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2017
BT IAU 2
INTERNAL AUDITING 4
(IAUD 401)
Module 1: IAUD 411
And
DURATION OF COURSE
2.1 The course covers an integrated and practical approach of the entire audit process
which entails the planning, executing and finalisation of audits. It also covers
governance, risk management, and controls.
The course requires of students to integrate their knowledge, gained from the current and
prior years, from Financial Accounting, Cost and Management Accounting, Taxation
and Company Law.
2.2 Pre-Requisites
To provide students with a holistic view of the subject matter and to apply it in an
integrated and practical manner.
To provide students with a degree of responsibility and autonomy in the application
of the fundamental concepts.
After having completed this course, the student should have an understanding of and
be able to:
Use the audit process to perform an audit from start to end for assurance and
consulting engagements.
Evaluate and improve on risk management, control and governance processes.
Identify, categorise and communicate audit findings.
This specifies the evidence and the qualities of the performance which must be
demonstrated to achieve an outcome.
Simply stated, they are the standards and activities by which students can prove
that they have achieved a specific outcome at the end of a learning period.
For this course, the method of assessments is:
o Tests and
o Exams.
Tutorials are compulsory and the following process must be followed by students in
order to ensure success in this course:
The text book material together with the lecture content must be studied in detail
prior to attempting the tutorials.
Tutorial questions must be answered under exam conditions prior to the tutorial
sessions. The answers should be marked using the suggested solutions and further
learning should take place from shortcomings identified. Problematic areas must
be highlighted by students and brought to the attention of the lecturer during the
tutorial session. Students would now be prepared for the tutorial sessions.
The tutorial sessions would be used to discuss problematic areas that were identified
by students. Note that, the tutorial sessions are not for students to do tutorials in
the class, neither is it for the lecturer explain the entire tutorial without any
attempts made by students. Tutorials must be done by students in their own time
prior to each tutorial session.
The examination consists of one, three-hour paper which shall constitute 60% of
the final mark.
Two tests will be written, and an average mark of the two tests will count as a
course mark for DP purposes. It must be noted that these tests are compulsory.
To be admitted to the examination, the student must earn a course mark of at least
40%.
Note:
It must be noted that the success of a student will be determined by how well he or she
applies the theoretical knowledge in an integrated and practical manner. It is
therefore important to apply a holistic and practical view when studying this course.
6. Student Support
6.1 At Lectures:
Lectures will be interactive were time will be allocated for students to ask questions on
material discussed.
The programme does not have a Work Integrated Learning component. The Department,
however, engages and invites potential employers within the field of Internal Auditing to
conduct recruitment drives on campus. However, the department does not guarantee
students employment from these initiatives. Further, students are advised to liaise with
the Co-operative Education Department, during the course of their study, to source
potential employers.
This has resulted in tremendous opportunities for students in the field of Internal
Auditing. Refer to the attached career path information in the field of internal auditing.
9. Test Dates
Note:
The contents in this learner guide may be subject to change. Should there be any
changes these will be communicated during lectures.
APPENDIX 1
Learning outcomes Assessment criteria Assessment
Methods
Exit level outcomes Unit 2 x 90 minute
1a Internal Audit tests, and
Management 1 x 3 hour written
Specific outcomes a) Understand and apply the responsibilities in terms of examination
(Element la.1) the Standards for the Professional Practice of Internal
Establish an Internal Auditing.
Audit Department. b) Prepare a Functions and Responsibility Statement
according to the Standards for the Professional
Practice of Internal Auditing.
c) Prepare Job Descriptions for all levels of internal
auditors (Chief Audit Executive, Senior Audit
Manager, Audit Manager, Senior auditor, auditor,
junior auditor) according to the Standards for the
Professional Practice of Internal Auditing.
d) Develop audit manuals for the conduct of internal
audit assignments according to the Standards for the
Professional Practice of Internal Auditing.
e) Establish a marketing plan for the Internal Audit
Activity.
f) Understand and apply the principles and concepts
underlying the Outsourcing of internal audit.
g) Establish a Quality Assurance Plan for the internal
audit activity according to the Standards for the
Professional Practice of Internal Auditing.
h) Establish a policy document for the recruitment and
appointment of internal audit personnel.
i) Establish a policy document for the professional
development of internal audit staff according to the
Standards for the Professional Practice of Internal
Auditing.
j) Establish short, medium and long term planning
schedules for the internal audit activity according to
the Standards for the Professional Practice of internal
Auditing
k) Apply basic personnel management skills
Scheme of Work
Sections Outcome Reference Text Reference
Establish an Internal Audit Element ISPPIA 1000, 1100, Chapter 1, 2, 9
Department / Activity 1a.1 1200, 1300, 2000,
2100
King Report on
Corporate
Governance
Prescribed Reading:
The following book is compulsory for this course:
Internal Auditing: Assurance and Advisory Services 3rd edition, By Reding, Sobel,
Anderson, Head, Ramamoorti, Salamasick, and Riddle.
Recommended Reading:
Internal Auditing:An Introduction4th Edition, P Coetzee, R du Bruyn, H Fourie, K Plant.
Performing Internal Audit Engagements 4th Edition, P Coetzee, R du Bruyn, H Fourie,
K Plant.
Advanced Internal Audit Topics 4th Edition, P Coetzee, R du Bruyn, H Fourie, K Plant.
APPENDIX 2
Learning outcomes Assessment criteria Assessment
methods
Unit 1c 2 x 90 minute tests,
Corporate Governance, and
Risk Management, 1 x 3 hour written
Internal Control and examination
Internal Control
evaluation
Specific outcomes for a) The concepts and principles relevant to assessing
unit 1c.1 governance are explained and applied in accordance
Describe, apply and. with the principles set out in the King Report on
advice on the objectives, Corporate Governance.
nature and evaluation of b) The concepts and principles relevant to risk
Risk Management, management are explained and applied in line with
Governance and Internal the Standards for the Professional Practice of Internal
Control. Audit
c) The concepts and principles relevant to assessing risk
are explained and applied in accordance with the
Practice of Internal Audit and the principles set out in
the King Report on Corporate Governance
d) The concepts and principles relevant to a risk based
audit approach are explained and applied in
accordance with Internal Auditing practice
e) The concepts and principles relevant to the
communication of risks to management and/or the
audit committee are explained and applied in
accordance with the requirements of the King Report
on Corporate Governance
Specific outcomes for a) The concepts and principles relevant to internal
unit Ic.2 control are explained in the Standards for the
Provide information and Professional Practice of Internal Audit.
advice on the objectives, b) The concepts and principles relevant to evaluating a
nature and evaluation of system of internal control are assessed in accordance
internal control. with Internal Audit Practice (Including the use of
Risk Models, Control Self Assessments).
c) The principles relevant to the test of controls are
assessed in accordance with Internal Audit Practice
d) The concepts and principles relevant to specific
control problems relating to Information Systems
environments are assessed in accordance with
Internal Audit Practice.
e) The concepts and principles relevant to the
Scheme of work
Sections Outcome Reference Text Reference
Corporate Governance, Unit 1c.1 ISPPIA 2010, 2100,
Risk Management, Internal 2110, 2120, 2130,
Control and Internal 2200
Control Evaluation in
manual and automated King Report on Chapter 3
systems. Corporate
Governance
Prescribed Reading:
The following book is compulsory for this course:
Internal Auditing: Assurance and Advisory Services 3rd edition, By Reding, Sobel,
Anderson, Head, Ramamoorti, Salamasick, and Riddle.
Recommended Reading:
Internal Auditing: An Introduction 4th Edition, P Coetzee, R du Bruyn, H Fourie, K
Plant.
Performing Internal Audit Engagements 4th Edition, P Coetzee, R du Bruyn, H Fourie,
K Plant.
Advanced Internal Audit Topics 4th Edition, P Coetzee, R du Bruyn, H Fourie, K Plant.