Serving Northeastern Pennsylvania’s Internal Audit Professionals NEPA CHAPTER 29th year www.theiia.org/chapters/nepa SIXTH CHAPTER MEETING 2010 – 2011 CHAPTER YEAR DATE: MARCH 24, 2011 TIME: 4:00 P.M. LOCATION: RAMADA INN Public Square Wilkes-Barre, PA AGENDA: 4:00 PM – Approx. 6:00 AUDIT & ACCOUNTING UPDATE Guest Speakers – Messrs. Michael McMynne and Jeremy Stewart, ParenteBeard LLC 6:00 PM DINNER “CPE AVAILABLE” COST: $30.00 IIA Members $35.00 Guests $15.00 Students MENU: Appetizers and Salads Entrees - Roast Pork loin with Apple Dressing Broiled Filet of Founder Chicken Franchaise Starches - Penne Pasta Romano Oven Roasted Red potatoes Vegetable selection Dessert - Assorted Fruit Pies Cash Bar RESERVATIONS: Contact Cheryl Woloski, at email@example.com, by March 22rd. CHAPTER NEWS Our fifth chapter meeting was held on February 7th at the Grotto in Wilkes-Barre. Ms. Mary Meyers of ParenteBeard presented on Audit Committee requirements and best practices. Thanks to Mary for an interesting and relevant topic. Your Board members are planning the all-day CPE session to be held in May. If you would like to help with the execution of this great and well-received program, please reach out to Paula Ralston Nenish. 2010-2011 MEMBERSHIP DIRECTORY Our 2010-2011 Membership Directory has been updated. Make sure you pick up your copy at the meeting. The membership directory includes a variety of useful information regarding both the Institute of Internal Auditors and our Chapter. It also serves as an informative reference. The information in the directory is derived from membership details provided by the IIA. Be sure to check your IIA profile and update your membership information on the IIA website. The Directory also lists the various officer positions and committees that make up our Chapter. Please consider taking on a new role in 2011/2012. ASB Issues Exposure Draft on Clarified SASs MARCH PROGRAM The topic of our program is an “Audit and Accounting Update” presented by two members of ParenteBeard’s Audit Team: Michael S. McMynne, CPA is a Senior Manager in the firm, and serves a variety of clients in the banking, commercial, non-profit and insurance industries. He is responsible for the day-to-day activities of the audit, including the review of all workpapers as well as the preparation and review of the financial statements. Michael received a Bachelor of Science degree in Accounting from Wilkes University in Wilkes-Barre, Pennsylvania As a member of ParenteBeard’s Audit division, Jeremy Stewart’s focus is on clients in the banking, commercial, and education areas. Prior to joining the firm, Jeremy was employed by a national accounting firm where his clients included public and private companies in banking, manufacturing, retail, non-profit and construction. Jeremy earned both a Bachelor of Science degree in Accounting and a Masters of Science in Accounting & Taxation from the University of Hartford. Gleim study materials discount See below for a message from Ms. Melissa Leonard, our Gleim Publications Chapter Coordinator. Passing the CIA exam is a terrific way to gain a sense of personal accomplishment, build your resume and become someone looked to as an expert in our field. The Auditing Standards Board (ASB) issued an exposure draft (ED) containing proposed amendments to SAS 117, SAS 118, and several other clarified Statements on Auditing Standards (SASs). The purpose of the proposed amendments is to conform SAS 117 and SAS 118 to the other clarified SASs and to address other changes necessitated by the ASB’s overall clarity project. The comment period for the ED ends on May 15. PCAOB to Discuss Auditor's Reporting Model The PCAOB has scheduled an open meeting for Tuesday, March 22, for a presentation from the Office of the Chief Auditor on its outreach efforts to investors and others about potential changes to the auditor's reporting model. The PCAOB staff also will discuss with the board how the input received may enhance the development and publication of a concept release, which would provide all members of the public an opportunity to comment on the issues. Dodd-Frank Reaches Six Month Milestone PricewaterhouseCoopers recently published a white paper entitled “Dodd-Frank at the Six-Month Milestone.” This closer look at the status of the law is a great summary of where the lawmakers and regulators are heading with this farreaching legislation. The whitepaper can be obtained at www.pwcregulatory.com. See below for a message from Ms. Melissa Leonard, our Gleim Publications Chapter Coordinator: New Year, New Beginning by: Melissa Leonard Gleim Chapter Coordinator This year, I took the first weekend in January to decide what I am going to do with 2011. Some of the goals I set are adventurous, while others are a means of self-improvement. I am sure many of you started your new year off by saying, "In 2011, I will become a CIA." Or, like others, decided there was no point because you never keep resolutions anyway. A negative attitude will make it difficult to succeed. In the spirit of the new year and its new beginnings, here are my tips on how you can make a resolution and keep it! 1.Think positive. From the beginning, tell yourself what you plan to accomplish, set your goal, and do it! 2.Make your goal realistic. Thinking you are going to take and pass both parts of the CIA in two months is very unrealistic, and you will be discouraged when you aren't able to meet such high expectations. On the other hand, don't set your goal to take one part this year and one part next year; such low expectations will lead to procrastination and ultimately failure to accomplish your goal. 3.Write it down. Put your goal on paper, and map out how many hours a week you are going to devote to studying. Sacrifices will need to be made. On a calendar, write out how many study units a week you should complete based on your time available. The Gleim System for Success has 4.Share your plans. Tell your friends or family that you may need to sacrifice time with them so that you can pass the CIA exam. Remind them that a CIA certification will lead to more job security and the likelihood of a raise, and I guarantee most will gladly let you off the hook. Friends and family also make a great cheering section! 5.Schedule your exam early. By registering for Follow the IIA’s GAM Conference via Social Media Attending the IIA's GAM Conference and would like to broaden your event experience? Not attending this sold-out conference but would like to keep up remotely? Follow along as The IIA provides real-time updates on Facebook and Twitter. Join in on Twitter at http://www.twitter.com/TheIIA. Be sure to use #IIAGAM in your tweets so others can follow the conversation. Or log onto Facebook at http://www.facebook.com/TheInstituteofInternalAuditors to post and participate. FUTURE NEWSLETTERS If you have an announcement, job posting or other information to be included in this monthly newsletter please contact Sharon Monie at firstname.lastname@example.org. You may also access the newsletter each month at our chapter Website under the “NEWS” section at www.theiia.org/chapters/nepa or check out the upcoming meetings under the “EVENTS” page. and scheduling your exam well in advance, you will have (1) a testing date that is convenient for you and (2) a finish line that forces you to focus throughout your study schedule. 6.Reward yourself. Candidates have shared stories of rewarding themselves with an ice cream or a small treat, while others have a night out with friends. Any reward will do, but it works best to determine what the reward will be before the week starts so you have something to look forward to. 7.Stay Motivated. Remember, after you pass the exam, you will make more money, it will be easier to find a job or get a promotion, and you will gain a sense of accomplishment and pride for passing this difficult exam. In the area where you study, keep a picture of the car you want, your dream vacation spot, or your family as a reminder of what will be accomplished once you pass the exam. When you grow weary of studying or making sacrifices, look at these and find the motivation to continue on with your preparations for passing the CIA exam. 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@example.com with your questions. Remember, as a Northeastern Pennsylvania 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 firstname.lastname@example.org to take advantage of your chapter discount or if you have any questions.