ACC653 - Accounting: Auditing II
This paper deals with the practices and competence of internal auditing in which you have to focus on the following aspects:
The development of internal auditing as a profession
The comparison of types of system controls
Analysis of features of an acceptable system control
The methods and techniques employed by internal auditors to process information
The evaluation of risk and the methods of regulating it
The creation of internal report audits and supervision of internal auditing unit
The challenges of controls system
The relationship of HR department with internal auditing team
The application of Standards for the Professional Practice of Internal Auditing
Accounting: Auditing II
This one semester subject provides students with an understanding of internal auditing practices, and philosophies. It includes an overview of internal auditing, the audit process, types of audit applications and auditing standards. Students will learn how to analyse, evaluate and report on controls with an emphasis on how controls can be used to make operations more effective and efficient.
This subject is a required subject credit in the Accounting and Finance Program.
Upon successful completion of this subject the student will be able to:
1. Describe internal auditing, its development, and its standing as a profession.
2. Contrast various types of controls, discuss systems of control and analyse the characteristics of an acceptable system of control.
3. Describe the techniques used by internal auditors to gather and evaluate information on both control and performance and the criteria used.
4. Understand how risk is assessed and techniques for mitigating risk.
5. Prepare internal audit reports and describe the reporting process.
6. Discuss the administration of the internal auditing department.
7. Discuss the nature of management and describe common control problems which affect the management and evaluation of operational and staff functions.
8. Discuss human relations in auditing and internal auditors` relationships with auditees, external auditors and boards of directors.
9. Discuss and apply the Standards for the Professional Practice of Internal Auditing.
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