Risk Management and Internal Control

Duration

30h Th

Number of credits

Lecturer

Vincent Compagnie

Language(s) of instruction

English language

Organisation and examination

Teaching in the first semester, review in January

Schedule

Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

The course entails the following parts:

I. RISK MANAGEMENT AND INTERNAL CONTROL

• ERM and Internal Control
• Types of Controls
• Cognitive biases

• Identification
• Data cleaning
• Data analysis
• Communication

• Fraud risk
• Tax risks
• Workforce risks

Learning outcomes of the learning unit

At the end of the course, students are familar with:

• Internal audits, Forensic audits, Tax audits, and Social audits ;
• a holistic view of risks and controls on several accounting-related and ESG-related topics ;
• Excel, PowerBI, and R to both perform audit analytics with as well as to construct a clear written report with.

Prerequisite knowledge and skills

Students must possess basic concepts on accounting, (international) taxation, and strategic management.

 

Basic Excel skills.

 

Students must have Excel, PowerBI, and RStudio installed.

• https://learn.microsoft.com/en-us/power-bi/fundamentals/desktop-get-the-desktop
• https://cran.r-project.org/

Planned learning activities and teaching methods

Sessions are exclusively face-to-face and include:

• Presentation of theoretical elements.
• Case studies representing real-life scenarios.
• Data analysis workshops using IT tools.
• A graded assignment based on a real-life case study concerning an internal audit of expense claims (during class).
• A graded assignment based on a real-life case study concerning fraud risk (during class).

Mode of delivery (face to face, distance learning, hybrid learning)

Face-to-face course

Course materials and recommended or required readings

Platform(s) used for course materials:
- LOL@


Further information:

Slides and supplementary material will be made available through LOLA.

Supplementary material :

• " Audit Analytics with R " - https://auditanalytics.jonlin.ca/
• Global Technology Audit Guides - The Institute of Internal Auditors
• "Get started with Power BI" - https://learn.microsoft.com/en-us/training/paths/get-started-power-bi/

Exam(s) in session

Any session

- In-person

written exam ( multiple-choice questionnaire, open-ended questions )

Written work / report

Continuous assessment


Further information:

Grades are based on continuous assignments and a final exam. The assignments during the course count for 50 percent of the final grade. Note that a total 6 hours of class time are attributed to these assignments and that students are required to be present during these moments (13/10/2025 and 03/11/2025 from 08:30 - 11:45h). The final exam consists of Multiple Choice (MC) questions and open questions. The final exam counts for the other 50 percent.

Grades on the assignments cannot be transferred from the first examination period to the second examination period, unless the student obtains approval from the course coordinator. In second session, the exam counts for 100 percent of the final grade.

Students must pass the final exam to gain a passing grade/credit for this course. If a student does not pass the final exam, the result of the exam becomes the final score for the entire course. 

Work placement(s)

Organisational remarks and main changes to the course

Contacts

COMPAGNIE Vincent

HEC Liège, Rue Louvrex

N1A - office 1/7

vcompagnie@uliege.be

 

Association of one or more MOOCs