Did you know that MSU Denver doesn’t 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 ACCM 5901 Risk Assurance & Advisory Engagements course is 1 option to fulfill the degree’s 1 experiential learning elective requirement.
“Before 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!” – Caroline Bellcourt, current MPAcc student
This Spring ’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 (“the Health Institute”) at MSU Denver.
The Health Institute’s programming spans 2 colleges and incorporates 10 academic departments at MSU Denver. It was developed in 2018 to meet the future needs of Colorado’s 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 MSU Denver’s 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 MSU Denver’s 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.
“The students were great… everyone was very impressed with their presentation… I am very grateful for all the insight and recommendations.” – Emily Matuszewicz, Director of Development & Partnerships
“AMAZING WORK by the team today. I truly enjoyed their presentation, and the genuine appreciation of the audience was evident as well.” – Ethan Waples, Associate Dean, College of Business
For information related to the ACCM 5901 Risk Assurance and Advisory Engagements course, reach out to our Director of Internal Audit Education, Jo Erven ([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 MSU Denver!