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The results of our Spring '24 ACCM 5901 Risk Assurance & Advisory Engagements course
May 8, 2024
Did you know that 海角社区 doesn鈥檛 have a traditional internal audit department? Instead, our graduate students perform internal audits of various areas of the University each spring and fall term. What an amazing, hands-on opportunity and responsibility for our Master of Professional Accountancy (MPAcc) and Master of Business Administration students!
For MPAcc students, this course is 1 option to fulfill the degree鈥檚 1 experiential learning elective requirement.聽
鈥淏efore I took this course, I had a very narrow understanding of the internal audit function. During the semester, I found that the scope of internal audit was so much more than just detecting anomalies in processes. We performed a project where we guided our client on how their processes and procedures could be more effective and efficient. This course was rich with current innovations in the field of assurance and advising!鈥� 鈥� Caroline Bellcourt, current MPAcc student
This Spring 鈥�24 term, there were 5 student internal auditors, 4 MPAcc students and 1 MBA student. The auditors broke into two separate engagement teams that reviewed processes within the Gina and Frank Day Health Institute (鈥渢he Health Institute鈥�) at 海角社区.
The Health Institute鈥檚 programming spans 2 colleges and incorporates 10 academic departments at 海角社区. It was developed in 2018 to meet the future needs of Colorado鈥檚 healthcare industry. In the last 6 years, the Health Institute has received over $8 million in programmatic funding. The Health Institute receives 90% of its funding through grants from state and federal governments, along with non-profit, philanthropic entities, and donors through 海角社区鈥檚 University Advancement/Foundation.
As the Health Institute has seen rapid growth over the past years, internal audit services were requested to review administrative processes and offer recommendations for improvements related to grant management. The student internal auditors identified key risks, suggested new and enhanced internal controls, and provided recommendations for efficiencies throughout the grant management process.
The results of the engagement were presented to University Senior Leaders and several members of 海角社区鈥檚 Board of Trustees on May 1, 2024. The Health Institute and all the leaders were very grateful for the work performed by the student internal auditors.
鈥淭he students were great鈥� everyone was very impressed with their presentation鈥� I am very grateful for all the insight and recommendations.鈥� 鈥� Emily Matuszewicz, Director of Development & Partnerships
鈥淎MAZING WORK by the team today. I truly enjoyed their presentation, and the genuine appreciation of the audience was evident as well.鈥� 鈥� Ethan Waples, Associate Dean, College of Business
For information related to the ACCM 5901 Risk Assurance and Advisory Engagements course, reach out to our ([email protected]). We would love to have you join as a student internal auditor in a future semester. It is great, real work experience for your resume during your time at 海角社区!