Internal Audit

Dear prospective students,

In the modern and highly unstable business environment, economic units are in a never-ending struggle, faced with a variety of risks, including financial risks, where successful completion of operational objectives and the finding of mechanisms to ensure both their survival and development depend to a large part on timely and effective management of firm risk.

Rapid changes have been under way over the last 20 years. The liberalisation and opening up of the market, the mobility of players, the increase in the size of enterprises, products and activities, combined with geographical expansion and developments in the field of information technology, offer opportunities for company development.

At the same time, the risks and the complexity of companies are increasing, basic procedures are multiplying and the sustainable operation and protection of a company’s assets must be ensured. As a result, internal control is emerging as a key element of the company’s operation. The auditor must have the necessary knowledge, professional skills, competence and experience in order to fulfil his responsibilities.

To this end, the Department of Economics of the National and Kapodistrian University of Athens (UOA) has decided to launch a new postgraduate program of Applied Risk with specialization in Internal Auditing. This program is taught in Greek and English.

The MSc Applied Risk Management – Internal Audit in February 2020 received a dinstinction by the Global Institute of Internal Auditors (IIA Global), USA, and recognized as the IAEP Internal Audit Foundation Program (the only one in Greece to have received this distinction so far from IIA Global).

We appreciate your interest in internal control and hope to find this program interesting and constructive.

Dimitrios Kenourgios

Professor of Finance

With the support of:

Under the aegis of:

Why choose this program

The MSc “Applied Risk Management” specializing in Internal Audit, in 2020 received a distinction by the International Institute of Internal Auditors (IIA Global) and recognized as the IAEP Internal Audit Foundation Program.

In addition to this important distinction, it also has the following advantages:

  • Recognized as part of the Internal Audit Academic Awareness Program of the Institute of Internal Auditors (IIA)
  • Conducted under the auspices of HACFE (Greek Anti-Fraud Institute)
  • Supported by the Institute of Internal Audit (IIA)
  • Promises effective knowledge of participants aiming for professional certifications (including CIA, CFE and CISA)
  • Provides participants with full knowledge of internal control
  • Enriches each participant’s experience with modern techniques and methodology
  • Has strong connections to the business world (teaching staff and case studies)
  • Taught in Greek and English
  • Conducted as part of the Anti-Fraud Training Partners Plan (ACFE)
  • It is implemented by an excellent and experienced staff of instructors who combine long teaching, training and work experience
  • After its successful completion, it offers a Master’s degree in Applied Risk Management from the Department of Economics of the National and Kapodistrian University of Athens

Objectives of the Program

The aim of the MSc is to develop to participants the culture, strategic thinking and skills necessary to become leaders in the field of enterprises and organisations.

  • To cover both the theoretical foundations and the issues applied to internal control
  • Provide each participant with the principles, methodology and tools for modern and effective internal control
  • To achieve the upgrading of knowledge and skills for each participant, preparing him/her for higher responsibilities and career opportunities

In order to obtain the Master’s Degree, it is compulsory to successfully attend four Thematic Modules (TH), as well as to successfully complete the dissertation module.

In the first year of study, students of the Postgraduate Program of Applied Risk Management, specializing in Capital and Risk Management, can choose a maximum of two (2) Thematic Modules, while in the second year of study in the third and fourth Thematic Modules along with the preparation of the Master’s Dissertation Module, provided that the examination/presentation of the dissertation takes place after the successful completion of all the Thematic Modules of the Program.

The Educational Process of the Programme is mixed (blended learning) and takes place both with the use of a conventional system (teaching in classrooms) and with the use of e-class methods.

From the beginning of the year for each Thematic Module, a Detailed Student Study Schedule (Study Timetable) is provided for the coverage of the teaching material, a program of written work (2 papers per Thematic Module), dates of intermediate examinations in January, and the Lecture Program. The program of each Thematic Module starts in October and ends in June, with the final written examination that covers the whole of each Thematic Module.

Lectures will be held at regular intervals, on non-working days and hours, in order to facilitate the participation of employees without affecting their professional obligations.

The cost of conducting the MSc in Applied Risk Management, specializing in Internal Audit, is covered by the financial participation of students.

The financial participation of students is set at 850 euros per Thematic Module. The total cost of the MSC is 4,250,00€ (850,00€ per thematic module × 5 thematic modules).

It is noted that each Thematic Module is provided with teaching material (notes, exercises, multiple choice questions) by the Teachers through the e-class.

The financial contribution of the students for the offered MSC will be paid directly by the students at the NKUA.

*Students of the MSc who are citizens of the European Union and whose individual income, if they have their own income, and the family disposable equivalent income do not independently exceed, the individual the  one hundred percent (100%), and the family income the (70%) of the national median disposable equivalent income, according to the most recently published data of the Hellenic Statistical Authority. This exemption shall be granted for participation in a single MSc. In any case, exempted students cannot exceed the thirty per cent (30 per cent) of the total number of students admitted to the MSc. If the beneficiaries exceed the percentage referred to in the preceding subparagraph, they shall be selected in order of classification starting with those with the lowest income (Article 35, paragraph 2, Law 4485/17).

Applicants who wish to submit their Application are kindly requested first as they carefully study the Proclamation, and then:

  • Complete and send the relevant Application. (The Application can be found here.)
  • Collect and send the following documents:
    • Curriculum Vitae
    • ID or passport
    • Copy of a university degree(s)
    • Certificate of English
    • Two Letters of Recommendation
    • Two-sided photocopy of the identity card
    • All other documents listed in the relevant Notice

Interested parties should send all the above documents to the programme secretariat by e-mail, referring to the topic “Request to participate: Full name“.

Two letters of recommendation sent by the teachers/employers themselves directly to the programme secretariat by e-mail are also necessary. After the examination of the applications by the Scientific Committee of the Program, personal interviews with the candidates will follow where necessary.

After the examination of the applications by the Scientific Committee of the Programme, personal interviews with the candidates will follow where necessary.

Eligible participants

University graduates

(* Fluent knowledge of English, as all courses are taught in English)

The MSc “Applied Risk Management” specializing in Internal Audit consists of 4 Thematic Modules of annual duration, plus the preparation of the Dissertation, which is also the 5th Thematic Module of the Program. Each Thematic Module consists of 4 courses.

More specifically, the Program follows the following structure:

Thematic Module I: Finance for Internal Audit Officers/ Finance for internal auditors (30 ECTS)

Thematic Module I consists of the individual courses:

  • Financial Accounting and Managerial Economics
  • Financial Management
  • Risk Management I
  • Risk Management II


Thematic Module II: Introduction to Internal Audit / Introduction to Internal Audit (30 ECTS)

Thematic Module II consists of the individual courses:

  • Human Resources Management
  • Growth Business Strategies
  • Internal Control Systems I
  • Internal Control Systems II


Thematic Module III: Internal Audit Practices I (20 ECTS)

Thematic Module III consists of the individual courses:

  • Principles and Practices of Internal Audit Practice
  • Fraud Examination Practice
  • Information Systems Audit I
  • Information Systems Audit II


Thematic Module IV: Internal Audit Practices II (20 ECTS)

Thematic Module IV consists of the individual courses:

  • Corporate Governance and Compliance
  • Quantitative Analysis and Business Analytics
  • Specialized Internal Audit Practice I
  • Specialized Internal Audit Practice II


Thematic Module V: Postgraduate Dissertation thesis (20 ECTS)

Please be informed that under current legislation on universities, the courses that a student can attend may not exceed a cumulative 60 teaching units (ECTS) per academic year.


The MSC Applied Risk Management uses the eclass ( platform eClass is an educational free platform that supports a large number of online courses with thousands of users participating in them.

It is a successful channel of communication between trainers and trainees. In the e-class environment the student proceeds to register electronicly in the courses he attends. Within the framework of the MSc Applied Risk Management, each Thematic Module has an annual duration, so the student proceeds to enroll in each Thematic Module at the beginning of each academic year.

The online course is the core of the Open eClass platform. Each Thematic Module is a stand-alone entity on the platform that integrates a number of subsystems. The following features are supported in each online course:

  • Agenda, which presents in time the important events of each Thematic Module (lectures, meetings, deliveries of work, etc.).
  • Documents, where the educational material of the Module is posted, stored, organized and presented.
  • Announcements, from the lecturers and the Msc Secretariat concerning the Thematic Module and informing registered users, trainers and trainees.
  • Discussion areas, for the exchange of views and ideas on topics related to the course. It is a subsystem of instructor-learner interaction.
  • Links – useful sources from the Internet related to the course and grouped into categories.
  • Tasks, a useful tool that allows the electronic management, submission and scoring of the work of each Thematic Module. In this field lecturers post the assignments which students are invited to submit together with all the necessary information (final dates, sources, etc.)
  • Course Description, a place where information about the subject matter, objectives, educational activities, aids, methods of evaluation, etc. of the course is presented.
  • Chat, is a subsystem that provides the ability to chat in real time.
  • Teleconference is a subsystem that provides the possibility of electronic videoconferencing.

Also, the e-class platform can be used to inform you about various topics on lecturers of the individual courses that make up a module, to find the written assignments and supplementary material (e.g. clarifications, commentary on written papers, new publications), useful material (e.g. paragraphs of the manuals, addresses from useful websites , new scientific articles) as well as answers to frequently asked questions (“FAQs”) that you may have.  You can also find posted additional digital teaching material for each Thematic Module of the program.

In addition to the possibility of holding teleconferences through the e-class platform, within the framework of the MSc, teleconferences are also held through the Webex.

International Distinction of the MSc by IIA Global

The MSc Applied Risk Management – Internal Audit is the result of years of effort by the ECSC and cooperation with market players. The MOU considers that there is an urgent need to ensure the quality and evaluation of the content of the programme it offers.

The MSc adds value to its students and so we are pleased to announce that in 2020 it received a distinction by the International Institute of Internal Auditors (IIA Global) and recognized as the IAEP Internal Audit Foundation Program. The ECSC is a member of the Internal Auditing Education Partnership Program (IAEP).


MSc and IIA Greece event with honorary guest Mr Naohiro Mouri

The Postgraduate Program entitled “Applied Risk Management” with the specialization of the Internal Audit of the National and Kapodistrian University of Athens (UOA) in collaboration with the Institute of Internal Audit of Greece, (IIA Greece) co-held an event entitled “Universities and Corporations – Building the Future Baselines of Internal Audit“, with an honorary guest Mr. Naohiro Mouri, Executive Vice President of the American International Group, Former Chairman of the Board of Directors of the World Institute of Internal Auditors (IIA Global) (2018-2019).

You can find more information here.

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