Graduate Student Audit Project

This paper discusses Marquette University’s graduate student audit project, designed to enhance student learning and retention of auditing procedures and concepts learned in the classroom. INTRODUCTION arquette University currently has one audit course that serves both undergraduate and graduate students. Course objectives include providing students with an overview of the audit process, preparing students for entry-level auditing positions and providing opportunities for students to demonstrate communication skills. These objectives are addressed through student participation in an audit of a Marquette University department. The graduate audit project enhances student learning, and simultaneously provides a service to the University. The purpose of this paper is to discuss the graduate audit project of the course. ` The paper first outlines the objectives of the graduate audit project and initial considerations for project implementation. Next, details of the graduate audit project and grading are discussed. Examples of documentation from the engagement, such as the planning memo and audit report are provided. The paper concludes with observations from students, the professor and administration. OBJECTIVES OF THE GRADUATE AUDIT PROJECT There are two main objectives of the project. The first and primary objective of the graduate audit project is to enhance student learning. Knowledge and, more importantly, retention of auditing procedures and concepts learned in the classroom are crucial for students’ future success in the auditing profession. The project provides students with an opportunity to apply auditing procedures, which increases retention. Whether or not they plan to become auditors, active participation in an audit provides students with valid, real-world experiences that prepare them for postgraduation employment. After participating in the project, one student indicated that “it will be much easier and less intimidating now to go out and perform an audit interview in practice.” Another student commented, “I had always experienced audits from the other side, so it was beneficial to see how things go from the auditor’s perspective. It is easier to see that they aren’t just trying to be annoying; they really do have a purpose.” The second objective of the graduate audit project is to provide a service to the institution. Service is fundamental at Marquette University, from the University level to the Department of Accounting. As written in the University’s Mission Statement, “our mission...is the search for truth, the discovery and sharing of knowledge, the fostering of personal and professional excellence, the promotion of a life of faith, and the development of leadership expressed in service to others.” As stated in the College of Business Administration’s Mission Statement, the College’s “goal is to foster a community of scholars committed to improvement and collaboration, and to enhance interaction with business and service organizations...[in order to] create a superior environment for learning and development of our students.” The Department of Accounting’s mission emphasizes leadership and service, with the goal being to prepare students to be responsible, competent and ethical leaders. Participation in the audit adds to the development of students’ professional excellence and, at the same time, provides a service to the institution. INITIAL CONSIDERATIONS/ISSUES There are six issues that must be considered when coordinating the graduate audit project. The project may be completed either in conjunction with the institution’s internal auditor/audit department, or under the guidance of