Volume 3 Issue 1 (January 2011) V3 - chapters.theiia.org · January 2011 Volume 3 Issue 1 ... Regulatory Changes and the State ... ARC also provides a complimentary subscription to

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In this issue:

Calendar of Events 2

Membership Information 3

Board and Committees 4

Help Wanted 5

CIA Review Course 5-7

Current Topics 8

Chapter News 9-10

11

Pres ident ’s Message

Institute of Internal Auditors — Philadelphia Chapter

January 2011 Volume 3 Issue 1

Audit Scope

Dear Philadelphia Chapter Members,

I hope that you had a good holiday – hard to believe that it is over and we are on to 2011! I would like to start the

year with good news for our Chapter members. The Philadelphia Chapter participates in an IIA Headquarters

sponsored program called the Chapter Achievement Program (commonly called CAP). CAP is designed to promote a

minimum level of performance by IIA Chapters in providing service to members and promoting awareness about the

profession in the community. Chapters earn CAP points based on their activities and are able to benchmark their

success against other chapters in the US, Canada, and the Caribbean. We are halfway into the Chapter year and the

Chapter is already well on its way to achieving Gold status for the sixth consecutive year! As of December 2010, the

Chapter has earned 1200 CAP points, and we need 360 additional CAP points by May 31, 2011 to extend our five year

streak of achieving Gold status. If the Chapter attains Gold status for 10 of 11 consecutive years, it will be recognized

as a Platinum Chapter, the highest achievement in the CAP program. So here we go – upwards and onwards! Your

participation in Chapter educational and social events earns points for the Chapter. Also, if you have submitted articles

to trade publications or spoken on an internal audit topic at a meeting or seminar, please report your activities so we

can earn CAP points. Please contact our Chapter Secretary, Trisha Silvasy at [email protected] to provide

information on your events. I extend heartfelt thanks to my fellow Board Members, Committee Chairs, volunteers, and

most of all to you, Chapter members, for making this outstanding accomplishment possible.

The recent IIA Audit Executive Center survey results may help start the year with a degree of optimism for auditors. The

years 2008 and 2009 saw overall reductions in internal audit budgets and staffing worldwide. During these years, more

than 32 percent of internal audit functions worldwide had to reduce their budgets. However, 2010 appears to have

seen internal audit resources stabilize. When asked about the outlook for 2011, only 15 percent of respondents

predicted further budget reductions, while more than 38 percent predicted an increase in their internal audit budgets in

the year ahead. Although the degree of optimism for 2011 varied on the economic outlook by region; overall it is

anticipated that 2011 will be better on the resource front than 2010. When asked which areas internal auditors plan to

increase coverage in 2011, the top contenders were operational risks, effectiveness of risk management, compliance

risks, fraud risks, and cost reduction.

We will kick off our events calendar for 2011 with a free seminar on January 21st sponsored by Jefferson Wells, titled

“Strategic Alliance and Vendor Relationships - Cost Recovery and Process Improvements Opportunities" Thanks to

our Chapter 2nd Vice President Robert Emrich and Membership Committee Chair Michelle Hayes for organizing the

Chapter’s first ever Chapter sponsored social networking event in Delaware. Yes, members, we heard your request

and hope that you can attend this exciting event. Please continue to monitor your email and the Chapter website for

more details on these great opportunities for all our members. Our programs and events continue to bring you

excellent training and networking opportunities – we look forward to seeing you and appreciate all of your suggestions

and support.

Cheers to a happy and healthy new year!

Nilu

Nilufer K Shroff

President

IIA Philadelphia Chapter

Executive Reminders

The Philadelphia Chapter has been awarded Gold

Status for the 5th consecutive year!

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January 2011 Volume 3, Issue 1

Audit Scope—Calendar of Events

2010 Upcoming Events though December, 2010

Date Time Topic CPE's Location

January 21, 2011 12 noon—1 pm Strategic Alliance and Vendor

Relationships—Cost Recovery and Process Improvements

Opportunities

1 Webcast

February 4, 2011 7 am—2:30 pm Hot Topics in Internal Auditing, Regulatory Changes and the State of

the Economy

6 Federal Reserve Bank of Philadelphia

March 4, 2011 TBD Joint Event—ACFE FIRMA primary topics to include Corporate

Governance Matters and Dodd-Frank legis

8 PECO Building

April 4, 2011 7 am Spring Conference 8 Philadelphia Marriott Downtown

May 6, 2011 TBD Developing Powerful Presentations & What Dress down means

3 PICPA Office—Center City

Philadelphia

*** Note: Event details are subject to change. ***

MEMBERSHIP COMMITTEE

MEMBERS –

PLEASE UPDATE YOUR IIA PROFILE!!

If you are not receiving chapter newsletters and invitations to monthly events, it is likely because your IIA Profile has not been updated with your most current email and contact information.

Log on to the IIA and update it now!

http://www.theiia.org

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Audit Scope—Membership News

New Members

November 2010 —January 2011

ACADEMICS COMMITTEE

Chapter Year 2010—2011

The Goal of the Academic Relations Committee (ARC) is to develop and support relationships through educational programs among

practitioners, educators, students, educational institution administrators, and business/government communities, which enhance

knowledge, skills, understanding, and use of internal auditing. The committee has been working on a number of great initiatives this year,

including participating in a new and innovative Virtual Career Fair, where just over one thousand students visited our “cyber booth” that

included videos, presentations, articles about the profession, and the ability to chat in a group, or one on one with ARC committee

members.

ARC will be focusing on the case competition over the next few months, a multi-University challenge where the winning team will receive

scholarships. The competition includes students working closely with IIA professionals to solve real world internal auditing problems and

presenting the findings to a panel of judges. The interaction with professionals and “real life” situations that students are presented with

will help prepare them for life post graduation and give them an idea of what to expect from a career in Internal Auditing. In addition, the

mentoring program will be launching next month, where any member of the Philadelphia Chapter will be able to help provide guidance,

career advice, shadowing opportunities, etc. to students that are interested in Internal Auditing.

One final initiative is helping companies find great internship candidates. ARC will be publishing internship opportunities on the

Philadelphia IIA website, so please contact Anthony Leusner if you have a position you would like posted ([email protected].)

Opportunities

Have you been thinking about getting more involved with the IIA? Are you interested in helping students become more aware of the

Internal Audit profession, potential career paths, and the role of auditing in the business world? Then we need your help!

We are actively seeking volunteers to assist in variety of programs and events including:

� Members for the ARC Committee

� Classroom lecturers and presenters on current hot topics

� Participants for the Student Mentoring Program

� Individuals to help with a Case Competition

� Volunteers to meet with Professors and University Administrators

Volunteering with the Academic Relations Committee is a great opportunity to further the IIA’s mission and have a meaningful impact on

students and the future of our profession. To learn more, or to volunteer, please contact Matt Bogusch or Jim Stoltz and indicate which of

the areas above you are interested in. [email protected]; [email protected].

ARC also provides a complimentary subscription to “Internal Auditor” magazine to many of the local universities career services offices

and libraries.

Laurence Fulton August Piazza

Gary Brown Pritish Patel

Julie Steiger Janice Swank

Ronald Surman Johanna Bombaci

Tracey Keele Kevin Olkowski

Roxanne Walker Bret Grummert

Dave Hemphill

Brandon Baker

Colleen Wolf

Deborah Beck-Kauffman

Matthew Anderson

Jennifer Deegan Mao-Chuan Ko Ani Kechian Kyle Douglass

Jaswinder Banwat

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Audit Scope—Chapter Leadership

2010-2011 CHAPTER OFFICERS

PRESIDENT FIRST

VICE-PRESIDENT

SECOND

VICE-PRESIDENT

THIRD

VICE-PRESIDENT

VICE-PRESIDENT OF

FINANCE SECRETARY

Nilufer Shroff

Princeton University

Jerry Stussy

AC Lordi

Bob Emrich

Barclaycard US (DE)

Jay Brightman

Gretchen Gray

Protiviti

Trisha Silvasy

Princeton University

District Representative—Dave Naser Capologist – Tonya DiGiuseppe

BOARD OF GOVERNORS

Malfalda Dennett Mike Ford Ram Vijayanathan

Michelle Hayes Todd Havens Matt Bogusch

Marie Hendrixson Joe Hayes Jim Frank

Dave Naser Joe Kobulsky Joe Murphy

Bill Shea John McLaughlin Rich Sheaffer

Efram Silberstein

2010-2011 COMMITTEE CHAIRS

Committee Contact Information

Programs Joe Murphy / Jay Brightman

Strategic Planning Matt Bogusch

Academic Relations Matt Bogusch / James Stoltz

Certifications Jim Frank

Chief Audit Executives Todd Havens / Marie Hendrixson

Employment Dave Aubrey

Hospitality/Social Joe Hayes

Membership Michelle Hayes / Deepti Modgekar

Newsletter Louanne Muldoon / Mafalda Dennett

Nominating Ram Vijayanathan

Website Joe Kobulsky

Volunteer Joe Kobulsky

Publicity / Social Media Sam Monastra / Amy Gagliardi

Finance Gretchen Gray / Amy Gagliardi

2010-2011 CONFERENCE CHAIRS

Chairperson Contact Information

Fall Conference Michelle Hayes

Fall Conference Gretchen Gray

Spring Conference Jerry Stussy

Spring Conference Trisha Silvasy

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Audit Scope—Help Wanted

The Help Wanted section is open to

all Philadelphia Chapter members to

post brief job postings. Please limit

your posting to 100—150 words.

Please contact Dave Aubrey at

[email protected]

And don’t forget to visit the

Chapter’s website for a complete

listing of all current job postings at

www.theiia.org/chapters/philly

Please visit the Philadelphia Chapter’s website to view

job posting details: 1. South Jersey Industries (SKI) - IT Auditor

2. David Wayne Associates LLC—Senior Auditor

3. Auditor III, Senior Auditor, and Audit Manager

4. Internal Auditor, Internal Audit Consultant, and Senior Auditor

5. Audit Supervisor, IT Auditor, and IA Supervisor of Technology

6. Financial Advisor

Please check the website often as positions are added each week!

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CIA Review Course

The IIA’s CIA® Learning System Instructor-Led Spring Course Distinguish Yourself... Become a Certified Internal Auditor!

The Institute of Internal Auditors is partnering with Villanova University to offer an instructor-led CIA® review course this spring 2011. The CIA is the only globally accepted designation for internal auditors. It is the standard by which internal audit professionals demonstrate their knowledge and competence in the areas of governance, risk and control. This course will expand your internal audit knowledge and prepare you for the Certified Internal Auditor® exam. This program is designed primarily for individuals interested in preparing for the CIA exam, achieving professional advancement, and building confidence for addressing today’s internal audit challenges. The following courses are available this spring 2011 at Villanova University in Radnor, PA.

Course Materials: The IIA’s CIA Learning System This course is based on The IIA’s CIA Learning System, a premier-quality CIA exam preparation tool, designed by subject matter experts to teach the entire global CIA exam syllabus. The IIA’s CIA Learning System program is delivered in a blended learning format of printed workbooks and Web-based learning software. To take a demo of these materials, go to www.LearnCIA.com. These tools are augmented by the expertise of an experienced instructor. The classroom environment allows for interaction with your peers and the instructor, Michael Brozzetti, Esq., CIA, and also provides structure to keep you on track to meet your goals. For more information on the program or to register, please visit www.continuingstudies.villanova.edu or call 610-519-4310.

Disclosure: Michael Brozzetti, Esq., CIA is not an Attorney-at-Law. Michael uses the Esq., CIA designation to represent his personal commitment to protect and guard the Internal Auditing profession’s principles for integrity, competency, confidentiality, and objectivity as provided for within the IIA’s Code of Ethics.

Course Parts 2011 Dates All Saturdays

CPE

Credits Registration

Part I: The Internal Audit Activity's

Role in Governance, Risk and control March 12 & 19 15

Part II: Conducting the Internal Audit

Engagement April 9 & 16 15

Part III: Business Analysis and

Information Technology May 7, 14, & 21 22.5

Part IV: Business Management Skills June 4 7.5

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CIA Review Course

Memorization is Not Learning

Melissa Leonard

Chapter Coordinator

As you begin your journey to becoming a CIA, it is important to remember that the CIA exam is non-

disclosed. Therefore, the questions on the exam will not be identical to those found in review

provider material. While some questions may be similar, others will be completely new to you. Due

to the large volume of tested topics, you must adjust to answering questions that appear very dif-

ficult or that you have never seen before.

To guarantee success, avoid studying multiple-choice questions merely to learn the correct an-

swers. Begin studying each new topic by taking a multiple-choice quiz to practice answering ques-

tions you feel less confident about. Use these pre-test sessions to practice both your question-

answering technique and your educated-guessing skills. A good educated guesser will outperform the

inexperienced exam taker. Our most successful candidates expect the unexpected and are prepared to

deal with it.

Memorizing the outlines or concepts is another common mistake when preparing for this type of

exam. While memorization may have been useful on some of your past undergraduate exams, a deeper

understanding of the topics is required to pass the CIA exam. The Gleim CIA Review System is de-

signed to help candidates fully comprehend the concepts rather than merely memorize the relevant

material. For this reason, we do not employ flash cards or other methods of rote memorization that

provide a false sense of accomplishment and a likely disappointing outcome on the actual exam. In-

stead, you must learn the concepts so you can answer even the most contorted of questions, includ-

ing those you have never seen before.

You don't want to spend time memorizing questions or topics tested on the CIA exam to the detri-

ment of comprehending concepts in the same way you don't want to simply memorize one route to work

and use it every day no matter what. When you have just one set of roads or one train schedule

memorized and you have never looked at a map of the area or an alternate schedule, it is difficult

if not impossible to adapt or adjust to unexpected road blocks or train delays. If, how-

ever, you have a knowledge of alternatives, you will be able to react quickly and make the best

possible adjustment given the set of circumstances. This ability to be flexible helps you arrive

at any destination â€“ be it work or CIA certification - quickly and with the least amount of

stress or insecurity.

I would like to hear from you. How was your exam experience? Do you have any tips or advice to

provide to fellow exam takers? What advantages of being certified have you experienced? Email

Gleim at [email protected] with your questions.

Remember, as a Greater Philadelphia Chapter member, you will receive a discount on Gleim material.

Gleim has been helping CIA candidates pass the CIA Exam since 1980.

Contact Melissa at 800.874.5346, ext. 131 or [email protected] to take advantage of your

chapter discount or if you have any questions.

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Current Topics

NEW PRICING STRUCTURE FOR IIA CERTIFICATIONS The IIA has revised its pricing structure for certification fees, effective January 1, 2011. This new pricing structure will more accurately reflect the level of service our IIA Certification programs offer and is more comparable to similar professional certifications. Registrations received by December 31, 2010, will be charged the current 2010 certification fees. Application Fee $75 $100 CIA Exam Part Fee $150 $200 Specialty Exam (CCSA, CGAP, CCSA) Part Fee $325 $375 Exam Part Rescheduling Fee (when exam part is rescheduled after initial appt. is made) $50 $50

CPE REPORTING CHANGES ON THE HORIZON

As of January 2011, IIA-certified candidates seeking to report their continuing professional education (CPE) credits will be able to do so in the Certification Candidate Management System (CCMS), rather than on The IIA's website. Reporting CPE credits biennially is a simple step that helps professionals maintain use of their designation. The CPE reporting deadline is determined by an individual's IIA membership or customer ID number. IIAcertified professionals whose membership or customer ID number ends with an even number (e.g., 00002) should report their CPE credits in even-numbered years (i.e., 2010, 2012, etc.). Those with odd-numbered IIA membership or customer ID numbers (e.g., 00001) should report in odd-numbered years (i.e., 2011, 2013). The reporting deadline for the prior two years is May 31 of the reporting year (e.g., candidates reporting in 2011 will report on credits earned during 2009–2010). IIA-certified professionals who fail to meet their CPE requirements by the reporting deadline automatically will be placed in an inactive status and may not use their designation. Members of The IIA can report their CPE credits free of charge. In January 2011, the processing fee for nonmembers will increase to US $100 for each certification. For additional information, such as CPE requirements for IIA certifications, CPE reporting in CCMS, and a list of CPE opportunities, visit www.theiia.org/certification.

JANUARY’S MEMBERS-ONLY WEBINAR FIVE COURT CASES EVERY

INTERNAL AUDITOR AND AUDIT COMMITTEE MEMBER SHOULD KNOW

As an internal auditor, are you aware of litigation that could significantly affect your practice and the operations of your organization? On January 25, 2011, from 1:00 -2:00 p.m. ET, James S. Fargason will examine court cases involving the legal consequences for internal auditors and audit committee members. In this first of a multi-part series, we’ll examine how the courts have ruled in cases involving the internal audit profession. You won’t want to miss this thought provoking session!

To register, visit our website at www.theiia.org/ membership/current-members/members-only-webinars.

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Chapter News

Page 10



Chapter News

Page 11

Nilu Shroff, President

IIA – Philadelphia Chapter

Penn Center Station

P.O. Box 59476

Philadelphia, PA 19102-9997

Institute of Internal Auditors —

Philadelphia Chapter

PROGRESS THROUGH SHARING.

• Don’t forget to save the date for the upcoming events—see page 2 for a complete list

• Update your membership information to ensure you receive the newsletter and invita-

tions to upcoming events—visit the website at www.theiia.org/chapters/philly and select

update profile

Execut ive Reminders !

Check out our website at

www.theiia.org/chapters/Philly

Board of Governors - Schedule of Meetings/Calls

Date Time

Third Thursday of every month

(September through May, 2011) 12—1 pm

Documents

Volume 3 Issue 1 (January 2011) V3 - chapters.theiia.org · January 2011 Volume 3 Issue 1 ... Regulatory Changes and the State ... ARC also provides a complimentary subscription to