Ateneo - UPO

FIRST MODULE – IA - 2 CFU The internal control (SCI) and risk management system (in the most current and complete version therefore SCI-GR or SCIR) is made up of the set of rules, procedures and organizational structures aimed at allow the identification, measurement, management and monitoring of the main company risks. The increase in the economic value of a company for shareholders derives above all from the ability to identify and evaluate risks, together with an adequate SCIR. Only evaluating in time what the foreseeable evolution of one's business could be in the future, identifying the relevant risks and the means necessary to face them allows, in fact, to manage the difficulties that all entrepreneurial activities inevitably encounter sooner or later, avoiding, or at least reducing, the chances of default. The meaning and breadth of the concept of control varies in relation to the reference environment and is the result of a historical development linked to the more complex area of economic history. In the Italian economic-corporate doctrine until the early twentieth century, the idea of control is understood as verification, that is, as an action aimed at identifying and repressing illicit behavior negative for the production and defense of the entrepreneur's wealth. Subsequently, the National Commission on Fraudulent Financial Reporting, better known as the Treadway Commission, proposed a new key to understanding the internal control system by establishing a subworking group, called the Committee of Sponsoring Organizations of the Treadway Commission (CoSO) dedicated to the study of the topic. This course analyzes the result of the work of the Treadway Commission, published in 1992 and known as CoSO (Committee of Sponsoring Organizations) Report, which still represents the reference model for internal control used both by self-regulatory codes and by national and international legislation on Corporate Governance. Particular emphasis is given to the process for risk assessment (Risk Assessment) adopted by the company aimed at identifying and responding to the risks associated with the activities and the resulting results. During the course we focus, in particular, on the examination of the concept of risk declining it at the level of the entire company operation as indicated in 2004 and by the Committee of Sponsoring Organizations of the Treadway Commission in the Enterprise Risk Management (ERM) Framework which represents an evolution (by incorporation) of the CoSO Report. SECOND MODULE – EA – 6 credits The second module of the course intends to provide the fundamental concepts of the review aimed at understanding the auditing process and the procedures that characterize it, in particular on an application level, and aims to develop: - the significance and differences of the controls in general and of the activity of the audit - the knowledge of the auditing standards and techniques relating to the main balance sheet items of industrial and commercial enterprises - the knowledge of the types of final opinion on the financial statements in the manner laid down in the auditing standards and, for listed companies, by Consob.
The students are also invited to the third edition of the conference “Women at the top” at the first edition of the conference "Liquidation Value of a Company in Financial Distress", organized by the lecturer, featuring the participation of Dr. Andrea Panizza, President of APRI; Dr. Mauro Bini, Chair of the Management Committee of OIV; Dr. Alessandro Turchi, Chartered Accountant and member of the Business Crisis Commission of the ODCEC of Milan; Dr. Francesco Bavagnoli, Chartered Accountant and Associate Professor at DISEI; Dr. Andrea Rivolta, Chartered Accountant; Ms. Marina Spiotta, Attorney-at-Law and Associate Professor at DISEI; Dr. Stefano Ambrosini, Attorney-at-Law and Full Professor at UPO; Dr. Mauro Nicola, President of the ODCEC of Novara.

FIST PART – IA - 2 CREDITS The mandatory reference text, designed and written for this course, is: - RIVA P., “Ruoli di Corporate Governance. Adeguati Assetti e Sostenibilità”, Egea, Milano, 2023 – Chapter 1,2,6, 8, 9, 17, 20, 22, 24 - First Part In addition, slides specifically prepared by the professor and the experts invited for this course will be made available to students. SECOND MODULE – EA – 6 CFU The references for the second part of the course are: Revisione legale dei conti_IPSOA in Pratica The materials and the slides presented in class during the lessons. Additional material and insights (optional) Accounting and Auditing principles promulgated by the CNDCEC SECOND MODULE - EA - 6 CFU Coursebook Revisione legale dei conti IPSOA In Pratica Handout Material presented in class Additional material (optional) The accounting standards promulgated by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (the Italian Accounting Profession) The auditing standards issued by the Italian Accounting Profession (“Italian GAAS”).

FIRST PART - IA – 2 CREDITS The course aims to help students develop an understanding of: 1) the role of the Internal Auditor in the corporate governance framework; 2) the phases of Internal Audit work, 3) the reference standards and 4) the tools has at its disposal. At the end of the course the students will acquire an understanding of the topics and the critical issues referring to company strategy, social responsibility and business ethics, in their theoretical and practical aspects and with reference to the national and international dimension. SECOND MODULE -EA - 6 CFU The second part of the course aims’ is to provide the basics of the auditing focused on the comprehension of the auditing process and of the procedures that characterized it. In support of the lessons the course offers exercises, case studies and discussions with experts. The objective of the second part of the course is to provide the fundamentals of the Audit in order to ensure an understanding of the auditing process and the related procedures, particularly in terms of application. Specifically, the aim is to explore: • the purpose and differences of controls in general, and, more specifically, of External Audit activities • an understanding of the auditing standards and techniques applicable to the key financial statements captions of industrial and commercial companies • an understanding of the types of opinion on the financial statements as provided by generally accepted auditing standards and, for listed companies, Consob, the Italian Commission for listed companies and the stock exchange.

FIRST PART – IA – 2 CFU None Students who attend the course must know the theoretical framework, the basic terminology and the main tools related to corporate governance. It should be noted that it is therefore desirable that students have already attended the course Corporate Governance (Economic Aspects). SECOND MODULE - EA- 6 CFU None. Students who attend the course must know theoretical framewotk and the basic terminilogy of the accounting. It is therefore desirable that students have already attended the course Accounting.

FIRST PART – IA – 2 CREDITS The course includes a total classroom commitment of 15 hours, equivalent to 2 training credits. The activities outside the classroom will consist of: 1) the study – possibly in advance - of the lessons indicated in the course analytical – day by day - program (see UPODir) and 2) the group work which will be presented in class with the involvement and participation of the invited Internal Auditors guest speakers; this last activity will be considered part of the final exam and weighted 50% of the final mark for attending students. SECOND MODULE - EA - 6 CFU the course includes a total classroom commitment of 45 hours, equivalent to 6 CFU. The activities outside the classroom will consist of the study, possibly in advance, of the lessons indicated in the course analytical program.
Exchange Students
Exchange students are invited to contact teachers via email.

FIRST PART – IA 2 - CREDITS Course attendance is optional but recommended as case studies will be presented, experts will be invited to speak and workshops will be conducted. All the above activities facilitate students learning. The professor will be always available for students by e-mail (patrizia.riva@uniupo.it) and in person at the end of each lesson or weekly by appointment. Students with physical disabilities, Learning Disabilities or Special Education Needs can request specific services and tools via the Staff Sviluppo e Coordinamento Carriere e Servizi alle Studentesse e agli Studenti, consulting the University webpage: https://www.uniupo.it/en/services/services-students-physical-or-learning-disabilities Students with disabilities, learning disabilities or special education needs, once they have contacted the University Staff, can refer to the tutor in charge of the course to define the examination modalities, concerning academic aspects. SECOND MODULE - EA - 6 CFU Course attendance is optional but recommended as case studies will be presented, experts will be invited to speak and workshops will be conducted. All the above activities facilitate students learning. The professor will be always available for students by e-mail (silvia.rimoldi@uniupo.it) and in person at the end of each lesson or weekly by appointment. Students with physical disabilities, Learning Disabilities or Special Education Needs can request specific services and tools via the Staff Sviluppo e Coordinamento Carriere e Servizi alle Studentesse e agli Studenti, consulting the University webpage: https://www.uniupo.it/en/services/services-students-physical-or-learning disabilities Students with disabilities, learning disabilities or special education needs, once they have contacted the University Staff, can refer to the tutor in charge of the course to define the examination modalities, concerning academic aspects.

FIRST PART – IA – 2 CREDITS ATTENDING STUDENT The evaluation of the attending student includes: The evaluation of the attending student involves carrying out an assignment and a final exam in written form. The written test must be taken at the end of the course or during the winter roll calls of the 2025-2026 academic year. The student performing the assignement is considered to be attending. The final evaluation will be distributed as follows • Written exam: weight 1/2 • Assignement: weight 1/2 The group assignement concerns the study of the control principals and in particular of the Internal Audit system of a company chosen by the students and the discussion by the students of the adequacy of what was found to protect the corporate viability. 2 points will also be awarded to the students who will be present at the 5 testimonials of the course. The students will draw up a work project, submit it to the teacher for approval and, if possible, will be invited to set up an interview with the Internal Auditors of the chosen company, thus transforming the group work into real field research. The formation of the groups will be the responsibility of the students; the number of members of each group will be established by the teacher in the first lesson based on the number of students enrolled in the course. The output of each group work will consist of a written paper in which the following must be clearly identified: the reason why that company was chosen to carry out its analysis; the description of the ERM system of the company; the description of the Internal Audit function; the assessment of the adequacy or inadequacy of the governance structures found for the protection of the viability. In the event that the attending student does not pass the final exam, he/she will be able to repeat it in subsequent sessions. However, the assignment grade will remain valid only until February 2026. From March 2026, the assignment grade will no longer be valid and in fact all students will be considered not attending. STUDENT NOT ATTENDING The evaluation involves exclusively a written exam with a mark out of thirty. A student who does NOT complete the assignment and who, despite having completed the assignment, takes the exam after March 2026 is considered not to be attending. SECOND MODULE - EA _ 6 CFU the evaluation of the students includes a final exam in written form that must be taken at the end of the course.
OVERALL ASSESSMENT
The final grade for the Internal Auditing (2 CFU) and External Auditing (6 CFU) courses for a total of 8 CFU will be assigned by mutual agreement between the tenured professors, taking into account the results awarded to the tests on the contents of the individual modules and their different weights.

FIRST PART – IA – 2 CFU The appropriate organisational, administrative and accounting arrangements. The system of controls in large enterprises. The benchmark. Focus on the differences between the role and function of the Board of Statutory Auditors, the Auditor, the Supervisory Body. The professional figure of the Internal Auditor (IA) and the phases of its activity. Piquadro case - Company testimony. Internal Audit Principles and Tools. Company Testimony. Lavazza case: Company testimony. The role of the internal auditor in the turnaround. The Fondamenta case. Company testimony. Presentation of group work INTEGRATION OF THE GENDER DIMENSION The course pays attention to the topic of gender integration. In order to create an opportunity for concrete debate on the topic of gender equality, women who hold roles as Internal Auditor, Assurance Manager, Auditor and Auditor have been invited to meet the students. SECOND MODULE - EA - 6CFU Auditing principles applicable for the execution of auditing engagements Phases of the auditing process Comprehension of the enterprise in this context and valuation of the internal controls system (risk based approach) The relevance The determination of the auditing risk The sample tecniques Audit procedures: control testing and test of details on the principal company cycles (sales, purchases, inventory, investment, intangibles and fixed assets), the documentation of the audit work, the quarterly checks, first engagements, the companies obliged for the audit, the management assertions and the conclusion of the work and the completion of the audit and the final report. Integration to the gender dimension. The course pays attention to the topis of gender integration. In order to create an opportunity for concrete debate on the topic of gender equility, a specif session of the course is dedicated to the activities the auditing firms are implemented in favour of women.

FIRST PART – IA – 2 CFU 1. Ability to apply knowledge and understanding. The knowledge acquired during the course must allow the student to use the skills and competences discussed both at a theoretical level by studying the reference models and at an application level through the dialectics set up in lessons with the professor and with company guest speakers. In particular, the student - through planning, processing and when possible interviewing the AI of the chosen company and presentating the group work - will have the opportunity to acquire the technical-economic language of the subject. 2. Making judgments. The course will allow the student to develop independent judgment on the topic studiend as it will enable the student to express considerations and reflections with reference to: 1) the cases studied in class with the support of the textbook and with the opportunity to dialogue with the companies guest speakers; 2) the exploration of the ICS/ERM systems structured by the company chosen as the target of the group work. 3. Communication skills. Based on the knowledge acquired, the student will be able to develop communication and relational skills useful for consciously carrying out the typical activities of the role of Internal Auditor in the future 4. Learning skills. The course will allow the student to understand company dynamics from the Internal Auditor point of view that is using the tools and models typical of the Internal Audit discipline. SECOND MODULE _ EA 6 CFU . Ability to apply knowledge and understanding. The knowledge acquired during the course must allow the student to use the skills and competences discussed both at a theoretical level by studying the reference models and at an application level through the dialectics set up in lessons with the professor 2. Making judgments. The course will allow the student to develop independent judgment on the topic studiend as it will enable the student to express considerations and reflections with reference to: 1) the cases studied in class with the support of the textbook and with the opportunity to dialogue with the companies guest speakers; 2) the exploration of the audit systems structured by the company chosen as the target of the group work. 3. Communication skills. Based on the knowledge acquired, the student will be able to develop communication and relational skills useful for consciously carrying out the typical activities of the role of Auditor in the future 4. Learning skills. The course will allow the student to understand company dynamics from the Auditor point of view that is using the tools and models typical of the Audit discipline.