Books: New Textbook Highlights Profession of Internal Auditing

Internal auditing is ranked as one of the top five growth professions, according to Robert Half, Inc.’s 2007 salary survey. Salaries in this field are soaring—senior auditing executive salaries average $180,000—and the demand to fill these positions is equally impressive. Mid- and senior level internal auditing positions in the U.S. often go unfilled for longer than a year.

However, the current work force is ill-prepared for the responsibilities now in demand after a rash of corporate scandals and the subsequent government regulation, including the Sarbanes-Oxley Act. Few college courses taught these skills, and a textbook on the subject didn’t exist—until now.

The Institute of Internal Auditors, which represents more than 140,000 members in 165 countries, charged three academics and three professionals with writing a textbook to prepare students, junior internal auditors, managers and board members with the skills needed to provide accountability in their organizations. Urton Anderson, chair of the Accounting Department, co-authored this textbook, “Internal Auditing: Assurance & Consulting Services.”

“I have been teaching an internal audit class here at Texas since 1991 but always without a true textbook. Most people teaching this course made due with sections of handbooks and readings,” Anderson said. “There was general agreement among the few people around [the field of] teaching internal auditing that a textbook was needed and that whoever could develop a solid textbook reflecting the current state of practice would play a major role in defining the profession.”

Anderson believes the book will provide much better access to understanding internal auditing and its role in governance risk management and control. The book covers how to detect and prevent fraud, identify potential problems and use creative thinking to uncover the best information. It also helps auditors understand where to focus their resources.

“Writing the textbook proved to be an even better intellectual experience because of the passion and deep understanding each of the co-authors had for internal auditing,” Anderson said. “The insights I got from our debates and discussion of what things really meant or what was the right conceptual model were incredible.”

Faculty

Ramesh Rao, professor of finance, co-authored the book, “A Theory of the Firm’s Cost of Capital: How Debt Affects the Firm’s Risk, Value, Tax Rate and the Government’s Tax Claim.” It provides a focused analysis of cost of capital and will be of interest to corporate managers, academics, investment bankers, governmental agencies and private companies that generate cost-of-capital estimates for public consumption.

Erin Porter, senior lecturer of management, Kristie Loescher, management lecturer, Janet Jester Riekenberg,  management lecturer, and Jan Starnes, management lecturer, co-edited “Communications Matters: Write, Speak, Succeed.” Published by Kendall Hunt Publishing Co., the textbook is a collection of readings in business communication that reflect current communication issues and requirements in the workplace.

Alumni

Deirdre Earls, MBA ’93, wrote “Your Healing Diet: A Quick Guide to Reversing Psoriasis and Chronic Diseases with Healing Foods,” which emphasizes how to experience the natural healing power of food within the midst of busy lifestyles. The book helps readers take control of their health through diet instead of prescription medications. Adapted versions of the book are selling with specialized information in Whole Foods Market stores in Austin, Houston and Dallas/Fort Worth. “Your Healing Diet” has been a No. 1 best-selling book at the Whole Foods flagship store in Austin and is listed as a BookSurge Publishing’s best seller at Amazon.com.

Earls is a registered and licensed dietitian. After a 30-year struggle with disabling psoriasis, she finally refused the recommended chemotherapy, began her own research and reversed her condition with nutrition. A featured speaker for medical professionals, universities, employers, radio stations and internationally recognized organizations like the National Psoriasis Foundation, Earls is featured in NewLeaf TV’s documentary, “The Incurables.” The documentary is airing nationally on DISH network. For more information on her books and consultations, visit www.yourhealingdiet.com.

Dorothy Leidner, MBA ’88, Ph.D. ’92, coauthored the sixth edition of “Information Technology for Management: Transforming Organizations in the Digital Economy.” The book addresses the major principles of managing information systems. Its major objective is to prepare managers and staff in the modern enterprise to understand the role of information technology in the digital enterprise. Leidner is the Randall W. and Sandra Ferguson Professor of Information Systems and director of the Center for Knowledge Management at Baylor University.

Dustin Dumas Weeks, MBA ’96, is the author of “Lessons from a Recovering Worker Bee,” written for those starting their corporate careers as well as veterans of the business world. Weeks discusses how her Texas MBA helped her accomplish her career goals and shares both her good and bad experiences in the corporate world along with lessons learned along the way. She has worked on the Chicago Board of Trade exchange floor and for banks in Germany and Denmark.