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Bringing Real World Experience into
the Classroom
Urton Anderson and Joseph Mauriello
Agenda
• Experiential Learning – Why
• Team Project – Real Audits
• Alternative Project – Individual Process Analysis
• Shadow Project
• Working with UT Dallas IA Function
Experiential Learning
• Team Project – Real Audits
• Alternative Project – Individual Process Analysis
• Shadow Project
Real Audits
• Teams of 3 to 5
• Teams Assigned• Experience
– Audit
– Computer
• Language
• Interest
• Transportation constraints
The Project
• Size of Project• Approximately 60 hours per team member
• Supervision• IA staff member
• Myself
The Project - Examples
Since 1991 0ver 800 engagements
• UKIA – Cash Management and PCI DSS
• University of Kentucky – UBIT
• Tempur Sealy – Process Mapping
• UKIA – FERPA Compliance
• Kentucky Eagle – Maintenance Shop
• Central Kentucky United Way
• UKIA – Benchmarking Body Donation
• YMCA of Central Kentucky – Risk Assessment
The Project - Examples
• Ashland Inc. – SOX Tier 2
• Blue Grass Airport
• City of Austin (efficiency of street maintenance crews)
• AISD – Controls over Cash Handling of Student Lunch Program
• Texas Office of the State Auditor – Risk Assessment for E-government
• University of Texas - Mail & Supplies (efficiency and effectiveness of mailroom operations)
• City of Austin (Police Department – property room)
• Opportunities for Youth – City, County, State
Project Time Line
• Engagement Letter (week 4)
• Interview - each student (week 7)
• Written Description (week 8)
• Audit Program (week 9)
• Draft-report (week 15)
• Closing conference (week 15-17)
• Final report (week 17)
Deliverables
• Opening conference agenda
• Engagement letter
• Process map
• Risk/control map
• Risk/control matrix
• Control findings and recommendations
• Closing conference agenda
• Final written report
Evaluation
Points
Deliverables and work papers 120
Class presentations 40
Final written report 40
Team evaluation 25
Client evaluation 25
total 250
Student Auditor Expectations - UTD
Orientation
Obtain understanding of process/activity.
Work with the internal audit/client function to complete preliminary survey, risk assessment, and audit plan.
Participate in interviews.Conduct fieldwork.Assist in the preparation of the
draft report.Help present report to
area/process management.
Student Goals
Interviews and
AssignmentsOrientation Planning Fieldwork Review
Exit Conference
Presentation to Class
Final Report & Grading
Typical Project Timeline
Individual Process Analysis
• Option for students with work schedules issues
• Do a process at work or other organization to which they have access
1. Identify objectives
2. Risk analysis
3. Map process
4. Control analysis
5. Recommendations
Shadow Project
• Team 3 people
• Audit department
• Meet with CAE and Staff
• 15=20 page paper
• Have had students make videos
Shadow Project
a. Source of authority
b. How the chief audit executive is selected and removed (not only
describe but discuss the implications of the method used)
c. Mission
d. Types of audit services provided
e. Standards
f. Approach to selection of engagement
g. Reporting structure
h. Follow -up process
i. Conduct an analysis of the audit reports issues for the last 12 months. How well do the actual areas/topics of the reports compare to the function’s mission?
j. What techniques and process does the audit function use to
increase the effectiveness of its reports?
Tools
• TeamMate+• Automated work papers
• Objective, risk, control, procedures
• Issue development
• Report generation
• IDEA• Attribute sampling
• Bedford’s law analysis, duplicate records testing, graphs,
• Data preparation features
• TeamMate Analytics• Data analytic case – LAX