The Auditorial - The Institute of Internal Auditors

The Auditorial
The Official Newsletter of the Northern Nevada
Chapter of the Institute of Internal Auditors
Volume I, Issue VII
Inside this issue:
President’s
Message
The Power to
Save
2
3
Certification
Corner
4
Ask the Auditor
5-6
Announcements
7
Career
Opportunities
8
Chapter Contacts
9
Professional
Designations That
Matter!
The Institute of Internal
Auditors (IIA) is recognized
as the worldwide leader,
authority, and principal
educator for internal auditing
professionals. Earning an IIA
certification symbolizes your
competency, commitment to
and achievement in internal
auditing.
July 2009
Happy Birthday to us, happy birthday
to us…….The Northern Nevada
Chapter of the IIA is turning 30 on
August 20, 2009!! Please join us at
the next Chapter meeting to
celebrate our birthday!! More
details coming soon……..
We’re looking for Facebook/Twitter Volunteers!! The Hawaii,
Reno, San Francisco, Sacramento and East Bay IIA Chapters
(aka District 3) are looking for volunteers to coadminister a District 3 page of behalf of their
chapter. Please contact Robert Valenciano at
rvalenciano@accell-us.com for more
information.
The Auditorial
Page 2
President’s Message
Summer is here! The Northern Nevada Chapter turns 30 on August 20, 2009!
Although we do not have any meetings currently, the 2009-2010 year holds many promises for our
chapter. I have attended some IIA Leadership trainings, and I have had the opportunity to meet and
communicate with other chapter leaders across the U.S. Because of this, I have heard a lot of good
ideas, and I hope to implement some of the ideas over the next couple of years.
The 2009-2010 year will start out with a bang on August 20, 2009 as we celebrate the 30th Anniversary
of the Northern Nevada Chapter. More details about this event will follow.
I hope that all of you will make a personal commitment to come to at least two meetings over the
course of the following year. If you have any topics you would like to learn more about, please
submit suggestions to Yette Martell-DeLuca at ymdeluca@gncu.net by
July 31, 2009.
Have a safe and fun summer!
Marianne Foster
President
Volume I, Issue VII
Page 3
Reintroducing Our Popular 4 FOR 3 Seminars
Times are tough. Training budgets are leaner than ever before. But it has never been more crucial
that you keep your skills set up-to-date, understand the changing professional landscape in which you
practice, and show your organization that you are open to new challenges.
To support your quest for success, The IIA has reintroduced our "Four for Three" offer. When you
register and pay at time of registration for three seminars at the same IIA seminar location, the fourth
seminar will be on the house.
1. Register yourself and three of your colleagues for public seminars at any one seminar site.
2. Reference Source Code 4FOR3 at time of your Group Registration.
3. We'll waive the registration fee for the fourth course (see details below).
It's that simple! Call an IIA Customer Service Representative at +1-407-937-1111 TODAY to take
advantage of this special offer!
The Fine Print …
The 4 FOR 3 promotion is limited only to IIA seminars and EXCLUDES IIA/Deloitte and IIA CIA
Learning System seminars. The 4 FOR 3 promotion is limited to NEW group registrations received
after March 1, 2009. All registrants must attend seminars at the SAME seminar location during the
same week to receive the 4 FOR 3 promotion. The lesser-priced course of the four registrations will
be the registration fee that is waived. Source Code 4FOR3 MUST be used at time of registration to
guarantee promotion's full benefits. Invoicing for this promotion is not available and all registrations
must be paid in full at time of registration. Cancellations for this promotion will not be allowed.
Attendee substitutions are allowed.
The Institute of Internal Auditors
247 Maitland Avenue, Altamonte Springs Florida, 32701
Tel. 1+407-937-1100, Fax. 1+407-937-1101
Web: http://www.theiia.org Email: online@theiia.org
All contents of this Web site, except where expressly stated, are the copyrighted material of the
Institute of Internal Auditors, Inc.
The Auditorial
Page 4
Certification Corner
Excellence is the new standard. How do you measure up?
The CIA credential elevates your standing in the audit community, boosting your
career opportunities, earning you increased credibility and respect within the
profession and your organization.
Ultimately, the CIA designation will:
Distinguish you from your peers.
Carry weight with internal staff and external clients.
Develop your knowledge of best practices in the industry.
Demonstrate your proficiency and professionalism.
Give you personal satisfaction of achievement.
Lay a foundation for continued improvement and advancement.
Earning the CIA designation is a valuable accomplishment and a professional advantage for auditors
at all stages of their careers, including chief audit executives, audit managers, audit staff, risk
management staff, and also students enrolled in an accounting or other business or financial
degree program.
So what are you waiting for? Click here and get started!!
And to help you get started, why not try out the IIA’s new Learning System?
Quality training for the CIA® exam.
The IIA now offers premier quality CIA preparation materials. The IIA's
CIA Learning System is an interactive print and Web-based program
designed to provide comprehensive and flexible training to CIA
candidates worldwide. This new program provides timely analysis of
practical audit procedures found in today's global organizations and
on the CIA exam.
The IIA's CIA Learning System allows you to study your way. Self-directed
materials, comprehensive instructor-led courses, and CIA refresher
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For more information about The IIA's CIA Learning System, please call +1-877-442-2425 (+1-651-905-2670 outside of
North America) or visit www.LearnCIA.com.
The IIA CIA Learning System is developed independently of The IIA's exam development function and uses syllabus
information that is publicly available.
Volume I, Issue VII
Page 5
Ask the Auditor………by Diana Kangas, CIA, CPA
NV Energy
Question:
What are the changes in the International Standards for the Professional Practice of
Internal Auditing? Will this affect the CIA exam?
Answer:
On January 1, 2009, the IIA released its revised International Professional
Practices Framework (IPPF). The new IPPF comes with revised Scope and Structure as summarized
below:
Scope Changes
Current PPF
Mandatory
New IPPF
Strongly
Recommended
and Endorsed
Endorsed or
Developed by
the IIA
Mandatory
Definition
X
Definition
X
Code of Ethics
X
Code of Ethics
X
Standards
X
Standards &
Interpretations
X
Practice
Advisories
X
Development &
Practice Aids
X
Strongly
Recommended
Practice
Advisories
X
Position Papers
X
Practice Guides
X
The IPPF’s scope has been narrowed to include only authoritative guidance developed by an IIA
international technical committee. Authoritative guidance consists of two categories:
Mandatory ~ Compliance is required and the guidance is developed following the
appropriate due process.
Strongly Recommended ~ Compliance is strongly recommended, and the guidance is
endorsed by The IIA.
Element Changes
Other changes to specific elements of the IPPF are as follows:
Standards ~ Six new standards have been added, and additional requirements have been made
to existing Standards (many standards have been changed to replace ―should‖ with ―must‖). The
revised Standards will include Interpretations to provide further clarity to terms and phrases.
The new standards are as follows:
IT Governance: 2110.A2 – The internal audit activity must assess whether the information
technology governance of the organization sustains and supports the organization’s
strategies and objectives.
Fraud Risk Management: 2120.A2 – The internal audit activity must evaluate the potential
for the occurrence of fraud and how the organization manages fraud risk.
The Auditorial
Page 6
Modifications to the IA Charter: 1010 – Recognition of the Definition of Internal
Auditing, the Code of Ethics, and the Standards in the Internal Audit Charter. The
mandatory nature of the Definition of Internal Auditing, the Code of Ethics, and the
Standards must be recognized in the internal audit charter. The chief audit executive
should discuss the Definition of Internal Auditing, the Code of Ethics, and the
Standards with senior management and the board.
Communication with the Board: 1111 – Direct Interaction with the Board. The chief
audit executive must communicate and interact directly with the board.
Prohibition from Managing Risk: 2120.C3 – When assisting management in establishing
or improving risk management processes, internal auditors must refrain from
assuming any management responsibility by actually managing risks.
Conducted in Conformance with the Standards: 2430 – Use of ―Conducted in
Conformance with the International Standards for the Professional Practice of Internal
Auditing.‖ Internal auditors may report that their engagements are ―conducted in
conformance with the International Standards for the Professional Practice of Internal
Auditing‖, only if the results of the quality assurance and improvement program
support the statement.
Practice Advisories. These have been narrowed in scope only to include the
methodology and approach for implementing the Standards.
Position Papers. This new element was added to the IPPF. Position Papers are IIA
statements that assist interested parties to understand significant governance, risk, or control
issues, and delineate the roles and responsibilities of the internal audit profession.
Practice Guides. This new element allows guidance to be issued at the tools and
techniques level, and includes detailed processes and procedures, programs, and step-by-step
approaches (e.g., examples of deliverables).
Changes to the CIA Exam
As of the printing of this newsletter, new applicants are responsible for knowing the new
standards. According to Kathy Lyons, IIA Certification Administrator, ―The new IPPF standards
will be applied to the examination in June 2009.‖
Do you have a burning question that needs to be answered? Or do you have a question and
answer that you would like to share with our members? Send your questions and suggestions for
questions/answers to DKangas@nvenergy.com and look for them in the next issue of
The Auditorial.
The chapter would like to thank Diana for all her hard work in
submitting the “Ask the Auditor” feature for the newsletter. We
really appreciate her contribution as she answers the questions
that many of us have!!
Thanks Diana!!!
Volume I, Issue VII
Page 7
Do you want to keep receiving The Auditorial?
If so please take a moment to verify your personal profile. If you
make changes such as employer, job title, telephone number or email
contact the IIA headquarters customer service at custserv@theiia.org.
members can make changes directly by visiting the IIA’s website at
http://www.theiia.org/.
need to
please
Or
If you have any questions regarding membership contact Andrea Iacono
at AIacono@employers.com.
Please welcome our newest
chapter member
Name
Garvit Chopra
Date
June 2009
Are you curious about what’s happening at the IIA? Now
you can stay informed and keep up to date on the IIA’s latest
news!! Here is your link delivering your need-to-know IIA
info. Get the most from your membership now! Click on the
link below and get in the know…….
http://www.theiia.org/membership/iia-link-member-newsletter/
Did you know…….
That if you are a member of the Northern Nevada Chapter you can place job postings in the
Auditorial? Job postings can include non-audit positions as well as audit positions. Not only will it
appear in the newsletter but the chapter website too! Simply contact sharon.poe@igt.com to get
your organization’s job openings posted. See page 8 for current openings.
We need your ideas!
Do you have ideas, suggestions, articles, facts, photos, etc. that
you would like to see in The Auditorial? We would love to hear
from you! Please send your ideas to Sharon Poe at
sharon.poe@igt.com .
The Auditorial
Page 8
Job Opportunities
TAX TREASURY MANAGER – RENOWN HEALTH/ Reno, NV
Under the general direction of the VP & Chief Accounting Officer, this position is responsible for the
management of the treasury function for Renown and its for-profit and non-profit affiliates and the
preparation and/or coordination of all tax or license filings.
Treasury responsibilities include cash management, debt management, and the provision of technical
support to a variety of entities within the System relating to accounting issues, pension plans, banking
relationships, and other financial issues. This position is responsible for recommending and
implementing cash management and investment strategies that maximize return on investment (at
agreed upon levels of risk) and minimize fees charged by banks and investment firms. Additionally, this
position is responsible for coordinating all new debt issues and monitoring related covenants.
Tax responsibilities include the preparation and/or review of all tax returns, including federal, state or
local. In addition, this position is responsible for all licensing requirements for Renown.
NATURE AND SCOPE:
Responsibilities of this position include development and review of investment policies, monitoring and
coordinating investment responsibilities with investment firms, maintaining records in an organized
manner, preparing monthly reports that provide information on investments, responding to inquiries in
a timely and positive manner, reviewing the general ledgers to ensure the accounting for investments
and debt issues are in accordance with Generally Accepted Accounting Procedures, and maintaining
a high level of accuracy. This position is responsible for working with the Human Resources and
Accounting Departments in coordinating education to employees regarding investment options and
results. This position is responsible for the timely and accurate completion of all Renown tax returns
and licenses. The position will research any tax related issues and provide recommendations based on
this research. The nature of these duties is confidential and subject to analysis and audit.
MINIMUM QUALIFICATIONS
Education: Requires a Bachelor's Degree in accounting from an accredited college or university. MBA
or CPA preferred. Requires the ability to read, write and speak English.
Experience: Requires three years of experience in tax return preparation. Applicants with experience
in investment management, treasury, and/or health care finance/accounting will be preferred.
Minimum of two years of supervisory experience.
CONTACT: LINDA KASPER/SR. RECRUITER/RENOWN HEALTH
(775)982-4738 OR LKASPER@RENOWN.ORG
Volume I, Issue VII
Page 9
Chapter Contacts
2008—2009 Officers
President
Marianne Foster, CIA
marianne.foster@igt.com
VP Membership
Andrea Iacono
AIacono@employers.com
VP Programs
Yette Martell-DeLuca
ymdeluca@gncu.net
Secretary
Sharon Poe, CIA
sharon.poe@igt.com
Treasurer
Magdalena Platte, CIA, CTP
magdalena.platte@igt.com
2008—2009 Board of Governors
May 2010
Open
May 2010
Joshua Mahnke, CIA
Joshua.Mahnke@hdfsi.com
May 2010
Linda Thomas, CIA
dandlthomas@att.net
May 2012
Carl Artinger, CIA, CPA
CArtinger@employers.com
May 2012
Nikki Kirkhouse, CIA, CPA, CFE
nkirkhouse@unr.edu
May 2012
Open
Northern Nevada Chapter:
Northern Nevada Chapter of IIA
P.O. Box 19794
Reno, Nevada 89511
http://www.theiia.org/chapters/index.cfm/home.page/cid/157
IIA Headquarters:
The Institute of Internal Auditors
247 Maitland Avenue
Altamonte Springs, Florida 32701
407.937.1101 phone
407.937.1101 fax
http://www.theiia.org/
iia@theiia.org email