Risk Management Advanced Auditing

AY2019/2020 Semester 1

Risk Management & Advanced Auditing provides course participants an overview of risks that could threaten the attainment of organizational objectives and equip them with skills and tools to identify, assess and manage these risks without compromising ethical and social responsibilities. The course also examines advanced auditing concepts and complex issues faced by auditors and assurance providers in current business world. The first part of the course focuses on important enterprise risk management issues, which mirror the core components of the frameworks developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the ISO 31000. The second part of the course extends students' basic auditing knowledge and concepts learnt in AC2104 through the application of advanced auditing and assurance concepts in tackling challenging issues in current auditing and assurance practice. The key learning objectives of this course are for participants to: Acquire enterprise risk management, auditing and assurance knowledge Understand the importance of enterprise risk management, auditing and assurance to organizations; Appreciate the nature of risk and the role played by the control environment and processes; Understand major risk management frameworks (e.g., COSO Enterprise Risk Management Framework and ISO 31000). Develop critical thinking and creative problem-solving skills Develop critical thinking and the ability to analyse the control environment and control processes in organizations; Develop risk assessment skills, including exposure to data analytics; Develop the ability to creatively resolve risk and control issues. Promote communication, teamwork and interpersonal skills Develop skills in analyzing and presenting case studies; Enhance leadership quality, teamwork and knowledge sharing; Develop discussion facilitation and report writing skills. Develop ethical reasoning and behaviour Develop ethical sensitivity to the cascading effects that an organization's decision or action could have on various stakeholders; Appreciate and internalize accountability, fairness and other ethical values; Critically think about, and appropriately resolve, ethical dilemmas.