Psychological insights, investigative mindsets and a gambit of emotions: U of T's MFAcc team wins AICPA Forensic Accounting Case Competition
Warda Rasool and her colleagues, from the Master of Forensic Accounting Program (MFAcc), are fascinated by rooting out fraudulent activities, and finding red flags in organizations by leveraging curiosity, skepticism and specialized training.
In November, Rasool’s team - “Skeptical Squad” – including Rasool, Patricia Omoko Auma, Gwyneth Fournier, Ansumana Saidy, Maria Tszyuy-De-Tsuy, and Fiona Zhao won first place in the American Institute of Certified Public Accountants Forensic Accounting Case Competition. The MFAcc program is taught on Zoom to students worldwide, and the team's effective collaboration through virtual platforms showcases the program’s global reach and flexibility.
The challenge presented to the competitors, including teams at Prince Sultan University and the British University in Egypt along with University of Toronto, involved a complicated case study of a large, multi-national company, with the team applying advanced techniques to unearth financial fraud. “[This was] an ideal opportunity to... collaborate with talented peers and engage with seasoned professionals who served as our coaches and judges and offered invaluable industry perspectives”, says Rasool. Omoko Auma agrees; “the competition was an opportunity to take on a challenge outside my comfort zone”, she says.
Forensic accounting is a fascinating career area that not many people fully understand. Professionals in the field use complex approaches to fight fraud, money laundering, cybercrime, manipulation, human trafficking, and more. “It’s a gambit of emotions”, says Fournier, “from the mundane to exciting, exploring different concepts”.
Says team lead Rasool, “forensic accounting is ever evolving and seamlessly integrates with both existing and emerging fields. Its scope extends from small business to global corporations, simple procedures to cutting-edge technologies, and personal finances to the use of public funds”.
What many people don’t know, however, is the important role that psychological insights and skeptical perspectives play in the field, and the skill with which forensic accountants wield these tools. “Most people think that it’s only about using data analytics”, says Saidy, but “it is the blend of financial, legal, investigative mindset and psychological understanding” that makes gifted professionals so successful.
The team was able to apply these skills, and more, to achieve their first-place finish. They attribute their success to collaboration, diversity in experience, and professionalism. “We leveraged each other’s strengths”, says Rasool, “combining technical expertise with strong presentation skills”. Tszyuy-De-Tsuy adds “what made our approach special was creating an accepting and respectful environment for expression of another’s strengths.” Fournier agrees; “we had diverse skills on the team, and that helped find the discrepancies”, she says. “No stone was left unturned”.
Professor Len Brooks, director of the MFAcc program at the Institute for Management & Innovation, is delighted with the team’s approach and outcome. “Our students were successful because they possessed [specialized] knowledge, and skills”, he says, “and particularly curiosity and skepticism”. Brooks, who has led the program for over 20 years, has developed a curriculum featuring interactive, experiential learning focused on knowledge, skills, and mindsets that has generated a large network of 452 skilled and highly sought-after forensic accountants. “To win the case contest speaks very emphatically about the quality of our MFAcc students and our learning experience”, he says.
Rasool and her colleagues encourage others to find similar opportunities to apply theory to practice in real-world scenarios, and the entire team agrees that participating in competitions like this enables the development of intangible, critical skills – creating inclusive environments, leadership skills, public speaking, and growth in interpersonal skills. “In any project”, says Tszyuy-De-Tsuy, “there are ups and downs that don’t get discussed in our textbooks – they must be experienced”.
