IIA Today July 2010 by The Institute of Internal Auditors

Today A MESSAGE FROM THE INSTITUTE OF INTERNAL AUDITORS

IIA SEMINARS DELIVERING YOU A WORLD OF KNOWLEDGE

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News from The IIA and the Internal Audit Profession IIA Seminars: Delivering You A World of Knowledge August and September Training Opportunities from The IIA IIA Shapes the Future and Refocuses on Opportunity Vo l u m e 1

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Jerry A. Hedrick, Jr., CFE Director, Corporate Audit Vectren Corporation United States

I use

IDEA.

“We are pleased with IDEA. I firmly believe that our work product has improved by us being able to perform “exception auditing” on entire populations of data vs. our previous sampling techniques. An important success factor is the speed in which our team (and students) ramped up the learning curve. We partnered with a local university on a recent project in which four students performed analysis of our procurement card, fuel card, financials, and Accounts Payable data. They were up and running with IDEA within a few days, leading to some great results for our group.“ Vectren Corporation (NYSE:VVC), a progressive energy-holding company headquartered in Evansville, Ind., delivers gas and/or electricity to more than one million utility customers in Indiana and Ohio. IDEA can read, display, analyze, manipulate, sample or extract from data files from almost any source. Lower your audit cost, add more quality to your work and meet professional standards.

Be a better auditor. You have the knowledge. We have the tools. www.caseware-idea.com IDEA is a registered trademark of CaseWare International Inc.

WELCOME MESSAGE

Today PUBLICATION DIRECTOR

Melissa Calhoun EDITOR

Ross Schmadebeck STAFF EDITORS

Allison Cain Lisa Krist CONTRIBUTING EDITORS

Margo Baeta ART DIRECTOR

Jon Peters PRODUCTION MANAGER

Lori Shewack IIA PRESIDENT AND CEO

Richard F. Chambers, CIA, CCSA, CGAP IIA CHAIRMAN OF THE BOARD

Günther Meggeneder, CIA

IIA Today is a bimonthly publication produced exclusive for members of The IIA. To learn more about this publication, please visit www.theiia.org/IIAToday. We welcome all comments, questions, and feedback. Please send your message to IIAToday@theiia.org and include your name and contact information.

The Institute of Internal Auditors

Dear IIA Member: IIA conferences help internal audit professionals to advance their technical, general business, and management knowledge, give you an opportunity to meet colleagues from virtually every industry, and introduce you to tools and resources that will make you stand out from the competition. They, along with the other IIA Training initiatives featured in this edition of IIA Today, are an important component of your ongoing professional development As I transition out of my role as chairman of the Professional Conferences Committee and into a new role, I am going to share the answers to some of the most frequently asked questions I am asked about IIA conferences: ■■ How do you decide what conferences to offer, and where they will be held? ■■ What goes into the building of the conference program, and how are speakers identified? ■■ How is pricing and CPE determined? YOU, our valued members, help us decide what conferences to offer via membership surveys and post-event surveys. We gauge your interest against current issues and hot topics being discussed throughout the profession. Additionally, we bring conferences to central locations and feature affordable airfare and room rates. The conference program is built by an experienced curriculum development team comprising internal audit practitioners and instructional design managers, and a “call for speakers” helps us identify new presenters who join our seasoned veterans. The IIA has lowered the pricing for all 2010 conferences to afford all members the opportunity to attend, and for those elusive CPE credits, every 50-minute session is equivalent to 1 CPE. I invite you to visit www.theiia.org/Training to learn more and register today for any of The IIA’s professional conferences.

Robert W. Rudloff Jr., CIA Vice President of Internal Audit, MGM Resorts International Professional Conference Committee Chairman w w w. t h e i i a . o r g

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NEWS

IIA-RUSSIA TO STRENGTHEN PUBLIC SECTOR INTERNAL AUDITING The Institute of Internal Auditors has entered into a “Memorandum of Understanding” with the Accounts Chamber of the Russian Federation and IIA-Russia. This memorandum is an agreement to foster the development of professional internal auditing throughout Russia’s public sector. In addition, they have agreed to the exchange of analytical materials and the promotion of global certification and other initiatives that will advance the quality of internal auditing in state organizations. The agreement’s parties will cooperate on professional education and training designed to enhance

the skills and knowledge of state auditors in the Russian Federation. The Accounts Chamber of the Russian Federation is the equivalent of the U.S. Comptroller General and a member of the International Organization of Supreme Audit Institutions (INTOSAI). IIA-Russia was chartered in June 2000 and has more than 1,100 members representing almost every industry and sector in the Russian Federation. IIA President Richard F. Chambers, CIA, was in Russia last May to com-

plete the agreement among the three entities. “This is particularly significant because internal auditing in Russia is still maturing – even in the private sector,” Chambers says. “Through this cooperative initiative, there will be an emphasis on conformance with the International Standards for the Professional Practice of Internal Auditing (Standards), and the Russian Federation will gain access to the best internal audit practices and professional guidance in the world.” He adds, “This is especially critical at this stage in Russian public sector development.”

DOWNLOAD THREE NEW PRACTICE GUIDES The IIA’s Guidance team released three new practice guides (PGs) in June that are available to members as free downloads. The following three PGs – as well as seven revised practice advisories released in May – are the newest guidance available through The IIA. Practice Guide: Chief Audit Executives (CAEs) – Appointment, Performance Evaluation, and Termination emphasizes that appointing a CAE is a critical undertaking for the board of any organization. The CAE must demonstrate the right attributes and skills for this unique role that requires independence and objectivity. Termination may occur if there is evidence that professional performance requirements were not met, a material breach in The IIA’s Code of Ethics or the organization’s internal code of 4

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conduct was committed, or there has been material non-conformance with The IIA’s Standards. Internal auditors should determine and review User-developed Applications (UDAs) risks and build an audit of UDAs into the annual internal audit plan as appropriate. GTAG 14: Auditing User-developed Applications provides internal auditors with direction on how to scope an internal audit of UDAs, guidance on how the internal auditor’s role as a consultant can be leveraged to assist management with developing an effective UDA control framework, and considerations internal auditors should address when performing UDA audits. There is also a sample UDA process flow and a UDA internal audit program to help internal auditors organize and execute an audit.

GTAG 15: Information Security Governance provides a thought process to assist CAEs in incorporating an audit of information security governance (ISG) into the audit plan, focusing on whether the organization’s ISG activity delivers the correct behaviors and practices. GTAG 15 will assist efforts to define ISG, help internal auditors understand the right questions to ask and what documentation is required, and describe the internal audit activity’s role in ISG. IIA members can download these and other important pieces of guidance from The IIA at www.theiia.org/Guidance.

NEWS

CANADIAN MEMBERS AND CHAPTERS TO VOTE ON HISTORIC CANADIAN INSTITUTE PROPOSAL The IIA’s Global Board and Executive Committee have given the Canadian Council approval to proceed with a resolution to establish a separate IIA Institute for Canadian members. In June, the Canadian Council’s Canadian Institute Project Team submitted a three-phased plan that has already been approved by the North American Board (NAB). The first phase of the plan will move forward with a vote by Canadian members and chapters in September of this year. This vote is part of a deliberate process to affirm member support of a separate Institute for Canada. The internal audit profession has strong roots in Canada, with more than 7,000 members and 12 chapters with specific needs and a desire to establish their own separate operations, governance and finances. In March 2006, with the agreement of all Canadian chapters, NAB, and the Global Boards, the resolution was passed to create the Canadian Council. Its current purpose is to provide guidance and direction to the internal auditing profession in Canada while focusing on the needs and issues of Canadian members. “The Canadian Council supports the proposal and firmly believes that the creation of a Canadian Institute of Internal Auditors is simply part of internal audit’s evolution in Canada,”

says Todd Horbasenko, CIA, CCSA, CMA, chairman, Canadian Council. In 2009, a Canadian Institute Project Team was formed to develop a comprehensive plan that includes three phases: Approval (April – December 2010), Interim Institute (January 2011 – December 2012), and Operational Independence (January 1, 2013). The proposed plan has already successfully acquired the approval of NAB, the Global Board and the

Executive Committee. The next step is to reformat the current Canadian Council in September 2010 with a 12-member interim Board of Directors. Total Board participation will be reduced from 18 to 15 by eliminating some ex-officio positions and replacing geographic representatives with atlarge directors. Chapter participation will come from the inclusion of two District Representatives as members of the Board. Each Canadian Chapter Board will submit a resolution supporting the proposal. Then a membership

vote will be conducted from midSeptember until mid-October. In order to obtain membership approval, two-thirds of the votes obtained must be in favor of the resolution, with a minimum of 1,000 favorable votes. Also, 75 percent of chapters representing at least 85 percent of the membership base will be required. Further approval will come during the membership renewal process beginning in the second half of 2011. During the second phase of the proposal, the Interim Institute/IIA Canada will operate as a separate entity within North America governed by the Interim Board of Directors with decision-making authority, their own financial statements, and a transition plan for activities and services. The final phase would result in operational independence and the establishment of The Canadian Institute of Internal Auditors / Institut des verificateurs internes Canada on January 1, 2013. The Project Team will continue to receive the full support of IIA global headquarters throughout all phases of the proposal. “We at IIA headquarters are very excited about this initiative,” says Gene O’Neill, CIA, CPA, vice president of relationship management, The IIA. “We are committed to working with the Canadian leadership to continue to provide their members with outstanding service and high-quality products.” w w w. t h e i i a . o r g

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FEATURE STORY

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FEATURE STORY

Training opportunities at IIA seminars are geared toward the varied needs and interests of internal audit professionals and their organizations’ audit shops. Topics, themes, and courses are carefully selected to ensure that members stay current and informed in their professional development. These quality learning options are offered at desirable locations across the globe, in cities near you, in your organization or even at your own computer. The IIA’s carefully chosen instructors and presenters are internal audit practitioners and industry leaders who understand your business. Combine all of this with member-only rates, discounts, and offers and you have a world of knowledge available to take your career in the right direction. MORE THAN 60 COURSES AVAILABLE TO IIA MEMBERS The IIA’s curriculum development team has designed more than 60 seminar courses to enlighten you on today’s critical issues and best practices. Some of the most popular topics include: audit essentials, fraud, risk and control, certifications, and technology. IIA seminars are relevant and timely in order to keep members up-to-date on new and revised rules, regulations, requirements, and standards. In fact, one of the newest courses, The New SEC Proxy Disclosure Rules: A Strategic Opportunity for Internal Audit, was introduced in response to current internal audit issues.

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FEATURE STORY

“New and updated course development is an ongoing priority,” says Rick Wright, The IIA’s director of curriculum development. “We keep our seminars current by aligning them with the International Professional Practices Framework and other changes as they relate to the profession.” He adds, “We work closely with other IIA product areas including research, guidance, and certifications to determine the need for new offerings. We also partner with industry experts from other organizations during course development when we feel it will benefit our customers. Customers who have attended our IIA/Deloitte fraud, IT and IFRS/XBRL courses can attest to the quality of our joint offerings.”

WORLD-CLASS TRAINING CLOSE TO YOU IIA members can check the training calendar in IIA Today or The IIA’s Web site for an upcoming seminar in a city near them. There’s even a 10 percent discount off the registration fee for members who sign up for a course at least six weeks prior to its start date. On-site training is another great option that allows you to bring custom-

ized programs straight to your office or chapter, which results in reduced course fees and travel expenses. On-site training utilizes a one-on-one approach to formulate a program that is targeted, results-oriented, and motivational. For a limited time, The IIA’s On-site training is offering organizations a US $1,000 discount on a new Onsite training program held before December 31, 2010. Additionally, e-learning offers online, instructor-led virtual seminars that are fully interactive and cover the same concepts, materials, and curriculum as their traditional classroom counterparts. During

virtual seminars, you experience all of the traditional classroom experiences including active participation, virtual breakout sessions with other students, and asking your instructor questions in real time. Upcoming virtual seminars focus on enterprise risk management, operational auditing, risk-based auditing, and value-added business controls. Additionally, for public sector auditors, there is a new virtual seminar titled: A New Service Model: Auditor Roles in Government Performance Measurement available at an introductory price. Beginning in July, The IIA is extending a US $100 discount to IIA members who register early for its regularly priced virtual seminars.

World-class IIA Webinars IIA Webinars provide you with a two-hour opportunity to delve into the minds of industry experts on hot topics, information technology, and fraud. Upcoming Webinar topics include data analytics; dealing with difficult auditees; the internal audit capability model; enterprise sustainability; and governance, risk, and compliance. IIA Webinars are scheduled from 1:00 – 3:00 p.m. ET, and cost US $75 for IIA Members, a savings of US $30. Participants are eligible for up to two NASBA CPE for the live event, and IIA CPE is available for the on-demand playback event. You can learn more today about upcoming Webinar topics by visiting www.theiia.org/E-Learning.

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FEATURE STORY

“Thanks to the affordable training opportunities The IIA offers, internal auditors don’t need to sacrifice quality professional development because they are adhering to a tighter budget,” says Charity Prentice, CIA, CCSA, CGAP, The IIA’s vice president of educational programs.

PASSIONATE AND EXPERIENCED INSTRUCTORS The IIA truly has the “best of the best” thought-leaders, internal audit professionals and professors who bring exceptional content and quality to all areas of IIA training. Highly respected IIA instructors Rosemarie Chinchilla, CIA, CCSA, CGAP, and John J. McKeever, CCSA, have surprisingly similar thoughts on why their classes are so successful. Chinchilla likes to quote the old adage “teaching is learning twice.” She says, “I find that being an IIA instructor really gives me opportunities to share experiences with participants. I know I learn from every encounter with the participants – not just the theory part, but the practicality of putting these learnings into practice. Every participant has a story to tell.” McKeever likes helping his students. He says, “To me a successful class is one where there is excitement in the class, over both the topic and the delivery, and where the students are so excited about the topic and delivery that they will take away some nuggets of information and try to employ them on the job or even in their personal lives. That is my objective.” Ben J. Meade, CIA, also has a passion for teaching. He says, “The IIA

instructor experience is fantastic. The classes I instruct go well beyond the materials and often apply the experiences of everyone in the class to discuss and resolve real-world challenges facing the profession.” He adds, “Don’t come to an IIA seminar expecting lectures. Attendees are expected to participate. Interaction through exercises, role play, and very open discussion all create a learning environment that I have not experienced in any other classes.”

LET IIA SEMINARS BRING YOU A WORLD OF KNOWLEDGE So, whether you travel to an IIA seminar in a city nearby, login to a virtual seminar, or bring IIA onsite training to your office, you can benefit from the relevant and expert knowledge that professional development through The IIA gives you. For more information, IIA members can visit www.theiia.org/Training or call +1-407-937-1111.

Governance, Risk, and Compliance (GRC) Conference August 23 – 25, 2010 / Palm Beach, FL, USA Back by popular demand, The IIA’s 2010 Governance, Risk, and Compliance (GRC) Conference will educate and engage audit executives, management, and staff on risk and other key areas of focus for internal audit activities. Plan now to attend and participate in world-class sessions, including speaker Peter Shaw who will discuss “A Framework for Auditing Corporate Strategy Development” and will share an audit work program that demonstrates how you can audit strategy development without putting yourselves in a position of second-guessing management’s strategy or impacting your independence. “Auditing corporate strategy development is not only necessary,” says Shaw, a 20-year chief financial and chief information officer, “it expands internal audit’s role at the C-suite level.” In their powerful general sessions on “The New Ground Rules for Internal Audit,” and, “The Future of Fraud,” Microsoft Executive Rod Winters and Jim Ratley, President of the Association of Certified Fraud Examiners, will share their insights regarding the role and expectations of the internal audit profession and how you can continue to deliver value (and stay one step ahead of the criminals) despite the ongoing rise in the perpetration of fraud. IIA Members save US $200 when registering for the GRC Conference, and rooms at The Breakers are an affordable US $175 when you make your reservations before July 27. Visit www.theiia.org/GRC2010 for complete program details and to register today!

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CALENDAR

2, 4, 6, 9, 11, 13 / Virtual Seminar Operational Auditing: Advanced

This seminar will help you extend your audit skill set to understand real-world advanced operational control systems that go beyond basic management tools.

5 / Webinar

Working with Difficult Auditees

9 – 12 / IIA/Deloitte Seminar Auditing JD Edwards / Boston, MA, USA

Acquire baseline knowledge of the JD Edwards modules and how to increase the efficiency and effectiveness of financial and operational audits in a JD Edwards environment.

12 / Webinar

Leveraging the Internal Audit Capability Maturity Model for Your Industry

16 – 19 / Seminars Dallas, TX, USA

Don’t miss a new seminar on Fraud Awareness for CAEs and Management that will be introduced in Dallas along with our 13 other offerings.

16, 18, 20, 23, 25, 27 / Virtual Seminar Value Added Business Controls: The Right Way to Manage Risk

During this online, instructor-led seminar, auditors and internal control officers will gain an understanding of internal controls and learn how to identify needed controls based on business objectives and risks

19 / Webinar

Deloitte Panel: Enterprise Sustainability

23 – 25 / Governance, Risk, and Compliance Conference Palm Beach, FL, USA

We’ve hand-picked highly respected practitioners to share their biggest risks and tips for overcoming them during general and concurrent sessions on fraud, governance, risk management, and regulatory/ legislative/compliance issues.

23 – 26 / IIA/Deloitte Seminar

Introduction to Auditing SAP ERP / Chicago, IL, USA This highly-interactive course provides an essential knowledge base as well as hands-on training for auditors working in an SAP ERP environment.

30 – Sept. 2 / Seminars Palm Beach, FL, USA

We’re offering nine professional seminars in Palm Beach, including COSO-based Auditing, Operational Auditing: An Introduction Through Advanced, Continuous Auditing, and more. IIA Members who register by July 16 save an additional 10%!

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2 / Webinar

GRC: Containing Risk While Driving Economic Growth

9 / Webinar

Achieving Success in Audit Automation

13 – 16 / Seminars Orlando, FL, USA

Join your colleagues at one of our most popular seminar destinations for nine courses including Developing a Fraud Risk Management Program for your Organization, Contract Auditing, and more. IIA Members who register by July 30 save an additional 10%!

13 – 16 / IIA/Deloitte Seminar SAP ERP Technical Audit / Boston, MA, USA

The curriculum for this dynamic seminar includes lectures, group discussions, and practical exercises, allowing participants to gain a deep understanding of SAP ERP security and technical concepts. IIA Members who register by July 30 save an additional 10%!

13, 15, 17, 20, 22, 24 / Virtual Seminars Enterprise Risk Management: An Introduction

Through lectures, case studies, group discussions, practical exercises, self-assessments, and facilitator feedback, you will improve your understanding of ERM and the COSO ERM Framework.

Risk Based Auditing: A Value Add Proposition This online, instructor-led seminar will help audit team leaders and other management level audit professionals align their organizations’ strategies, visions, and values with the internal audit process.

16 / Webinar

Deloitte Panel: Books & Records Inspection/Right to Audit

19 – 22 / 2010 Western Regional Conference Anaheim, CA, USA

This cost-effective event is designed with your professional success in mind. It features 48 concurrent and four general sessions. IIA Members who register by July 31 save $50!

SEPTEMBER2010

CALENDAR

20 – 23 / IIA/Deloitte Seminar Auditing Oracle Applications / Chicago, IL, USA

A Deloitte IT specialist will identify ways to provide an effective and efficient audit in an Oracle applications environment. IIA Members who register by August 6 save an additional 10%!

27 – Oct. 3 / Executive Development Vision University: The New CAE / Chicago, IL, USA

This training will prepare you to direct the organization's governance, risk, and compliance assurance and consulting activities and to lead the delivery of quality services

28 – Oct. 1 / Seminars New York, NY

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STUDY MATERIALS

SPECIAL DELIVERY –

YOUR FUNDAMENTAL AUDIT LIBRARY HAS ARRIVED The IIA Research Foundation Bookstore has assembled a collection of the most requested and foundational tools for audit shops of all sizes. The Fundamental Audit Library Collection contains six resources imperative to any internal audit practitioner’s reference or study. While each of these products can be purchased individually, IIA members save US $140 when purchased together as a bundle. IIA members purchase today at www.theiia.org/Bookstore for US $610.

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STUDY MATERIALS

THE FUNDAMENTAL AUDIT LIBRARY COLLECTION INCLUDES: INTERNATIONAL PROFESSIONAL PRACTICES FRAMEWORK (IPPF) The IIA’s International Professional Practices Framework (IPPF) is the authoritative guidance on the internal audit profession. The IPPF presents internationally consistent mandatory and strongly recommended guidance for the practice of internal auditing anywhere in the world.

IMPLEMENTING THE INTERNATIONAL PROFESSIONAL PRACTICES FRAMEWORK, 3RD EDITION This book is designed to serve as a practical guide for applying the IPPF. The “crash course” in this book outlines the specific actions auditors must take to conform with the Standards and the other elements of the IPPF. In doing so, it reviews basic information on the essential elements required for providing effective internal audit services, discusses in depth those elements representing significant change, and provides specific practical tools and techniques for delivering high quality internal audit services.

SAWYER'S INTERNAL AUDITING, 5TH EDITION Providing a new global perspective that reflects the evolutionary changes in the way organizations do business, Sawyer’s Internal Auditing, 5th Edition, includes what the new competency framework means to you and your organization; why alignment with management is essential for achieving organizational goals; what strategies and specialties are now a part of today’s internal auditing practice; and so much more. This reference book should be on the desk of every practitioner.

ESSENTIALS: AN INTERNAL AUDIT OPERATIONS MANUAL This product is a compilation of sample resources, documents, reference materials, and ideas that can be used in whole, in part, or customized as input to developing a new internal audit activity manual or updating an existing one. It also provides model practices as guidance for internal audit practitioners.

QUALITY ASSESSMENT MANUAL, 6TH EDITION INTERNAL AUDITING: ASSURANCE AND CONSULTING SERVICES, 2ND EDITION The premier international textbook designed to support the fast-growing global profession of internal auditing. Sponsored by The IIA Research Foundation, it covers the key fundamentals of internal auditing that can be applied in an ever-changing business world.

To ensure consistent quality in your audit function and organization, a quality assurance and improvement program is necessary. This manual provides guidance and tools for establishing and maintaining a quality program, as well as for testing and assessing the program.

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SPECIAL FEATURE

IIA SHAPES THE FUTURE AND REFOCUSES ON OPPORTUNITY WATCH THE NEW IIA CHAIRMAN’S VIDEO AND DOWNLOAD THE 2009 ANNUAL REPORT Günther Meggeneder, CIA, knows the internal audit profession is at a crossroads. “I believe we have to be prepared to roll up our sleeves and shape the future,” he says. “We have to demonstrate what role Günther Meggeneder, CIA we can play in keeping and putting business back on track.” As The IIA’s new chairman of the board, Meggeneder communicated this message at The IIA’s Annual Business Meeting on June 9, in Atlanta, GA, USA. There, Meggeneder and a group of distinguished officers were elected to serve on the Board’s executive committee throughout the next 12 months. Meggeneder will also be advocating for the highest level of ethics and professionalism throughout the world. He 14

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will urge internal auditors everywhere to shape the future of their profession, their organizations, and the business environment atlarge. Meggeneder’s “Shape the Future” theme and his vision for internal auditing can be viewed in an eightminute video online at www.theiia.org/2010video.

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While The IIA’s highest leader looks forward to the future of internal auditing, The IIA recently published its 2009 Annual Report, providing insights into how the organization navigated the early parts of a turbulent financial crisis. By refocusing on our core values and mission to serve our more than 170,000 members worldwide, last year The IIA regrouped, responded to new pressures, and reached out to help members weather new economic realities. Read The IIA’s 2009 Annual Report: Refocusing on Opportunity online at www.theiia.org/annualreport.

“We are fortunate to have such visionary and competent leaders to help guide our work over the coming year.” - IIA President and CEO Richard Chambers

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COMMITTED TO YOUR SUCCESS THE IIAâ&#x20AC;&#x2122;S 2010 PRINCIPAL PARTNERS Each year, The IIA enters into an exclusive partnership with select organizations that are uniquely positioned to enhance your career by offering you the tools, techniques, services, and support that you need to be the best audit professional. By actively serving as members and volunteers within The IIA, participating in the introduction of new guidance and processes, developing and facilitating world-class training, and adhering to The IIAâ&#x20AC;&#x2122;s International Standards, these 2010 Principal Partners have shown their commitment to the advancement of the internal auditing profession.

You are encouraged to tap into their experience and expertise by learning more about them and their commitment to your success. Visit www.theiia.org/go?to=PrincipalPartners for direct links to their Web sites.