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Course Name INTERNAL AUDITING

Course Credits Lec: 3 units Lab:


The course aims at providing the student with knowledge and comprehension on the particular
conditions relevant for internal auditing and corporate governance. The course is based on a series of
lectures and seminars where the students discuss and analyze relevant theories and practices.
Lectures will provide principal knowledge of certain topics of internal auditing. After this course the
student should have developed an understanding for the importance of internal auditing in companies
Course Description
and society at large, as well as the connection to information systems. The student should also have
acquired a good knowledge of concepts and models relevant to internal auditing and corporate
governance. Further, the student should be able to analyze an organization with a focus on risk
exposure and internal control - proposing how the internal auditing process should be designed and
understand.
Contact Hours per
3 lectures hours per week
Week
Pre-Requisites Financial Accounting I and II
At the end of the course, the students are expected to:
1: Have acquired an understanding and knowledge about different conditions relevant for
internal audit, internal control structures and corporate governance from an organizational perspective.
Course Objectives 2: Have acquired basic understanding and knowledge about the role of internal auditing in
governance structures of large listed firms.
3: Be able to identify and apply relevant laws and regulations in given cases.
4: Independently prepare risk assessments and developing plans for performing internal audits.

WEEK/TIME INTENDED OUTCOME- CONTENT TEACHING AND RESOURCE


ALLOTMENT LEARNING BASED LEARNING MATERIALS
OUTCOMES (ILO) ASSESSMENT ACTIVITIES
(OBA) (TLAs)
Week 1 - Explain and Written exercise What is Internal Auditing
Discuss the through problem Evolution of Internal Auditing Lecture & Exercises
Introduction, solving Brief Discussion of IIA Discussion questionnaire,
overview, of Internal ballpens, ledger
auditing
-Understand the
evolution of internal
auditing
- Discover what IIA
is and its objectives
and importance.
Week 2 -Explain and Exercises/Essay Audit Planning Lecture & Exercises
understand audit Using rubrics Audit Risks Discussion questionnaire,
planning, its Graphic organizers ballpens, essay
importance and why Problem solving problems & cases
organization needs
to plan the audit.
-Explain how audit
risks affect audit
planning.
Week 3 & 4 -Identify and discuss Exercises/Case Audit of Revenue & Collection Lecture/Discussion Exercises
the audit of revenue study Using Cycle; Graphic organizers questionnaire,
and collection cycle rubrics Test of controls and Problem solving ballpens,
-Identify the test of Substantive Test of
control and Transactions
substantive test
under sales, sales
transaction and cash
receipts transaction.
Prelim Exam
Week 5 -Explain the Written test Substantive test of Cash Lecture/Discussion Exercises
importance of Case study Problem solving questionnaire,
substantive test of ballpens,
cash. worksheets and
-Justify the reason ledger
why substantive test
of cash has a higher
risk than other test.
-Adapting the test of
cash and relating it
to the actual
business scenarios.

Week 6 -Analyze the Essay Substantive test of Lecture/Discussion Questionnaire,


substantive test of Case study Receivables & Sales ballpens,
receivables, the Written test worksheets and
accounts affecting ledger
the receivables as
well as sales.
-Compare risks
under test of
receivables and test
of sales
Week 7 and -Explain what Case study Using Substantive test of Inventories Lecture/Discussion Questionnaire,
8 substantive test of rubrics and Cost of goods sold Problem solving ballpens,
inventories is. worksheets and
-Discover ledger
substantive test
under COGs.
-compare test of
inventories to test of
COGs and why each
accounts affect one
another
Midterm
Exam
Week 9 & 10 -Discuss substantive Written test Substantive test of Investment Lecture/Discussion Questionnaire,
test under asset and ballpens,
particularly Property and Equipment worksheets and
substantive test of ledger, calculator
investment account
and PPE.
-Select and describe
accounts affecting
assets.
Week 11, 12 -Explain what Case Study Substantive test of Liabilities Lecture/Discussion Questionnaire,
and 13 substantive test of Essay Owners Equity Account Problem solving ballpens,
liabilities is. Auditing Problems worksheets and
-Understand the ledger, calculator
importance of testing
liability in audit
planning & programs
-Calculating risks as
well as analyzing the
audit problems
related to equity
account.
Week 14, 15 -Explain, Define and Case study Completing the Audit Lecture/Discussion Questionnaire,
and 16 identify the audit Written test Writing the Audit Report Problem solving ballpens,
procedures needed Case Studies worksheets and
in completing the ledger
audit.
-Produce audit
report base on the
actual audit made.
-Prepare the reports
needed once audit
has been completed,
Final Exams

I. TEXTBOOKS/REFERENCES: Applied Auditing


REFERENCES Ma. Elenita Balatbat Cabrera
RESA reviewer handouts and practice sets
https://en.wikipedia.org/wiki/InternalAuditing
http://www.investopedia.com/terms/t/auditing.asp

II. COURSE POLICIES:


1. Students must come to class on time, prepared and participate actively in the discussions, all requirements must
be submitted on time. Late submission will receive deductions.
2. No text messaging or entertaining of phone calls during class hours unless a call is emergency. Using of
headphones during class hour is also prohibited. Please be courteous, turn off your cell phone while inside the
classroom.
3. Students with 3 consecutive absences will automatically be dropped from the class roll.
4. Students who wished to drop the course must do so officially and not just stop coming to class.
5. Academic dishonesty: Any form of cheating or plagiarism in this course will result in zero on the exam, assignment
or project. Allowing others access to your work potentially involves you in cheating. Working with others to
produce very similar reports is plagiarism regardless of intent.
6. Problems encountered with the subject must be discussed to the instructor. Such consultation may be made in
person during designated time and at designated place.

III. Grading System:

Examination 40%
Attendance 20%
Quizzes/Exercises 20%
Activities/Recitation 20%
IV. Consultation Period:
DAY TIME PLACE
Saturday 1:00 2:00 PM Faculty Room

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