating schools were asked to develop an innovative response to a data-based audit statement and then present their ideas to a panel of Deloitte judges at the firm’s Audit Innovation space in New Jersey on April 6, 2016.
The winning team members are: Jasmine Liu ’17 (team leader), Scott Ngan ’17, Christine Yan ’18, Julian Niemetz ’18, Timothy Wong ’18, and Zhiyi Zhang ’18.
“I am incredibly impressed with the team's creativity and drive, and delighted that I had the chance to work with them,” says Thomas Ray, Distinguished Lecturer in the Stan Ross Department of Accountancy. “After seeing our Baruch team make their presentation at the competition, I knew they were in the running for the win and could go home proud of themselves, whether they won or not. Of course, it was awesome to take home the top prize. They were both innovative and practical.”
The Deloitte challenge statement was based on data analytics, which is widely used in today’s business environment. Students were asked how auditing firms can use similar data sources and techniques to gain insights into clients’ operations and practices for the purpose of identifying potential business and audit risks, including fraudulent activity that can result in false financial reporting. Following each presentation to the panel, team members had to respond to follow-up questions from the judges.
“We worked diligently for six weeks on a real business issue,” said Jasmine Liu ’17, a senior majoring in Accounting and the team's leader. Liu will graduate with a Master’s Degree in Accounting from the Zicklin School of Business in May 2017. “Deloitte welcomed us with energy and enthusiasm, ready to critique our ideas but also to make it come to fruition. Case competitions provide an invaluable experience to dive deeper into a topic beyond the walls of a classroom. Our team was victorious with the help and contributions of every individual involved. We are proud to represent Baruch.”
The universities and colleges that participated include Boston College, Pace University, Rutgers – New Brunswick, University of Connecticut, and Villanova.
The winning and runner-up teams received prizes valued between $150 and $350. Members of the winning team will also be invited to attend Deloitte’s 2016 National Leadership Conference at Deloitte University in Dallas, Texas with all expenses paid by the firm.