Risk Management, Internal Audit and Internal Control

This module develops the knowledge of accountancy students of Corporate Governance and Risk Management.  While maintaining the overall focus of a Risk Management approach, students will gain knowledge of internal control review and internal audit.

1. Describe the legal, regulatory and business environment (including corporate governance) in which risk management, internal control review and internal audit is conducted.

2. Select and apply appropriate risk management frameworks and standards, integrating the role of internal audit and internal control review.

3. Evaluate the role of internal audit as part of the Risk Management and Internal Control Environment, including a comparison with the role of external auditor. 

4. Describe various types of internal audit assignments such as internal control review, value-for-money audits, fraud investigations.

5. Review and evaluate accounting and internal control systems in order to communicate control risks, potential consequences and recommendations.

6. Discuss the application of computer-assisted audit techniques and display an awareness of contemporary developments in risk management and internal audit.