Overview
This course examines the design, evaluation, testing, and improvement of internal control systems and related assurance engagements. It develops advanced understanding of control objectives, governance and oversight, risk assessment, control activities, information and communication, monitoring, segregation of duties, authorization, reconciliations, asset safeguarding, and management assertions.
Students apply COSO principles and assurance methodologies to business processes including purchasing, revenue, payroll, inventory, financial close, and information systems. Topics include process documentation, flowcharts, risk-control matrices, walkthroughs, test-of-controls procedures, sampling, control self-assessment, IT general controls, application controls, cybersecurity, fraud risk, outsourced environments, and compliance assurance.
The course emphasizes professional judgment, ethical escalation, deficiency evaluation, remediation planning, and communication with management and audit committees. Applied casework requires students to assess design and operating effectiveness, recommend cost-effective improvements, and report assurance conclusions clearly and appropriately.
Learning Outcomes
- Evaluate internal control frameworks, governance arrangements, and control objectives across business processes.
- Map and document business processes using flowcharts, narratives, and risk-control matrices.
- Identify control risks and assess the design and operating effectiveness of preventive and detective controls.
- Develop and justify walkthroughs, test-of-controls procedures, sampling approaches, and control self-assessment methods.
- Interpret control deficiencies by severity and recommend cost-effective remediation strategies.
- Assess IT general controls, application controls, cybersecurity risks, fraud risks, and controls in automated or outsourced environments.
- Synthesize management assertions and assurance evidence to formulate defensible conclusions.
- Communicate control findings, remediation recommendations, and assurance conclusions to management and audit committees.
- Apply professional judgment, ethical standards, and appropriate escalation procedures in internal audit and assurance engagements.
Timetable
| Type | Length | Frequency | Period |
|---|---|---|---|
| Lecture | 2 hours | Weekly | All semester |
| Tutorial | 1 hour | Weekly | All semester |
| Workshop | 2 hours | Fortnightly | All semester |
| Practicum | 2 hours | Fortnightly | Second term |
Assessment Schedule
| Type | Description | Weighting |
|---|---|---|
| Assignment | Process documentation and risk-control matrix | 15.00% |
| Quiz | Control frameworks and assurance concepts quizzes (5 × 2%) | 10.00% |
| Test | In-semester test on control evaluation and testing | 20.00% |
| Assignment | Control testing and deficiency assessment case | 20.00% |
| Deliverable | IT and automated controls evaluation | 10.00% |
| Capstone | Integrated assurance case and report | 25.00% |
Teaching Staff & Programs
This course is delivered jointly by faculty from the participating programs listed below. In line with the Douchewater Way, the University of Sexology tailors core instruction directly to each cohort's specific discipline — adapting curriculum to program needs rather than forcing students into a one-size-fits-all model. Learn more about our approach at The Douchewater Way.