Internal Audit for Managers

Introduction

This course is designed for future masters who are preparing to link their careers to management, economics and finance.

Language: English

The course studies internal audit as a discipline. During the studies, more attention will be paid to the basics of internal audit compliance. At the same time, we will discuss the definitions of internal audit, fraud; the intersection of internal audit and other control tools. The course analyzes in detail good corporate governance, risk management, internal control mechanisms, why internal audit standards are needed, methods of data collection, involvement of stakeholders in internal audit and communication and presentation of internal audit results, internal audit structure, dilemma of internal auditor independence.

Aim of the course:

The aim of the course is to reveal the theoretical models of internal audit and to develop the ability to independently organize and/or perform internal audit in the company.

Learning outcomes (competencies):

After studying the course, the student should be ready to:

1. Knows and understands the factors that are significant for the good management and internal control of companies.

2. Able to collect, analyze and creatively integrate internal audit data, synthesize new knowledge complexes, formulate recommendations for improving the situation.

3. Able to analyze problematic situations, identify risk factors, prepare and evaluate alternative solutions, taking into account the possible impact on the environment.

4. Able to apply theoretical and practical knowledge of internal audit, analytical schemes and perspectives of internal audit development to solving problems.

5. Able to plan internal audits, implement internal auditor projects, necessary to assess the risks in the company, construct scenarios for information, consultation and transparency of the company's stakeholders.

6. Able to constructively inform the audience of both specialists and ordinary employees on relevant internal audit issues.

7. Able to organize work in small and large groups, conduct negotiations, ensure cooperation of group members in solving problems.

8. Follows professional ethics and company needs, emphasizes and applies international internal audit standards in his work.

9. Able to independently plan the learning process, independently choose the direction of improvement and continue to study independently.

10. Able to use scientific research knowledge, has research work experience and systematic and strategic thinking skills for independent professional activity and scientific research work.

11. Able to make innovative decisions, assessing possible social and ethical consequences of activities.

12. Acts while realizing the moral responsibility for the impact of its activities and its results on social, economic, cultural development, well-being and the environment.

Course structure and teaching methods

The course consists of 15 lectures and 8 seminars. Attendance at lectures and seminars is mandatory.

Students are encouraged to actively participate in seminars in order to achieve the goals of the course and to acquire the desired abilities. Students independently prepare for seminar classes. The seminars will be organized in two ways: a) prepare a report according to the given topic (with the help of Microsoft Powerpoint); b) individually or as a group of students, after analyzing and identifying the implementation problems, present their solution methods (with the help of Microsoft Powerpoint). Presentations take 30 minutes.

Students will have to do a colloquium on five themes. The colloquium consists of 10 questions. 5 questions are open and 5 are closed.

At the end of the course, students take an exam. There are 30 questions for the exam. Among them, 15 are open and the remaining 15 are closed. Questions are presented from the content of lectures 1-15. The questions that are analyzed in lectures, seminars and mentioned in the main literature are presented for the exam. If 0,25 of the evaluation coefficient is not collected during the exam evaluation, the exam is not counted.

Course program

1. Introduction. Foundations of Internal Auditing.

2. Essentials of Internal Auditing.

3. Independence and objectivity of internal audit.

4. Proficiency and due professional care

5. Quality assuarance and improvement of program

6. Governance, Risk Management, and Control – 1

7. Governance, Risk Management, and Control – 2

8. Governance, Risk Management, and Control – 3

9. COSO Framework and Risk assessment

10. Risk management and Internal Control

11. Fraud Risks - 1

12. Fraud Risks – 2

13. Managing Internal Audit Activity

14. Prioritizing Potential Engagement of Internal Audit

15. Performing Engagement

Seminars

1. Practical seminar

2. Reading seminar

3. Practical seminar

4. Reading seminar

5. Practical seminar

6. Reading seminar

7. Practical seminar

8. Practical seminar

Colloquium readings:

From the first five themes that will be discussed during the lectures.

Settlement terms:

No. Form Rating % Terms

1. Seminaras 35 During the lectures

2. Colloquium 15 After 5 themes

3. Exam 50 At the end of the course

5. VISO 100%

Literature

Pickett, K. S. (2010). The internal auditing handbook. John Wiley & Sons. Internal Auditing Handbook (wordpress.com)

Fountain, L. (2016). Leading the internal audit function. EDPACS, 53(2), 14-17.

Cascarino, R. E. (2017). Data analytics for internal auditors. CRC Press.

Russell, J. P. (2007). The internal auditing pocket guide: Preparing, performing, reporting, and follow-up. Quality Press.

Literature

Pickett, K. S. (2010). The internal auditing handbook. John Wiley & Sons. Internal Auditing Handbook (wordpress.com)

Fountain, L. (2016). Leading the internal audit function. EDPACS, 53(2), 14-17.

Cascarino, R. E. (2017). Data analytics for internal auditors. CRC Press.

Russell, J. P. (2007). The internal auditing pocket guide: Preparing, performing, reporting, and follow-up. Quality Press.