NEWSLETTER
J
2011
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M USIC C ITY N OTES
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should achieve the Gold
The end of the calendar year and the start of a brand new year are upon us.
It is a time when we reflect on the past year and make plans for the New
Year. It was a challenging year in 2010 for many given the poor economy and the floods in May, but the
Nashville Chapter did its part to help out. Those
“between opportunities” who are actively looking for work can attend regular lunch meetings for free so they can continue to network. We’ve had several members take advantage of these opportunities. In addition, the Chapter Board of Governors decided in May to make a donation to one of the most significant group of flood victims ~ the employees of Gaylord via their Stars Helping
Stars program.
As always, the Chapter also provided several low-cost
CPE opportunities during
2010 and have many more planned for 2011. You’ll see details for coming events throughout the sections of this newsletter. Contrary to what Les reported in the last newsletter, the
Nashville Chapter has not yet achieved Gold status, due to an error in the spreadsheet that calculates
CAP points. (This was the fault of IIA HQ rather than our Chapter.) However, we status and become a
Platinum Chapter (ten consecutive Gold years) before the end of our chapter year.
Why not make a New Year resolution to become more involved in the Chapter or attending more meetings and events in the coming year if you are not doing so already? It’s a good way to network, build leadership skills and it doesn’t hurt the old resume either. Even though the
IIA headquarters has
Click here to register!
announced a dues increase for 2011 getting involved can help you get more out
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January 2011 of your membership. I Non-Members $25 Audit and the Political believe it is still a good value for what you pay. If you would like to get involved in a committee or become an officer next
Deadline for registration is
Noon on Thurs, January 13,
2011.
Process
Mind the Gap – The
Disconnect Between
Regular Folks and People
In Charge year, just contact a current officer and we will help finding a way to
Click here to register!
Speaker
Dr. Mark Funkhouser volunteer that suits you.
Ginger Greene, CIA, CPA
Nashville Chapter Treasurer
Mayor of Kansas City, MO
CPE
8 Hours
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&
Tuesday,
January 18, 2011
We’ve started planning for
2011-2012 and we need you!
The Chapter is seeking volunteers for committees and committee chairs. There are
a commitments variety of
Please contact Bill Jackson to discuss your interests.
Cost
Single Ticket: $150
Group Discount (3+ per Co):
Noon on Thurs, January 27, available.
$140
Bridge Member: $140
After January 19: $175
Deadline for registration is
2011.
Click here to register!
Click here for the event brochure!
Location
Cracker Barrel Corporate
305 Hartmann Drive, Lebanon
Time
11:30am to 2pm
(Registration starts at
11am)
Topic
Annual Risk Assessment
Methodology
& Tour of the Décor
Warehouse
Speaker
Marcus Lavender,
Internal Audit Senior
Manager
CPE
2 Hours
Cost
Members $20
Government $10
Monday,
January 31, 2011
Location
Lifeway Christian Resources
One Lifeway Plaza,
Nashville
Time
8am to 4pm
Tuesday,
February 8, 2010
(Registration starts at
7:15am) Location
Topic
Lifeway Christian Resources
One Lifeway Plaza,
The Promise of Nashville
Performance Auditing
Challenges ~ Evidence and Criteria
Time
11:30am to 1:45pm
Successful Audits Aimed at Achieving Macro-Level
(Registration starts at
11am)
Impact
Conceptual Framework for
Performance Audits
Topic
Disaster Recovery Planning
Rethinking Risk Analysis
Panel Discussion
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NEWSLETTER
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!
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 2 6 revisions to the
International Standards for the Professional Practice of Internal Auditing
(Standards). The changes will take effect on January
1, 2011.
Did you know we get CAP points for articles submitted by members to
Internal Auditor ? Send your details to Bill
Jackson.
Sat, March 5 &
Sun, March 6,
2011 manual will be provided for
60 days for use in review.
Speaker
Roger McDaniel, President of Audit Services www.auditservices.com
CPE
Part 1 3.5 Hours
Part 2 3.5 Hours
Part 3 7 Hours
Cost
Location
Ezell Center, Room 205 at
Lipscomb University,
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
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 here to register!
Click here for the event brochure!
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
The 2010-2011 Nashville
Membership Directory is available here for our members!
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January 2011
since November 2010:
Chris Gardner,
KraftCPAs
As a result of the current economic environment, some members have recently
“separated” or been laidoff from their jobs. The
Nashville leadership
Chapter wants to encourage those members to continue to attend our monthly meetings and seminars. Therefore, the chapter leadership would like to announce 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.
Shawn Ellison
E
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membershipdevelopment@theiia.org.
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
CHAN Healthcare Auditors
Audit Management
For more information, visit:
Nashville Employment
Opportunities
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NEWSLETTER
The Committee of Sponsoring
Organizations of the
Treadway Commission (COSO) announced on November 18,
2010 a project to review and update the COSO
Internal Control -
Integrated Framework
(Framework ).
This initiative is expected to make the existing
Framework and related evaluation tools more relevant in the increasingly complex business environment so that organizations worldwide can better design, implement, and assess internal control.
Originally formed in 1985,
COSO is a voluntary private sector organization dedicated to improving organizational performance and governance through effective internal control, enterprise risk management and fraud deterrence. COSO is jointly sponsored by the
American Accounting
Association (AAA), the
American Institute of
Certified Public
Accountants (AICPA),
Financial Executives
International (FEI), the
Institute of Management
Accountants (IMA) and The
Institute of Internal
Auditors (IIA).
“Organizations can continue to apply the current Framework, in as much as its basic components are timeless, but the more detailed guidance and examples are somewhat dated,” says David
Landsittel, COSO chairman.
"This project is not intended to change how internal control is defined, assessed, or managed, but rather provide more comprehensive and relevant conceptual guidance and practical examples."
The Framework has been widely accepted as an internal control standard for organizations implementing and evaluating internal control related to operations, compliance, and financial reporting objectives, and more recently, internal control over financial reporting in compliance with the U.S.
Sarbanes-Oxley Act of 2002
(SOX) and similar regulatory requirements in other countries.
Enhancements to the
Framework are not intended to alter the core principles first developed in 1992, but rather facilitate more robust discussion of internal control. Certain concepts and guidance in the
Framework will be refined to reflect the evolution of the operating environment, changed expectations of regulators and other stakeholders. In addition, enhancements are expected to consider more than financial reporting and to consider ways to enrich the guidance on operations and compliance objectives.
COSO has engaged
PricewaterhouseCoopers LLP
(PwC) to support its update of the Framework. As such,
PwC will be working under
COSO's leadership and direction in developing the updated Framework. To help ensure a broad representation of perspectives, COSO is also forming an Advisory Council comprised of representatives from industry, academia, government agencies and not-for-profit organizations to provide input as the project progresses. In addition, the updated Framework will be exposed for public comment to capture any additional input from the general public. Such due process will help ensure that the update adequately addresses internal control challenges of organizations today.
"The updated Framework is intended to help organizations more effectively design and manage internal control," explains Miles Everson of
PwC, project team leader.
"Additionally, it will further explain the interconnections with the
Enterprise Risk Management
- Integrated Framework, the
2006 Internal Control over
Financial Reporting -
Guidance for Smaller Public
Companies, and the2009
Guidance on Monitoring
Internal Control Systems."
The initiative is expected to culminate in an updated internal control framework publication in 2012, the
20th anniversary of the initial Framework.
Global Body to Oversee
Development of Internal
Audit Standards
On November 22, 2010, The
Institute of Internal
Auditors (IIA) announced the formation of the
International Professional
Practices Framework (IPPF)
Oversight Council.
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January 2011
This new body will begin by overseeing the process for developing authoritative guidance within the IPPF for internal audit professionals around the world. The Oversight
Council will evaluate and advise the IIA Global Board of Directors on the rigor of The IIA’s standard- setting processes.
“Stakeholders are demanding that standard setters are subject to oversight,” said
IPPF Oversight Council
Chairman and IFAC Executive
Director of Professional
Standards Jim Sylph. “The
IIA is to be congratulated on setting up this
Oversight Council. It is, indeed, an honor and a privilege to lead this body as it begins its critical role of enhancing the credibility of the IPPF standard setting processes.”
Organizations represented on the Oversight Council include the International
Federation of Accountants
(IFAC), the International
Organization of
SupremeAudit Institutions
(INTOSAI), the World Bank, the Organization for
Economic Cooperation and
Development (OECD), and the
National Association of
Corporate Directors (NACD).
Also serving on the Council are the chairman emeritus of the Committee of
Sponsoring Organization of the Treadway Commission
(COSO) and a former chairman of The IIA Global
Board of Directors.
“Guided by its collective commitment to inclusiveness, transparency, diligence, timeliness, and other principles that will generate the confidence of all internal audit stakeholders, the Council will provide ongoing assurance that The IIA’s standards are of the highest caliber and are properly responsive to the public interest,” said IIA
Global Chairman of the
Board Günther Meggeneder,
CIA. “This ensures there’s due diligence in place for our standard-setting process, and is major milestone for internal auditing becoming universally recognized as a profession.”
The Council’s oversight role will layer additional rigor on top of The IIA’s existing standard-setting process, which includes the active involvement of five
IIA international entities:
Advanced Technology
Committee, Committee on
Quality, Ethics Committee,
Internal Audit Standards
Board, and Professional
Issues Committee. As such, the Council will evaluate the due-process procedures for setting standards and guidance; review the charters of The IIA committees listed above; make recommendations for process improvement to The
IIA Board of Directors; and communicate in The IIA annual report on the adequacy and transparency of the due process employed for standard- setting.
“Clearly, the Council’s oversight role is not a one-time commitment,” said
Sylph. “To ensure practitioners in the internal audit profession stay abreast of the most effective, efficient, and ethical ways of doing business, The IIA must continuously deliver and update timely and relevant standards.”
2011 IIA Membership Dues
Updated Dues Structure for
2011
The IIA North American
Board announced November
10, 2010 it approved an increase in 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.
US Group
Membership
Options
Audit Group
1-5
2011
Base
Rates
$810
Each
Addl
Member
N/A
Audit Group
6-100
Audit Group
100+
$810
First
Five
Members
$127
Each
After 5
$12,500
$105
Each
After
100
Government
Audit Group
$1,200* $35
*: $865 Base fee plus $12 per member
US Individual
Membership
Options
2011 Fee
Educational
Government
$110
$110
International
Regular
Retired Member
Student
$205
$205
$60
$60
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NEWSLETTER
Changes for IIA
Certification Pricing and
Eligibility
Updated Certification Fees for 2011 & New IIA Program
Eligibility Policy
The IIA announced on
December 6, 2010 it 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
Dec. 31, 2010, will be charged the current 2010 certification fees.
2011 Certification Fee
Structure
Fee
Application
Fee
CIA® Exam
Part Fee
CCSA®,
CGAP® &
CCSA®
Specialty
Exam Part
Fee
Exam Part
Reschedulin g Fee
CPE
Reporting
Fee
Members
$75
$150
$325
$50
$0
Non-
Members
$100
$200
$350
$50
$100
The IIA certification eligibility policy also changed, requiring candidates to complete the program certification process within four years of their initial application approval. If a candidate has not completed the certification process within four years, all fees and exam parts will be forfeited. For more information about The IIA’s certification program, visit www.theiia.org/certificatio n .
Control: How To Be In
Control to Pass the CIA
Exam
Each time you attempt a new challenge, you must first develop a control system.
Passing the CIA exam requires candidates to be in control during exam preparation and execution.
The objective is to be confident that the best possible performance is being generated. Control is a process whereby you:
1.
Develop expectations, standards, budgets, and plans
2.
Undertake activity, production, study, and learning
3.
Measure the activity, production, output, and knowledge
4.
Compare actual activity with expected and budgeted activity
5.
Modify the activity, behavior, or study to better achieve the desired outcome
6.
Revise expectations and standards in light of actual experience
7.
Continue the process or restart the process in the future
In the beginning, you set an expectation of when you would like to take and pass the first part. Once you have a goal, look at your schedule and decide how many hours a week are available. Accomplish this by evaluating your available time and choosing activities you can sacrifice to help meet your goals.
As you move forward, you might find that you over- or under-budgeted, which can be expected. So, you will need to adjust accordingly (see Step 5 above). If each study unit is taking you longer to complete than you anticipated, you should evaluate the resources you have available and make use of those to ensure you meet your goal. When using the
Gleim Review System, you have access to a Personal
Counselor who can assist you with your study plan and ensure you are completing each study unit in the most efficient manner.
It is important that you have the ability to adjust your control systems based on the demands of your daily schedule. This includes any changes that occur in your professional or personal life that directly impact your exam preparation.
After completing your first exam part, immediately begin preparing for the next. You should, however,
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January 2011 take the time to look at your schedule and see where you might want to make adjustments based on new insight or circumstances gained from your previous plan.
Most endeavors will improve with explicit control. This is particularly true of test-taking techniques for the CIA examination.
Contact Melissa Leonard at
800.874.5346 Ext 131 or
Melissa.leonard@gleim.com to take advantage of your
Nashville chapter 20% discount for Gleim materials or if you have any questions.
A
E-
To add or remove your email address from our Chapter email distribution you may update your member profile online or contact the
Institute of Internal
Auditors Headquarters at 1-
407-937-1100.
If you have comment or suggestions, please send them to Jennifer Dakin .
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NEWSLETTER
2010-2011 O
& C
L
President & Board Member: Les Gray at 615 429 5216
Vice-President & Board Member: Bill Jackson at 615 440 4899
Secretary & Board Member: Kristin Parks at 615 277 8414
Primary Treasurer & Board Member: Ginger Greene at 615 744 3603
Audit: Christine Skold Historian: David Hughes Awards: Bill Jackson
Membership: Shawn (Larimore) Ellison
Bob Wilmore Hospitality: Dennis Allen
Employment: Todd Liebergen
CIA Program/Review:
Nominating: Bill Jackson
CAE Roundtable: Dr. Perry Moore Newsletter: Jennifer Dakin
Public Relations/Meeting Surveys: Open for Volunteers Advanced Technology: Damon
Work
Academic Relations: Phil McGovern & Tim Staggs Directory: Mike Carlson &
Glennette Wimmer
Programs/Seminars: Cindy Walker & Jason Dean
Government Affairs: Mark Swann & Emmanuel Marcella Long Range Planning: Damon
Work & Kim Phegley
Meetings & Attendance: Cindy Walker, Perry Moore & Ginger Greene
2010-2011 B
M
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Gregory Butler, Emdeon Business Services At Large, 2008-2011
Sandy Durbin, Nashville Electric Service At Large, 2008-2011
Paul Randolph, Cracker Barrel
Bob Wilmore , Robert Half Management
Resources
Jonathan Goode, Healthways
At Large, 2008-2011
At Large, 2008-2011
Past President,
2008-2011
Michele Baron, Nissan North America, Inc At Large, 2009-2012
David Hughes, HCA At Large, 2009-2012
Dr. Perry Moore, Lipscomb University At Large, 2009-2012
Walter Vance, American International
Group
Cristen Osborne, Dollar General
Corporation
Tim Staggs, Healthcare Realty
At Large, 2009-2012
Past President,
2009-2012
At Large, 2010-2013
Laurie Vrabcak, Gaylord Entertainment
Co.
Damon Work, Frazier, Dean & Howard
At Large, 2010-2013
At Large, 2010-2013
Bill Zotti, Deloitte & Touche LLP At Large, 2010-2013
Thad DelConte, Gaylord Entertainment Co.
At Large, 2010-2013
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Christine Skold, Tractor Supply At Large, 2010-2013
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Cindy Walker, GCFA
District
Representative