Akers, Michael D.

English

epublications@Marquette

Marquette Universitye-Publications@MarquetteAccounting Faculty Research and Publications Accounting, Department of5-1-2006Real World ClassroomMichael D. AkersMarquette University, michael.akers@marquette.eduPublished version. On Balance, Vol. 2, No. 3 (May-June 2006): 27. Publisher Link. © 2006Wisconsin Institute of Certified Public Accountants. Reprinted with permission from On Balance,the magazine of the Wisconsin Institute of Certified Public Accountants.• • Marquette grad I' aud~t ,process · learn _-....-_ .• I Students taking the graduate . audit course at Marquette University are exposed .t o both theory and the practical application of auditing. Overview The project is announced the first day of class. A meet-ing of the director of internal audit, students and professor is scheduled during the first three weeks of the semester. At the meeting, the group reviews project objectives, Course objectives include providing students with an overview of the audit process, preparing them for entry-level auditing positions, internal or public, and providing opportunities for students to demonstrate communication skills. These objectives are addressed through participation in audits of a university department or unit such as athletics, the dental school, Golden Eagle Store or parking services. The project has two key goals. Student learning is enhanced through the applica-tion of audit procedures and theory in a real-world setting. Students provide a valuable service to the university by performing audits that might not otherwise be possible. Service is a fundamental aspect of the mission of the university, College of Bu i-ness Administration and accounting de-partment. Students devote approximately 25 hours to the project for 10 percent of their total grade. • Www .wlcpa .o rg • expectation and the timetable, and audit areas are assigned. Students are also asked to sign a confidentiality statement. Soon after the initial meeting, the direc-tor of internal audit coordinate a meeting with the manager of the audit area and the students. Students are treated a represen-tatives of the internal audit department in order to enhance their pr fes ionalism and the real-world a pect of the • experIence. The students are responsible for performing the entire engagement. The process includes planning the engagement, developing an audit program, ob erving and interviewing department per onnel, preparing flowchart of proce es, testing tran action , analyzing re ult ,di cu sing finding with management, and preparing a final audit report. During the engagement students main-tain contact with the director of internal audit, who provides limited supervision • and guidance. The professor acts as a consultant for students to allow them to solicit input or discuss problems. This arrangement enables students to work with another professional and reinforces principles discussed in class. During the last week of classes, students present their engagements to the class. Audit documentation and the audit report are submitted to the director of internal audit and the professor. The audit report includes a description of the department audited, department policies and proce-.dures, audit objectives and procedures, findings and recommendations. After review by the director of internal audit and modifications, reports are assembled in a book for presentation to the Board of Trustees. Several recommendations from these audits have resulted in changes to university policies and procedures, as well as documentation of procedures and processes. • Reaction Student reaction has been overwhelm-ingly po itive. tudents believe this experi-ence allows them to apply the knowledge learned in class. They also find it valuable to be involved in the entire process and enjoy the opportunity to work with non-accounting professionals. ON BALANCE • MAY / JUNE 2006 27 

Real World Classroom

https://epublications.marquette.edu/cgi/viewcontent.cgi?article=1083&amp;context=account_fac

Real World Classroom

Abstract

Similar works

Full text

Available Versions

epublications@Marquette