TROY UNIVERSITY
MASTER SYLLABUS
SORRELL COLLEGE OF BUSINESS
ACT 3355
Internal Auditing
Prerequisites
ACT 2292; lower-level business core; lower-level business core.
Description
Internal auditing theory as contained in official pronouncements (IIASB, COSO, COBIT,
Sarbanes-Oxley). Emphasis will be placed on material required for the CIA exam as it relates to
professional ethics, audit engagement procedures, internal control, audit sampling, evidence
gathering and auditors' reports.
Prerequisite: ACT 2292.
Objectives
This course introduces students to the internal audit profession and the internal audit process.
Topics that will be included in this course are: the definition of internal auditing, the Institute of
Internal Auditor’s (IIA) International Professional Practices Framework (IPPF), risk governance
and control issues, conducting internal audit engagements, and additional audit considerations
and procedures.
After successfully completing the course students should be able to:
1. Demonstrate an understanding of internal auditing and the purpose of internal auditing.
2. Demonstrate an understanding of professional guidance and standards applicable to
internal audit, including the International Professional Practices Framework (IPPF)
3. Demonstrate an understanding of the various organizational governance systems and the
various roles and responsibilities within governance.
4. Demonstrate an understanding of enterprise risk management and articulate the
relationship between governance and enterprise risk management.
5. Demonstrate an understanding of how organizations structure their activities to achieve
their objectives and identify key business processes and business risks.
6. Demonstrate an understanding of internal control identification, design, and evaluation.
Master Syllabi are developed by the senior faculty in each business discipline. This Master Syllabus must be used as the basis for developing the
instructor syllabus for this course, which must also comply with the content specifications outlined in the Troy University Faculty Handbook.
The objectives included on this Master Syllabus must be included among the objectives on the instructor’s syllabus, which may expand upon the
same as the instructor sees fit. The statement of purpose seeks to position the course properly within the curriculum and should be consulted by
faculty as a source of advisement guidance. Specific choice of text and other details are further subject to Program Coordinator guidance.
1 August 2005
Master Syllabus: ACT 3355
2
7. Demonstrate an understanding of the fundamentals of IT governance, risk management,
and control concepts.
8. Demonstrate an understanding of professional ethics as applied to the activities of
internal auditors and how ethics and fraud issues reflect on an organization.
9. Demonstrate an understanding of the proper management of the internal audit function
and the guiding policies and procedures.
10. Demonstrate an understanding of the audit procedures utilized to gather, evaluate, and
document audit evidence including audit working papers.
11. Be familiar with selected computer-assisted audit techniques, including generalized audit
software.
12. Demonstrate an understanding of the fundamentals of audit sampling and the audit risk
concepts associated with sampling.
13. Demonstrate an understanding of the purpose and requirements for communication of
matters relating to internal audit, attest and assurance engagements.
Purpose
To introduce students to the fundamental concepts of internal auditing.
Approved Text
Internal Auditing: Assurance & Advisory Services (Current Edition)
Media: Hardcover with CD/DVD
Publisher: The IIA Research Foundation
Authors : Kurt R. Reding, PhD, CIA, CPA, CMA; Paul J. Sobel, CIA, CRMA; Urton L. Anderson, PhD,
CIA, CFSA, CCEP; Michael J. Head, CIA, CPA, CISA, CMA; Sridhar Ramamoorti, PhD, CIA , CFSA,
CGAP, CRMA; Mark Salamasick, CIA, CISA, CRMA, CSP; Cris Riddle, MA, CIA, CRMA
Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):
1. Course title
8. Classroom
2. Course number +
location
section
9. Office location +
3. Term
e-mail address
4. Instructor
10. Office telephone
5. Prerequisites
11. Course
6. Office hours
description,
7. Class days, times
objectives
12. Text(s)
13. Other materials
14. Grading methods, 16. General supports
criterion weights,
(computer works,
make-up policy,
writing center)
mid-term grade
17. Daily assignments,
reports
holidays, add/drop
15. Procedure, course
& open dates,
requirements
dead day, final
exam
18. ADA statement
23. Cheating policy
19. Electronic device 24. Specialization
statement
requirements
20. Additional
(certification,
services,
licensure, teacher
statements
competencies)
21. Absence policy
22. Incomplete-work
policy
Master Syllabus: ACT 3355
2
Course Outline
Chapter 1
Introduction to Internal Auditing
Chapter 2
The Internal Professional Practices Framework: Authoritative Guidance
Chapter 3
Governance
Chapter 4
Risk Management
Chapter 5
Business Processes and Risks
Chapter 6
Internal Control
Chapter 7
Information Technology Risks and Controls
Chapter 8
Risk of Fraud and Illegal Acts
Chapter 9
Managing the Internal Audit Function
Chapter 10
Audit Evidence and Working Papers
Chapter 11
Audit Sampling
Note: This outline is intended to be minimum coverage of concepts. Other concepts may be
covered at the instructor’s discretion. See assignment schedule for weekly deliverables.
Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):
1. Course title
8. Classroom
2. Course number +
location
section
9. Office location +
3. Term
e-mail address
4. Instructor
10. Office telephone
5. Prerequisites
11. Course
6. Office hours
description,
7. Class days, times
objectives
12. Text(s)
13. Other materials
14. Grading methods, 16. General supports
criterion weights,
(computer works,
make-up policy,
writing center)
mid-term grade
17. Daily assignments,
reports
holidays, add/drop
15. Procedure, course
& open dates,
requirements
dead day, final
exam
18. ADA statement
23. Cheating policy
19. Electronic device 24. Specialization
statement
requirements
20. Additional
(certification,
services,
licensure, teacher
statements
competencies)
21. Absence policy
22. Incomplete-work
policy
Master Syllabus: ACT 3355
2
Entrance Competencies
This course requires effective written communication skills and analytical skills.
Required and Supplemental Resources:
Internet access
Access to a computer with Microsoft Office Suite
Computer access to download TeamMate and IDEA software for course assignments
ACT 3355 Online Support Materials at https://troy.blackboard.com
Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):
1. Course title
8. Classroom
2. Course number +
location
section
9. Office location +
3. Term
e-mail address
4. Instructor
10. Office telephone
5. Prerequisites
11. Course
6. Office hours
description,
7. Class days, times
objectives
12. Text(s)
13. Other materials
14. Grading methods, 16. General supports
criterion weights,
(computer works,
make-up policy,
writing center)
mid-term grade
17. Daily assignments,
reports
holidays, add/drop
15. Procedure, course
& open dates,
requirements
dead day, final
exam
18. ADA statement
23. Cheating policy
19. Electronic device 24. Specialization
statement
requirements
20. Additional
(certification,
services,
licensure, teacher
statements
competencies)
21. Absence policy
22. Incomplete-work
policy