Accounting Students Take Part in Annual Wolf & Company Auditing Competition

June 08, 2011

The winning teams of the annual Wolf & Company Auditing Competition, which allows accounting students to perform a simulated audit engagement using the online interactive financial statement auditing simulator Real Audit, were announced at the Wolf & Company Auditing Competition dinner recently.

The first place team, which consisted of seniors Angelo Bruno, Scott Hackett, Kelly Romans, Kayla Schneider, and Mark White, received $1,500 for their winning efforts.

The second place team, made up of seniors Shannon Conner, Drew Iadanza, Devin O'Leary, Joseph Pottackal, and James Provo, received $1,000.

Seniors Michael Bridges, Theodore Fitopoulos, Lindsey Pietrasik, Timothy Vacchi, and Samantha Pelosi received $500 as the third place team.

Ten additional students, who performed individual audit work, received honorable mentions along with nominal cash rewards as well.

The innovative competition, made possible each year by a $5,000 gift by Wolf & Company, gives students practical experience as they prepare for careers in accounting.

After presenting as teams to a faculty audit committee back in April, the students worked individually to complete all steps in the audit program. The teams then prepared a two-page summary of their findings to supplement their initial reports to the faculty audit committee.

The top three groups, as determined by two outside instructors from Stonehill's Accounting Department, each had 20 minutes to present five required communications to the Wolf & Company "Mock Audit Committee" at the Wolf and Company Auditing Competition dinner.

These included audit responsibilities under GAAS (Generally Accepted Auditing Standards), audit findings for work done on fixed assets and completing the audit, difficulties with the engagement, disagreements with management, and any significant deficiencies or material weaknesses.

Professor of Accounting John Schatzel, who created the Real Audit simulation program, once again helped organize this year's event, working closely with Wolf & Company Principal and Director of its Professional Practice group Dan Morrill.

Wolf & Company, P.C. is a leading regional certified public accounting and business consulting firm. Founded in 1911, it operates offices in Boston and Springfield, Massachusetts, and Albany, New York.

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