29 th year - The Institute of Internal Auditors

Serving Northeastern Pennsylvania’s Internal Audit
29th year
2010 – 2011 CHAPTER YEAR
MARCH 24, 2011
4:00 P.M.
Public Square
Wilkes-Barre, PA
4:00 PM – Approx. 6:00
Guest Speakers – Messrs. Michael McMynne and Jeremy Stewart,
ParenteBeard LLC
$30.00 IIA Members
$35.00 Guests
$15.00 Students
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 cheryl.woloski@bcnepa.com, by March 22rd.
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
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.
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
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
See below for a message from Ms. Melissa
Leonard, our Gleim Publications Chapter
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
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
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
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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.
If you have an announcement, job posting or other
information to be included in this monthly newsletter please
contact Sharon Monie at smonie@pennmillers.com.
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
iiachapters@gleim.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
melissa.leonard@gleim.com to take advantage
of your chapter discount or if you have any