Course title

Internal Audit

Code

ACC 430

Professor

Prof. Zorica Bozhinovska Lazarevska PhD

The Faculty of Economics – Skopje through the Department of Accounting and Auditing, specifically through the course INTERNAL AUDIT, is listed in the renowned Internal Audit Academic Awareness Program of the Institute of Internal Auditors (IIA). The Academic Awareness Program was established to recognize the varying degrees of commitment and effort that higher education institutions make to provide students with the information and skills necessary in choosing to pursue a career in the field of internal auditing. 

Also, the course Internal Audit has been accredited by ACCA (Association of Chartered Certified Accountants). Accreditation brings great benefits to the students of the Faculty of Economics – Skopje. Thanks to the accreditation, they can receive exemptions from ACCA papers during their studies, thus greatly accelerating their path to ACCA membership.

Course objectives (competences):

Upon completion of course instruction and successful passing of the examination, students should be able to:

• Become familiar with key aspects of internal audit and its role in developing economies;
• Understand the professional and legal regulations imminent on internal audit;
• To develop the skills of professional judgment and application of professional skepticism;
• Gain insights into the basic steps of the internal audit process ranging from planning, examining and evaluating internal control through gathering and evaluating audit evidence, to summarizing findings, writing a report, and communicating with top business management;
• Gain insights into the methodological approach of internal auditors in conducting performance audits;
• Learn about the internal auditor’s approach to detecting fraud symptoms and their responsibility in preventing and detecting fraud.

Course content: 

1. Definition, role and significance of internal audit in modern economies;
2. Internal audit as a segment of corporate governance;
3. Professional education of internal auditors;
4. Skills to be possessed by the internal auditor;
5. Legal regulation of internal audit in the Republic of Macedonia;
6. Professional regulation of internal audit in the Republic of Macedonia;
7. Business processes and risks;
8. COSO 2013 – The new conceptual framework of internal control;
9. Internal audit process;
10. Developing an annual audit plan;
11. Collection and evaluation of audit evidence in internal audit;
12. Reporting internal audit results;
13. Internal audit working documentation;
14. Fraud and internal audit;
15. Performance audit;
16. Management of the Internal Audit Department.