A team from Salisbury University in Salisbury, MD was the winner in the eighth annual Goodman Accounting Challenge held at Goodman & Company's Richmond, VA office, November 6-8, 2009. Salisbury took home the honors for the second year in a row, earning the highest score among the five teams that qualified for the final round of the competition. The accounting department at Salisbury was awarded $2,500, and each winning team member took home $1,500 for participating. Prizes were awarded at a closing banquet that followed a weekend of competition, entertainment, and social events.
The Goodman Accounting Challenge is an interactive and educational competition in which teams of four students research and present written solutions to a test that simulates real-life accounting situations. Registered teams take a preliminary exam on campus. The five high scoring teams are invited to Richmond for the finals where participating teams are awarded prizes. Partners and senior staff from the firm score the tests and judge the competition.
The second place winner, the University of Virginia, won a total of $1,500 for the school and $1,000 for each team member. Third place winner James Madison University, won a total of $1,000 for the school and $500 for each team member. The two teams that tied for fourth place -- a second team from James Madison University and a team from American University -- won a total of $750 for the school and $100 for each team member.
"It really touched me that Goodman and Company would sponsor such a great event to encourage students to learn in a more real-world setting," said Liz Town, a participant from James Madison University, according to a report on the firm's web site. "Everyone I met this weekend from your firm was very genuine and took a big interest in us. My teammates and I learned so much from the questions and the entire process. Thanks again for this incredible opportunity!"
"We are committed to the integrity and future of the accounting profession and want to continue our investment in the education of the next generation of great accountants," said Tom Wilson, Goodman & Company's managing partner. "We hope to see some of these students eventually join our firm."
The Virginia-based firm sponsors the Goodman & Company, LLP
, Annual Scholarship of $2,500 each year to a college junior or senior accounting major. The student must be currently enrolled in an accredited Virginia college or university and must demonstrate academic excellence and financial need. The Virginia Society of CPAs Educational Foundation administers the scholarship, with funding from Goodman & Company.
Goodman & Company is the fourth largest certified public accounting firm in the mid-Atlantic, with more than 80 partners and 500 professional staff. The firm has offices located in Chester, Danville, Newport News, Norfolk, Richmond, Roanoke, Rockville, MD., Tysons Corner, Virginia Beach and Washington, D.C. Goodman & Company is an independent firm associated with Moore-Stephens International Limited.