A group of our talented Accounting students took part in the 2016 PwC Audit Case Study project; a simulated ‘real life’ audit, in order to develop their skills and gain insight into what they can expect once they make their move into trainee accountancy after graduation. PwC, which is ranked as the most prestigious accounting firm in the world, developed this Case Study with the aim of bridging the gap between the study of audit theory and the work of conducting actual audits as first year article clerks.
The students worked in groups to conduct and present an audit to a group of expert judges on campus. The challenges of the Case Study included learning how to complete audit programmes, applying audit theory to practice, utilising IT skills and presenting effectively. The students were given a tight deadline of 30 hours to complete the Case Study in order to keep the experience as realistic as possible.
This year, the winning MSA audit presentation was given by Tinyiko Baloyi, Marko Grensemann, Naomi Kunene, Kodzayipenyu Masvikwa, Lungelo Sibanda and Lwazi Zwane, who gave an insightful presentation and successfully performed a ‘real life’ audit. The presenters impressed Annelle Schoeman, PwC Associate Director, who says;
“We were very impressed with the high quality of the presentations that the students made to the ‘audit committee’ for the 2016 auditing project. It has been the third year that MSA has participated and the quality of the presentations has improved significantly over the last three years. The students’ feedback was very positive and it was clear that the simulation gave them some insight into how an audit is conducted as well as the challenges they can expect when they start with their articles. We look forward to welcoming these young professionals as trainee accountants in the future”.
Michelle Vermeulen, lecturer in the MSA department of Accountancy studies and PwC Audit judge, says that she thinks the Case Study is “absolutely fantastic and really prepares the students for their first real audit”.