FACULTY OF BUSINESS

Department of Business Administration

BA 443 | Course Introduction and Application Information

Course Name
Internal Controls and Internal Audit (Powered by PwC)
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
BA 443
Fall/Spring
3
0
3
6

Prerequisites
None
Course Language
English
Course Type
Elective
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives This course provides essentials of internal controls and internal audit processes based on COSO Framework and International Standards for the Professional Practice of Internal Auditing (ISPPIA). The course is divided in two parts where part I provides insights on internal controls within corporate governance structures, and part II provides an understanding of internal audits. After completing this course, the students will be able to analyse an organisation with a focus on risk exposure and internal control - proposing how the internal auditing process should be designed.
Learning Outcomes The students who succeeded in this course;
  • Explain the importance of internal control over financial reporting for organizations and external auditors.
  • Identify components of internal control, and principles related to each component as presented in COSO’s updated Internal Control, Integrated Framework.
  • Identify management’s responsibilities related to internal control over financial reporting.
  • Apply appropriate audit procedures following ISPPIA.
  • Improve their critical thinking skills needed for audit related activities.
  • Improve their inter-personal communication skills.
  • Explain the need for audit for a sound corporate governance structure.
Course Description The first part of the course reviews corporate governance and risk management topics and links them to internal controls. Components of internal control, principles of each component and management’s responsibilities related to internal control over financial reporting are all based on COSO Framework. The second part of the course is devoted to internal audit topics such as audit strategy, audit approach, fraud investigation, ethical codes for internal auditors and the stages/components of internal audit field work including planning, interviewing, testing, working papers and reporting.

 



Course Category

Core Courses
Major Area Courses
X
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Introduction to Internal Auditing Chapter 1
2 The International Professional Practices Framework: Authoritative Guidance for the Internal Audit Profession Chapter 2
3 Governance and Internal Audit Chapter 3
4 Risk Management Chapter 4
5 Business Processes and Risks Chapter 5
6 Internal Control Chapter 6
7 Information Technology Risks and Controls Chapter 7
8 Risk of Fraud and Illegal Acts Chapter 8
9 Mid-Term Exam
10 Managing the Internal Audit Function Chapter 9
11 Audit Evidence and Working Papers Chapter 10
12 Audit Sampling Chapter 11
13 Conducting the Assurance Engagement Procedures Chapter 12-13
14 Communicating Assurance Engagement Outcomes and Performing Follow-up Procedures Chapter 14
15 The Consulting Engagement Chapter 15
16 Review of the Semester

 

Course Notes/Textbooks

Internal Auditing: Assurance and Consulting Services by Kurt F. Reading, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Criss Riddle, 3rd Edition, 2013, The Institute of Internal Auditors Research Foundation

Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
1
5
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
Presentation / Jury
1
5
Project
1
15
Seminar / Workshop
Oral Exams
Midterm
1
35
Final Exam
1
40
Total

Weighting of Semester Activities on the Final Grade
4
60
Weighting of End-of-Semester Activities on the Final Grade
1
40
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
14
5
70
Field Work
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
0
Presentation / Jury
1
6
6
Project
1
16
16
Seminar / Workshop
0
Oral Exam
0
Midterms
1
10
10
Final Exam
1
20
20
    Total
170

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to solve problems with an analytical and holistic viewpoint in the field of business administration.

2

To be able to present the findings and solutions to the business problems in written and oral formats.

3

To be able to interpret the application of business and economic concepts, and philosophies at the national and international levels.

X
4

To be able to use innovative and creative approach for real-life business situations.

X
5

To be able to demonstrate leadership skills in different business situations.

X
6

To be able to interpret the reflections of new technologies and softwares to business dynamics.   

7

To be able to integrate knowledge gained in the five areas of business administration (marketing, production, management, accounting, and finance) through a strategic perspective.

8

To be able to act in accordance with the scientific and ethical values in studies related to business administration.

9

To be able to work efficiently and effectively as a team member.

10

To be able to have an ethical perspective and social responsiveness when making and evaluating business decisions.

X
11

To be able to collect data in the area of business administration and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1).

12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout the human history to their field of expertise.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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