NEWSLETTER
Inside this Issue…Officer Message / 1
Announcements Reminders / 2
Bridge Membership / 3
Employment Committee Update / 3
New Members / 4
Newsletter Articles / 4
About This
E-Newsletter / 6
2010-2011 Officer & Committee Listing / 7
2010-2011 Board Member Listing / 7
Officer Message
The Nashville IIA Chapter began the calendar year with our monthly lunch meeting at Cracker Barrel headquarters in Lebanon. We had a great turnout of approximately 70 attendees. Our visit included lunch of some favorite menu items from Cracker Barrel, company trivia, a risk assessment presentation by Marcus Lavendar and a tour of the DÉCOR warehouse. Thanks to Bruce and the entire Cracker Barrel audit staff for their hospitality and for making our first lunch meeting of the calendar year a great success!
As we continue our year “Road to Platinum”, the chapter officers and board of governors are committed to providing value to you as an IIA member. One of the primary, tangible ways we strive to accomplish this goal, is through our affordable, quality continuing professional education. Since I have been an IIA member, I have relied on the chapter’s CPE opportunities to fill most of my continuing education requirements - and I have not been disappointed. The variety of topics related to internal auditing and the quality of speakers have been consistently above par. Check out the body of this newsletter and the chapter website for the upcoming CPE opportunities.
In early March, Roger McDaniel will be teaching the chapter’s CIA exam review course at LipscombUniversity. See the chapter website to view the review course brochure. If you are not already a CIA, this is a great opportunity to enhance your credentials as an internal auditor. The IIA will certify its 100,000th CIA in the near future. The individual who becomes the 100,000th CIA will receive a special certificate presentation at an IIA event (with travel expenses paid), recognition for the local chapter and a commemorative brick with their name placed outside the IIA’s global headquarters. In addition to the CIA certification, the IIA offers other certifications that increase your credibility within your company and the profession. You can find the information at
Looking forward to seeing you at our next chapter meeting!
Kristin Parks, CIA, CPA
Nashville Chapter Secretary
Announcements & Reminders
Annual Auditors and Accountants Seminar
Monday, January31, 2011
Location
Lifeway Christian Resources
One LifewayPlaza, Nashville
Time
8am to 4pm
(Registration starts at 7:15am)
Topic
The Promise of Performance Auditing
- Challenges ~ Evidence and Criteria
- Successful Audits Aimed at Achieving Macro-Level Impact
- Conceptual Framework for Performance Audits
- Rethinking Risk Analysis
- Audit and the Political Process
- Mind the Gap – The Disconnect Between Regular Folks and People In Charge
Speaker
Dr. Mark Funkhouser
Mayor of Kansas City, MO
CPE
8 Hours
Cost
Single Ticket: $150
Group Discount (3+ per Co): $140
Bridge Member: $140
After January 19: $175
Deadline for registration is
Noon on Thurs, January 27, 2011.
Clickhereto register!
Click here for the event brochure!
February Monthly IIA Luncheon
Tuesday, February 8, 2011
Location
Lifeway Christian Resources
One LifewayPlaza, Nashville
Time
11:30am to 1:45pm
(Registration starts at 11am)
Topic
Disaster Recovery Planning Panel Discussion
Expected Panel Participants
Gaylord Entertainment Company
Hospital Corporation of America (HCA)
Metro Water Services
CPE
2 Hours
Cost
Members $20
Government $10
Non-Members $25
Deadline for registration is
Noon on Thurs, February 3, 2011.
Click here to register!
Redbooks for Sale!
The Nashville Chapter currently has the International Professional Practices Framework (2009) books available for sale at $30. Please contact Cindy Walker to order and obtain your copies. Please be aware that in October 2010 The IIA announced 26 revisions to the International Standards for the Professional Practice of Internal Auditing (Standards). The changes took effect January 1, 2011.
March CIA Exam Review Course
Sat, March 5 & Sun, March 6, 2011
Location
EzellCenter, Room 205 at LipscombUniversity, Nashville
Time
(Registration starts at 7:30am)
Part 1: Internal Audit Activity’s Role
Sat, March 5 at 8am to 11:30am
Part 2: Conducting the Engagement
Sat, March 5 at 12:30pm to 4pm
Part 3: Business Analysis & IT
Sun, March 6 at 8am to 4pm
Part 4: Business Mgmt Skills
Not reviewed live, but free access to the Audit Services internal audit manual will be provided for 60 days for use in review.
Speaker
Roger McDaniel, President of Audit Services
CPE
Part 1 3.5 Hours
Part 2 3.5 Hours
Part 3 7 Hours
Cost
Parts 1 & 2 $100 Per Part
Enroll for Both $190
Part 3 $150
Parts 1, 2 & 3 $330
Lunch is NOT included.
Deadline for registration is
Noon on Fri, February 25, 2011.
Click hereto register!
Click here for the event brochure!
2010-2011 Nashville Member Directory Available
The 2010-2011 Nashville Membership Directory is available herefor our members!
March Monthly IIA Luncheon
Tuesday, March 8, 2010
Location
Lifeway Christian Resources
One LifewayPlaza, Nashville
Time
11:30am to 2pm
(Registration starts at 11am)
Topic
The Four Cornerstones of Leadership
Understanding the path to develop and strengthen management and leadership skills. Participants gain clarity about requirements required to become a 21st century leader, as well as insight into the challenges of personal growth and change.
Speaker
Dan Haile, ACC, CPA, CIA
of Haile Coaching & Leadership
CPE
1.5 Hours
Cost
Members $20
Government $10
Non-Members $25
Deadline for registration is
Noon on Thurs, March 3, 2011.
Click here to register!
Nashville Chapter Volunteers Needed
We’ve started planning for 2011-2012 and we need you! The Chapter is seeking volunteers for committees and committee chairs. There are a variety of responsibilities and time-commitments available. Please contact Bill Jackson to discuss your interests.
Member Networking Benefits
As a result of the current economic environment, some members have recently “separated” or been laid-off from their jobs. The Nashville Chapter leadership wants to encourage those members to continue to attend our monthly meetings and seminars. Therefore, the chapter leadership would like to be sure you know that unemployed members may attend the monthly two-hour Chapter meetings for FREE. Attendance allows you to keep updated in the profession and network while searching for jobs. Please pass this information along to Chapter members who may not be receiving this e-mail due to their recent employment status change and ask them to update their profile at the International IIA website to ensure we have the correct contact information.
Employment Committee Update
Direct General Corporation
SeniorInternal Auditor
Direct General Corporation
IT Auditor
FORBA Holdings, LLC
Senior Auditor
Tennessee Board of
Probation and Parole
IT Auditor
Kraft CPAs
IT Audit Senior
City of Clarksville
Internal Auditor II
Willis Group Holdings Limited
Audit Executive
For more information, visit:
Nashville Employment Opportunities
Newsletter Articles
IIA Kicks Off Year-long 70th Anniversary Celebration
Seventy years. That’s a long time!
Since The IIA was formed in 1941, mankind has achieved many great things. Men and women have been launched into outer space. Lasers and video cameras were invented. The personal computer has revolutionized communications. And internal auditing has evolved into a global profession practiced in 165 countries! The IIA has played a monumental role in the development of internal auditing and they are proud to celebrate seven decades of achievement.
A dedicated website was developed to celebrate The IIA’s 70th anniversary and the countless internal audit leaders who have made The Institute what it is today. Throughout 2011, this diverse organization and profession will be celebrated – leading up to the official anniversary in November. Visit the website often as interesting and fun information about The IIA and its history are periodically posted.
The IIA Enters Agreement with International Organization of Supreme Audit Institutes
The Institute of Internal Auditors, Inc. (IIA) and the Professional Standards Committee of the International Organization of Supreme Audit Institutes (INTOSAI) announced on December 10, 2010 they entered into a Memorandum of Understanding (MOU).
The INTOSAI organization operates as an umbrella body for the external government audit community. It provides an institutionalized framework for audit institutions in 189 countries to promote knowledge and improve government auditing.
The agreement documents the alignment of the organizations’ strategic objectives, acknowledges each other’s global standards and outlines the process for ongoing collaboration and cooperation.
Recently signed by INTOSAI Professional Standards Committee Chair Henrik Otbo and IIA Chairman of the Board Günther Meggeneder, CIA, this agreement supersedes a previous MOU signed in 2007 in Amsterdam, which created a structure for cooperation and collaboration between the two global standard-setting bodies.
The new MOU expands collaboration between the two global entities, leveraging the work, experience, credibility and impact of each. A major element of the MOU is the mutual acknowledgment that each organization’s standards – INTOSAI’s International Standards for Supreme Audit Institutions (ISSAIs) and The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) – are recognized globally.
“The IIA is an ideal partner for supporting INTOSAI’s strategic objectives to provide and maintain international standards and contribute to the development and adoption of appropriate and effective professional standards,” said Otbo. “By joining forces through this important agreement, The IIA and INTOSAI will further the strategic goals of both organizations.”
Not only will the two bodies work toward a common language in regard to global standards, but they also will offer insights and share information, research, tools, and other materials and resources. In addition, IIA and INTOSAI representatives agree to observe each other’s standard-setting boards and activities.
COSO Announces Online Survey to Gain Input for Update to Internal Control - Integrated Framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced on January 4, 2011 the launch of an online survey to gain input from a broad audience for updating the COSO Internal Control - Integrated Framework (Framework).
The project to update the Framework initially published in 1992 was undertaken by COSO to address key challenges presented by an increasingly complex business environment and help organizations worldwide better assess, design and manage internal control. The update is expected to provide more comprehensive and relevant conceptual guidance and practical examples, with a target publication date of 2012.
The survey constitutes one form of data gathering and analysis, alongside other mechanisms for input and regular meetings with the project Advisory Council comprised of representatives from industry, academia, government agencies, and not-for-profit organizations. In addition, the updated Framework will be exposed for public comment to capture any additional input from the general public.
COSO welcomes the participation of all who are familiar with the Framework and wish to provide their perspectives on what is still relevant, what is currently missing and what needs to be refreshed. The survey is available on the COSO website at and will remain open until January 31, 2011. The survey can also be accessed at
COSO Releases Two New Thought Papers on ERM
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – providing thought leadership and guidance on internal controls, enterprise risk management (ERM), and fraud deterrence – announced January 11, 2011 it is releasing two new thought papers relating to ERMaimed at providing guidance to help organizations advance alongthe ERM maturity curve.
The first thought paper, Embracing Enterprise Risk Management: Practical Approaches for Getting Started, developed by Mark Frigo and Richard Anderson of the Center for Strategy, Execution, and Valuation at DePaulUniversity, describes how an organization can begin implementing an ERM process. It also examines perceived barriers to effective ERM and how to work through those barriers.“Starting an ERM process is a daunting task for many organizations” said Anderson.“The paper provides an action plan that can be used as a tangible tool in ERM implementation.”
COSO’s second thought paper, Developing Key Risk Indicators to Strengthen Enterprise Risk Management, developed by the ERM Initiative at North CarolinaStateUniversity, discusses the importance of developing key risk indicators to be used to monitor emerging risks that might affect the strategic success of the enterprise. “Key risk indicators can serve as leading indicators of emerging risks that senior management and the board of directors can monitor to ensure that they don’t negatively affect the achievement of strategic objectives,”according to Mark Beasley, Deloitte Professor of Enterprise Risk Management and Director of North Carolina State’s ERM Initiative andco-author of this thought paper.
“There is a lot of current activity involving implementation and enhancement of ERM in organizations of all sizes” said David Landsittel, chair of COSO. “Given COSO’s dedication to providing ERM thought leadership, we are issuing these two thought papers with an objective of assisting organizations in becoming more robust in their risk management activities.”
Copies of these thought papers can be downloaded free of charge from COSO’s web site, COSO also encourages organizations seeking to strengthen their ERM processes to consider its 2004 Enterprise Risk Management – Integrated Framework, and its previously issued survey reports and thought papers on ERM, all accessible through its web site.
IIA Award Call for Nominations Open
The Institute of Internal Auditors is now seeking nominations of qualified 2011 candidates to be considered for the three highest individual awards given by The Institute.
These awards were created to emphasize and recognize outstanding individual achievement in the internal audit profession.
Bradford Cadmus Memorial Award
The Bradford Cadmus Memorial Awardis a tribute to the memory of Bradford Cadmus-author, educator, researcher and the first managing director of The Institute. It officially recognizes individuals, whether or not members of The IIA, who have made outstanding contributions in research, education, publications or other developments and activities in the field of internal auditing.
Victor Z. Brink Award for Distinguished Service
The Victor Z. Brink Award for Distinguished Service was established to recognize individuals who, over time, have given unusual and outstanding service to the profession of internal auditing through participation in the activities of The IIA.
Lifetime Achievement Award
The Institute's Board of Directors formally established the Lifetime Achievement Award in December 2004 to recognize individual members who, through a lifetime of accomplishments and dedication to The Institute, have impacted the practice of internal auditing, advanced the awareness of The IIA, and inspired professionals around the world to make a difference in our profession and in the organizations we serve.
Recipients of these awards will receive complimentary registration and travel arrangements for the International Conference in Kuala Lumpur, Malaysia in July 2011, as well as special recognition during the conference.
The deadline for nominations is February 24, 2011.
The Call for Nominations form can be downloaded at The IIA Individual Awards web page.
From Gleim: Be In Control on CIA Exam Day
Last month's Gleim article highlighted the importance of being in control when preparing for the CIA exam. This article provides examples of how to remain in control on exam day.
Dress for Success. When taking the exam, dress for success means wearing comfortable clothes. Sweats, shorts and jeans are very appropriate. Wear several layers so you can add or remove clothing to adjust accordingly for the temperature in the testing room.
Put Down the Books. It is tempting to bring notes, texts, other books, etc., to the exam. Avoid this trap, as you will only make yourself nervous and confused by trying to cram during those last few minutes before your exam. Be confident your review program thoroughly prepared you for this day.
Be Early. Arrive at least 30 minutes before your scheduled appointment. Plan ahead for the day of the exam to avoid the stress of being rushed and the possibility of not making your appointment. You do not want to be forced to reschedule and delay your ability to take future parts.
Test Day Essentials. Take your Authorization to Test notification from The IIA, your appointment confirmation letter from Pearson VUE and at least one valid form of identification with you. If you do not present acceptable identification and the required paperwork, you will not be allowed to take your exam, your registration will be voided, you will forfeit your exam registration fee, and you will be required to re-register and pay for that exam part again in order to sit for it in the future.
Exam Time. Once you have checked in and are ready for the exam, read the exam instructions carefully. View the tutorial to ensure that you are familiar with how to navigate through the exam.
Execute Your Game Plan. Answer the 100 questions in chronological order, but flag any questions that you wish to review later. Utilizing the time management system that you practiced during your exam preparation, answer every question and then use your remaining time to carefully review each question you flagged. If you made an obvious mistake, such as misreading the question, make the correction. Do not, however, begin second-guessing yourself and changing answers.
Contact Melissa Leonard at 800.874.5346 Ext 131 or to take advantage of your Nashville chapter 20% discount for Gleim materials or if you have any questions.
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