SMU ASoc - GRA

Home > Academics > Accountancy Modules - GRA

Accountancy Module

ACCT 402: Governance and Risk Management (GRA)

Official Description on Oasis		Professors
The purpose of this course is to provide participants with a sound foundation of governance, risk and assurance concepts and practices. It provides an overview of risks that can threaten the attainment of organizational objectives within the governance framework and build on control models to identify, understand and manage these risks. These include strategic, operational, compliance and reporting risks. The course also aims to enhance participants’ understanding and application of assurance methodologies in governance, risk and compliance programs that are crucial in building a culture of doing the right thing. This course covers the risk and control models that are essential for the Audit and Assurance Services course.		Prof Foo See Liang and Prof Joanne Tay
		Pre-requisite
		Insufficient Information
Importance		Project
Students interested in a career in enterprise risk management(ERM) will find this module particularly interesting and useful. It seeks to build a strong foundation of GRA concepts and practices amongst the student taking the course. It will cover frameworks which include the likes of COSO and ISO 31000. Students will learn to identify the different types of risk a company can be exposed to and suggest controls to mitigate them. Moreover, students will learn to implement suitable KPIs to monitor the effectiveness of the controls. All in all, this module is about enhancing the participants’ understanding and application of assurance methodologies which is crucial in building a culture of doing the right thing.		(Under Prof Foo See Liang) For this project, the group is expected to approach a real client and offer to help evaluate their risk management process in place. This will be done in accordance to either the ISO or COSO framework. In addition, the group is expected to make feasible suggestions to improve their client’s current risk management process. At the end, a report will be submitted to both the client and professor for evaluation.
Difficulty Level		Technical Difficulty
A survey was done in May 2011 on the level of difficulty for the various accountancy modules. Rating was done on a scale of 1 to 5 [1:very easy and 5: OMG!]. Generally, you can consider a rating of < 3 to be manageable and relatively easy. A rating of 3 to 3.5 can be considered challenging yet manageable. A rating of > 4 will probably give rise to horror stories. For comparison, go to modules difficulty.		Average: 3.17/5
		Project Difficulty
		Average: 3.17/5
Interesting Facts		Advice and Studying Tips from Seniors
GRA has replaced ACCT303 Advance Audit (i.e. year 3 module) but the syllabus was changed and it is now an ACCT206 module with effect from Term 1 2009/2010. Students who had previously taken only ACCT202 Audit and Assurance will now have to take this module.		Understand the theory well, as all good answers will be dependent on how good your theories are applied Don't need to study the course notes for the exam. It’s not directly applicable (serious). Just find out what are the risks in each industry (education, sports, finance etc). Read up on some practical application of KPIs adopted by companies. Pay attention every week and prepare mind maps for every topic. Write neatly, and make sure you have enough time for all the questions in finals. Obey every single rule with regards to submission. Failure to comply will result in an immediate deduction of your midterm project grade being deducted thereby causing you to fall 1 or 2 grade lower
Resources		Feedback
Primary Text: insufficient information SSA: www.icpas.org.sg Every information that you might need: Google & Wikipedia		We hope to constantly update the information to make it relevant and reliable for future batches. >>>>> Help us improve this article now! Do your part in contributing back to the school!