GRA 6230 Internal Auditing
The course provides a deeper understanding of how internal auditing, active risk management and good internal control may contribute to effective corporate governance, particularly in the interaction between the board and the administration and their tasks and responsibilities. Public auditing and internal auditing in the public sector will also be studied from the same perspective, as well as the purpose of public auditing, which is different from financial auditing of annual accounts.
After having completed the course the students will have an understanding of:
- how internal auditing contributes to then enterprise’s governance, including how internal auditing can examine and ensure that processes function and that the interaction between various functions such as compliance, controlling, quality assurance and risk management, etc. contribute to the enterprise’s effectiveness, by assisting the board and the management with analyses and recommendations to carry out changes.
- how enterprises use risk management to identify unwanted incidents and handle them, as well as make the most of opportunities.
- how enterprises build up and use internal governance and control to lead the enterprise in the right direction, prevent and handle risk, and correct unwanted incidents that have occurred.
- how purposeful and effective governance contributes to improve processes and goal achievement.
- Research and development within the mentioned areas.
After having completed the course the students will be able to:
- analyse and understand the enterprises’ need for structures and processes that are important for purposeful and effective governance and how these structures and processes can help improve processes that contribute to the enterprise’s goal achievement, including how to identify potential for improvement and carry out improvements
- identify potential risks and analyse them in terms of probability and consequences.
- design suitable governance and internal control systems to handle risks that have been identified
- critically relate to descriptions of situations from management and board, including how to examine and confirm / disprove these situations as well as describe required action.
- design and carry our internal auditing projects that contribute to the enterprise’s goal achievement
The students will be able to apply acquired knowledge, understand the connections with other related disciplines and understand the meaning of the course’s topics in terms of the enterprise’s needs and goals, and trends in society. It is important that employees see how their attitudes and behaviour have a direct effect on how the enterprise is perceived and considered by society at large.
- Corporate governance – understanding the enterprise’s goals and strategies
- Risk management – what impedes fulfilment of the enterprise’s strategies?
- Internal governance and control
- Assurance services – verification
- Internal auditing and auditing in the public sector – methodology and the auditing process
- Quality assurance, standards and control concepts
- Relations and collaboration with other auditing functions
- Analyse the impact of information technology and employ it in the audit
- Communication with board and management – reporting
- The auditor’s consulting role
- Organising and management of the auditing function
- Standards and professional ethics
Please note that while attendance is not compulsory in all courses, it is the student’s own responsibility to obtain any information provided in class that is not included on itslearning or text book.
All courses in the Masters programme will assume that students have fulfilled the admission requirements for the programme. In addition, courses in second, third and/or fourth semester can have specific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
Internal and external examiner
Examination when next scheduled course
|100||Yes||3 Hour(s)||Individual||Written examination under supervision.|
|Form of assessment:||Written submission|
|Support materials:|| |
|Comment:||Written examination under supervision.|
|Resit:||Examination when next scheduled course|
|2015||G20/OECD Principles of Corporate Governance|
|2014||Norsk Anbefaling for Eierstyring og Selskapsledelse||Norsk Utvalg for Eierstyring (NUES)|
|Direktoratet for Økonomistyring||2013||Veileder i internkontroll|
|I løpet av kurset kan det bli delt ut materiale på flere emner som er relevante for kurset og eksamen.|
|Risikostyring i staten: håndtering av risiko i mål- og resultatstyringen||Risikostyring i staten: håndtering av risiko i mål- og resultatstyringen||Resource||Direktoratet for Økonomistyring|
|2017||Enterprise risk management – Integrating with Strategy and Performance||Committee of Sponsoring Organizations of the Treadway Commission|
|2013||Internal control - Integrated framework||Committee of Sponsoring Organizations of the Treadway Commission (COSO)|
|2017||International Professional Practices Framework (IPPF)||Institute of Internal Auditors|
|Reding, Kurt R.||2013||Internal auditing: assurance & advisory services||3rd ed||IIA Research Foundation|
|2015||Reglement for Økonomistyring i staten||Finansdepartementet|
|Relevanter lover og forskrifter|
|Materiale som forelesere henviser til i forelesninger - Implementation guidance (GTAG, Positions Papers, mv.)|
|The London Stock Exchange. Combined Code 2016|