GOVERNANCE AND CORPORATE AUDIT SYSTEMS - UNIT 2
Learning outcomes of the course unit
a. Knowledge and understanding: the objective of the first part of the course is to explore corporate governance issues, with particular reference to the bodies, functions, and the way through which the control is developed over the enterprises operations (and in particular inside groups, listed and unlisted companies).
The second part of the course aims to explore the auditing issues, with particular reference to knowledge on the different approaches to ” contents controls” and “legitimacy controls” attributed to the statutory auditors and to the “external” auditors.
b. Applying knowledge and understanding: students will be able to interpret the most important analysis models for corporate governance systems adopted by the enterprises, as well as to understand the key issues related to the design and operation of internal control systems. In addition, students will be able to interpret and apply the most common audit techniques.
c. Making judgments: students will be able to successfully solve the logical interpretation of corporate governance systems and the definition of the auditing procedures.
d. Communication skills: At the end of the course, students will acquire the ability to analyze problems (problem solving skills), the interpersonal skills and the communication skills in written and oral form and with
different stakeholders. The acquisition of communication skills is achieved through the participation to case studies as well as through the presentation of the results of individual work or group work on items or
business cases presented by the professor.
The acquisition of communication skills is also due by achieving the final exam.
e. Ability to learn: the course aims to support students learning through a correct approach to individual study and through the discussion with professor and colleagues of business cases.
Course contents summary
The course is composed by two parts.
The first part of the course will cover the following topics:
- corporate governance systems, with particular attention to the relations between ownership, management board and auditors;
- functions and responsibilities of the board of statutory auditors (“Collegio Sindacale”) and external auditors (“Revisori legali”);
- accounting, legal and management control;
- indipendence of auditors and rules of behaviour;
- the internal control system;
- disclosure of economic and financial informations;
- issues related to corporate governance system and the related parties transactions and the rules of the Decree Law 231/2001.
The second part of the course deals with specific matters relating to financial auditing. The internal control system. Risks in the auditing process. Financial statements auditing. Methods for ensuring and grading the reliability of economic and financial informations.
FELLEGARA A.M. (a cura di), Governo, controllo e informazione societaria
nei gruppi aziendali, McGraw-Hill, Milano, 2009.
MARCHI L., Principi di revisione contabile. Un approccio per cicli operativi, Giuffrè, Milano, 2005.
Consiglio Nazionale dei Dottori Commercialisti e Consiglio Nazionale dei Ragionieri, Principi di revisione, Giuffrè, Milano.
Marinoni M.A., Revisione Legale dei Conti e Risk Approach, Giappichelli, Torino, 2015
Lectures, Group work, seminars and case study.
Assessment methods and criteria
The assessment of the learning ability will be done with an written exam, through which students will be required to answer to open-ended questions. The written test will allow for each student to test the knowledge, the ability to apply knowledge, the ability to communicate appropriately and the independence of judgment. In particular, the ability to work in a team will be assessed through the evaluation of the workgroup developed during the course, concerning the issues developed in the first part of the course. It is planned an interim exam (written test and oral dissertation) concerning the argument developed in the first part of the course.