Deloitte's Audit Innovation Campus Challenge Celebrates Seventh Year Fostering Innovative Problem-Solving Among Next-Gen Auditors has been saved
Deloitte's Audit Innovation Campus Challenge Celebrates Seventh Year Fostering Innovative Problem-Solving Among Next-Gen Auditors
Twelve teams of students from across the country were selected as finalists in the annual competition focused on the role of the accounting profession in driving rigor and discipline to the ESG reporting process.
WESTLAKE, Texas, April 20, 2022 — Deloitte’s annual Audit Innovation Campus Challenge (AICC) completed its seventh year, awarding students of Loyola Marymount University first place for their winning idea.
Hosted by Deloitte’s Audit & Assurance business, the AICC is a nationwide program which accelerates innovation in education by helping institutions of higher learning keep pace with the rapidly changing marketplace and evolving technologies impacting the audit profession. The program engages students and faculty from campuses across the country, providing an educational experience designed to help students develop skills for success in professional services and sharing the culture of innovation at Deloitte with academia and potential future professionals.
This year’s challenge statement asked teams to consider the role of the accounting profession in driving rigor and discipline with environmental, social, and governance (ESG) reporting and how to accelerate higher quality and timely ESG information to the capital markets. Each team had four weeks to respond and were supported by Deloitte professionals and a faculty advisor. Submissions were judged by an evaluation panel comprised of Deloitte & Touche LLP Audit & Assurance partners and managing directors.
“Over the past few years, sustainability and climate-related information has risen to the top of many investor and regulator agendas. Disclosure of this information is rapidly moving from voluntary to mandatory, based on recent developments from global regulators. The accounting profession continues to play an important role in promoting trust and confidence in sustainability disclosures. Deloitte is proud to host this competition, where students have the opportunity to present creative solutions about how the accounting profession can continue to enhance the reliability, completeness and accuracy of sustainability disclosure,” said Tricia Montague, Audit & Assurance managing director, sustainability and ESG services, Deloitte & Touche LLP. “The creative problem solving displayed by all our participants during this year’s challenge is truly inspiring. It gives me great confidence that the next generation of auditors tasked with navigating the ever-changing business environment is up to the challenge."
The Loyola Marymount University team won for their concept, “Artemis” an AI driven, smart platform that would contain thousands of ESG reports and relevant data that would empower professionals with audit and assurance tools to help navigate the rapidly evolving regulatory environment of ESG reporting. This tool would draw from and expand upon systems that Deloitte already utilizes; however, it would allow professionals who perform audit and assurance services the ability to provide the system with feedback which the AI utilizes to produce more relevant reporting. The team consisted of Kate Cereghini, Aidan Fitzpatrick, Massimo Oedekoven Pomponi, Estelle Potdevin and Sam Sprute.
“This has been such a great experience and the students put in so much work. I'm so thrilled for these students because they are really seeing what life is like beyond the classroom,” said Anthony Menendez, professor of accounting at Loyola Marymount University and faculty advisor for the winning team. “They can really see the potential for this profession. I think most students, especially early on in their college careers, don’t understand the vast opportunities in the accounting profession. Opportunities like this really give them a chance to see what the broader profession is all about. They can really show their innovative ideas, creativity and understand how important teamwork is to the profession.”
More than 60 university teams from across the country participated in a competition in the fall of 2021, with 12 teams advancing to the 2021-2022 National Competition of the Audit Innovation Campus Challenge at Deloitte University in Westlake, Texas. Finalists included:
- Baylor University, Texas
- James Madison University, Virginia
- Louisiana State University, Louisiana
- Loyola Marymount University, California
- Morehouse College, Georgia
- Pennsylvania State University, Pennsylvania
- The Ohio State University, Ohio
- Trinity University, Texas
- University of Kansas, Kansas
- University of Nebraska, Lincoln, Nebraska
- University of Southern California, California
- Villanova University, Pennsylvania
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide connect for impact at www.deloitte.com.