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Each module, running through the whole academic year, consists of three (3) courses. The structure of the program is the following:

Module I - Finance for Internal Auditors (three courses, 30 ECTS)

  • Financial Management

Financial management seeks to familiarize students with methods of facing financial decision – making problems that a manager is facing. A set of important topics in finance is to be discussed such as the time value of money, bond and stock valuation, overview of corporate financing, debt financing and the cost of capital, financial analysis, financial planning and working capital management.

  • Human Resources Management

Human Resource Management (HRM) aims at providing students with a comprehensive view of essential personnel management concepts and techniques. A set of important topics is to be discussed, including human-based competitive advantage development, analysis and design of work, recruitment, training and performance management, employee development.

  • Business Strategies

Growth Business Strategies seeks to familiarize students with business strategy decision – making problems that a manager is facing. A set of important topics in business strategy is to be discussed such as strategic resources and capabilities analysis, competitive advantage development, strategic change management, growth strategies evaluation and selection, vertical integration and diversification.


Module II - Introduction in Internal Audit (three courses, 30 ECTS)

  • Financial Accounting and Managerial Economics

The course forms an introduction to managerial economics and to the foundation for decision making under uncertainty. It examines the definition and scope of managerial economics, decision making that almost always takes place under conditions of uncertainty, the tools for decision making, cost concepts for decision making, product demand, price formation in practice, capital budgeting and investment finance. 

  • Risk Management

This course aims to introduce students to the concepts of risk and its measurement. Such a need arises since the free enterprise environment and the complexity in which modern business operate introduce a variety of risks that must be managed. Furthermore in analyses financial markets, instruments and derivatives and major risk management tools. It examines a number of issues such as the main known business risks, how risk is being measured, dealing with risks at different levels, introducing capital markets and their instruments (bonds, stock), risk management, markets and products (futures, options, swaps), basic concepts in risk management and focuses for half of the course in enterprise risk management and risk identification, risk assessment and the response to risks.

  • Internal Control Systems

This course is about internal control – basic ideas, principles, concepts and methods. Both theory and practice are covered. It aims to introduce the key concepts of internal controls, as well as how there are applied by management and risk practitioners in today’s organizations. It examines the internal control concept, the basis and structure of internal control methodology, top-down risk assessment, control identification and assessment, risk assessment analysis, control testing strategies.


Module III - Internal Audit Practices I (three courses, 20 ECTS)

  • Information Systems Audit

The Information Systems Audit course covers key information system concepts and their relation to performing actual real-life audits. This will enable the participants to discuss key IT risk & control concepts with the information systems division and IS audit experts and translate technical risks to business risks.

The key areas to be covered include (1) Introduction to Information Systems, (2) The Process of Auditing Information Systems, (3) Governance and Management of Information Technology, (4) Information Systems Acquisition, Development and Implementation, (5) Information Systems Operations, Maintenance and Support, and (6) Protection of Information Assets.

Further study in the subject will prepare participants towards the CISA exam (Certified Information Systems Auditor) and allow them in performing focused information systems audits.


  • Fraud Examination Practice

Establish a conceptual understanding on white collar crime and financial fraud, introduce basic investigation and fraud detection techniques, discuss the challenges of a fraud investigation, share experience and promote a fraud awareness concept. Present the contemporary fraud schemes in the industries and establish a common understanding on anti‐fraud culture with Cressey’s fraud triangle and other models.


  • Internal Audit Practice

The objective of the course is to examine the basic theories, principles and frameworks upon whichmodern auditing and assurance is based. It provides practical knowledge in how to carry out audit and assurancerisk assessment procedures and to identify appropriate audit approaches andtechniques. It also helps to understand the focus, responsibilities and methodologies associated with the effective delivery of internal audit services. It helps students to acquire a comprehensiveknowledge and appreciation of the International Professional Practices Framework, the Code of Ethics and the International Standards for the Professional Practice of Internal Auditing under which internal auditing operates.


Module IV - Internal Audit Practices II (three courses, 20 ECTS)

  • Corporate Governance and Compliance

This course provides an overview of corporate governance concepts, issues and mitigation mechanisms. It considers the roles of shareholder rights, the board of directors, remuneration schemes, transparency and disclosure, compliance and business ethics, the GRC (governance, risk, compliance) framework and governance trends. The course is designed to provide students with a broad view of the basic tools, techniques and theories facilitating corporate governance decision-making.

  • Quantitative Analysis and Business Analytics

The Quantitative Analysis and Business Analytics module focuses on data analytics and statistical methods used by auditors. The first part of the module presents methods for analyzing and processing data in Excel. The second part of the module focuses on basic descriptive statistical methods and inference methods used in the auditing profession. The module combines theory with practice and students will acquire hands on experience by implementing the various methods using excel.

  • Specialized Internal Audit Practice

This course builds on the Principles of Internal Auditing to provide students with additional tools and insight on how to address Internal Auditing. It examines evolving Issues and trends for the profession and highlights those aspects that will be on the spotlight in the years to come.  Study materials are informed by current research.



Module V - Dissertation thesis (20 ECTS)