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Институт на вътрешните одитори (The IIA) [EN]

Announcement of Slate for 2012-2013 North American Leaders
The North American Nominating Committee is pleased to announce the nominees for North American Board officers and members, and for the open district advisor and representative positions.These candidates have agreed to serve subject to election at the North American Membership Meeting at the Disney Yacht and Beach Club Resort, Lake Buena Vista, Florida, April 22, 2012, at 1:00 p.m.  The new NA Board members and district representatives and district advisors will take office upon election.  IIA members in the United States, Canada, Caribbean, and Bermuda may vote in person or by proxy.  All North American members are invited to attend.  NA Board members, District Representatives, and District Advisors are elected for one- or two-year terms.  NA Board officers are elected for one-year terms.Click here to see the 2012-2013 slate of nominees.  
IIA Begins Formation of New Institute in Israel
 Different leadership helps re-establish the country’sofficial voice and guiding body of the internal audit profession ALTAMONTE SPRINGS, Fla., USA — The global board of directors of The Institute of Internal Auditors (The Global IIA, or The IIA) unanimously voted to recognize a new Institute in formation in Israel (IIA-Israel). Hagai Tenenbaum-Erez has been elected as the top officer of IIA-Israel, and he will lead the organization in its role as the official IIA voice and guiding body of the internal audit profession in Israel. More than 600 internal auditors have already joined the new organization.  In June 2011, The Global IIA disaffiliated its former Institute in Israel but has since identified this new representation to re-establish its presence there. “We are committed to ensuring IIA services are available to our stakeholders and all internal audit practitioners in Israel, and we greatly value the relationship with our Israeli counterparts. We are excited about the future of the profession in this part of the world,” said IIA Global Chairman of the Board Denny Beran, CIA, CCSA, CRMA. “We have shared values with this new leadership and we look forward to working with them on providing exceptional service, guidance, and advocacy for the profession.” IIA Global Operations Chief David Polansky and IIA Senior Vice Chairman of the Board Phil Tarling will serve as direct points of contact for IIA-Israel and will guide the Institute’s formation. “This new relationship will ensure the requirements for IIA Institute affiliation are met and policies are followed in the best interest of the internal audit profession and IIA members in Israel,” said Polansky. “We look forward to putting to rest the prior issues that resulted in the former Institute’s disaffiliation from The Global IIA.” Standard agreements between Global IIA and its fully affiliated Institutes state that only one body is recognized per geographic area to represent The IIA. In exchange for this and other commitments from Global IIA, leadership of the newly formed IIA-Israel has agreed to adhere to a number of requirements including:  Developing fair membership policies. Protecting IIA intellectual property, including The IIA’s professional certification exams. Adhering to The IIA’s Code of Ethics and principles of transparency. Upholding strong governance practices as required by Global IIA. Developing professional guidance aligned to The IIA’s International Professional Practices Framework (IPPF). Tarling and IIA President and CEO Richard Chambers will visit Israel in February to participate in a roundtable forum & conference hosted by the new IIA-Israel to discuss current challenges and opportunities facing internal auditors in Israel. The IIA also recently made the Hebrew translation of the Certified Internal Auditor exam available via computer-based testing. The delivery enhancement comes in response to continued growth of the internal audit profession globally and the need to provide Hebrew-speaking registrants with greater flexibility to sit for the exam.  “This is an exciting time for The IIA in Israel. The internal audit profession is continuing to gain recognition and this is another step in its evolving stature,” said Tenenbaum-Erez. “On behalf of the new leadership of IIA-Israel, I want to tell our members, internal audit practitioners throughout our country, and The Global IIA how excited we are to carry the Institute forward, and we welcome achieving success together.” Established in 1941, The Global IIA operates through more than 100 IIA Institutes worldwide that support The IIA’s mission, participate in its global governance, and contribute to its global strategic plan. The Global IIA maintains the IPPF comprising the International Standards for the Professional Practice of Internal Auditing and other globally applicable guidance, as well as offers global certification programs.  To learn more about the upcoming roundtable forum and  conference, please visit http://ymlp.com/zeGpKf. ###With more than 170,000 members in 165 countries, The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator.
CRMA Candidates May Substitute Experience and Credentials for Exam for a Limited Period of Time
Professional Experience and Background Recognized When Applying for Certification in Risk Management AssuranceCandidates able to submit proof of credentials in lieu of taking exam. The Institute of Internal Auditors (IIA) has released details of the Professional Experience Recognition process for the newly developed Certification in Risk Management Assurance (CRMA). Candidates for the CRMA may submit proof of experience, related certifications, and education in order to receive the professional designation now in lieu of taking the certification exam that will begin being offered in June 2013. The CRMA allows audit practitioners to demonstrate their ability to provide advice and assurance to audit committees and executive management on whether key risk management and governance processes in their organizations are in place and effective. “We recognize there are many internal auditors and risk management professionals who already have the requisite knowledge and experience worthy of the CRMA recognition,” said IIA Vice President of Certifications Cyndi Plamondon, CIA, CCSA, CFSA, CGAP. “This opportunity allows them to lead the way in exhibiting their valuable expertise.”  The Professional Experience Recognition process provides candidates an opportunity to accumulate points based on their: Education Active audit related certifications Professional experience within the five domains of the CRMA Assessing / assurance of risk management activities Risk management fundamentals Elements of risk management Control theory and applications Business objectives and organizational performance  Candidates that accumulate more than 150 points on their application will be granted the CRMA designation without having to sit for the CRMA exam. The fee for participating in the Professional Experience Recognition process ranges from US $250 to US $650, depending on factors such as IIA membership and current active certifications. A US $100 non-refundable fee is required when submitting the application, which is applied toward the total cost of the certification if the application is approved. Candidates* in North America and the 65 countries serviced directly by The IIA’s global Certifications Center can apply and submit their documentation through The IIA’s online certification system. Once the application is reviewed and approved, a decision on whether the CRMA is granted based on professional experience will be made within 30 days. To learn more about the CRMA and how to participate in the Professional Experience Recognition process, please visit: http://www.theiia.org/certification/crma. ### * For candidates located in one of the following 30 countries, the Professional Experience Recognition process will be handled directly through the applicant’s local Institute beginning in early 2012: Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Taiwan, Czech Republic, France, Germany, Greece, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, Morocco, The Netherlands, New Zealand, Norway, Philippines, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, and Turkey.  
Audit Executive Center in Demand
Demand for the Audit Executive Center, The IIA’s essential resource of vital knowledge and tools exclusively for internal audit executives, is much greater than originally projected. It’s a welcome sign that the new service is delivering on its value proposition and meeting chief audit executives’ (CAEs) needs previously unfilled by the marketplace, says IIA leadership. The Center was developed in response to IIA membership's call to better support the unique needs of CAEs as they meet the increasing challenges of supporting executive management, boards of directors, audit committees, and their staffs. “Less than only three months after launch, we’ve already enrolled 300 organizations,” said Director of CAE Service Donna Batten, CIA.  “This is double what we expected at this early point in time, which tells us that we’re offering something chief audit executives and their staff believe will help them be more effective.”  Created by The IIA with direct, hands-on guidance from leading audit professionals, the Audit Executive Center is a portal to a vast array of services designed to provide CAEs with everything they need to help them stay empowered, connected, and relevant. Members of the Audit Executive Center can enjoy three levels of service, starting with the Professional and then Advocate levels, and offering its top tier at the Ambassador level.  “The Audit Executive Center far exceeded my expectations and offers more than the service we currently use,” said Mike Brunson, chief audit executive for Virginia Credit Union and a member of the Audit Executive Center at the Advocate level. “I was sold on the Center almost instantly because of its robust and easy-to-navigate website resources. It’s full of audit-specific topics relevant to what I need.” Through the Center, CAEs and their audit staff can access benchmarking studies, thought leadership, peer-to-peer knowledge sharing, online discussion forums, exclusive networking events, reports that identify and analyze emerging risks, information on leading practices, cutting-edge topical research, and news publications. “The Center provides me and my staff with a readily available source of content and information I can’t find elsewhere,” said Brunson. “No other service has provided this kind of information.”Visit The IIA's Audit Executive Center at www.theiia.org/cae.
COSO Releases Two Additional Thought Papers on ERM
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal controls, enterprise risk management (ERM), and fraud deterrence – is releasing two additional new thought papers relating to ERM aimed at providing guidance to help organizations advance along the ERM maturity curve.The first thought paper, Embracing Enterprise Risk Management: Practical Approaches for Getting Started, developed by Mark Frigo and Richard Anderson of the Center for Strategy, Execution, and Valuation at DePaul University,describes how an organization can begin implementing an ERM process. It also examines perceived barriers to effective ERM and how to work through those barriers. “Starting an ERM process is a daunting task for many organizations” said Anderson. “The paper provides an action plan that can be used as a tangible tool in ERM implementation.”COSO’s second thought paper, Developing Key Risk Indicators to Strengthen Enterprise Risk Management, developed by the ERM Initiative at North Carolina State University, discusses the importance of developing key risk indicators to be used to monitor emerging risks that might affect the strategic success of the enterprise. “Key risk indicators can serve as leading indicators of emerging risks that senior management and the board of directors can monitor to ensure that they don’t negatively affect the achievement of strategic objectives,” according to Mark Beasley, Deloitte Professor of Enterprise Risk Management and Director of North Carolina State’s ERM Initiative and co-author of this thought paper. “There is a lot of current activity involving implementation and enhancement of ERM in organizations of all sizes” said David Landsittel, chair of COSO. “Given COSO’s dedication to providing ERM thought leadership, we are issuing these two thought papers with an objective of assisting organizations in becoming more robust in their risk management activities.” Copies of these thought papers can be downloaded free of charge from COSO’s web site, (www.coso.org). COSO also encourages organizations seeking to strengthen their ERM processes to consider its 2004 Enterprise Risk Management – Integrated Framework, and its previously issued survey reports and thought papers on ERM, all accessible through its web site.  ### About COSOOriginally formed in 1985 to sponsor the National Commission of Fraudulent Financial Reporting, COSO is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management (ERM), internal control and fraud deterrence. COSO’s supporting organizations are The Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Management Accountants (IMA). www.coso.org About DePaul University’s Center for Strategy, Execution, and ValuationThe Strategic Risk Management Lab in the Center for Strategy, Execution, and Valuation at DePaul University is an engagement platform for thought leaders and the business community to co-create and share leading practices in Strategic Risk Management and ERM. The Strategic Risk Management Lab provides executive education, collaborative research and advising on leading practices in ERM focused on linking strategy, risk management and governance, as well as university courses which integrate ERM and Strategic Risk Management into the curriculum. http://commerce.depaul.edu/sev/ About North Carolina State’s ERM Initiative The ERM Initiative in the College of Management at North Carolina State University is pioneering thought-leadership about the emergent discipline of enterprise risk management, with a particular focus on the integration of ERM in strategy planning and governance. The ERM Initiative conducts outreach to business professionals through executive education and hands-on advising; its internet portal (www.erm.ncsu.edu); research advancing knowledge and understanding of ERM issues; and undergraduate and graduate business education for the next generation of business executives. www.erm.ncsu.edu
IIA Award Call for Nominations Open
The Institute of Internal Auditors is now seeking nominations of qualified candidates to be considered for the highest awards given by The Institute: The Bradford Cadmus Memorial Award; The Victor Z. Brink Award for Distinguished Service; and The Lifetime Achievement Award. Recipients of these awards will receive complimentary registration and travel arrangements for the International Conference in Kuala Lumpur, Malaysia in July 2011, as well as special recognition during the conference. The deadline for nominations is February 24, 2011. The Call for Nominations can be downloaded at http://www.theiia.org/theiia/about-the-institute/awards/individual-awards If you would prefer to receive the Call for Nominations as an attachment, please request a copy from Lori Gagnon at Lori.Gagnon@theiia.org.  
COSO Announces Online Survey to Gain Input for Update to Internal Control - Integrated Framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced the launch of an online survey to gain input from a broad audience for updating the COSO Internal Control - Integrated Framework (Framework). COSO has undertaken a project to update the Framework initially published in 1992 to address key challenges presented by an increasingly complex business environment and help organizations worldwide better assess, design and manage internal control.  The update is expected to provide more comprehensive and relevant conceptual guidance and practical examples, with a target publication date of 2012.The survey constitutes one form of data gathering and analysis, alongside other mechanisms for input and regular meetings with the project Advisory Council comprised of representatives from industry, academia, government agencies, and not-for-profit organizations. In addition, the updated Framework will be exposed for public comment to capture any additional input from the general public. COSO welcomes the participation of all who are familiar with the Framework and wish to provide their perspectives on what is still relevant, what is currently missing, and what needs to be refreshed. The survey is available on the COSO website at www.coso.org and will remain open until January 31, 2011. The survey can also be accessed at http://www.cosointernalcontrols.com/fs/fs-COSO2010.aspx. About COSOOriginally formed in 1985 to sponsor the National Commission of Fraudulent Financial Reporting, COSO is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence. COSO’s supporting organizations are The Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Management Accountants (IMA). www.coso.org
IIA Revises Audit Report Writing Seminar
If writing audit reports is part of your job, then you’ll be thrilled to know that The IIA’s curriculum development team recently released an enhanced version of the highly-rated seminar, Audit Report Writing. This updated course covers  the same important content it always has, now in a format that better facilitates learning and better equips you to deliver impactful, high-quality reports to your clients.Make improved report writing one of your 2011 New Year’s resolutions and register today!Upcoming offerings include a two-day course on February 17 – 18 (9:30 – 5:00 p.m. ET) in Houston and a four-session instructor-led virtual offering beginning on March 15 (2:00 – 5:20 p.m. ET).
IIA Enters Agreement with INTOSAI
The Institute of Internal Auditors, Inc. (IIA) and the Professional Standards Committee of the International Organization of Supreme Audit Institutes (INTOSAI) have entered into a Memorandum of Understanding (MOU). The agreement documents the alignment of the organizations’ strategic objectives, acknowledges each other’s global standards, and outlines the process for ongoing collaboration and cooperation. Recently signed by INTOSAI Professional Standards Committee Chair Henrik Otbo and IIA Chairman of the Board Günther Meggeneder, CIA, in Johannesburg, South Africa, this agreement supersedes a previous MOU signed in 2007 in Amsterdam, which created a structure for cooperation and collaboration between the two global standard-setting bodies. That earlier MOU also facilitated two INTOSAI Guidance for Good Governance papers – INTOSAI Gov 9140 Internal Audit Independence in the Public Sector and INTOSAI Gov 9150 Co-ordination and Co-operation between SAIs and Internal Auditors in the Public Sector – which were published and are available at http://www.issai.org/composite-194.htm. The new MOU expands collaboration between the two global entities, leveraging the work, experience, credibility, and impact of each. A major element of the MOU is the mutual acknowledgment that each organization’s standards – INTOSAI’s International Standards for Supreme Audit Institutions (ISSAIs) and The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) – are recognized globally. “As the global leader and standard-setter for the internal audit profession, The IIA aptly recognizes the importance of collaborating with the world leader and standard-setter for public sector auditing,” said Meggeneder. “It is critically important that our two organizations work closely together to ensure consistency and continuity, and this formal agreement will serve as a conduit for that work.” “The IIA is an ideal partner for supporting INTOSAI’s strategic objectives to provide and maintain international standards and contribute to the development and adoption of appropriate and effective professional standards,” said Otbo. “By joining forces through this important agreement, The IIA and INTOSAI will further the strategic goals of both organizations.”   Not only will the two bodies work toward a common language in regard to global standards, but they also will offer insights and share information, research, tools, and other materials and resources. In addition, IIA and INTOSAI representatives agree to observe each other’s standard-setting boards and activities.  “This MOU marks another significant milestone in our advocacy efforts in concert with other global guidance-setting bodies,” said IIA President and CEO Richard Chambers, CIA. “INTOSAI’s work in public sector auditing is vitally important to our members all around the world, and we are very excited to expand our association with this prestigious and influential global organization.”_______________About THE INTERNATIONAL ORGANIZATION OF SUPREME AUDIT INSTITUTIONS:  INTOSAI operates as an umbrella body for the external government audit community. It provides an institutionalized framework for supreme audit institutions in 189 countries to promote development and transfer of knowledge, improve government auditing, and enhance professional capacities, standing, and influence.
COSO Releases Results of Two Surveys on Current State of Enterprise Risk Management and Board Risk Oversight
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal controls, enterprise risk management (ERM), and fraud deterrence – is releasing results of two different surveys relating to the current state of enterprise risk management and board risk oversight. These surveys were commissioned by COSO and conducted in partnership with two outside organizations. These activities are a continuation of COSO's ongoing efforts to provide thought leadership on ERM and to seek input about COSO ERM guidance from key stakeholders.  (Read more...)
IIA Seeks Internal Audit Talent
Director, Standards & GuidanceThis position will be responsible for The IIA’s activities in developing and maintaining the International Professional Practices Framework (IPPF), including the Code of Ethics, International Standards for the Professional Practice of Internal Auditing (Standards).Internal Audit DirectorThe Internal Audit Director provides independent, objective assurance and consulting services designed to add value and improve the organization's operations. The Internal Audit Director assists all levels of management in accomplishing their objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.
New Audit Executive Center Enrollment Reaches Early Milestone
Only 38 days after launch, The IIA’s new Audit Executive Center (Center) enrolled its 100th member – the World Bank. The IIA officially launched its much-anticipated service on October 25.The Center was developed in response to IIA membership's call to better support the unique needs of Chief Audit Executives (CAEs) as they meet the increasing challenges of supporting executive management, boards of directors, audit committees, and their staffs. “We knew the need for such a service was there, and we’re very encouraged by the ahead-of-pace initial success,” said IIA Vice President of North American Services Hal Garyn.   Created by The IIA with direct, hands-on guidance from leading audit professionals, the Audit Executive Center is a portal to a vast array of services designed to provide CAEs with everything they need to help them stay empowered, connected, and relevant. Through the Center, CAEs and their audit staff can access benchmarking studies, thought leadership, peer-to-peer knowledge sharing, online discussion forums, exclusive networking events, reports that identify and analyze emerging risks, information on leading practices, cutting-edge topical research, and news publications. To find out more about The IIA’s Audit Executive Center, visit www.theiia.org/cae. 
New Pricing Structure for IIA Certifications
The IIA has revised its pricing structure for certification fees, effective Jan. 1, 2011. This new pricing structure will more accurately reflect the level of service our IIA Certification programs offer and is more comparable to similar professional certifications. Registrations received by Dec. 31, 2010, will be charged the current 2010 certification fees. Certification Fee Structure, Effective Jan. 1, 2011   MEMBERS     NONMEMBERS Application Fee $75 $100   CIA® Exam Part Fee $150 $200   Specialty Exam (CCSA®, CGAP®, CCSA®) Part Fee $325 $375   Exam Part Rescheduling Fee (when exam part is rescheduled after initial appointment is made) $50 $50 CPE Reporting Fee $0 $100    New IIA Program Eligibility PolicyThe certification program’s eligibility policy has changed, requiring candidates to complete the program certification process within four years of application approval. If a candidate has not completed the certification process within four years, all fees and exam parts will be forfeited.For more information about The IIA’s certification program, visit www.theiia.org/certification.
On-site Training's Course/Instructor of the Month
On-site Training announces its Featured Course and Featured Instructor for the month of December with a special offer when you reference source code ITOA-PC.
IIA Appoints Nationally Recognized Practitioner to VP of Standards and Guidance
The Institute of Internal Auditors (IIA) is pleased to announce that Beryl (Berri) Davis, CIA, CPA has been selected as the newest member of its Executive Leadership Team as Vice President, Standards & Guidance.  Davis will oversee the development and dissemination of relevant professional guidance for the internal audit profession such as the International Professional Practices Framework (IPPF), which includes the International Standards for the Professional Practice of Internal Auditing.  “I am thrilled that Berri has agreed to accept this important position with The IIA,” said IIA President and CEO Richard Chambers, CIA, CGAP, CCSA. “Her deep experience as an internal audit executive coupled with her extensive relationships in the internal audit profession, public accounting, and government auditing make her extremely qualified to lead The IIA’s guidance-setting arm.” Davis has served on The IIA’s management team for the past year as Director, Standards and Guidance.  Her distinguished career has included more than 20 years of internal audit experience and 13 years in finance/accounting roles. She previously served as Director of Audit Services for the City of Orlando.  She has worked in public accounting, industry, government and not-for-profit organizations. Davis has an impressive volunteer resume that includes Past President of the Florida Institute of Certified Public Accountants, Past President of the Florida Government Finance Officers Association, and serving on the Governing Council of the American Institute of Certified Public Accountants (AICPA). Davis was appointed by the Governor of Florida to a four-year term on the Florida Board of Accountancy and served one year as its Chairman. She is currently an active member of the U.S. Comptroller General’s Advisory Council on Government Auditing Standards.   In 2000, Davis was recognized by AICPA as its “Outstanding CPA in Government.” In 1994, she was named one of the nation’s “100 Most Influential People in Accounting” by Accounting Today magazine. Davis is a graduate of Emory University, obtained her MBA from the University of Florida, and is a Certified Internal Auditor, Certified Public Accountant, and Certified Government Financial Manager.
Global Body to Oversee Development of Internal Audit Standards
The Institute of Internal Auditors (IIA) announces the formation of the IPPF Oversight Council. This new body will begin by overseeing the process for developing authoritative guidance within the International Professional Practices Framework (IPPF) for internal audit professionals around the world. The Oversight Council will evaluate and advise the IIA Global Board of Directors on the rigor of The IIA’s standard- setting processes.“Stakeholders are demanding that standard setters are subject to oversight,” said IPPF Oversight Council Chairman and IFAC Executive Director of Professional Standards Jim Sylph. “The IIA is to be congratulated on setting up this Oversight Council. It is, indeed, an honor and a privilege to lead this body as it begins its critical role of enhancing the credibility of the IPPF standard setting processes.” Organizations represented on the Oversight Council include the International Federation of Accountants (IFAC), the International Organization of SupremeAudit Institutions (INTOSAI), the World Bank, the Organization for Economic Cooperation and Development (OECD), and the National Association of Corporate Directors (NACD). Also serving on the Council are the chairman emeritus of the Committee of Sponsoring Organization of the Treadway Commission (COSO) and a former chairman of The IIA Global Board of Directors. “Guided by its collective commitment to inclusiveness, transparency, diligence, timeliness, and other principles that will generate the confidence of all internal audit stakeholders, the Council will provide ongoing assurance that The IIA’s standards are of the highest caliber and are properly responsive to the public interest,” said IIA Global Chairman of the Board Günther Meggeneder, CIA. “This ensures there’s due diligence in place for our standard-setting process, and is major milestone for internal auditing becoming universally recognized as a profession.”The Council’s oversight role will layer additional rigor on top of The IIA’s existing standard-setting process, which includes the active involvement of five IIA international entities: Advanced Technology Committee, Committee on Quality, Ethics Committee, Internal Audit Standards Board, and Professional Issues Committee. As such, the Council will evaluate the due-process procedures for setting standards and guidance; review the charters of The IIA committees listed above; make recommendations for process improvement to The IIA Board of Directors; and communicate in The IIA annual report on the adequacy and transparency of the due process employed for standard- setting.  “Clearly, the Council’s oversight role is not a one-time commitment,” said Sylph. “To ensure practitioners in the internal audit profession stay abreast of the most effective, efficient, and ethical ways of doing business, The IIA must continuously deliver and update timely and relevant standards.”
COSO Announces Project to Modernize Internal Control - Integrated Framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced a project to review and update the COSO Internal Control - Integrated Framework (Framework). This initiative is expected to make the existing Framework and related evaluation tools more relevant in the increasingly complex business environment so that organizations worldwide can better design, implement, and assess internal control.“Organizations can continue to apply the current Framework, inasmuch as its basic components are timeless, but the more detailed guidance and examples are somewhat dated,” says David Landsittel, COSO chairman. "This project is not intended to change how internal control is defined, assessed, or managed, but rather provide more comprehensive and relevant conceptual guidance and practical examples."The Framework has been widely accepted as an internal control standard for organizations implementing and evaluating internal control related to operations, compliance, and financial reporting objectives, and more recently, internal control over financial reporting in compliance with the U.S. Sarbanes-Oxley Act of 2002 (SOX) and similar regulatory requirements in other countries.Enhancements to the Framework are not intended to alter the core principles first developed in 1992, but rather facilitate more robust discussion of internal control. Certain concepts and guidance in the Framework will be refined to reflect the evolution of the operating environment, changed expectations of regulators and other stakeholders. In addition, enhancements are expected to consider more than financial reporting and to consider ways to enrich the guidance on operations and compliance objectives.COSO has engaged PwC to support its update of the Framework. As such, PwC will be working under COSO's leadership and direction in developing the updated Framework. To help ensure a broad representation of perspectives, COSO is also forming an Advisory Council comprised of representatives from industry, academia, government agencies, and not-for-profit organizations to provide input as the project progresses. In addition, the updated Framework will be exposed for public comment to capture any additional input from the general public. Such due process will help ensure that the update adequately addresses internal control challenges of organizations today."The updated Framework is intended to help organizations more effectively design and manage internal control," explains Miles Everson of PwC, project team leader. "Additionally, it will further explain the interconnections with the Enterprise Risk Management - Integrated Framework, the 2006 Internal Control over Financial Reporting - Guidance for Smaller Public Companies, and the2009 Guidance on Monitoring Internal Control Systems."The initiative is expected to culminate in an updated internal control framework publication in 2012, the 20th anniversary of the initial Framework.###About COSO Originally formed in 1985, COSO is a voluntary private sector organization dedicated to improving organizational performance and governance through effective internal control, enterprise risk management and fraud deterrence. COSO is jointly sponsored by the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), the Institute of Management Accountants (IMA), and The Institute of Internal Auditors (IIA).About PwCPwC (www.pwc.com) provides industry-focused assurance, advisory, and tax services to build public trust and enhance value for its clients and their stakeholders. "PwC" refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
PCAOB Appoints IIA Member to Standing Advisory Group
The Public Company Accounting Oversight Board (PCAOB) has announced 14 new and renewed appointments to its Standard Advisory Board (SAG), including the appointment of IIA member Stephen Homza. Mr. Homza has been an  IIA member since 2003 and sits on The IIA’s Financial Services Advisory Board. He will serve a two-year term with the PCAOB beginning in January 2011.  The SAG advises the PCAOB on the development of auditing and related professional practice standards, and comprises auditors, investors, public company executives and others. The IIA nominated Homza after the PCAOB issued a request for SAG nominations in May 2010. They received more than 70 applications.  Homza is managing director of internal auditing at Legg Mason, Inc. He oversees and directs the internal auditing function for the company and its subsidiaries, which includes broker dealers, and is responsible for developing the annual risk-based audit plan. He also serves on Legg Mason's Internal Controls Committee, which oversees the company's compliance with the Sarbanes-Oxley Act. Prior to joining Legg Mason, Mr. Homza was an Audit Director with PNC Financial Services Group, where he was responsible for internal audits of a PNC subsidiary and PNC's wholly owned broker dealer subsidiary. He is also a Certified Investment Fiduciary Risk Specialist.
Dues Structure for 2011
The North American Board has approved the dues rates effective March 1, 2011 in alignment with providing core member services and funding IIA strategic initiatives. The majority of membership segments and incremental group fees will increase by $10 per member. Read more details about the dues structure.  
The IIA Unveils Much-anticipated Audit Executive Center
Provides chief audit executives with empowerment, connectivity and relevance to respond to the challenges and emerging risks of their organizations  ALTAMONTE SPRINGS, Fla. – Following significant effort and technological investments, The Institute of Internal Auditors (IIA) officially launched its much-anticipated Audit Executive Center this week, responding to its membership's call for more targeted information to help Chief Audit Executives (CAEs) enhance their value to their organizations and stakeholders such as executive management, boards of directors, and audit committees. Created by The IIA with direct, hands-on guidance from leading audit professionals, the Audit Executive Center is a portal to a vast array of services designed to provide CAEs with everything they need to help them stay empowered, connected, and relevant.“The Audit Executive Center is a reflection of The IIA’s commitment to lead CAEs to success by keeping them on the leading edge of the profession and providing relevant insights to the issues and challenges facing them today,” says IIA President and CEO Richard Chambers, CIA, CGAP, CCSA. “We’ve been working on it for years, and the Center will provide the timeliest intelligence, resources, tools and connections to assist chief audit executives in achieving their maximum potential in serving the needs of their key stakeholders.”Through the Center, CAEs and their audit staff can access benchmarking studies, thought leadership, peer-to-peer knowledge sharing, online discussion forums, exclusive networking events, reports that identify and analyze emerging risks, information on leading practices, cutting-edge topical research, and news publications. Several CAEs have had the opportunity to try out the Audit Executive Center during its “soft-launch” before becoming full members.A Rich WebsiteThe centerpiece of the Audit Executive Center is its website, www.theiia.org/cae, which is populated with practical up-to-date research, reports, and publications; houses a collection of downloadable tools and templates such as balanced scorecards and audit programs; and provides instant access to thought leadership on best practices and emerging risks via the site's discussion forums."The website really provides one-stop shopping," says Corliss Montesi, global director of internal audit for United Technologies Corp. "Our audit group is continuously looking for ways to improve, make sure we stay relevant, and add value. Keeping up with the latest risks, trends, and ideas of others is essential to what we do. In the past I have had to use a variety of sources. But now, the reference tools, research, and discussions about current approaches are all in one place that caters to CAEs, which makes my job much easier."Infinite Knowledge SharingOne of the most unique and valuable aspects of the Audit Executive Center is its ability to facilitate peer-to-peer knowledge sharing. Discussion forums on the website encourage members to expand their knowledge on rising issues and the changing risk landscape, debate topics, and learn about best practices from thought leaders in the internal audit field. The Audit Executive Center offers an annual networking event for Center members and provides Ambassador-level members with a complimentary registration to The IIA's General Audit Management Conference.“Having access to other CAEs to share best practices and talk about emerging trends and risks will be a tremendous advantage for me and my audit team,” says Denny Beran, CIA, CCSA, senior vice president of audit for the JCPenney Company. “It will also be extremely beneficial to have a website where we can stay connected to and stay on top of topics and issues, which enables us to provide value to our management team and the audit committee.”Premier ResearchAnother way that the Audit Executive Center helps its members stay connected and ahead of emerging risks is through its uniquely designed Flash Surveys, which enable CAEs to get real-time solutions to pressing audit challenges and perform almost instant benchmarking. In the past, when Montesi conducted a strategic review of her audit group to improve daily operations, she invested a significant amount of time and resources in the effort. Today, as a member of the Audit Executive Center, Montesi says she looks forward to using Flash Surveys in her audit organization's ongoing effort to improve operations without it taking months to conduct the research.Another complimentary benefit of Center membership is The IIA's Global Audit Information Network (GAIN) Annual Benchmarking Study. Since 1992 the study has served as a knowledge exchange forum enabling internal auditors from around the world to share, compare, and validate their audit activities. The Audit Executive Center also provides access to an array of other valuable research projects, including a complimentary training needs assessment for the CAE’s staff, The IIA's Compensation Study, and research conducted through The IIA Research Foundation (IIARF).Above the Rest Because the Audit Executive Center is provided by the guiding body of the internal audit profession, it's able to offer members incomparable access to premier research projects, connectivity to a vast network of audit leaders, and unparalleled value. “As internal auditors, we know how very important it is for us to stay abreast of keys issues that can have an impact on our company. But we receive so much information from a variety of sources that it is sometimes challenging to find the time to read through all the material,” added Beran. “The IIA has a clear understanding of what we need as internal auditors to be more effective, so they prioritize the information they put on the AEC website.  This saves us a tremendous amount of time sorting through the wealth of information that we do receive.”The IIA's Audit Executive Center offers tiered membership pricing so that even organizations with the constrained budgets can take advantage of the program and quickly realize a return on their investment. “Affordability is critical in today's challenging budget environment," says IIA vice president, Hal Garyn, CIA . “But now, for a relatively low investment, any CAE can access a range of knowledge and services that would cost much more if acquired individually.”To find out more about The IIA’s Audit Executive Center, visit www.theiia.org/cae or call 407-937-1390.###About The IIAEstablished in 1941, The Institute of Internal Auditors (IIA) is an international professional association with global headquarters in Altamonte Springs, Fla., USA. The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. Members work in internal auditing, risk management, governance, internal control, information technology audit, education, and security. Media ContactScott C. McCallumManager of Corporate Communications & PRTel +1-407-937-1247Email Scott.McCallum@theiia.org

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