The IIA - Your Career Compass - August 2015

Your Career

IMPERATIVES

AUDIT PRACTICE

FOR

Perspectives on the Debut of the First CBOK Report Au g u s t 2 0 1 5

OUR PRINCIPAL PARTNERS MAKE A DIFFERENCE The IIA acknowledges the ongoing support from our Principal Partners, who help enhance the internal audit profession by sharing their resources and knowledge with our most valuable asset – our members. These partners actively serve as members and volunteers within The IIA, participate in the introduction of new guidance, develop world-class training, and show their commitment in many other ways in an effort to advance the internal audit profession.

The IIA encourages you to tap into the expertise of our Principal Partners in 2015!

Your Career

Your Career Table of Contents IIA News............................................... 4-6 Seminar/eLearning Calendar.............................................. 8-9 Imperatives for Audit Practice.......... 10-15 Fraud Resources.............................. 16-19 GRC Resources................................. 20-23 Certification Corner.......................... 24-25 Internal Audit Resources.................. 26-31 IT Resources..................................... 32-35 The Truth About Fraud...................... 36-37 IIA Membership: A Relationship That Stands the Test of Time..................39

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The Institute of Internal Auditors 247 Maitland Ave. Altamonte Springs, FL 32701-4201 USA +1-407-937-1100 www.theiia.org Copyright © 2015 by The Institute of Internal Auditors, Inc., (“The IIA”) strictly reserved. Any reproduction of The IIA name or logo will carry the U.S. federal trademark registration symbol ®. No parts of this material may be reproduced in any form without the written permission of The IIA.

Apply Today and Save up to US$200 Drive your career forward and save up to US$200.* From August 1-30, The IIA is waiving the CIA® application fee.

Visit www.theiia.org/goto/cia for more information. *Exclusions may apply. Please visit the CIA website for more information.

Permission has been obtained from the copyright holder, The Institute of Internal Auditors, Inc., 247 Maitland Avenue, Altamonte Springs, Florida 327014201, U.S.A. to publish this reproduction, which is the same in all material respects, as the original unless approved as changed. No parts of this document may be reproduced, stored in any retrieval system, or transmitted in any form, or by any means electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of The IIA.

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2015-5030

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Your Career

News Financial Services Audit Center Launches The Financial Services Audit Center (the Center) launched in June as The IIA’s continues its commitment to addressing the unique needs of internal auditors within financial services companies. The Center expands on services previously provided by the Financial Services Auditor Group (FSAG) and will be housed on a new website, www.theiia.org/FSAC. Like FSAG, the Center will continue to deliver educational webinars and the monthly e-newsletter, Financial Services SmartBrief, with more enhanced resources: ■■ 2015 Financial Services Exchange – A conference that brings together industry leaders, practitioners, and senior regulators for dialogue and practice-sharing to address challenges and success stories, and provide tangible takeaways on topics critical to the industry on Sept 14-15 in Washington, DC. ■■ The Financial Services Audit Center Knowledge Brief – A series of short articles focused on topics important to financial services auditors that can be applied immediately within your organization.

■■ Financial Services Audit Blog – Thoughts and insights from IIA staff and guest bloggers from all corners of the financial services industry providing regular com-

mentary on hot topics, sharing their points of view with other sector professionals.

■■ Professional Development – A series of virtual symposia provide a deep dive on the important topics that impact financial services internal auditors as well as eWorkshops led by knowledgeable trainers covering practical subjects.

■■ Knowledge Library – A repository that will serve as an archive of thought leadership material authored by subject matter experts, including from The IIA’s Principal Partners.

The Center and its content will be available to members during an open-access period through Sept. 30, 2015.

At the end of this period, the content will be accessible only to those who have added the Center to their IIA membership, an additional cost of US$50 per individual member. Group rates are also available. Access now at www.theiia.org/FSAC.

Merger Votes Forge Way for New EHS Audit Center All membership and board votes have been tallied — the merger is close to completion for The Auditing Roundtable (AR) and The IIA. The merger will be finalized following anticipated state regulatory approval. This paves the way for creation of a dedicated Environmental, Health, and Safety Audit Center at The IIA, which will greatly expand the reach and impact of EHS auditing professionals globally. More information is forthcoming on when the Center will launch. In addition, The IIA is now issuing the Board of Environmental, Health & Safety Auditor Certifications (BEAC) that include the Certified Professional Environmental Auditor (CPEA) and Certified Process Safety Auditor (CPSA) designations. Learn more at www.theiia.org/goto/BEAC.

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The Institute of Internal Auditors

Your Career

Enhanced IPPF Articulates Mission Statement and Core Principles Changes in today’s business world and the risks associated with them are accelerating like never before.

This makes it imperative for those on the front lines to have the most up-to-date tools and guidance to help their organizations grow and succeed.

In response to these changes, The IIA has unveiled enhancements to its International Professional Practices Framework, which has provided internal auditors worldwide professional guidance in various forms since 1947.

“The enhancements … are designed to strengthen internal audit’s position as an invaluable partner in business success,” said Larry Harrington, chairman of The IIA’s Global Board and chairman of the IPPF Relook Task Force Steering Committee. “As we navigate in an increasingly complex business environment, we must be clear what internal audit’s mission is and underscore the basic tenets and principles that will continue to propel our profession forward.”

The IPPF is essentially the blueprint for how the body of knowledge and guidance fit together to support the professional practice of internal auditing.

Learn more about this new framework and the tools and guidance to support your function in the environment that lies ahead.

Latest IPPF Releases: ■■ Quality Practice Advisories: Sustaining an Effective QAIP Program ■■ Implementation Guidance 1000: Supports Standard 1000 – Purpose, Authority, and Responsibility ■■ Implementation Guidance 2110: Supports Standard 2110 – Governance Learn more and download at www.theiia.org/goto/IPPF

Paper Focuses on Leveraging COSO Across the Three Lines of Defense Clear responsibilities must be defined in addressing risk and control. While COSO’s Internal Control–Integrated Framework (Framework) outlines the components, principles, and factors necessary for an organization to effectively manage its risks through the implementation of internal controls, the roles are not outlined.

In collaboration between the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and The IIA’s Audit Executive Center™, a new report provides

the guidance on how to articulate and assign specific roles and responsibilities regarding internal controls by relating the Framework to the Three Lines of Defense Model.

Access now at The IIA’s COSO Resource Exchange, www.theiia.org/goto/coso.

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Your Career

Invest in Yourself: Meet Your New Global Chairman Larry Harrington, CIA, QIAL, CRMA, vice president of internal audit, Raytheon Company, discusses his theme and how important your investment in yourself supports the future of internal auditing. Watch his video at www.auditchannel.tv and read his interview in the August issue of Internal Auditor at www.internalauditor.org.

Global Pulse of Internal Audit Exposes Four Major Themes Regarding Risk

Global Perspectives and Insights: Grappling with Geopolitics

Emerging risks never seem to slow down, stakeholders want and need a comprehensive view of risk, new reporting models are arising, and chief audit executives (CAEs) are frequently troubled by political pressures.

This annual report explores how CAEs are handling these risks globally. To address these concerns this year, The IIA’s Audit Executive Center® coordinated with The IIA Research Foundation™ to include the Pulse of Internal Audit survey questions in the 2015 Global Internal Audit Common Body of Knowledge® (CBOK®) Practitioner Survey. Explore the four major emerging themes by downloading the free report at www.theiia.org/ goto/pulse.

Developed in response to a high demand for timely thought leadership that is powerful, timely, relevant, topical and responsive to global geopolitical and economic influences, The IIA created Global Perspectives and Insights. This new thought-leadership series, we will offer insight and direction on key issues, with perspectives that know no national or regional boundaries.

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The Institute of Internal Auditors

This inaugural issues tackles geopolitics. It can be a daunting task for internal auditors to grapple with geopolitics and to determine how it impacts their organizations. Download today at www.theiia.org. under Topic and Resources.

2015 ALL STAR CONFERENCE Oct. 19-21 / Ft. Lauderdale, FL

Celebrating 11 years of the best of the best!

Spotlight on Achieving Auditing Excellence Now in its 11th year, the All Star Conference offers you more by featuring The IIA’s highest rated presenters from the past year of conferences, as evaluated by attendees.

Go beyond processes and controls to explore the essential role internal audit can play within the organization by identifying enterprisewide business efficiencies, providing strategic approaches that improve business performance, and provoking insights that focus on the risks that matter.

Don’t miss “the best of the best” at the Diplomat Resort & Spa in Ft. Lauderdale, Fla., this fall. Register today at www.theiia.org/goto/ AllStar. IIA Members, register by Aug. 15 to save US$200!

Choose from 32 concurrent sessions in 4 educational tracks and earn up to 18 CPE credits (earn even more with a preconference workshop): • Regulatory & Compliance Governance • Cyber, Social, & Technology Innovation • Trends in Risk Management & Fraud Detection • Leadership Strategies & Resource Management

www.theiia.org/goto/AllStar 2015-5032

2015 SEMINAR COURSE MATRIX

Seattle, WA Aug. 4 - 7

Indianapolis, IN Cleveland, OH Aug. 11 - 14 Aug. 31 - Sept. 3

Raleigh, NC Sept. 8 - 11

Houston, TX Sept. 22 - 25

Sep. 8 - 11

Sep. 22 - 25

Sep. 8 - 11

Sep. 22 - 25

Four Day Courses Audit Manager Tools and Techniques Auditor-in-charge Tools and Techniques

Aug. 4 - 7

Beginning Auditor Tools and Techniques

Aug. 4 - 7

Aug. 11 - 14

Aug. 31 - Sep. 3

Communication Skills for Auditors

Sep. 22 - 25

Leadership Skills for Auditors Core Curriculum–Courses Under Four Days Analyzing and Improving Business Processes Assessing Risk: Ensuring Internal Audit's Value

Aug. 31 - Sep. 1 Aug. 4 - 5

Aug. 11 - 12

Audit Report Writing

Sep. 24 - 25 Sep. 8 - 9

Sep. 24 - 25

Sept. 10 - 11

Sep. 22 - 23

Sept. 10 - 11

Sept. 24 - 25

Aug. 31 - Sep. 1

Auditing Contracts : From Planning to Reporting Auditing Derivative Strategies Auditing Investment Activities Building a Sustainable Quality Program CIA Learning System Prep Course, 2-Day Instructor-led — Part 3 Construction Activity: Audit Strategies Consulting Activities, Skills, Attitudes Control Self-assessment: An Introduction Control Self-assessment: Facilitation Skills COSO 2013: Implementing the Framework COSO-based Internal Auditing

Aug. 6 - 7

Aug. 13 - 14

Creative Problem-solving Techniques for Auditors Effective Writing For Auditors Enterprise Risk Management: An Introduction Essential Skills for Today's Internal Auditor

Sept. 22 - 23

Financial Auditing for Internal Auditors

Sept. 2 - 3

Sept. 22 - 23

Sept. 2 - 3

Sept. 22 - 23

Fraud Detection, Deterrence, and Incident Response for Internal Auditors Fundamentals of IT Auditing Operational Auditing: Influencing Positive Change

Aug. 13 - 14

Performing an Effective Quality Assessment Project Management Techniques Risk Based Auditing: A Value Add Proposition Statistical Sampling for Internal Auditors The Effective Auditor: Understanding and Applying Emotional Intelligence The Social Media Audit: Strategies, Risks, and Controls Value-Added Business Controls: The Right Way to Manage Risk Deloitte Public Offerings Critical Thinking for Internal Auditors

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The Institute of Internal Auditors

Sept. 22 - 23

Your Career St. Louis, MO Oct. 6 - 9

Atlanta, GA Oct. 13 - 16

Chicago, IL Nov. 3 - 6

Oct. 13 - 16

Nov. 3 - 6

Oct. 13 - 16 Oct. 6 - 9

Oct. 13 - 16

Nov. 3 - 6

Nov. 3 - 6

San Francisco, CA Nov. 17 - 20

Orlando, FL Dec. 7 - 10

New York, NY Dec. 15 - 18

Dec. 7 - 10 Nov. 17 - 20

Dec. 7 - 10

Dec. 15 - 18

Nov. 17 - 20

Dec. 7 - 10

Dec. 15 - 18

Dec. 7 - 10

Dec. 15 - 18

Dec. 17 - 18 Nov. 17 - 18

Dec. 15 - 16

Nov. 17 - 18

Oct. 13 - 14

Nov. 3 - 4

Oct. 15 - 16

Nov. 5 - 6 Dec. 15 - 16

Nov. 17 - 18

Dec. 15 - 16 Dec. 17 - 18

Nov. 5 - 6

Nov. 19 - 20

Dec. 7 - 8

Nov. 3 - 4 Oct. 15 - 16

COSO 2013: Implement the New Framework Sept. 15-24

Nov. 3 - 4

Enterprise Risk Management: An Introduction Aug. 11–20, Nov. 10–19 Lean Six Sigma for Internal Audit Fieldwork Dec. 8–17

Operational Auditing: Evaluating Procurement & Sourcing Oct. 19–21

Dec.9 - 10 Dec. 7 - 8 Dec. 15 - 16 Nov. 17 - 18

Operational Auditing: Influencing Positive Change Nov. 2–11 Performing an Effective Quality Assessment Sept. 21–30, Nov. 30–Dec. 9

Oct. 13 - 14 Oct. 15 - 16

CIA Learning System Comprehensive Instructor-led Course — Part 3 Oct. 5–30

Lean Six Sigma Tools for Internal Audit Planning Oct. 19–28

Dec. 9 - 10

Oct. 13 - 14

CIA Learning System Comprehensive Instructor-led Course — Part 2 Sept. 9– 25

Data Analysis for Internal Auditors Aug. 13–14, Nov. 16–17

Nov. 17 - 18

Oct. 8 - 9

Audit Report Writing Oct. 5–14, Dec. 8–17

Control Self-assessment: An Introduction Oct. 20–29 Dec. 7 - 8

Oct. 6 - 7

Assessing Risk: Ensuring Internal Audit's Value Oct. 6–15, Dec. 7–16

CIA Learning System Comprehensive Instructor-led Course — Part 1 Aug. 3–21, Nov. 2–20

Nov. 17 - 20

Oct. 8 - 9

Oct. 13 - 14

2015 ELEARNING COURSES

Nov. 3 - 4 Dec. 9 - 10

Oct. 6 - 7

Dec. 17 - 18 Dec. 15 - 16

Nov. 19 - 20 Nov. 19 - 20

Nov. 17 - 18

Risk Based Auditing: A Value Add Proposition Sept. 8–17 Statistical Sampling for Internal Auditors Aug. 24–27 Value Added Business Controls: The Right Way to Manage Risk Sept. 15–24

Access a complete elearning listing at www.theiia.org/ elearning.

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Your Career

IMPERATIVES

AUDIT PRACTICE

FOR

Perspectives on the Debut of the First CBOK Report

By Larry Harrington 10

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The Institute of Internal Auditors

Your Career

GLOBAL PERSPECTIVE

10 Imperatives for Internal Audit

Practitioner Series

Larry Harrington, CIA, CRMA, QIAL, CPA CAE, Raytheon Company Chairman of The IIA 2015–2016

Arthur Piper

CBOK

Sponsored by:

The Global Internal Audit Common Body of Knowledge

When Apple launched the iPhone back in 2007, major players in the sector failed to respond. Less than a decade later, former market leader Blackberry has all but disappeared and the iPhone — together with another competitor that joined the fray shortly after Apple, Google’s Android — commands more than 96 percent of the global market.

That is just one example of how fast revolutions in the business landscape can occur today. If organizations are not thinking ahead, the risks are huge. If they are thinking ahead, the opportunities can be grasped at unprecedented speed.

However, the results of the CBOK 2015 Global Internal Audit Practitioner Survey suggest internal auditors are in danger of not grasping and acting on this key insight in a timely way — in short, they risk losing their leadership position and surrendering it to others.

There is no doubt that internal auditors are ideally positioned to play a leading role in the success of their organization. They have a unique understanding of how business goals and strategic objectives interact with potential risks across the entire enterprise. Communicating that perspective to the board and having the resources and skills to manage the organization’s response to such risk is of critical value.

Driving Success in a Changing World: 10 Imperatives for Internal Audit, which is based on the findings of the CBOK survey, offers key insights to internal auditors on the opportunities and pitfalls for their role in today’s fast-paced world. It shows that to thrive, auditors must play a leading role in their organizations, beat the gap in expectations that has arisen between some departments and their stakeholders, and invest in excellence (see “10 Imperatives for Internal Audit” p. 12).

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Play a Leading Role To play a leading role in the success of their organization, internal auditors must anticipate the requirements of stakeholders. Occupying this position requires auditors to improve communication channels with stakeholders, particularly consulting with them during the annual audit planning and the evaluation of audit’s work.

When auditors fail to engage key stakeholders in their annual audit planning, conflicting expectations arise. Only 56 percent of CAEs say they consult their audit committee, for example, in such auditing planning; only one in three compare audit outcomes against specific expectations agreed with stakeholders.

If internal auditors are not measuring the success of their work against the known needs of their stakeholders, how can they be sure that work is relevant and effective?

As well as being in tune with stakeholders, auditors must assess the likely impact of possible future events — including their secondand third-order consequences — on their organization’s strategies and operations. Assuring the board that the organization is able to deal with fast-moving emerging risks requires an understanding of the strategic, business, legal, and compliance risks of the organization; in-depth knowledge of the business; and high levels of competence in technology tools. To many, this expertise in risk

management is a new competency to master, but to stakeholders, it is the new price of entry for the qualified CAE. Auditors with these skills are uniquely placed to provide such assurance.

As Theresa Grafenstine, inspector general, U.S. House of Representatives, Washington D.C., says in the 10 Imperatives report: “While executive managers understand what is important to their departments individually, internal audit should have the overarching view of things and understand corporately what the big risks are to the entire organization.”

Auditors must also help inform the board of upcoming risks and have the courage to present stakeholders

10 Imperatives for Internal Audit Group 1: Play a Leading Role 1.

2.

3.

4.

Anticipate the needs of stakeholders Develop forward-looking risk management practices Continually inform the board and audit committee Be courageous

Group 2: Beat the Expectations Gap 5.

6.

7.

8.

Support the business’ objectives Identify, monitor, and deal with emerging technology risks Enhance audit findings by greater use of data analytics Go beyond The IIA’s standards

Group 3: Invest in Excellence 9. Invest in yourself 10. Recruit, motivate, and retain great team members

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Cybersecurity and Social Media Auditing 22% 12% 20%

Europe & Central Asia

22%

9%

9%

16%

12%

North America 12%

23%

Middle East & North Africa 13%

Latin America & Carribbean

Cybersecurity

9%

South Asia 13%

Sub Saharan Africa

8%

East Asia & Pacific

Social Media

Note: Graph indicates the percentage of internal audit departments that spend extensive time auditing the cybersecurity of their organization’s electronically held information and the organization’s procedures for how employees use social media.

Source: CBOK 2015 Global Internal Audit Practitioner Study

with the unvarnished truth about the organization’s shortcomings and how they can be addressed. Pressure to water down findings can be intense.

Almost three in 10 (29 percent) of CAEs say they have experienced a situation where they were directed to suppress, or significantly modify, a valid internal audit finding or report. But to gain the right level of credibility across the business,

auditors must follow through threats of escalation and have the courage to speak the truth.

Beat the Expectations Gap Amazingly, only 55 percent of overall respondents to the CBOK survey say their internal audit department is either fully, or mostly, aligned with the strategic plan of their business. This disengagement with

the business is a major factor in explaining why so many stakeholders rate the internal audit function’s performance lower than CAEs do.

Auditors need to ask how strategically misaligned departments can deliver and unambiguously demonstrate the value their work provides.

If audit work is to be seen as critically important to boards and manage-

While executive managers understand what is important to their departments individually, internal audit should have the overarching view of things and understand corporately what the big risks are to the entire organization. www.theiia.org

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Your Career

ment, it must be directly relevant to those strategic goals. Every audit report should explicitly identify the relevant strategic objectives that it seeks to address and conclude whether risk management controls exist and are effective.

One area where the expectations gap is most evident is the disconnect between the board’s perception of IT risk and how the issue is dealt with by audit departments.

Global businesses say digital technologies are the No. 1 evolving risk — especially cyberrisk and social media. But the number of departments that say they spend extensive time on these audits is low (see “Cybersecurity and Social Media

Auditing”). Even if internal audit departments are world-class by most standards, they need to audit such areas at the right time — preferably before problems arise.

In many cases, auditors say they do not have the technical training or analytic skills to tackle these issues.

For example, only 55 percent of auditors consider themselves to be advanced or expert-level in data mining — a key area where they can share skills with the business to both improve management’s ability to monitor its own risks and help audit move into a more strategic role. Those auditors who offer to share skills are usually pushing at an open door.

But when it comes to developing cyberskills, only 14 percent of CAEs say they are recruiting or building skills in this area — despite the fact that over the next two to three years, those same respondents expect audit activity in cybersecurity to increase by 74 percent. Without a better understanding of how cyberrisk could affect the business and how

Internal Audit Training Components

68%

53%

Internal Audit Skills

Business Knowledge Related To The Industry and Organization

30%

27%

Critical Thinking Skills

Leadership Skills

Note: Total equals more than 100 percent since respondents could select multiple answers.

Source: CBOK 2015 Global Internal Audit Practitioner Study.

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There has never been a better time to be an internal auditor, but to reap the full rewards, individuals need to invest in their own development. that risk is changing daily, internal audit departments could struggle to remain relevant in this area. In fact, cybersecurity is so important and changing so quickly that if the CAEs do not have the skills within their organizations, they should strongly consider co-sourcing.

Although using The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) is an excellent way of assuring the board that the audit department is serving the organization well, only just over half of CAEs say their organization follows them in full. This is also a missed opportunity.

As Gabriel Benavides Ramirez, director of internal control and anti-corruption auditing, General Audit Office of Mexico City, explains in the 10 Imperatives report: “The chief audit executive can use the Standards to inform the Board of its responsibilities and to paint a holistic picture of the business and the risks it is facing. The Board can be confident in internal audit’s objective insights into the business because the Standards provide a specialized and systematic approach to providing such assurance.”

Invest in Excellence There has never been a better time to be an internal auditor, but to reap the full rewards, individuals need to invest in their own development.

Unfortunately, the CBOK global survey shows that 53 percent of internal audit training programs offered by employers are poorly structured or delivered on an ad hoc basis. And while internal auditors in these organizations cannot rely on their employers for training, complacency among many individuals for keeping abreast of global developments and acquiring new skills is commonplace. The majority of auditors spend only between 21 and 40 hours a year on training — the same as 10 years ago — according to the CBOK global survey. It is hard to believe that amount of time is adequate for internal auditors to keep abreast of global developments and remain relevant to their organizations.

It is no wonder highly skilled individuals are at a premium. Financial and personal returns on self-investment are soon rewarded. Developing so-called soft skills is an obvious way to get ahead. That is because while most training programs score well on providing internal audit skills, other business-critical skills lag behind (see “What Is Included in the Training Program for Internal Audit?”)

CAEs need to act as role models and ensure their departments recruit, motivate, and retain great team members. They need to cast their net wider to develop teams comprising people able to understand and anticipate the rapidly changing business environment. That will

entail ensuring greater diversity in the backgrounds and capabilities of team members.

The lessons from the business world — from companies such as Apple and BlackBerry — teach us that the rewards and risks have never been more greatly opposed. It is hard to be mediocre and survive. If internal auditors are to play a leading role in today’s world, they need to step up to the plate now.

Visit the CBOK Resource Exchange at www.theiia.org/CBOK to download Driving Success in a Changing World: 10 Imperatives for Internal Audit. This report has been generously supported by Deloitte.

How CBOK is Supported Donations from organizations and practitioners around the world support the largest global report on the profession. Opportunities are still available to sponsor one of the many CBOK reports planned for 2015 and 2016. To learn how you can sponsor a report or to make a donation to the general fund, visit the CBOK Resource Exchange or email research@ theiia.org.

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FRAUD According to the ACFE’s Report to the Nations on Occupational Fraud & Abuse, the typical organization loses 5 percent of its revenues to fraud each year. Although it is management’s responsibility to design internal controls to prevent, detect, and mitigate fraud, internal auditors are the appropriate resource for assessing the effectiveness of what management has implemented. The IIA has a host of resources to ensure that you, as an internal auditor, are equipped to do just that.

TRAINING RESOURCES

Onsite Training

Learn more about these courses at www.theiia.org/training.

Get your entire team up to speed on techniques to tackle fraud-related issues. Have our On-site Training team schedule any of the courses on the previous pages or additional courses for your team of five or more at your location.

• Detecting, Preventing, and Reporting Internal and External Fraud • Developing a Fraud Risk Management Program for Your Organization • Evaluating Organizational Ethics • Financial Statement Fraud Detection for Internal Auditors • Fraud Auditing Using ACL • Fraud Awareness for CAEs and Management • Fraud Detection and Investigation for Government Auditors • Fraud Detection and Investigation for Internal Auditors • Fraud Investigation Tools and Techniques • Internal Auditing for Fraud

Data Analysis for Internal Auditors Are you seeking to improve the effectiveness of your audit planning and to ensure whether or not your results can be generalized to total populations? This course provides the opportunity to learn about the analysis of large data sets, particularly how to summarize and display data, and determine the appropriate measures for describing data.

Aug. 13–14, eSeminar Nov. 16–17, eSeminar CPE Hours Available: 8

Fraud Detection, Deterrence, and Incident Response for Internal Auditors For many auditors, management’s anti-fraud expectations exceed the audit team’s capability to deliver.

Result: a challenging gap to fill and, many times, disappointing results. This program shows exactly how to close that gap and learn a comprehensive anti-fraud response that will fit in any business setting, and how to build a tailored battle plan for fighting fraud.

Explore more benefits of On-site Training by visiting www.theiia.org/onsite or contact The IIA’s On-site Training Department by e-mail at GetTraining@theiia.org or call +1-407-937-1388.

Nov. 19–20, San Francisco, CA CPE Hours Available: 16

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The Institute of Internal Auditors

SEMINARS

eLEARNING

ON-SITE TRAINING

CONFERENCES

Your Career

FRAUD eLEARNING

Financial Services Exchange Conference

The IIA’s wide variety of webinars, eSeminars, on-demand self-study courses, and eWorkshops mean you can spend less time traveling and more time learning.

Brings together industry leaders, practitioners, and senior

eSeminars

All Star Conference

Data Analysis for Internal Auditors

Oct. 19–21, 2015 / Diplomat Resort & Spa / Ft. Lauderdale, FL

Sept. 14–15, 2015 / Grand Hyatt Washington / Washington, DC

regulators for dialogue and practice-sharing to address challenges and success stories, and provide tangible takeaways on topics critical to the industry.

Nov. 16–17

Southern Regional Conference Members-only Webinars

Nov. 8–11, 2015 / Sheraton New Orleans Hotel / New Orleans, LA

Members-only Webinars offer free CPE opportunities. See the full schedule here: www.theiia.org/goto/MOW:

Visit www.theiia.org/conferences for more information.

Oct. 20: Financial Statement Fraud

Specialty Audit Group/Center eLearning* American Center for Government Auditing Dec. 1, 3: eWorkshop Fraud and Abuse: What is it to You? * Specialty/center group membership required.

Learn more at www.theiia.org/goto/AuditCenters.

CONFERENCES Conferences offer a great way to delve into educational sessions focusing on fraud issues with and networking with peers who are facing the same tough challenges.

Governance, Risk, and Control Conference (an IIA and ISACA collaboration) Aug. 17–19, 2015 / Arizona Biltmore / Phoenix, AZ

Your Master Key to Career Success – IIA Global Certifications and Qualifications Whether you are mastering the fundamentals of internal audit or moving into audit management, you owe it to yourself and your organization to pursue the Certified Internal Auditor® (CIA®), the only globally recognized internal audit credential and standard for excellence within the profession. Earning the CIA demonstrates your commitment to the profession and your career.

Achieving it will increase your confidence, serve as an example for current or future staff, and build credibility with internal audit clients.

Visit www.theiia.org/certification to review the requirements and to start your application.

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Your Career

FRAUD BOOKS AND EDUCATIONAL PRODUCTS Bribery: Identify Hidden Risks in Your Organization (eBook) Bribery in business likely predates recorded history and continues to be a pervasive challenge in industries, governments, and organizations around the world. While it is not a new crime, bribery has remained one of the most difficult things for auditors to identify and prevent. Bribery: Identify Hidden Risks in Your Organization is a quickread reference that should be part of every internal auditor’s library to prepare you to combat the issue.

Raise the Red Flag: An Internal Auditor’s Guide to Detect and Prevent Fraud Author Lynn Fountain combines principles and theories of fraud prevention and detection with real-world scenarios and handson procedures. Whether you are determining your internal audit department’s preparedness to support your organization’s anti-fraud efforts or investigating actual allegations of fraud, Raise the Red Flag provides valuable techniques and approaches you can put into practice right away.

Item No.: 1191 Member Price: $55.00 / Nonmember Price: $65.00

The book provides broad overviews of issues related to bribery, including: • Anti-bribery controls over an organization’s expenditures, revenue, assets, and liabilities.

• Bribes that take place off the books that tend to be difficult to prevent and detect.

• International law and pertinent regulations.

• The risks and related internal controls for bribes that pass through an organization’s books.

Item No.: 1155.ep Member Price: US$35.00 / Nonmember Price: US$45.00

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The Institute of Internal Auditors

Order your copy through The IIA Research Foundation Bookstore: www.theiia.org/Bookstore.

GUIDANCE RESOURCES Practice Guide: Auditing Anti-bribery and Anti-corruption Programs This IIA Practice Guide offers internal audit practitioners insight on the nature of bribery and corruption in organizations throughout the world. It discusses the current business landscape and stresses that no organization — regardless of whether it is public, private, large, or small — is immune to the devastating impacts bribery and corruption bring.

Your Career

FRAUD

This guide strives to put a firm structure around a subject that has traditionally been viewed as too soft, and thereby challenging, to evaluate. A strong ethical climate and an organization’s ability to maintain an ethical culture is the foundation for good governance. A framework for a robust ethics program is included.

IIA members can download all guidance publications at at www.theiia.org/guidance.

JUne 2015

InTeRnALAUDITOR.ORG

Diversity and Inclusion at MGM Internal Audit in the Crosshairs Meet The IIA’s new Chairman of the north American Board The Audit Committee/CAe Relationship

fraud and ethics

Practice Guide: Evaluating Ethics-related Programs and Activities

June 2015

This GTAG aims to inform and provide guidance on how to use technology to help prevent, detect, and respond to fraud through a step-by-step process for auditing a fraud prevention program, an explanation of the various types of data analysis to use in detecting fraud, and a technology fraud risk assessment template.

THOUGHT LEADERSHIP AND RESEARCH internal auditor

GTAG 13: Fraud Prevention and Detection in an Automated World

Internal Auditor Magazine: Beyond the FCPA

Although the U.S. Foreign Corrupt Practices Act has been the preeminent anti-corruption law for most international companies, other countries recently have become assertive in enforcing their own requirements. The resulting complexity for many organizations highlights the importance of a strong system of internal controls backed by an effective, independent internal audit function.

Beyond The FCPA

Compliance with the U.S. regulation alone is not enough for companies subject to anti-corruption standards around the globe.

The Fraud-Resistant Organization: Tools, Traits, and Techniques to Deter and Detect Financial Reporting Fraud This report offers valuable information about the conditions that might make an organization more susceptible to fraud — and how to mitigate them. Access now at www.antifraudcollaboration.org.

AuditChannel.tv Watch leading fraud experts share insights regarding current fraud topics: • When the Whistle Is Blown, All Lines of Defense Have Failed • Looking for Fraud in All the Wrong Places • When Audits Become Investigations • The Fraudit • And more at www.actv.com.

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GOVERNANCE, RISK, AND CONTROLS As an internal auditor, you are called upon to assess and make appropriate recommendations for improving the governance process, evaluate the effectiveness and contribute to the improvement of risk management processes, and assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement. As the professional association established to support you, the internal auditor, we have developed a host of resources to assist you in achieving those objectives.

TRAINING RESOURCES

COSO-based Internal Auditing

Learn more about these courses at www.theiia.org/training.

This course provides internal auditors an opportunity to deepen their understanding of the COSO internal control and ERM integrated frameworks required to carry out their roles and responsibilities. Through interactive exercises, participants will explore how to leverage the frameworks in their audit process.

Assessing Risk: Ensuring Internal Audit’s Value This course provides practical insights relating to contemporary best practices of risk assessment activities and allows participants to apply what they have learned so they can implement risk assessment activities in their organization. Covers fundamentals and nuances such as audit universe, risk appetite, fraud, and the challenges of implementation. It also addresses skill gaps many internal auditors struggle with such as how to develop their own risk assessment frameworks and how to select or construct a risk ranking system.

Aug. 13–14, Indianapolis, IN / Sept. 10–11, Raleigh, NC Sept. 22–23, Houston, TX / Oct. 8–9, St. Louis, MO Nov. 5–6, Chicago, IL / Nov. 17–18, San Francisco, CA Dec. 7–8, Orlando, FL CPE Hours Available: 16

Enterprise Risk Management: An Introduction Through facilitator presentations, case studies, group discussions, practical exercises, self-assessments, and facilitator feedback, participants will improve their understanding of ERM and the COSO ERM framework, while getting up-to-speed with current issues, challenges, and emerging practices regarding risk management, control, and governance processes.

Upcoming Offerings: Aug. 4–5, Seattle, WA Aug. 11–12, Indianapolis, IN / Sept. 8–9, Raleigh, NC Sept. 24–25, Houston, TX / Oct. 6–15, eSeminar Oct. 8–9, St. Louis, MO / Dec. 7–16, eSeminar Dec. 17–18, New York, NY CPE Hours Available: 16

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Upcoming Offerings: Aug. 6–7, Seattle, WA

Consult the course matrix on pages 8-9 for offering dates and locations.

Upcoming Offerings: Aug. 11–20, eSeminar

Learn more about any of the above courses and register today at www.theiia.org/training.

Dec. 9–10, Orlando, FL

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Sept. 10–11, Raleigh, NC / Sept. 24–25, Houston, TX Oct. 15–16, Atlanta, GA / Nov. 10–19, eSeminar

SEMINARS

CPE Hours Available: 16

eLEARNING

ON-SITE TRAINING

CONFERENCES

Your Career

GOVERNANCE, RISK, AND CONTROLS Members-only Webinars Risk-based Auditing: A Value Add Proposition

Save the date for these members-only webinars addressing governance and risk-related issues.

Through case studies, group discussions, roundtables, and facilitator presentations, this course will help audit team leaders align their organizations’ strategies, visions, and values with the internal audit process. Participants will come to understand the importance of corporate governance and ERM while learning to identify risks, perform risk assessments, develop a risk-based assurance plan, understand entitywide controls, and plan a risk-based engagement.

Aug. 18: Emerging Technology Audit and Hot Topics

Upcoming Offerings: Sept. 8–17, eSeminar

Nov. 5: Virtual Symposium: ERM in the Public Sector

Learn more about these free CPE opportunities at www.theiia.org/goto/MOW and specialty center websites. All members-only webinar topics and speakers are subject to change without notice.

Specialty Audit Group/Center eLearning* American Center for Government Auditing Sept. 21, 23, 28: eWorkshop: Auditor Roles in Improving Government Performance Management

Sept. 22–23, Houston, TX CPE Hours Available: 16

Financial Services Audit Center Aug. 6: Webinar: Risk and Regulations in Today’s Financial Services:

eLEARNING

The Internal Auditor’s Challenge Sept. 3: Webinar: Hot Topics in Operational Risk Management Dec. 3: Webinar: Hot Topics in Compliance

The IIA’s wide variety of webinars, eSeminars, on-demand self-study courses, and eWorkshops are available conveniently whenever and wherever you are. www.theiia.org/elearning

Audit Executive Center Oct. 1: CAE Forum - Auditing Intellectual Property * Specialty/center group membership required.

eSeminars Aug. 11–20, Nov. 10–19: Enterprise Risk Management: An Introduction

Learn more at www.theiia.org/goto/AuditCenters.

Aug. 13–14, Nov. 16–17: Data Analysis for Internal Auditors Sept. 8–17: Risk-Based Auditing: A Value-Add Proposition Sept. 21–30, Nov. 30–Dec. 9: Performing an Effective Quality

CONFERENCES

Assessment Oct. 6–15, Dec. 7–16: Assessing Risk: Ensuring Internal Audit’s Value

Conferences offer a great way to gain additional information to assist you in managing your role addressing governance, risk management, and controls issues. Check out these upcoming sessions at conference events:

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Your Career

GOVERNANCE, RISK, AND CONTROLS Governance, Risk, And Control Conference (an IIA and ISACA collaboration) Aug. 17–19, 2015 / Arizona Biltmore / Phoenix, AZ

Financial Services Exchange Conference Sept. 14–15, 2015 / Grand Hyatt Washington / Washington, DC •

Demonstrating Dynamic Risk Assessment and Audit Planning Agility

•

Embedding Risk Culture Considerations Into the Audit Process

All Star Conference Oct. 19–21, 2015 / Diplomat Resort & Spa / Ft. Lauderdale, FL

Southern Regional Conference Nov. 8–11, 2015 / Sheraton New Orleans Hotel / New Orleans, LA

Visit www.theiia.org/conferences for more information.

Qualification in Internal Audit Leadership - QIAL Today, growth and change in the internal auditing field is demanding a new type of leader — one who drives a high-performing audit team while delivering value by consistently addressing stakeholder needs, top-down risks, and expectations of an evolving marketplace.

The IIA has developed the Qualification in Internal Audit Leadership™ (QIAL™) to support you on this journey to be the next generation of visionaries for the profession.

Visit www.theiia.org/goto/qial for more information or to apply.

BOOKS AND EDUCATIONAL PRODUCTS The Balanced Scorecard: Applications in Internal Auditing and Risk Management (eBook)

CERTIFICATIONS AND QUALIFICATIONS Certification in Risk Management Assurance - CRMA Find the Key to Your Success with the Certification in Risk Management Assurance® (CRMA®) Designation.

The CRMA is designed for internal auditors and risk management professionals with responsibility for, and experience in, providing risk assurance, governance processes, quality assurance, or control self-assessment. It demonstrates your individual ability to evaluate the dynamic components comprising an organization’s governance and enterprise risk management program and provide advice and assurance around these issues. Visit www.theiia.org/ goto/CRMA for more information and to apply.

The Balanced Scorecard performance management system has become an essential framework for strategy execution throughout the world. Its popularity and effectiveness is what led Mark L. Frigo to refresh his 2002 book. The book provides an overview of concepts and terminology of the framework to begin developing it as a strategic leadership skill, and will help readers to: • Use the Mission-Driven Strategy framework to develop a strategy for internal audit.

• Connect internal audit strategy to enterprise strategy.

• Facilitate continuous improvement in the internal audit function.

Item No.: 1153.ep Member Price: US$35.00 / Nonmember Price: US$45.00

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GOVERNANCE, RISK, AND CONTROLS Mergers, Acquisitions & Sales: How Internal Audit Adds Value and Effectiveness Whether seasoned or a novice, you will benefit from the latest on auditing the mergers, acquisitions, and sales process. This book addresses global best practices providing practical advice and support aids for what can be the greatest strategic risk or opportunity for an organization.

Practice Advisories Covering GRC: •

NEW! Implementation Guidance 1000: Purpose, Authority, and Responsibility

•

NEW! Implementation Guidance 2110: Governance

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Assessing the Adequacy of Risk Management Processes

•

Board Interaction

•

Managing the Risk of the Internal Audit Activity

Consult these and other GRC guidance resources in the IPPF at www.theiia.org/guidance.

THOUGHT LEADERSHIP AND RESEARCH

Item No.: 1157 Member Price: US$55.00 / Nonmember Price: US$65.00

Visit www.theiia.org/Bookstore to learn more.

GUIDANCE RESOURCES Practice Guides Covering GRC: •

Assessing the Adequacy of Risk Management Using ISO 31000

•

Assessing Organizational Governance in the Private Sector

•

Auditing Anti-bribery and Anti-corruption Programs

•

Auditing Privacy Risks, 2nd Edition

•

Auditing the Control Environment

•

Business Continuity Management

•

Coordinating Risk Management and Assurance

Practice Guides – GTAGs Covering GRC: •

GTAG 17: Auditing IT Governance

•

GTAG 10: Business Continuity Management

•

GTAG 7: Information Technology Outsourcing, 2nd Edition

•

GTAG 2: Change and Patch Management Controls

Internal Auditor Magazine: Strategic Alignment Many of today’s companies are undergoing business transformations in response to market shifts, presenting new and more complex risks. In periods of transformation, it is critical for the internal audit function to remain relevant and risk focused by concentrating on the right risks at the optimal time in the process.

Internal audit can execute against that mandate through proactive involvement in strategic initiatives. www.internalauditoronline.org

Global Perspectives and Insights: Grappling with Geopolitics The debut issue of a new thought-leadership series explores key considerations for internal audit in addressing geopolitical risks to organizations. Grappling with Geopolitics will help you understand the impact economics, war, and conflict have on the price of oil and how it all impacts internal audit.

Download your copy at www.theiia.org under Topics and Resources.

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CERTIFICATION Corner QIAL PROFILE

JOANNE PAULA TRAICE, QIAL DIRECTOR – GROUP INTERNAL AUDIT & RISK DP WORLD MEMBER, IIA–UNITED ARAB EMIRATES

1. What have you gained from this experience of earning a Qualification in Internal Audit Leadership (QIAL)?

I have made some great new contacts within the profession that I can reach out to on similar audit challenges.

For me personally, the QIAL has aligned my priorities as a CAE and reinforced my mindset that we are agents of change with a challenging, exciting, and evolving task in our hands.

2. What are the skill sets you think are most important for an internal audit leader? And how does the QIAL assess those skill sets?

Besides mandatory critical thinking skills, highly developed business acumen, and strong professional ethics, I believe internal audit leaders benefit from: ■■ Strong oversight and understanding of the entire business and its existing and emerging business risks.

■■ Communication skills – to be effective and active listeners, accurate translators of information, convincing presenters, credible reporters to all stakeholders while demonstrating integrity at every stage.

■■ Developing the audit team and our audit processes – keeping the team up-to-date and growing, continue learning and challenging the status quo on how we do things while often doing more with less while showing innovation and compassion at every stage.

The QIAL has a blended testing technique to assess the above qualities, through both interview, presentation, and case studies. Together, these provide a challenging assessment of both technical and soft skills.

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3. In what ways does the QIAL develop leaders? What defines a great internal audit leader?

As a chief audit executive, I think the QIAL develops leaders who think more, learn more, dream more, and do more with the resources provided to achieve internal audit best practices.

4. How did you prepare for the QIAL (Panel Interview and Case Studies)?

A lot of reading! I was constantly reading the latest white papers and thinking of best practices in internal auditing. I also used a number of resources available online. In addition to that, I met with other CAEs to discuss recent challenges in our field. A key part of my preparation involved self-reflection on my own internal audit experience to date: projects completed, progress made, and what went well and what could have been done better with the benefit of more experience.

5. How does having the QIAL qualification set you apart from your non-credentialed peers?

It demonstrates we have achieved a measured high standard in our professional knowledge, values, skills, and expertise necessary for us to not only deliver on our mandate but to also push forward the profession.

6. What advice do you have for other aspiring internal auditors who are seeking this credential?

Always stay ahead of the game when it comes to learning. Don’t wait for an exam to drive your learning process. Make learning part of your routine and dedicate regular time to reading the latest thinking on internal auditing, emerging risks, best practices, white papers, journals. So much is available online these days. Continuous learning should be part of our DNA. Know your own development areas, and tailor your learning accordingly.

Internal Audit Practitioner Designation Now Offered for New and Rotational Auditors

The IIA is pleased to announce the Internal Audit Practitioner designation.

This new designation provides recognition for those who have taken the first step toward CIA certification, which is taking and passing Part One of the Certified Internal AuditorÂŽ (CIAÂŽ) exam.

This designation demonstrates knowledge and aptitude of internal audit basics with an opportunity to continue the path to full CIA certification. For those navigating through a temporary or rotational role in auditing, this designation provides fundamental knowledge to make the most of the experience and offers credibility within the field. In addition, it offers audit managers and executives a practical and effective way to build stronger teams by establishing a common foundation of basic auditing skills and knowledge. Learn more at www.theiia.org/goto/CIA.

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Your Career

INTERNAL AUDIT PRACTICE Whether you are just starting your career, coming into internal audit midway through your career, or needing to enhance your skill sets with latest best practices, here are resources to support your internal audit expertise to make an impact and maintain relevancy with your colleagues, superiors, executive leadership, board, and audit committee.

TRAINING RESOURCES

Audit Report Writing

Learn more about these courses at www.theiia.org/training.

This is a hands-on course that focuses on the organization and structure of audit reports, and includes case study activities for practicing the basics of audit report writing. This course provides the foundation for more advanced audit report writing courses.

Analyzing & Improving Business Processes This course provides participants with tools and techniques that can be used in any process analysis engagement and includes opportunities to apply learnings in real-world scenarios. The best way to build business process analysis skills is by doing the work, and this course is full of hands-on applications using case studies and the participants’ understanding of their own processes to do that.

Upcoming Offerings: Aug. 31–Sept. 1, Cleveland, OH Oct. 5–14, eSeminar / Nov. 17–18, San Francisco, CA Dec. 8–17, eSeminar / Dec. 15–16, New York, NY CPE Hours Available: 16

Auditor-in-charge Tools and Techniques Upcoming Offerings: Aug. 31–Sept. 1, Cleveland, OH

Sept. 24–25, Houston, TX

CPE Hours Available: 16

Audit Manager Tools and Techniques Through practical exercises and case studies, participants will learn how to manage the roles and relationships of the diverse parties involved in the auditing process, how to maintain lines of communication with the CAE and executive management, and problem solve while motivating a team and delegating tasks.

Whether you are a recently promoted auditor-in-charge, just assuming the role, or seeking a refresher, this informative session covers the organizational, time management, and problem-solving skills necessary to manage a successful team. Through the use of a case study that is woven into the course, participants will learn about the roles and responsibilities of an auditor-in-charge for the phases of an internal audit.

Upcoming Offerings: Sept. 8–11, Raleigh, NC Sept. 22–25, Houston, TX / Oct. 13–16, Atlanta, GA Nov. 17–20, San Francisco, CA / Dec. 7–10, Orlando, FL

Upcoming Offerings: Oct. 13–16, Atlanta, GA

Dec. 15–18, New York, NY

Nov. 3–6, Chicago, IL

CPE Hours Available: 32

Dec. 7–10, Orlando, FL

CPE Hours Available: 32

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SEMINARS

eLEARNING

ON-SITE TRAINING

CONFERENCES

Your Career

INTERNAL AUDIT PRACTICE Beginning Auditor Tools and Techniques

COSO-based Internal Auditing

To become a successful auditor, a strong knowledge base and an understanding of basic audit skills are essential. With this program, new auditors, as well as nonauditors with internal control responsibilities, can learn the ins-and-outs of an audit from beginning to end. Through team exercises, group discussion, and facilitator presentations, attendees will gain a foundation of knowledge that will allow them to prepare appropriately for, and conduct, a successful audit.

This course provides internal auditors an opportunity to deepen their understanding of the COSO internal control and ERM integrated frameworks required to carry out their roles and responsibilities. Through interactive exercises, participants will explore how to leverage the frameworks in their audit process.

Upcoming Offerings: Aug. 6–7, Seattle, WA Aug. 13–14, Indianapolis, IN / Sept. 10–11, Raleigh, NC Sept. 22–23, Houston, TX / Oct. 8–9, St. Louis, MO Nov. 5–6, Chicago, IL / Nov. 17–18, San Francisco, CA

Upcoming Offerings: Aug. 11–14, Indianapolis, IN

Dec. 7–8, Orlando, FL

Aug. 31–Sept. 3, Cleveland, OH / Sept. 8–11, Raleigh, NC

CPE Hours Available: 16

Sept. 22–25, Houston, TX / Oct. 6–9, St. Louis, MO Oct. 13–16, Atlanta, GA / Nov. 3–6, Chicago, IL Nov. 17–20, San Francisco, CA / Dec. 7–10, Orlando, FL Dec. 15–18, New York, NY CPE Hours Available: 32

Communication Skills for Auditors Through facilitator presentations, group discussions, case studies, practical exercises, and individual coaching and feedback, participants will learn to see themselves as others see them — in terms of style and the impressions they create — and increase their ability to reach negotiated agreements.

Creative Problem-solving Techniques for Auditors Through facilitator presentations, group discussions, practical exercises, case studies, and self-assessments, this course will help participants define creativity and the dimensions of creative problem solving. Experienced facilitators will demonstrate five strategies for creativity and divergent thinking and explain the ground rules for convergent thinking. By the end of the course, participants will know how to jump-start creative approaches to problems and have new, immediately usable tools for logical problem solving.

Upcoming Offerings: Sept. 22–25, Houston, TX

Dec. 7–10, Orlando, FL

Upcoming Offering:

Dec. 9–10, Orlando, FL

Dec. 15–18, New York, NY

CPE Hours Available: 16

CPE Hours Available: 32

Consult the course matrix on pages 8-9 for offering dates and locations.

Learn more about any of the above courses and register today at www.theiia.org/training.

SEMINARS

eLEARNING

ON-SITE TRAINING

CONFERENCES

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Your Career

INTERNAL AUDIT PRACTICE Financial Auditing for Internal Auditors

Statistical Sampling for Internal Auditors

Taking on such topics as “common recipes for cooking the books,” covering information flow from business process to financial statement, and more, this course will help participants understand how key business processes relate to financial statements, as well as the impact of IT on financial statements.

The course includes different methods of random sampling and nonrandom sampling, explains how to calculate sample size and adjust for population size and resource constraints, and examines the concept of strategic sampling to get the most information for minimum cost — including how to combine results, extrapolate, and what to report.

Upcoming Offerings: Sept. 2–3, Cleveland, OH Sept. 22–23, Houston, TX / Oct. 13–14, Atlanta, GA

Upcoming Offerings: Aug. 24–27, eSeminar

Nov. 3–4, Chicago, IL / Dec. 15–16, New York, NY

CPE Hours Available: 16

CPE Hours Available: 16

Risk-based Auditing: A Value Add Proposition

The Effective Auditor: Understanding and Applying Emotional Intelligence

Through case studies, group discussions, roundtables, and facilitator presentations, this course will help audit team leaders align their organizations’ strategies, visions, and values with the internal audit process. Participants will come to understand the importance of corporate governance and ERM, while learning to identify risks, perform risk assessments, develop a risk-based assurance plan, understand entitywide controls, and plan a risk-based engagement.

Research indicates approximately two-thirds of the difference between top and average performance is attributed to emotional competence. Improve your effectiveness with others by enhancing your emotional intelligence in this hands-on 2-day course.

Upcoming Offering:

Nov. 19–20, San Francisco, CA

Nov. 19–20, San Francisco, CA

CPE Hours Available: 16

Upcoming Offerings: Sept. 8–7, eSeminar

Sept. 22–23, Houston, TX

CPE Hours Available: 16

Are your skills up-to-date with industry standards? Self-assess your skills today with IIA Career Map™. Free for IIA members! www.theiia.org/careermap

Consult the course matrix on pages 8–9 for offering dates and locations.

Learn more about any of the above courses and register today at www.theiia.org/training.

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SEMINARS

eLEARNING

ON-SITE TRAINING

CONFERENCES

Your Career

INTERNAL AUDIT PRACTICE eLEARNING

Specialty Group/Center Online Events* American Center for Government Auditing

The IIA offers a wide variety of webinars, eSeminars, on-demand self-study courses, and eWorkshops. www.theiia.org/elearning.

Aug. 25: eWorkshop: CGAP 4-Part Review

eSeminars

Financial Services Audit Group

Aug. 3–21, Nov. 2—20: CIA Learning System Comprehensive

Aug. 6: Webinar: Risks and Regulations in Today’s Financial

Sept. 21: eWorkshop: Auditor Roles in Improving Government Performance Management

Instructor-led Course — Part 1

Services: The Internal Auditor’s Challenge

Aug. 11–20 , Nov. 10–19: Enterprise Risk Management: An Introduction

Sept. 3: Webinar: Hot Topics in Operational Risk Management

Aug. 24–27: Statistical Sampling for Internal Auditors

Dec. 3: Webinar: Hot Topics in Compliance

Sept. 8–17: Risk-based Auditing: A Value-Based Proposition Sept. 9–25: CIA Learning System Comprehensive Instructor-led Course — Part 2

Audit Executive Center Sept. 24: Webinar: The Politics of Internal Audit: Learn to Effectively

Sept. 15-24: COSO 2013: Implementing the Framework

Navigate Political Challenges to Add Value to Your Organization

Sept. 21-30, Nov.30-Dec.9: Performing an EQA Oct. 6–15, Dec. 7–16: Assessing Risk: Ensuring Internal

* Specialty/center group membership required.

Learn more at www.theiia.org/goto/AuditCenters.

Audit’s Value Oct. 5–14, Dec. 8–17: Audit Report Writing Oct. 5–30: CIA Learning System Comprehensive Instructor-led Course — Part 3 Oct. 19–28: LSS for Internal Audit Planning Oct. 19–21: Operational Auditing: Evaluating Procurement and Savings

CONFERENCES Check out these upcoming conference sessions focused on internal audit best practices:

Nov. 2–11: Operational Auditing: Influencing Positive Change Nov. 16-17: Data Analysis for Internal Auditors

Financial Services Exchange Conference

Dec. 8–17: Lean Six Sigma for Internal Audit Fieldwork

Sept. 14–15, 2015 / Grand Hyatt Washington / Washington, DC •

Members-only Webinars

A Conversation with Representative Hill – A Financial Services Perspective

Save the dates for this lineup of members-only webinars. Learn more about these free CPE opportunities at www.theiia.org/goto/MOW. All members-only webinar topics and speakers are subject to change without notice.

•

Sound Bites: Hot Topics in Financial Services Internal Audit

•

Getting the Most From Meeting Heightened Expectations

Aug. 18: Emerging Technology Audit Hot Topics

Southern Regional Conference

Nov. 17: Measuring IA Value and Performance

Nov. 8–11, 2015 / Sheraton New Orleans Hotel / New Orleans, LA

All Star Conference Oct. 19–21, 2015 / Diplomat Resort & Spa / Ft. Lauderdale, FL

Visit www.theiia.org/conferences for more information.

SEMINARS

eLEARNING

ON-SITE TRAINING

CONFERENCES

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INTERNAL AUDIT PRACTICE CERTIFICATIONS Your Master Key to Career Success – IIA Global Certifications and Qualifications Whether you are mastering the fundamentals of internal auditing or moving into audit management, you owe it to yourself and your organization to pursue the Certified Internal Auditor® (CIA®), the only globally recognized internal audit credential and standard for excellence within the profession.

Auditors who specialize can further distinguish their expertise by pursuing The IIA’s specialty certifications and qualifications, including: • Certification in Control Self-Assessment® (CCSA®) • Certified Financial Services Auditor® (CFSA®) • Certified Government Auditing Professional® (CGAP®) • Certification in Risk Management Assurance® (CRMA®) Internal Audit Practitioner Designation Now Offered for New and Rotational Auditors This new designation provides recognition for those who have taken the first step toward CIA certification, which is taking and passing Part One of the Certified Internal Auditor® (CIA®) exam.

This designation demonstrates knowledge and aptitude of internal audit basics with an opportunity to continue the path to full CIA certification. For those navigating through a temporary or rotational role in auditing, the Internal Audit Practitioner designation provides fundamental knowledge to make the most of the experience and offers credibility within the field. In addition, it offers audit managers and exec-

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utives a practical and effective way to build stronger teams by establishing a common foundation of basic auditing skills and knowledge. Learn more at www.theiia.org/goto/CIA.

BOOKS AND EDUCATIONAL PRODUCTS The IIA’s CIA Learning System This comprehensive and interactive CIA review program teaches and reinforces the entire global CIA exam syllabus in a flexible, on-demand format. It combines printed and eReader materials with online tests and study tools to ensure you’re prepared to pass the CIA exam and are armed with critical tools and knowledge to excel in your internal audit career.

Item No.: 1150 Member Price: US$795.00 / Nonmember Price: US$895.00

Become a Strategic Internal Auditor: Tying Risk to Strategy Businesses today are spending more time on strategic issues and seeking more help from those with strategic capabilities. This has created a unique opportunity for internal auditors to help their organizations both manage their risks and achieve their strategic goals.

Discover how to: • Stay connected to the business and become involved with more strategic initiatives.

• Get involved earlier in the life cycle of the project or strategic initiative.

• Use ERM to raise risk and strategy questions.

• Use leading-edge risk assessments to gain knowledge for strategic initiatives.

Item No.: 5033 Member Price: US$40.00 / Nonmember Price: US$50.00

Your Career

INTERNAL AUDIT PRACTICE Financial Planning and Budgets: Understanding the Auditing Process Financial Planning and Budgets is a comprehensive reference guide designed to help experienced audit managers and internal auditors plan, organize, perform, and report on the financial planning and budgeting processes. A strong risk management capability is important in today’s automated, fast-paced business world. This book discusses identifying key risks in the external or internal business environment of an organization and how they should be mitigated, avoided, or controlled.

THOUGHT LEADERSHIP AND RESEARCH Internal Auditor Magazine: Think Like a Leader Internal audit’s effectiveness hinges largely on the mind-set and approach of individual practitioners.

By adopting a leadership perspective and thinking strategically about the enterprise, internal auditors at every level — from staff to CAE — can function in greater harmony with the business and help ensure the audit function’s relevance. www.internalauditoronline.org

GLOBAL PERSPECTIVE

10 Imperatives for Internal Audit

Practitioner Series

Larry Harrington, CIA, CRMA, QIAL, CPA CAE, Raytheon Company Chairman of The IIA 2015–2016

Arthur Piper

Item No.: 1158 Member Price: US$55.00 / Nonmember Price: US$65.00

NEW! Driving Success in a Changing World: 10 Imperatives for Internal Audit

Change in the business world is accelerating as the effects of globalization, advances in technology, and revolutions in geopolitical landscapes reach deeper into societies around the globe. The report gives practitioners a fresh perspective on how to navigate today’s challenges.

CBOK

Sponsored by:

The Global Internal Audit Common Body of Knowledge

Access these books and more at www.theiia.org/Bookstore.

GUIDANCE The Framework for Internal Audit Effectiveness: The New IPPF For internal audit to keep up with an ever-changing environment The new International Professional Practices Framework (IPPF) is evolving to effectively support the profession and meet the many challenges ahead. Learn more about the new IPPF, the new Mission and Principles, and what additional enhancements lie ahead. www.theiia.org/goto/IPPF

Leveraging COSO Across the Three Lines of Defense Clear responsibilities must be defined in addressing risk and control. While COSO’s Internal Control– Integrated Framework outlines the components, principles, and factors necessary for an organization to effectively manage its risks through the implementation of internal controls, the roles are not outlined.

This new report provides the guidance on how to articulate and assign specific roles and responsibilities regarding internal controls by relating the Framework to the Three Lines of Defense Model.

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Your Career

INFORMATION TECHNOLOGY Technology continues to play an ever-increasing role in internal audit as both an audit tool and audit area. Whether you’re looking for the latest guidance on the use of technology or need to sharpen your IT skills, we have a variety of solutions to fit your ever-changing needs.

Keep Your Finger on the Pulse of Technology with The IIA and Deloitte – an IT audit curriculum created specifically for IT pros, IT novices, and everyone in between. These hands-on courses are taught by skilled instructors with real world experience who make today’s technology issues clear. www.theiia.org/training.

TRAINING RESOURCES

Introduction to IT Auditing

NEW! Fundamentals of IT Auditing This course will provide attendees with an introduction to IT auditing, emphasizing the concepts through exercises and case studies. Internal audit professionals will develop knowledge of basic IT audit concepts that can be used to facilitate integrated audit efforts within their organization.

Gain an understanding of the ins and outs of information technology as well as baseline knowledge of general computer control concepts. Knowing how information systems impact the audit environment is the key to doing your job well today and achieving greater success tomorrow.

Upcoming Offering:

Nov. 10–13, Dallas, TX

CPE Hours Available: 32

Attendees will have the opportunity to perform an audit of IT applications supporting key business processes, coordinate the assessment of IT risk with the evaluation of IT general controls, and perform a risk assessment and evaluation of controls over end user computer applications.

Upcoming Offering:

Sept. 2–3, Cleveland, OH

Sept. 22–23, Houston, TX Oct. 13–14, Atlanta, GA

Auditing Oracle Applications Acquire a solid understanding of how the implementation and use of Oracle applications will impact your organization. This course includes facilitated discussions, and computer-simulated class exercises.

It provides a thorough overview of Oracle security basics, network and operating system security, data conversion and interfaces, and much more.

CPE Hours Available: 16

Visit www.theiia.org/training for more information on these courses and to register.

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SEMINARS

Upcoming Offering: Oct. 20–23, Costa Mesa, CA CPE Hours Available: 32

eLEARNING

ON-SITE TRAINING

CONFERENCES

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INFORMATION TECHNOLOGY eLEARNING

On-site Training With ever-increasing cybersecurity risks, all internal auditors must be up to date with the latest technology threats and tendencies. Make sure your internal audit group is ready for these challenges with our newest cybersecurity courses: • Cyberaudits of Identity and Access Control Management • Cybersecurity and Audit of Payment Card Systems • Cybersecurity Audits for Modern Web Applications • Auditors’ Guide to Cybersecurity Vulnerability and Penetration Testing Explore more benefits of On-site Training by visiting www.theiia.org/onsite or contact The IIA’s On-site Training Department by e-mail at GetTraining@theiia.org or call +1-407-937-1388.

The IIA’s wide variety of webinars, eSeminars, on-demand self-study courses, and eWorkshops mean you can spend less time traveling to training and more time learning. www.theiia.org/elearning.

Members-only Webinars Learn more about these free CPE opportunities at www.theiia.org/goto/MOW. All Members-only Webinars topics and speakers are subject to change without notice.

Aug. 18: Emerging Technology Audit Hot Topics

Specialty Group/Center Online Events* American Center for Government Auditing Oct. 6, 8, 10, 13: eWorkshop: Using Excel to Extract, Analyze and Report on Audit Samples Oct. 27, 29: eWorkshop: Strategies for Effective Purchasing Card Audits Financial Services Audit Center Aug. 6: Webinar: A World of Regulations Sept. 3: Webinar: Hot Topics in Operational Risk Management Dec. 3: Webinar: Hot Topics in Compliance Audit Executive Center Oct. 15: Webinar: Keys to Sustaining Continuous Risk Assessment * Specialty group/center membership required.

Learn more at www.theiia.org/goto/AuditCenters.

SEMINARS

eLEARNING

ON-SITE TRAINING

CONFERENCES

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Your Career

INFORMATION TECHNOLOGY

CONFERENCES Conferences offer a great way to delve into information technology and network with your peers who are facing the same tough challenges:

Governance, Risk, and Control Conference (an IIA and ISACA collaboration) Aug. 17–19, 2015 / Arizona Biltmore / Phoenix, AZ

Financial Services Exchange Conference

GUIDANCE GTAG 3: Continuous Auditing: Coordinating Continuous Auditing and Monitoring to Provide Continuous Assurance, 2nd Edition Recently updated, this publication provides the key considerations practitioners need to implement continuous auditing, which will ultimately help them develop a better understanding of the business environment and the risks to the company to support compliance and drive business performance.

GTAG 4: Management of IT Auditing, 2nd Edition

Oct. 19–21, 2015 / Diplomat Resort & Spa / Ft. Lauderdale, FL

This guide takes into account the latest developments in the IT landscape and empowers CAEs to more efficiently and effectively manage their IT audit work by focusing on three core areas: determining where IT audit resources are needed; accurately evaluating IT-related risks; and executing IT audit work.

Southern Regional Conference

GTAG 7: Information Technology Outsourcing, 2nd Edition

Sept. 14–15, 2015 / Grand Hyatt Washington / Washington, DC Experience a unique blend of interactive facilitated sessions, informative educational presentations, stimulating dialogue, valuable practice sharing, revealing success stories, and tangible takeaways for immediate implementation.

All Star Conference

Nov. 8–11, 2015 / Sheraton New Orleans Hotel / New Orleans, LA

Visit www.theiia.org/conferences for more information.

This guide will help CAEs and their audit teams determine the extent of internal auditor involvement when IT is partially or fully outsourced in their entities by providing information on the types of IT outsourcing (ITO), the life cycle of ITO, and how internal auditors can approach risk in connection with ITO delivery.

Consult these guidance resources, including GTAGs that address IT, part of International Professional Practices Framework® (IPPF®), by visiting www.theiia.org/guidance.

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The Institute of Internal Auditors

Your Career

INFORMATION TECHNOLOGY BOOKS AND EDUCATIONAL PRODUCTS June 2015

JUne 2015

InTeRnALAUDITOR.ORG

Diversity and Inclusion at MGM Internal Audit in the Crosshairs Meet The IIA’s new Chairman of the north American Board The Audit Committee/CAe Relationship

fraud and ethics

Information technology is a highly dynamic, rapidly changing environment. IT auditors are expected to stay current with the latest tools, technologies, and trends. This book is designed to help internal auditors take a step back and understand the general process and activities involved in conducting an audit around technology.

internal auditor

A New Auditor’s Guide to Planning, Performing, and Presenting IT Audits

THOUGHT LEADERSHIP AND RESEARCH Internal Auditor Magazine: Six Audit Analytics Success Factors

Beyond The FCPA

Data analytics has helped internal auditors increase productivity and improve the quality and value of audit findings. But the implementation of analytics tools cannot be performed haphazardly — a thoughtful, planned approach is required. www.internalauditoronline.org Compliance with the U.S. regulation alone is not enough for companies subject to anti-corruption standards around the globe.

New Research Reports Focusing on IT Item No.: 1070 Member Price: US$60.00 / Nonmember Price: US$70.00

Auditing Social Media: A Governance and Risk Guide If you want your business to stay ahead in the game, this one-stop guide will help you navigate through the maze of risks and governance surrounding social media.

Auditing Social Media explains how your organization can thoroughly ensure it has the adequate measures in place to capitalize on social media while protecting itself from excessive risk.

Item No.: 1081 Member Price: US$39.95 / Nonmember Price: US$49.95

Access hundreds of other practitioner-reviewed educational products at www.theiia.org/bookstore.

During the 2015 Governance, Risk, and Control Conference in August, two new reports based on the 2015 Global Internal Audit Common Body of Knowledge (CBOK) Practitioner Survey will be released: Navigating Technology’s Top 10 Risks: Internal Audit’s Role, and Staying A Step Ahead: Internal Audit’s Use of Technology. The IIA and ISACA, in addition to collaborating once again on the GRC Conference, also collaborated on a third report being released at the event, Cybersecurity Response Plan: 5 Tips for CAEs and Audit Committees. All three reports will be available at no cost after Aug. 19 at www.theiia.org/research.

AuditChannel.tv Catch the latest insight into IT audit best practices on www.AuditChannel.tv.

• Maximize the Big Data Revolution • Social Networking and Engineering Threats Auditors Should Know • And more!

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Your Career

THE TRUTH About

FRAUD We want to believe fraud is black and white, making good and bad guys readily identifiable and happy endings easier to come by. It’s usually not so simple. The complexities that fraudulent work presents to practitioners is the subject of The IIARF’s new release, Raise the Red Flag: An Internal Auditor’s Guide to Detect and Prevent Fraud.

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The Institute of Internal Auditors

Author Lynn Fountain, CGMA, CRMA, says as important as recognizing the red flags, is knowing what to do with that information. “Instead of saying, ‘we have a misappropriation. Let’s dig further,’ internal auditors must identify the questions they need to ask themselves to ensure they take the appropriate next steps.” It’s the philosophy of not getting the cart before the horse that lays the foundation for her book, which provides internal auditors with a framework for instilling a fraud methodology within their departmental procedures.

Fountain outlines various concepts internal audit groups should proactively evaluate, consider, and use to establish internal procedures for addressing fraudulent work. If and when a potential fraud occurs, these concepts will protect the field of evidence from being compromised should litigation ensue.

Your Career

Throughout the book, the importance of establishing protocols — which Fountain says is internal audit’s greatest challenge when executing fraudulent work — is reiterated and illustrated. “For example, it defeats the purpose of a whistleblower hotline if you don’t know what to do with the information,” says Fountain. “That’s just one example of many, but it paints a clear picture for people.”

To support internal auditors in this area, the book takes a systematic approach to each phase of establishing and maintaining solid overarching fraud protocols, just a few of which include: ■■ Determining and communicating internal audit’s role in fraud.

■■ Establishing a fraud fighting methodology.

■■ Reporting procedures for an effective fraud program.

Additionally, the book addresses a host of sensitive issues practitioners face, such as what an internal auditor should do when they think there is fraud in the organization’s high ranks, but are afraid to report it. “First, if you think fraud is occurring, be sure you have the evidence to substantiate your suspicions. In a court of law, to prove fraud you need to prove intent,” says Fountain. “From there, it depends on your position. Staff auditors should speak to their CAE. CAEs can speak to legal or go directly to the audit committee.”

To get your copy of Raise the Red Flag, please visit www.theiia.org/ bookstore.

IIARF Bookstore Releases: CIA Exam Practice Questions – This new resource provides the underlying concepts of the exam objectives with detailed explanations of each practice question. This will enable readers to understand why answers are correct and — just as important — why answers are incorrect. An essential tool for taking the CIA exam, Certified Internal Auditor® (CIA®) Exam Practice Questions gives candidates a clear understanding of the content to help them decide when they are ready to take the exam.

CRMA Exam Practice Questions – The Certification in Risk Management Assurance™ (CRMA®) Exam Practice Questions is designed to be a helpful tool in preparing for the CRMA exam. Included are practical scenario-based questions as well as those of a more theoretical nature. Suggested solutions provide reference to specific sections of the CRMA Exam Study Guide. Additionally, a reference appendix offers sources for further study. After reviewing the 150 questions, this analysis and reflection will help candidates determine if they are ready to sit for the actual CRMA exam.

Intellectual Property: IA Process – Recently updated, this book is designed to provide auditors insight into the various risks associated with intellectual property, and important points to consider when planning the audit of intellectual property. It will encompass tests of controls and substantive tests auditors may want to conduct when performing an audit. Additionally, the book addresses the various stakeholders auditors may want to include in the reporting phase of the audit.

Learn more and purchase at www.theiia.org/bookstore

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IIA Resource Exchanges

The most comprehensive and up-to-date list of resources for guidance, knowledge sharing, publications, certifications, training, events, and more.

Risk Resource Exchange Today’s business environment is characterized by mounting pressures for stronger, more effective risk management. The Risk Exchange provides useful tools and resources, including the latest news and developments on risk issues, creating a global forum for the aggregation and sharing of knowledge.

CBOK Resource Exchange Access the latest reports and tools to support your efforts in validating and benchmarking trends and emerging issues based on the largest and most comprehensive ongoing study of the internal audit profession. More than 25 free reports will be released through 2015 and 2016.

COSO Resource Exchange Access the latest news, resources, tools, knowledge sharing, and training to support your implementation efforts of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control–Integrated Framework (2013) and Enterprise Risk Management–Integrated Framework (2004).

Audit Committee Resource Exchange The critical connection between audit committee effectiveness and internal auditing mandates that committee members maintain an in-depth understanding of internal audit best practices and how their internal audit activity is functioning. Access tools and resources to manage your audit committee relationship more effectively.

Visit www.theiia.org/goto/resourceexchange.

Your Career

IIA MEMBERSHIP: A 50-Year Investment Created

Growth and Opportunity Investment into a career, profession, and partnership has served well for many internal auditors. Just ask Michael Raphael, CIA, an IIA member for 50 years!

When applying for an accounting position with Sears in 1959, he was recruited into internal audit and joined The IIA in the 1960s. “At that time, we were considered glorified bookkeepers and a necessary evil.

There were no standards, no formal code of ethics, and no certification program,” says Raphael. He credits The IIA for helping him, and the profession as a whole, evolve.

“The profession has progressed to the point where internal auditors in most locations are considered ‘the right arm’ of management and the board. The IIA deserves many thanks in this regard.”

He encourages practitioners looking to grow professionally to become active in The IIA. “Membership provided me exposure to internal auditors from a wide variety of organizations, and I absorbed the ideas on improving my work. It also provided networking that helped with my career devel-

Michael Raphael with The IIA Membership staff: Princess Stephens, Janet O’ Connor, and Suzanne Cummings.

opment.” Beyond active IIA membership, his advice for new internal auditors is rooted in the Dwight D. Eisenhower quote hanging over his desk: The uninspected inevi-

tably deteriorates. He encourages practitioners to constantly look for unusual situations requiring additional review. That’s the lifelong investment in yourself.

“An IIA Audit Group membership has provided me and my audit team access to training and resources in one place with huge savings.”

Maticia Sims, CIA, CRMA Chief Audit Executive Blue Cross Blue Shield of North Carolina IIA Group Member Since 2006

Strengthen your entire team by leveraging an IIA Audit Group membership. www.theiia.org/goto/group

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YOU

Are INVITED

Join a select group of C-level executives on a four-day immersive experience to prepare for the highest rank of the internal audit profession.

IN 2015, VISION UNIVERSITY WILL CELEBRATE THESE SESSIONS: Baltimore

San Francisco

Sept. 14–17 Renaissance Baltimore Hotel Baltimore, MD

Nov. 2–5 Hyatt Fisherman’s Wharf San Francisco, CA

www.TheIIA.org/goto/ExecutiveDevelopment

Where Your Path to CAE Success Begins

2015-5016

Au g u s t 2 0 1 5

Perspectives on the Debut of the First CBOK Report

2015-1315

PRACTICE FOR

AUDIT

IMPERATIVES 247 Maitland Avenue Altamonte Springs, FL 32701-4201 USA +1-407-937-1111

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