ACC 376 INTERNAL AUDITING Sandra Shelton
Transcription
ACC 376 INTERNAL AUDITING Sandra Shelton
Internal Auditing Accounting 376 School of Accountancy DePaul University Spring Quarter, 2015 1:30-3:00 PM/TTH Professor: Office: Office Hours: Phone: Email: Dr. Sandra Shelton 6022 DePaul Center 4:00 – 5:00 TTH or by appointment (312) 362-8098, Fax (312) 362-6208 [email protected] Required Text: Internal Auditing: Assurance & Consulting Services, Reding et al., The Institute of Internal Auditors Research Foundation (2013), Third Edition. Course Description This course covers a risk-based, process and controls-focused internal audit approach. Topics include internal audit standards, internal control, corporate governance, risk assessment, evidence and documentation, fraud risks and auditing techniques including sampling and the use of systemsbased audit techniques. Professional ethics, emerging issues are discussed. Course Objectives This course provides an understanding of the internal audit function and the basic audit concepts that internal auditors need to know and understand. This course will allow students desiring a career in internal auditing to continue their education by taking courses directed at specific aspects of internal audit. In addition, since internal audit has become a significant portion of the advisory client services of many CPA firms, this course allows students interested in a career with a CPA firm to increase their auditing skills. 1 Assignments Your success in this course requires your careful attention to and use of the course outline and assignment sheet that accompanies this syllabus. It is your guide through the material in your textbook and the other course materials. In order to cover the required material, only one or two days will be devoted to a chapter. As a result, this course requires more reading (and less problem solving) than you are used to in your other accounting courses. Systematic preparation for each class is an absolute must for success. Chapter Assignments Reading is an important aspect of the study of internal auditing. The assigned chapters must be read in advance of class. In class, we will be covering the principal points from your readings and clarifying questions that may have arisen in them. The questions at the end of each chapter of your text provide a review of the important content of the chapter. It is suggested that you develop answers to these questions as you review the content of the chapters. Comprehensive Questions and Case Studies The assigned questions and cases should be prepared in advance of the class on which they are assigned. Preparation of the questions and cases consists of notes or an outline as to how you would answer them. They will serve as a basis for class discussion. Class participation is strongly encouraged. In Class Assignments In class assignments will consist of questions relating to assigned readings and cases. The assignments will be completed in a group setting. Students are expected to have read each assigned case and to be prepared to discuss key concepts in the case. Cases presentations should include a 10 minute PowerPoint presentation, accompanied by a written document addressing each case question. The purpose of these assignments is to generate discussion of important issues in the text. Term Project The Team Project involves risk assessment. The team approach was chosen because becoming an effective internal auditor requires learning to operate successfully as a team member. The team’s report determines the grade for each member of the team. By the fourth class meeting each team will be assigned a company for which the team will complete a risk analysis project. Meetings will be scheduled to allow team members to meet with internal auditing professionals and executives at designated companies. The Risk Assessment Project is designed to: To provide teams of students with an understanding of how an annual or periodic internal auditing department audit plan is developed 2 To provide students with an understanding of the internal auditing practice at one organization and to allow class discussions to explore how internal auditing may differ in industries and companies To allow students to meet with internal auditing professionals and executives in a business setting To provide students an opportunity to sharpen interview skills Grading Mid-term examination Final examination Class Participation: Discussion* Cases Williams Case Team Project 25% 25% 5% 5% 20% 20% 100% Grading Scale A = 93% and Above A- = 90% to 92% B+ = 87% to 89% B = 83% to 86% B- = 80% to 82% C+ = 77% to 79% C = 73% to 76% C- = 70% to 72% D+ = 67% to 69% D = 60% to 66% F = 59% and Below Includes posting and discussion of current articles on Internal Auditing Exams The mid-term and final examinations may contain multiple choice questions and essay questions. The final will be comprehensive. Other Policies Assignments are to be handed in on the due dates. Examinations are to be taken when scheduled. Cases of academic dishonesty are viewed as a serious violation of professional ethics and will result in an F Grade. 3 Week 3/31 4/2 4/7 Course Outline and Assignments Topics Assignments* Course Overview Get acquainted and Review Syllabus Dick Anderson, Group assignments Clinical Professor The Center for Strategy, Execution, The Internal Auditing Profession and Valuation Chapter 1 PNC Charter Introduction to Internal Auditing The Professional Practices Framework: Standards of Practice Case 1- Chapter 1 Chapter 2 Discussion Questions 1 through 6 http://www.theiia.org/guidance/standa rds-and-guidance/ippf/standards Chapter Case 2 Audit Committee and Internal Audit Function Case 4/9 Team Project (Planning and Resources) Electronic Working Papers 4/14 Information Technology Risks and Controls Chapter 7 Discussion Questions: 1, 2 Chapter Case 1 IT Audit Case: Alek Ismayilov Dennis Trejo Financial Services Advisory Ernst & Young, LLP 4/16 Conducting the Internal Audit/Reporting on Assurance Engagement Outcomes Chapters 12 & 13 Prior to class Review the Williams Hospital Internal Auditing Case, including: Hospital Summary & Financial Statements;Description of Internal 4 Audit Department;Stark Regulations And Case Requirements 4/21 Corporate Governance/ Risk Assessment Process Chapters 4 & 5 TeamMate: Research on Company & Industry Background Case 1 Chapter 5 4/23 Internal Control COSO Chapter 6 Discussion Questions: 1, 2 & 3 Chapter Case 1 Project 1 due: Testing LOC Agreements 4/28 4/30 Midterm Examination Global Issues Impacting the Internal Auditing Profession Chapter 7 Discussion Questions: 1, 2 Chapter Case 1 Ray’s Rolling Stores 5/5 Gathering and Documenting Audit Evidence 5/7 5/12 Risk Assessment Project Fraud Risks and Controls 5/14 5/19 Pulse of the Internal Audit Profession Risk Assessment Chapter 9 Discussion Questions: 1 through 6 Chapter Case 1 Case 2 Chapter 5 Chapter 8 Discussion Questions: 1, 2, 4, & 5 Chapter Cases 1 and 2 Garrett Care Rental Case 5 5/21 Governance Chapter 3 Discussion Questions: 1 through 5 Chapter Case 1 Mike Joyce Chief Auditor & Compliance Officer, Blue Cross Blue Shield Associates 5/26 CAE Meetings 5/28 Managing the Internal Audit Function Chapter 9 Discussion Questions: 1, 2 & 3 Chapter Case Bruce Adamec Guest Speaker 6/2 6/4 6/12 Group Presentations of Internal Audit Term Projects Group Presentations of Internal Audit Term Projects Final Examination 11:45-2:00 pm * Comments from Guest Speakers during the beginning of the class as noted will be incorporated into the discussions during the remainder of each class session. ** Team Meetings with Chief Audit Executives are scheduled for the week of April 20 and the week of May 25. Reading assignments are Posted by date on D2L 6