GRA 6230 Internal Auditing

GRA 6230 Internal Auditing

Course code: 
GRA 6230
Department: 
Accounting, Auditing and Business Analytics
Credits: 
6
Course coordinator: 
Flemming T. Ruud
Product category: 
Master
Portfolio: 
Master of Accounting and Auditing
Semester: 
2018 Autumn
Active status: 
Active
Teaching language: 
Norwegian/English
Course type: 
One semester
Introduction

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.

Learning outcomes - Knowledge

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.
Learning outcomes - Skills

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
Learning Outcome - Reflection

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.

Course content
  • 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
Learning process and requirements to students

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.

Software tools
No specified computer-based tools are required.
Qualifications

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 categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
GRA62301
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination when next scheduled course
100Yes3 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
  • Auditor's manual / Offprint without comments
Individual Written examination under supervision.
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
  • Auditor's manual / Offprint without comments
Duration:3 Hour(s)
Comment:Written examination under supervision.
Exam code: GRA62301
Grading scale:ECTS
Resit:Examination when next scheduled course
Exam organisation: 
Ordinary examination
Total weight: 
100
Talis literature

Obligatorisk/Compulsory

Article
Authors/Editors År Tittel Edition Publisher StudentNote
2015 G20/OECD Principles of Corporate Governance
Document
Authors/Editors År Tittel Edition Publisher StudentNote
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.
Webpage
Authors/Editors Tittel Journal URL Publisher StudentNote
Risikostyring i staten: håndtering av risiko i mål- og resultatstyringen Risikostyring i staten: håndtering av risiko i mål- og resultatstyringen Resource Direktoratet for Økonomistyring
Book
Authors/Editors År Tittel Edition Publisher StudentNote
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
Document
Authors/Editors År Tittel Edition Publisher StudentNote
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