IIA Today November 2010

Today A MESSAGE FROM THE INSTITUTE OF INTERNAL AUDITORS

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www.pwc.com

Helping Business do Business That’s what PwC does.

PwC helps internal audit departments address a broad spectrum of risks impacting the company’s strategy and business objectives–resulting in enhanced coverage and increasing the value derived from audit-related efforts. We also bring the tools, processes and knowledge that can help internal auditors achieve these results more efficiently.

To learn more about how PwC can help your Internal Audit function enhance its capabilities, contact: Dean Simone Internal audit services leader (267) 330-2070 dean.simone@us.pwc.com

© 2010 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

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welcome message

Today PUBLICATION DIRECTOR

Susan Follick EDITOR

Melissa Calhoun STAFF EDITORS

Allison Cain Lisa Krist CONTRIBUTING EDITOR

Margo Baeta Christina Brune ART DIRECTOR

Jon Peters PRODUCTION MANAGER

Lori Shewack

Dear IIA Member, Welcome to another edition of your membersonly newsletter, IIA Today. This month we are focusing on ways to help you advance your career and take full advantage of all the many opportunities that your membership offers you.

As a valued member, it’s our mission to provide you with all the latest news, information, and educational benefits that are available to you. Consider us your guide to training events, networking options, and the latest from the world of internal auditing.

Here at The IIA, we believe that membership means more. That’s why we are constantly striving to serve you better in your professional lives. In this issue of IIA Today, be sure to consider our 10 suggestions on how to boost your career and increase your worth; keep up with the latest developments from our strategic plan and the changes to the Standards; learn about the new Audit Executive Center, and stayed tuned to the latest educational events through our training calendar.

IIA PRESIDENT AND CEO

Richard F. Chambers, CIA, CCSA, CGAP IIA CHAIRMAN OF THE BOARD

Günther Meggeneder, CIA

IIA Today is a bimonthly publication produced exclusively for members of The IIA. To learn more about this publication, please visit www.theiia.org/IIAToday.

We welcome all comments, questions, and feedback. Please send your message to IIAToday@theiia.org and include your name and contact information.

I encourage you to learn more about the programs, products, and services that we feature in IIA Today by following the specific URLs mentioned in our articles, which will take you to more information on our website, www.theiia.org.

The site contains a wealth of information and exciting members-only discounts and opportunities.

Thank you for your continued support!

Gene O’Neill, CIA, CPA Vice President, Relationship Management The Institute of Internal Auditors

The Institute of Internal Auditors

247 Maitland Ave. Altamonte Springs, FL 32701-4201 USA +1-407-937-1100 www.theiia.org All contents copyright © The Institute of Internal Auditors (IIA) 2010.

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IIA Announces Revised Standards In keeping with our mission to constantly update and maintain the International Standards for the Professional Practice of Internal Auditing (Standards) in a timely and relevant way, The IIA has announced 26 revisions to the Standards that will take effect January 1, 2011. The revisions include the addition of three new standards, 15 changes to standards, the deletion of two standards, and the addition of six glossary definitions.

Andrew J. Dahle, CIA, chair of The IIA’s Internal Audit Standards Board (IASB), explains why these revisions are crucial. “The Board seeks to ensure that important issues in the internal audit profession are addressed timely and as appropriate through ongoing changes to the Standards,” he says. “This set of changes will help practitioners better serve their stakeholders, interpret the guidance, and conform to the Standards, which are critical to the internal audit profession.”

Perhaps the most significant changes to the Standards concern those related to internal auditors expressing opinions and the declaration of organizational responsibility when service providers are used. New Standards 2010.A2 and 2450 and revised Standard 2410.A1, along with related Interpretations, clarify what is required if internal auditors express overall opinions on the organization, as well as on an individual internal audit engagement. New Standard 2070 explains that when an external service provider serves as the internal audit activity, the provider must make the organization aware that the organization has the responsibility for maintaining an effective internal audit activity.

“This standard was added because it is important for organizations to recognize that while they may have an external service provider perform the internal auditing, the overall responsibility for internal auditing still remains with the organization,” said Dahle.

To view all of the revised Standards, including a marked-up version showing changes from the existing Standards, visit www.theiia.org/Standards. Please send any questions and comments to guidance@theiia.org.

Find The IIA on Social Media Join the conversations – join our communities! Participate in numerous discussions with 17,000 members of The IIA’s LinkedIn Group. Share photos and interesting links, and “like” your favorite comments on our Facebook Fan Page, where 3,000 of The IIA’s closest friends are gathered. And tweet, retweet, and 4

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follow our tweets along with 1,000 other IIA Twitter followers and tweeters. Get the latest guidance, events, research, and important news from The IIA. Visit www.theiia.org/SocialMedia for quick links to our social media platforms.

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IIA 2011 Dues Structure

Help Communicate the Value of Internal Auditing

The North American Board has approved the dues rates effective March 1, 2011, in alignment with providing core member services and funding IIA strategic initiatives.

The majority of membership segments and incremental group fees will increase by $10 per member. Please visit our website at www.theiia.org for more information.

In an effort to communicate the importance of internal auditing to audit committees and boards of directors, The IIA has produced a message tool that conveys the value internal auditors provide in their organizations and companies.

IIA Raleigh-Durham CHapter Donates Book Collection

The message tool was created as part of an IIA strategy to make internal auditing universally recognized as a profession. Titled “The Value of Internal Auditing for Stakeholders,” the message tool includes a one-page handout and PowerPoint presentation, both of which are easily adaptable to the needs of any organization or company. Find these materials at www.theiia.org/ValueProp.

“This describes internal auditing from the stakeholders’ perspective – what they should expect from an effective internal audit function,” explains Denny K. Beran, CIA, CCSA, chairman of The IIA’s Value Proposition Task Force. “Although internal auditing is practiced differently in various parts of the world, stakeholders everywhere should be able to rely on internal auditing to help achieve their business objectives.”

This initiative was a global effort with worldwide input through communications with IIA institute leaders.

The committee was made up of dedicated members from eight countries.

The IIA Raleigh-Durham Chapter has helped to bolster the internal audit program at North Carolina State University by donating to the school a comprehensive 27-book collection as well as a subscription to Internal Auditor magazine. The university offers an undergraduate concentration in internal auditing and has established a student club for anyone interested in the field.

More IIA chapters and organizations are making resource donations to colleges and universities in an effort to promote internal auditing. To learn how you can make a donation, visit www.theiia.org/Academic, or www.theiia.org/Subscribe to purchase an Internal Auditor gift subscription. w w w. t h e i i a . o r g

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As a member of The IIA, you probably already know that The Institute is the internal audit profession’s global voice, chief advocate, and principal educator. You may even know that The Institute serves its 160,000 members by offering professional practice guidance and thought leadership regarding best practices. But did you realize just how many opportunities The IIA provides to support and develop your career? Give yourself a competitive edge in the workplace by taking advantage of these 10 career-enhancing opportunities:

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1. Sharpen your skills.

The IIA offers an array of training designed to strengthen your internal audit skills and enlighten you on today’s critical issues and best practices. Whether you attend conferences, seminars, webinars, virtual seminars, or customizable onsite training programs, you will experience the difference that The IIA’s professional development offerings can make in your educational growth and development. Conference topics and seminar course offerings on topics including fraud, technology, and risk management provide you with the skills and insight you need to do your job effectively. Expanding your knowledge through ongoing continuing education is a critical investment in your career and your future. For more information on IIA training opportunities, visit www.theiia.org/Training, and be sure to log in as a member to see your IIA members-only discounts and early registration offers.

(CCSA®), Certified Financial Services Auditor® (CFSA®), and Certified Government Auditing Professional® (CGAP®). Computer-based testing makes it easy for you to reach your certification goals. For more information, visit www.theiia.org/Certification and download your free copy of the Certification Candidate Handbook.

Look for exclusive member benefits, discounts, and special offers when you register.

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02 2. Get certified.

Did you know that certified professionals earn on average US $8,500 more than their non-certified peers?

In fact, IIA certifications represent a level of credibility and professionalism that is respected, admired, and substantially rewarded. The Institute’s premier certification, Certified Internal Auditor® (CIA®), is the only globally accepted certification for internal auditors and remains the standard by which individuals demonstrate their overall competency and knowledge of internal auditing.

The Institute also offers three specialty certifications: Certification in Control Self-Assessment® 8

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3. Adhere to The IIA’s standards.

The IIA’s International Professional Practices Framework (IPPF) — which includes the International Standards for the Professional Practice of Internal Auditing (Standards), Code of Ethics, practice advisories and guides, and other resources — is the most respected and credible source of internal audit guidance and professional best practices in the world.

By adhering to the IPPF’s mandatory and recommended guidance, you and your audit group demonstrate the utmost respectability and professional competency. To help you maintain compliance with the Standards, The IIA’s guidance team provides members with access to numerous continually updated resources through www.theiia.org/Guidance, including practice advisories (PAs), practice guides (PGs), papers, tools, and access to a free monthly webinar series. In 2010 alone, The IIA released 17 individual guidance items in the form of PAs, PGs, and Global Technology Audit Guide books — all of which are free to IIA members.

Read about updates to the Standards in the News section of this issue of IIA Today, on pages 4 and 5.

4. Benchmark your organization.

Expand your awareness of leading audit practices and learn how to enhance your operational effectiveness by participating in the profession’s premier knowledge exchange forum and benchmarking service, Global Audit Information Network (GAIN).

Since 1992, GAIN has helped practitioners learn from the challenges and solutions of others as they share, compare, and validate their audit activities. The IIA’s annual Internal Audit Compensation Study also helps you stay up-to-date on compensation trends. For more customized, timely benchmarking information on emerging issues and best practices, you can also join the GAIN Flash Survey Network. Visit www.theiia.org/Gain for details.

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5. Be an advocate.

As a member of The IIA, you are part of the internal audit profession’s global voice, and through your daily activities on the job, you play an important role in representing the profession and building awareness of the value of internal auditing. By embracing your responsibility as an advocate for the internal audit profession — instilling pride in the profession, enhancing professionalism, encouraging change, and building relationships with organizations and stakeholders that impact the profession — you not only benefit your own internal audit career, but you elevate the profession and pave the way for future practitioners.

To learn more about The IIA’s global advocacy strategy and to access tools to help you promote, support, and further the profession, visit www.theiia.org/Advocacy.

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6. Maintain awareness of career opportunities.

The IIA’s Audit Career Center, www.theiia.org/Careers, offers opportunities to post your resume, search for jobs worldwide, and locate qualified candidates for positions that may be open within your own department. With 10,000 unique visitors monthly, the site attracts employers and agencies from top organizations around the globe. Recently, the Audit Career Center has been buzzing with activity. About 100 new job postings are added each month, and hundreds of new job seekers join the job board and post their resumes on a regular basis.

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7. Extend your network.

As an IIA member, you are part of a worldwide network of professionals that spans 165 countries. Being part of this group grants you access to leading advice, support, and best practice guidance for the profession.

You can strengthen your network by attending conferences and local chapter meetings, participating in discussion boards on www.theiia.org, networking through IIA Member Exchange at www.theiia.org/Member Exchange, or engaging in a variety of social media platforms, www.theiia. org/SocialMedia. Join The IIA’s nearly 1,000 followers on Twitter; become one of The Institute’s 3,000 Facebook fans; or tap into The IIA’s main LinkedIn Group, which has more than 17,000 connections.

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the most critical risks facing their organizations today. This includes its award-winning bimonthly Internal Auditor magazine, www.internalauditoronline.org; its timely Knowledge Services reports and white papers, www.theiia.org/Knowledgeservices; and the vast array of IIA Research Foundation publications, www.theiia.org/Bookstore. With so much variety, it is no wonder The IIA is the No. 1 source of respected guidance and timely information for internal auditors. For more information about Research Foundation reports — including The IIA’s Global Internal Audit Survey: A Component of The CBOK Study — and its five upcoming quick-read modular reports focusing on the global results, visit www.theiia.org/Research. Also, don’t forget to check out a new member benefit, the monthly membersonly webinar series that addresses leading-edge topics from experts in the field, www.theiia.org/MOW.

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8. Stay informed.

The IIA produces a wealth of information and thought leadership to help internal auditors stay ahead of emerging issues and address

through the written word. Write an article for Internal Auditor magazine or submit a question for one of The Institute’s four certification exams.

To submit an exam question, visit www.theiia.org/QuestionWriters.

To learn how to take the first step in writing for the magazine, contact Managing Editor David Salierno at david.salierno@theiia.org.

9. Write.

The IIA provides seemingly endless opportunities to grow professionally by sharing your knowledge, best practices, experiences, and opinions

10. Volunteer.

Enrich your own career by making a difference in your profession.

There are many ways to experience the rewards of volunteering through The IIA such as strengthening your leadership skills by serving on an IIA committee or as a leader in your local chapter; sharing your knowledge as a guest speaker at IIA functions; guiding the next generation of internal auditors through a mentoring program with your local chapter; or supporting the Internal Audit Education Partnership Program that prepares students with the skills and knowledge they need to get hired in the internal audit field directly out of school. For more information on how to volunteer, visit www.theiia.org/GetInvolved.

A Step Ahead The IIA offers an array of opportunities to support and advance your professional development. By taking advantage of these 10 careerenhancing activities, you'll not only experience professional growth, but in many cases you'll be supporting your peers, guiding new audit practitioners, and strengthening the future of the internal audit profession.

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2010 For details, additional offerings, and to register visit www.theiia.org/Training

December 2010 6 – 9 / IIA/Deloitte Seminar

Auditing Oracle Applications, Irving (Dallas), TX A Deloitte IT specialist will identify ways to provide an effective and efficient audit in an Oracle applications environment as well as how to audit Oracle applications security.

6, 8, 10, 13, 15, 17 / Virtual Seminar Enterprise Risk Management: An Introduction

Through lectures, case studies, group discussions, practical exercises, self-assessments, and facilitator feedback, you will improve your understanding of ERM and the COSO ERM Framework.

6, 8, 10, 13, 15, 17 / Virtual Seminar Operational Auditing: Advanced

This seminar will help you extend your audit skill-set to understand real-world advanced operational control systems that go beyond basic management tools.

7 / Practice Guide Series: Global Guidance in Action Webinar Measuring Internal Audit Effectiveness and Efficiency Visit www.theiia.org/PracticeGuideSeries for details.

7 – 10 / Seminars / New York, NY IIA seminar attendees love New York. That’s why we’re bringing 14 courses there including Audit Report Writing; Beginning Auditor Tools and Techniques; and more.

9 / Webinar

Establishing Accountability and Transparency Through Performance Auditing Visit www.theiia.org/E-learning for details.

13 – 16 / Seminars / Orlando, FL Join your colleagues at one of our most popular seminar destinations for 13 scheduled courses including Auditor-in-charge Tools and Techniques; and Control Self-assessment: Facilitation Skills.

13 – 16 / IIA/Deloitte Seminar Introduction to Auditing SAP ERP, Costa Mesa, CA

This highly-interactive course provides an essential knowledge base as well as hands-on training for auditors working in an SAP ERP environment.

14 / Members-only Webinar An Effective Framework for Continuous Audits Visit www.theiia.org/MOW for details.

16 / Webinar Deloitte Panel

Visit www.theiia.org/E-learning for details.

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All offerings are subject to change without notice.

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18, 20, 25, 27 / Virtual Seminar Audit Report Writing

By participating in this instructor-led, interactive online seminar, you will learn how to organize reports that meet professional standards, elicit management action, and communicate crucial messages.

IIA Members: Register by December 17 and save!

February 2011 2, 4, 6, 9, 11, 13, 16, 18, 20, 23, 25, 27 / Virtual Seminar CIA Review Part III

Prepare to pass when you choose from tracks led by CIA subject-matter experts on information technology (IT) (9 sessions), financial (7 sessions), or both (12 sessions). IIA Members: Register by December 31 and save!

7, 9, 11, 14, 16, 18 / Virtual Seminar Enterprise Risk Management (ERM): An Introduction

Through case studies, group discussions, practical exercises, and facilitator feedback, you will improve your understanding of ERM, the COSO ERM Framework, and more. IIA Members: Register by January 7 and save!

7, 9, 11, 14, 16, 18 / Virtual Seminar Risk-based Auditing: A Value Add Proposition

Through case studies, group discussions, round tables, and supplemental lectures, this seminar will help you align your organizations’ strategies, visions, and values with the internal audit process.

IIA Members: Register by January 23 and save!

2011

January 2011

For details, additional offerings, and to register visit www.theiia.org/Training

8 – 11 / IIA/Deloitte Seminar

Introduction to Auditing SAP ERP, Costa Mesa, CA For internal audit professionals working in a SAP environment, this course provides an essential knowledge base as well as hands-on training in an SAP ERP system. IIA Members: Register by December 31 and save!

15 – 18 / Seminars / Houston, TX There is nothing “lone” about Texas when The IIA arrives with 11 of its tried and true courses including Operational Auditing (OA): An Introduction and OA Advanced; and Corporate Governance: Strategies for Internal Audit. IIA Members: Register by December 31 and save!

21, 23, 25, 28, March 2, 4 / Virtual Seminar Operational Auditing: An Introduction

This instructor-led virtual seminar will get you started in reviewing those areas of your organization where the business actually gets done – operations.

IIA Members: Register by February 6 and save!

28 – March 3 / Seminars / Orlando, FL Disney’s Contemporary Resort provides the backdrop for 13 courses during the Orlando seminars including Dashboards – The Metrics Tool to Manage Your Department; Continuous Auditing; and CSA: An Introduction. IIA Members: Register by December 17 and save!

28 – March 3 / IIA/Deloitte Seminar, Irving (Dallas), TX Auditing PeopleSoft

In order to effectively manage risk in most organizations today, internal auditors and control specialists must have a thorough knowledge of PeopleSoft security and control features. IIA Members: Register by January 21 and save!

All offerings are subject to change without notice.

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Top Books of 2010 Check out these bestsellers from The IIA Research Foundation Bookstore. What will you add to your internal audit library?

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IIA members receive an extra 15% off these 2010 bestsellers at checkout using the promotion code: TOP102010 if you buy before December 10, 2010.

Visit www.theiia.org/Bookstore.

study materials A New Auditor’s Guide to Planning, Performing, and Presenting IT Audits This new guide from The IIA Research Foundation is designed to help aspiring and active internal auditors understand the general process and activities involved in conducting an audit around technology.

(Item #1070) IIA Members pay $51 – a $19 savings!

Internal Auditing: Assurance and Consulting Services, 2nd Edition The profession’s premier international textbook, sponsored by The IIA Research Foundation, covers the key fundamentals of internal auditing that can be applied in an ever-changing world. (Item #1023.2) IIA Members pay $89.25 – a $45.75 savings!

Sawyer’s Internal Auditing, 5th Edition This reference book should be on the desk of every practitioner because it provides a new global perspective that reflects the evolutionary changes in the way organizations do business. (Item #468) IIA Members pay $93.50 – a $31.50 savings!

Certified Government Auditing Professional® (CGAP®) Exam Study Questions This study guide contains over 230 sample CGAP® questions along with expanded solutions to help public-sector internal audit practitioners prepare for the CGAP® certification exam. (Item #1068) IIA Members pay $33.15 – a $15.85 savings!

Using Surveys in Internal Audits This handbook will help those who are considering using surveys, those who may be asked to conduct surveys, or those who want to enhance their techniques. (Item #1067) IIA Members pay $38.25 – a $16.75 savings!

Best Practices: Evaluating the Corporate Culture By presenting soft control evaluation techniques that have been proven effective in a variety of organizations, this book will give readers insight into how to tailor a technique to their own organization. (Item #5012) IIA Members pay $41.65 – a $17.35 savings!

CIA® Model Exam Questions – IPPF Aligned This study guide features 400 sample questions (100 questions per exam part), along with expanded solutions, and is intended to familiarize anyone interested in taking the Certified Internal Auditor® certification exam. (Item #488) IIA Members pay $21.25 – a $33.75 savings!

Implementing the International Professional Practices Framework, 3rd Edition This handbook serves as a practical guide for applying the IPPF and outlines the specific actions needed to comply with the Standards. (Item #1020.3) IIA Members pay $46.75 – a $18.25 savings!

International Professional Practices Framework (IPPF) The IIA’s IPPF is the authoritative guidance on the internal audit profession. The IPPF presents internationally consistent mandatory and strongly recommended guidance for the practice of internal auditing anywhere in the world. (Item #1060) IIA Members pay $42.50 – a $32.50 savings!

Quality Assessment Manual, 6th Edition This manual provides guidance and tools for establishing and maintaining a quality program, as well as for testing and assessing the program. The 6th edition is aligned with the new IPPF. (Item #1055) IIA Members pay $170 – a $75 savings!

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Introducing the Audit Executive Center

A new resource for CAEs and their audit shops The IIA officially launched its muchanticipated Audit Executive Center in October, responding to our membership’s call for more targeted information to help Chief Audit Executives (CAEs) enhance their value to their organizations and to stakeholders.

Created with direct, hands-on guidance from leading audit professionals, the Audit Executive Center is a portal to a vast array of services designed to provide CAEs with everything they need to help them stay empowered, connected, and relevant.

“The Audit Executive Center is a reflection of The IIA’s commitment to lead CAEs to success by keeping them on the leading edge of the profession and providing relevant insights to the issues and challenges facing them today,” says IIA President and CEO Richard Chambers, CIA, CGAP, CCSA. 14

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Through the Center, CAEs and their audit staff can access benchmarking studies, thought leadership, peer-topeer knowledge sharing, online discussion forums, networking events, reports that identify emerging risks, information on leading practices, topical research, and news publications.

Chet Watson, general auditor for General Motors Co., is one of several CAEs who had the opportunity to try out the Audit Executive Center during its “soft-launch.”

“Stakeholders are looking for us to be at the forefront, anticipate potential critical issues, and be prepared to respond to emerging risks,” he says.

“The Audit Executive Center will allow me the opportunity to be proactive in the internal audit profession and to ensure my board that we are in front of a very dynamic regulatory and market environment.”

The centerpiece of the Audit Executive Center is its website, which is populated with practical up-to-date research, reports, and publications; houses a collection of downloadable tools and templates such as balanced scorecards and audit programs; and provides instant access to thought leadership on best practices and emerging risks via the site’s discussion forums. To learn more, visit www.theiia.org/cae.

Whether you are a CAE or would like to encourage your CAE to join so your team can enjoy all the advantages the Center provides, visit www.theiia.org/CAE.

Our Principal Partners Make a Difference The IIA acknowledges the ongoing support from our Principal Partners, who help enhance the internal audit profession by sharing their resources and knowledge with our most valuable asset – our members. These partners actively serve as members and volunteers within The IIA, participate in the introduction of new guidance, develop world-class training, and show their commitment in many other ways in an effort to advance the internal audit profession.

Thanks to our Principal Partners for helping us make 2010 a successful year!

2011 Conference Schedule 247 Maitland Avenue Altamonte Springs, FL 32701-4201 USA

March 14 – 16, 2011

General Audit Management Conference ARIA Resort and Casino / Las Vegas, NV

Please recycle this brochure by passing it along to a colleague.

April 4 – 6, 2011

Gaming Conference

Planet Hollywood / Las Vegas, NV

July 11 – 13, 2011

70th International Conference Kuala Lumpur, Malaysia

August 29 – 31, 2011

Governance, Risk, and Compliance Conference Omni Orlando Resort at ChampionsGate / Orlando, FL

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Today A M E M B E R S - O N LY P U B L I C AT I O N

Register early for IIA Conferences and save! www.theiia.org/Conferences

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Details to be announced.

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NONPROFIT ORGANIZATION U.S. POSTAGE PAID THE INSTITUTE OF INTERNAL AUDITORS