College of Accounting Education

IA 412 – Course Syllabus

COURSE INFORMATION
1. Course Number : IA 412
2. Course Name : Advanced Internal Auditing: External Quality
3. Course Description : This course will cover the assessment tools being employed by management and
internal auditors in assessing the work of the external auditors. Students will learn and
how the quality of the external auditors will be assessed and apply working knowledge
in conducting an external auditor assessment procedure.
4. Pre-requisite : IA 411
5. Co-requisite : None
6. Credit : 3.0 units
7. Class schedule : 6 hours per week

8. Program Educational Objectives (PEO):

Within 3 to 5 years after graduation, the internal auditing graduates will be able to:

1. Engage in the field of accounting or entrepreneurial undertaking that provides employment in the community.

2. Build and sustain a successful career in accounting through participation or involvement in continuing professional
development programs (CDPP) of the profession or pursue advance studies in other related area of specialization.

3. Show leadership and ethical responsibility in the practice of profession or in the community.

9. Student Outcomes (SO) and their links to Program Educational Objectives (PEO)

Student Outcomes (PO) PEO

Upon completion of the program, the UM Internal Auditing student will have the ability: 1 2 3
*A. Articulate and discuss the latest developments in the specific field of practice; P P P
B. Effectively communicate orally and in writing using both English and Filipino;
C. Work effectively and independently in multi-disciplinary and multi-cultural teams; P
D. Act in recognition of professional, social, and ethical responsibility; P
E. Preserve and promote "Filipino historical and cultural heritage";
F. Describe the basic functions of management such as planning, organizing, leading and controlling; P
G. Identify and describe the basic concepts that underlie each of the functional areas of business P
(marketing, finance, human resources management, production and operations management, information
technology, and strategic management) and employ these concepts in various business situations;
*H. Select the proper decision-making tools to critically, analytically and creatively solve problems and drive P
results;
I. Express clearly and communicate effectively with stakeholders both in oral and written forms;
J. Apply information and communication technology (ICT) skills as required by the business environment; P
K. Work effectively with other stakeholders and manage conflict in the workplace; P P
L. Organize and lead groups to plan and implement business related activities. P
M. Demonstrate corporate citizenship and social responsibility; P
N. Exercise high personal moral and ethical standards. P
*O. Resolve business issues and problems, with a global and strategic perspective using knowledge and P
technical proficiency in the area of financial accounting and reporting, cost accounting and management
accounting and control, taxation, and accounting information systems;
P. Conduct internal auditing research through independent studies of relevant literature and appropriate P
use of accounting theory and methodologies;
Q. Employ technology as a business tool in capturing financial and non-financial information, generating P
reports and making decisions;

IA 412 – Advanced Internal Date Revised: Revision No. 0 Date Effective: Page 1 of 8
Auditing: External Quality January 4, 2022 2nd Sem SY 2021-2022
 College of Accounting Education
IA 412 – Course Syllabus

*R. Apply knowledge and skills to successfully respond to various types of assessments, and (including P
professional licensure and certifications);
*S. Confidently maintain a commitment to good corporate citizenship, social responsibility, and ethical P
practice in performing functions as an accountant; and
T. Graduates of universities participate in the generation of new knowledge or in research and development P
program.
Note: *SO being addressed in this course

10. Course Outcomes (CO) of IA 412 and their links to Student Outcomes (SO)

At the end of the course, Student Outcomes (SO)

the student has the ability A B C D E F G H I J K L M N O P Q R S T
to:
CO1 Explain the concepts on E E E E E
assessing the work of the
external auditor and how
it affects internal auditing
CO2 Apply working knowledge E E E E E
in assessing the work of
the external auditor.

Legend: I = Upon attainment of this CO, students will have been introduced to the SO.
E = Upon attainment of this CO, students will have enabled themselves to attain the SO.
D = Upon attainment of this CO, students will have demonstrated partly or fully the SO.

IA 412 – Advanced Internal Date Revised: Revision No. 0 Date Effective: Page 2 of 8
Auditing: External Quality January 4, 2022 2nd Sem SY 2021-2022
 College of Accounting Education
IA 412 – Course Syllabus
Program Educational Objectives (PEO)

1. Engage in the field of accounting or

Vision: By 2022, a globally recognized institution
entrepreneurial undertaking that
providing quality, affordable and open education.
provides employment in the community.
Mission: Provide a dynamic and supportive academic 2. Build and sustain a successful career in
accounting through participation or
environment through the highest standards of
involvement in continuing Professional
instruction, research and extension in a non-sectarian
Development Programs (CPDP) of the
institution committed to democratizing access to
profession or pursue advance studies in
education.
other related area of specialization.
Core Values: Excellence, Honesty and Integrity, 3. Show leadership and ethical
responsibility in the practice of
Innovation and Teamwork.
profession or in the community.
Core Competency: “Quality affordable open education”

Student Outcomes (PO) as Apply to this Course Course Outcomes (CO)

*A. Articulate and discuss the latest developments CO1. Explain the concepts on assessing the
in the specific field of practice; work of the external auditor and how it
*H. Select the proper decision-making tools to affects internal auditing
critically, analytically and creatively solve problems
and drive results. CO2. Apply working knowledge in assessing
*O. Resolve business issues and problems, with a the work of the external auditor.
global and strategic perspective using knowledge
and technical proficiency in the area of financial
accounting and reporting, cost accounting and
management accounting and control, taxation, and
accounting information systems.
*R. Apply knowledge and skills to successfully
respond to various types of assessments, and
(including professional licensure and certifications);
*S. Confidently maintain a commitment to good
corporate citizenship, social responsibility and
ethical practice in performing functions as an
accountant.
 College of Accounting Education
IA 412 – Course Syllabus

CO and Assessment task alignment

Course Outcomes Assessment Task Assessment Coverage
Schedule
Theory-based Practice-based
CO1. Explain the concepts MCQ/Short First Exam • Introduction to External Auditor
on assessing the work of Answer (100%) Assessment and the Assessment
the external auditor and Process
how it affects internal • Quality of Services and Sufficiency of
auditing Resources Provided by the Engagement
Team

CO1. Explain the concepts MCQ/Short Second Exam • Quality of Services and Sufficiency of
on assessing the work of Answer (100%) Resources Provided by the External
the external auditor and Auditor
how it affects internal
auditing

CO1. Explain the concepts MCQ/Short Third Exam • Communication and Interaction with
on assessing the work of Answer (100%) the External Auditor
the external auditor and
how it affects internal
auditing

CO1. Explain the concepts MCQ/Short Fourth Exam • Assessing Auditor Independence,
on assessing the work of Answer (70%) Objectivity, and Professional Skepticism
the external auditor and
how it affects internal
auditing

CO2. Apply working Case analysis

knowledge in assessing the (30%)
work of the external (Practiced-
auditor. based)

*MCQ/Short Answer assessment is cumulative-based.

 College of Accounting Education
IA 412 – Course Syllabus

Assessment Task Details (Theory and Practice-based)

ASSESSMENT COVERAGE ASSESSMEN DETAILS

SCHEDULE T TASK
First Examination • Introduction to MCQ/Short You are expected to know the basic concepts of external
External Auditor Answer auditor assessment
Assessment and (100%)
the Assessment (Theory- Specifically, you should:
Process based) a. Define the basics concepts in assessing external
• Quality of Services auditors and the assessment process
and Sufficiency of b. Explain the quality of services and sufficiency of
Resources resources provided by the engagement team
Provided by the
Engagement Team

Second • Quality of Services MCQ/Short You are expected to show a deep knowledge on quality of
Examination and Sufficiency of Answer services and sufficiency of resources provided by the
Resources (100%) external auditro
Provided by the (Theory
External Auditor based) Specifically, you should:
a. Explain the quality of services and sufficiency of
resources provided by the external auditor
Third • Communication MCQ/Short You are expected to determine communication and
Examination and Interaction Answer interactions with external audtior
with the External (100%)
Auditor (Theory Specifically, you should:
based) a. Identify the different communication and interaction
methods with the external auditor
b. Explain the importance of communication and
interaction with the external auditor

Fourth • Assessing Auditor MCQ/Short You are expected to understand assessing auditor
Examination Independence, Answer independence, objectivity, and professional skepticism
Objectivity, and (70%)
Professional (Theory- Specifically, you should:
Skepticism based) a. Assess auditor independence
b. Explain the importance of independence, objectivity,
and professional skepticism for auditors

Case Study In this task, you are expected to demonstrate proficiency in

Analysis assessing external auditor quality through a case study
(30%) analysis.
(Practiced-
based)
 College of Accounting Education
IA 412 – Course Syllabus

EVALUATION RUBRIC (CASE STUDY ANALYSIS)

Attribute 5 4 3 2 1 Weighted Total

Total Score Points
External Skillful in Clear and Accurate but Limited grasp Inaccurate use __ x 8 = __ 40
Auditor identification competent use limited use of of External of External
Assessment and analysis of of External External Auditor Auditor
Concepts External Auditor Auditor Assessment Assessment
Auditor Assessment Assessment concepts concepts
Assessment concepts concepts
concepts
Assertions Fully Developed and Assertions Assertions Lack of __ x 6 = __ 30
developed and supported exist but are exist but are assertions,
supported assertions not not development
assertions developed or developed or and/or
supported supported support
adequately accurately
Structure Particularly Consistent Paragraph Weak Lack of focus __ x 4 = __ 20
clear ideas focus and flow and paragraph
with logical good transitions structure and
transitions transitions are adequate illogical
throughout transitions
Language Language is Free of errors Minor errors Fundamental Serious errors __ x 2 = __ 10
clear and in mechanics. in mechanics. mechanics in mechanics.
concise with Clear and Sentences errors. Lack Lack of clarity
flawless concise could be of clarity and and concision.
mechanics language more concision
effective
TOTAL 100
 College of Accounting Education
IA 412 – Course Syllabus

11. COURSE OUTLINE AND TIME FRAME

TIME TOPICS TEACHING and Required Readings

FRAME LEARNING ACTIVITIES
Week 1 • Orientation on Classroom Orientation Krishnan, G. & Peytcheva, M. 2019, "The
to Management and University Risk of Fraud in Family Firms: Assessments
Week 3 Policies as well as Grading System Lecture/Discussion of External Auditors: JBE", Journal of
Business Ethics, vol. 157, no. 1, pp. 261-
• Discussion of Program Goals, Assignment/Seat Work 278.
Program Objectives, and Course https://www.proquest.com/scholarly-
Outcomes Oral Recitation journals/risk-fraud-family-firms-
assessments-
• Introduction to External Auditor external/docview/2231289828/se-
Assessment and the Assessment 2?accountid=31259
Process

• Quality of Services and Sufficiency

of Resources Provided by the
Engagement Team

FIRST EXAMINATION
Week 4 • Quality of Services and Sufficiency Lecture/Discussion Hakim, F. & Omri, A. 2010, "Quality of the
to of Resources Provided by the external auditor, information asymmetry,
Week 5 External Auditor Assignment/Seat Work and bid-ask spread: Case of the listed
Tunisian firms", International Journal of
Oral Recitation Accounting and Information Management,
vol. 18, no. 1, pp. 5-18.
https://www.proquest.com/scholarly-
journals/quality-external-auditor-
information-
asymmetry/docview/603880182/se-
2?accountid=31259

SECOND EXAMINATION
Week 6 • Communication and Interaction Lecture/Discussion Mubako, G. & Muzorewa, S.C. 2019,
To with the External Auditor "Interaction between internal and external
Week 7 Assignment/Seat Work auditors – insights from a developing
country", Meditari Accountancy
Oral Recitation Research, vol. 27, no. 6, pp. 840-861.
https://www.proquest.com/scholarly-
journals/interaction-between-internal-
external-
auditors/docview/2313511615/se-
2?accountid=31259

THIRD EXAMINATION
Week 8 • Assessing Auditor Independence, Lecture/Discussion Chiang, C. 2016, "Conceptualising the
to Objectivity, and Professional linkage between professional scepticism
Week 9 Skepticism Assignment/Seat Work and auditor independence", Pacific
Accounting Review, vol. 28, no. 2, pp. 180-
Oral Recitation 200.
https://www.proquest.com/scholarly-
journals/conceptualising-linkage-between-
professional/docview/1875490402/se-
2?accountid=31259

FOURTH EXAMINATION
 College of Accounting Education
IA 412 – Course Syllabus

12. TEXTBOOK

Tan, Joel D. (2015). Internal audit : theories, concepts and applications. Davao City : EDS Books Publication

13. REFERENCES
a. Vallabhanen, S. Rao (2018). Wiley CIAexcel exam review 2018. Part 1 Internal audit basics. New Jersey : John Wiley &
Sons
b. Vallabhanen, S. Rao (2018). Wiley CIAexcel exam review 2018. Part 2 Internal audit practice. New Jersey : John Wiley &
Sons
c. Vallabhanen, S. Rao (2018). Wiley CIAexcel exam review 2018. Part 3 Internal audit knowledge elements. New Jersey :
John Wiley & Sons
d. Jekell G. Salosagcol, Michael F. Tiu, Roel (2018). Auditing theory : a guide in understanding the Philippine Standards on
Auditing. Manila, Philippines : CRC-Ace Review School
e. Vallabhanen, S. Rao (2016). Wiley CIAexcel exam review 2016. Part 2 Internal audit practice. Hoboken, New Jersey:
Wiley

14. COURSE EVALUATION

Assessment methods Weights

EXAMINATIONS 60%
A. Exam 1 to Exam 3 – 10% each 30%
B. Final Exam
- MCQ (70%) 30%
- Competency Assessment (30%)
CLASS PARTICIPATIONS 40%
C. Quizzes 10%
D. Research/Requirements (Fraud Examination Case Analysis) 15%
E. Oral recitation 10%
F. Assignments 5%
TOTAL 100%
*Multiple Choice Questions are tailored after the Association of Certified Internal Auditors Examination.

15. POLICIES AND GUIDELINES

a. Attendance is counted from the first regular class meeting.
b. A validated student identification card must always be worn by all students while attending classes.
c. Cheating is strictly prohibited. Any form of dishonesty shall be dealt with accordingly. Honesty is called for at all times.
Grave offenses such as plagiarism and outsourcing of major requirements, final requirements, theses, dissertations,
capstones, design and similar ones, are automatically elevated to OSA/SCC/USCC for disciplinary action.
d. Valid examination permits are necessary in taking the examinations as scheduled. PRESCRIBED PRC CALCULATORS are
allowed during EXAMINATIONS.
e. Base-15 grading policy should be observed. Students who obtained failing scores in major exams are recommended to
attend the tutorial class.

Prepared by: References Reviewed by:

CEDRIC IAN CARLO E. PETALCORIN, CPA, MBA BRIGIDA E. BACANI

Head – Learning and Information Center

Reviewed by: Recommending Approval by:

CEDRIC IAN CARLO E. PETALCORIN, CPA, MBA LORD EDDIE AGUILAR, CPA, MBA
Program Head - BS Internal Auditing Dean

Approved by:

PEDRITO M. CASTILLO II, EdD

AVP – Learning Innovation and Design