Teaching Risk Assessment In An Accounting Information Systems Course

Abstract

This paper describes how a new assurance service, risk assessment, can be taught in the accounting information systems course. The new assurance services have been identified by the AICPA’s Special Committee on Assurance Services as major sources of revenue and growth for CPAs. These new services require additional training for CPAs and require that academics incorporate such training into their curriculum. This paper reviews aspects related to offering risk assessment services including risk dimensions, the Committee of Sponsoring Organizations (hereafter, COSO) control framework, and the relevant knowledge. The paper also describes how these frameworks and knowledge can be taught in the accounting information systems class. This includes a discussion of 1) incorporating risk assessment into major learning objectives for accounting systems classes, 2) incorporating risk assessment into the revenue cycle, and 3) incorporating risk assessment in a popular systems project - the Systems Understanding Aid.