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Controllo interno e governo d'impresa - ENG


INTERNAL AUDITING AND CORPORATE GOVERNANCE

Prof. Patrizia Riva



Course code: E0381
SSD: SECS - P/07
6 ECTS - 48 hours
Location: Novara

Course starts October 15, 2012




Educational Aims

An adequate system of good corporate governance is indispensable for the proper functioning of the production system, which delivers the correct relationships necessary to qualify the company as a reliable counterpart in financial, business, professional and social dealings, and which enables the creation of the conditions for growth according to criteria of sound and prudential management.
The course aims to provide a basis for the analysis, in the light of an enterprise’s significant growth that often originates a considerable growth in size, of the main management and control instruments which the company has implemented.


Content of the Course


In the first part of the course, after defining the concept of Corporate Governance, the main theories of reference will be studied in depth, investigating the origins, development and evolution of the various models and examining the effects on competitiveness and on the dynamics of growth and development of the enterprise in the long term. The prevailing patterns of corporate governance in the various contexts in which the company shows a significant fragmentation of venture capital will be studied.
The Corporate Governance pattern typical of the Italian system will be analyzed where such circumstance rarely occurs because of the special structure of share capital. In particular, ample time will be given to the study of governance issues typical of Italian listed and unlisted companies and to the role played by the internal control system in the context described.
In the second part of the course Internal Auditing issues will be discussed, thus:
Specific features of the internal auditing system of industrial and financial companies.
Anti-money laundering regulations.
The administrative liability of companies pursuant to Legislative Decree No. 231 and features of organizational models exempting from liability.
The role of statutory auditors (and other supervisory bodies in one-tier and two-tier governance systems), the duties, the working methods.
The relationships between the various supervisory and control bodies in the various governance systems (traditional – one-tier – two-tier), overlaps, redundancies and evolutionary trends, a comparison of best practices in listed companies (outline of Codes of Conduct) and companies that do not access markets.
Evaluation and verification of the internal auditing system, the role of the manager in charge.
The role of supervisory and control bodies in certain critical and / or risky situations: fraud, transactions with related parties, hedging transactions (derivatives).


Course Texts

Transparencies in Power Point format specially prepared by the professor will be made available to students for this course.
The texts used for the lessons in the classroom and which serve as a reference text for taking the examination are:
-    COMOLI M., “I sistemi di controllo interno nella governance”, Egea, Milan, 2004.  The book is available in the library
-    TETTAMANZI P., “Internal Auditing. Evoluzione storica, stato dell’arte e tendenze di sviluppo”, Egea, Milan, 2003. The book is available in the library
-    ABRIANI N. (et al.), “Diritto delle società”, short Manual, Giuffrè, 2004. The book is available in the library
-    MONTALENTI P., “La società quotata – trattato di diritto commerciale”, Cedam IV, 2004. The book is available in the library


For further information, see the following recommended texts:
-    MELIS A, “Creazione di valore e meccanismi di corporate governance”, Giuffrè, 2002.
-    REBOA M., “Proprietà e controllo di impresa. Aspetti di governance”, Giuffrè, Milan, 2002.
-    SANGUINETTI A., COSTANZO P., “Il governo delle società in Italia e in Europa”, Egea, 2003.
-    AIIA, “Manuale di internal auditing”, 1989.
-    GUATRI-BINI “Nuovo trattato sulla Valutazione delle Aziende” UBE EGEA, Milan, 2005.

References for further study on the topics covered in the course and for group work:
-    AIROLDI G., “Modelli di capitalismo e modelli di impresa”, Economia e Management, 2/1993.
-    BARALDI M., PALETTA A., ZANIGNI M., “Corporate governance e sistema di controllo interno”, 2004, FrancoAngeli.
-    BERETTA S., “Valutazione dei rischi e controllo interno”, Università Bocconi Editore, 2004.
-    BERNARDI D., “La riforma del diritto societario: forme di controllo, disposizioni sul collegio sindacale e sul controllo contabile”, in Rivista dei Dottori Commercialisti, 3/2003.
-    CHARKHAM J., “Keeping good company: a study of corporate governance in five countries”, 1994, Oxford, University Press.
-    DI PIAZZA S., ECCLES R., “Building public trust. The future of corporate reporting”, John Wiley & Sons Inc., 2002.
-    LAGANA’ G., “Frodi fiscali e corporate governance”, Il Sole 24 Ore, May 2004.
-    MACEY J., “Efficient capital markets, corporate disclosure & Enron”, in Giurisprudenza commerciale, page 754/I, 2003.
-    PAOLONE G., “Assetti di governance e modelli societari”, Giappichelli, Turin, 2004.
-    PWC, “Il sistema di controllo interno. Progetto di corporate governance per l’Italia”, Il Sole 24 Ore, September 2004.
-    RIVA P., “Informazioni non finanziarie nel sistema di bilancio. Comunicare le misure di performance”, EGEA, 2001.
-    RIVA P., “L’attestazione dei piani delle aziende in crisi. Principi e documenti di riferimento a confronto. Analisi empirica”, Giuffrè, 2009.
-    SALVIONI D. (1), “Corporate governance, controllo di gestione e risorse immateriali”, FrancoAngeli, Milan, 2004.
-    SALVIONI D. (2), “Corporate governance e sistemi di controllo della gestione aziendale”, FrancoAngeli, Milan, 2004.
-    TEODORI C. (edited by), “I siti web e la comunicazione ai mercati finanziari. Il comportamento delle società”, FrancoAngeli, 2004.
-    TEODORI C., QUAGLI (edited by), “I siti web e la comunicazione ai mercati finanziari. Gli strumenti e gli intermediari”, FrancoAngeli 2005.
-    ZATTONI A. (1), “Economia e governo dei gruppi aziendali”, EGEA, 2000.
-    ZATTONI A. (2), “L’assetto istituzionale delle imprese italiane”, Egea, 2004.
-    ZONA F., “ Enron. Storia di una bancarotta a sorpresa”, in Zattoni, “Corporate governance letture e casi”, 2004-2005.
-    PRICEWATERHOUSECOOPERS, “Il sistema di controllo interno. Progetto di corporate governance per l’Italia”, Il Sole 24 Ore, Third Edition, September 2004.


Further information can be found in the web page of the course on the e-learning portal (D.I.R.) at the URL:

https://eco.dir.unipmn.it/


Teaching Methods

The course consists of a total commitment of 48 hours of lectures, equivalent to 6 ECTS. Extra classroom activities consist of studying the lessons shown in the analytical syllabus and preparing group work on the texts assigned and provided by the professor and doing research in the faculty library. Group work will be presented and evaluated in the classroom.

Schedule of classes:
lessons will be on
-    Mondays from 11:00 to 1.00 pm
-    Tuesdays from 9.00 to 11.00 and from 2.00 pm to 4.00 pm

Office hours for students:

The professor will be available to speak with students during the hours posted on the bulletin board at Dipartimento di Studi per l’Impresa e il Territorio room T12.


Attendance

Course attendance is optional but recommended as case studies will be presented, experts invited to speak and workshops conducted. All the above activities facilitate learning.


Examination


Students who take the exam in the session immediately following the end of the course will only have to take a written test covering the whole syllabus, with particular reference to the topics discussed in the classroom. In subsequent sessions the examination may be taken in an oral and / or written form and will focus on the entire syllabus.