To make sure you receive future emails,
please add contact information to your address book or safe list. |
 The Institute of Internal Auditors is celebrating its 70th Anniversary which is a truly remarkable milestone. Throughout the past 70 years, the IIA has supported the profession of internal auditing and strived to enhance the skills of its many professionals. The IIA has accomplished this through its research and advocacy initiatives. The continued success of the IIA reflects the commitment of its leaders and volunteers who have never been content with the status quo.
In a recent article for Internal Auditor magazine, Denny Beran, IIA Chairman of the Board, emphasized that as internal auditors we need to assess our relevance in our respective organizations. To that end, internal auditors must ensure that we deliver relevant and impactful work products to our stakeholders or risk becoming obsolete. At issue is whether we have the skills to deliver a truly insightful perspective or whether we are too mired in compliance activities. Although we should never lose sight of the fundamentals, we must also work to become trusted business advisors. It is very difficult to assess the critical risks and deliver impactful services unless we work alongside business leaders to understand the business strategy. We can strengthen our position within the organization by building broader awareness of risk throughout the businesses in which we operate, while we maintain our independence and objectivity.
In today’s business environment, the risks are becoming more complex and change with greater frequency. In fact, recent research recommends risk velocity be considered in conjunction with impact and probability. Furthermore, with the increased regulatory requirements in many industries and the ongoing budgetary pressures brought on by current economic conditions, the internal audit function will be stretched like never before. Accordingly, we all need to prioritize those activities that deliver the most value.
As the IIA marks its 70th Anniversary, the Twin Cities Chapter will celebrate 65 years of service in March 2012. The Twin Cities Chapter is committed to helping internal audit professionals navigate the changing environment. We have increased the diversity of training programs to not only address basic audit techniques, but also to help auditors leverage technology and operate more effectively across their organizations. Additionally, our roundtable programs provide members an opportunity to share ideas and discuss current challenges. We have planned approximately 20–25 roundtables throughout the fall, winter and spring that will cover a variety of topic areas and industry segments. The IIA adopted “Progress through Sharing” as its mission statement in 1955. I believe our mission is as relevant today as it was over 55 years ago. By sharing ideas, we strengthen our capabilities.
As always, I would like to thank the many volunteers that make our programs, roundtables and other events possible.
By Terry Schwagel, TCIIA Chapter President, 2011–2012
|
St. Cloud State University Becomes IAEP Partner The Twin Cities Chapter is very pleased to announce that one of our local partner institutions, St. Cloud State University (SCSU), was recently accepted into The Institute of Internal Auditors as an Internal Audit Education Partner (IAEP) as an Internal Audit Foundation Program member. Currently, there are only 42 institutions of higher learning world-wide that are IAEP partners! This is the first university in the region to become an IAEP member. This designation formally identifies SCSU as a forward thinking school that recognizes the importance of internal auditing as a career choice.
The IIA’s IAEP Program requires a strong commitment from SCSU to offer curriculum that is relevant to internal auditing. As part of its application, SCSU had to submit details regarding curriculum, including detailed information about the courses it will offer. Three classes have been approved by The IIA as IAEP specific: Internal Auditing, Corporate Governance, and Fraud and Forensic Accounting. SCSU will receive a starter library of 15 IIA publications and will have access to teaching resources from The IIA such as case studies and presentations with notes.
Professor Dave Ripka, CIA, will serve as SCSU’s IAEP coordinator. Dave has been an active member of the Twin Cities IIA and a strong advocate of internal auditing at SCSU for some time. Seventy-six percent of the Twin Cities IIA's student members are from SCSU! Before Dave became a professor, he had many years of auditing and accounting experience in a variety of managerial positions. As a result, Dave can bring both the academic and the audit practitioner perspectives to his students. Dave has great support from others at SCSU. Dr. Kate Mooney, Chair of the Accounting Department, was very involved in pursuing the IAEP designation and is excited about this opportunity and the value it brings to SCSU students.
In a tough economy, it is important to have good credentials when applying for jobs. And SCSU students/graduates applying for jobs can report that they have taken classes specifically geared toward the internal audit profession. This will give SCSU students an extra advantage in applying for positions. Representatives from the Twin Cities IIA had the opportunity to announce and recognize SCSU’s entry into the IAEP program during the SCSU Accounting Club Banquet on October 27th at the Kelly Inn in St. Cloud. I was joined by Dana Banovetz, Janet Malvitz, and Tricia Flowers of Wells Fargo Audit to congratulate SCSU faculty and students on this achievement. Dana is an alum of SCSU and was instrumental in assisting the SCSU professors with the IAEP application process. As we have done the past few years, the Twin Cities IIA awarded a $500 scholarship to a SCSU accounting student at the banquet. This year’s scholarship was awarded to Suxiang Lu, who was most appreciative!
 Our participation in the Accounting Club banquet celebrates our Chapter’s partnership with SCSU and affirms that we are committed to support our new IAEP Partner, SCSU, as they develop the next generation of internal auditing professionals!
To read more about The IIA’s IAEP Program, click here.
By Linda Gilligan, TCIIA Academic Relations Co-Chair, 2011–2012 |
New Reports on Global Internal Audit Practices, Trends and Insights
 The IIA Research Foundation (IIARF) conducted its second global survey in 2010. This survey was based on the Common Body of Knowledge (CBOK). Over 13,500 practitioners from more than 107 countries responded. As a result of this survey, the IIARF has released five reports. These reports can be downloaded for free by members. Here are brief descriptions of the reports and the links:
Characteristics of an Internal Audit Activity examines the demographics and other attributes of the worldwide population of internal auditors and what this means for the internal audit profession. Core Competencies for Today’s Internal Auditor defines the attributes of an effective internal audit activity and what internal auditors really need to know to perform their jobs with due care while adding value to their respective organizations.
Measuring Internal Auditing’s Value focuses on the value of internal auditing under dynamic business conditions by presenting the key elements, criteria, and drivers of the value delivered by an internal audit activity and what needs to be done to maintain the profession’s continuing relevance.
What’s Next for Internal Auditing? provides forward-looking insight identifying perceived changes in the roles of the internal audit activity over the next five years, changing stakeholder expectations, and what internal auditing must do to adapt itself in a resilient fashion. Imperatives for Change: The IIA’s Global Internal Audit Survey in Action contains conclusions, observations, and recommendations for the internal audit activity to anticipate and match organizations’ fast-changing needs to strategically position the profession for the long term.
In addition, a special study was conducted in the US on stakeholder’s perceptions:
A Call to Action: Stakeholders’ Expectations and Perceptions Study focuses on the value of internal auditing from the perspective of US stakeholders such as Chief Executive Officers and Audit Committee Members. The IIARF CBOK Study is solely funded by the William G. Bishop III, CIA, Memorial Fund. By Diane Matson, Chair of Standards and Research Committee, 2011-2012
|
Fourteenth Annual Accounting & Auditing Student Conference
The Fourteenth annual “Accounting & Auditing Student Conference” was held on September 27, 2011, at the Minneapolis Convention Center and was very successful. With attendance levels for both exhibitors and students similar to last year the exhibit hall was a sea of black suits filled with energy and excitement. We continue to receive great feedback on the event from students, faculty and exhibitors and not surprising, requests for more food from the students!
Several months of preparation and great volunteers, including 18 from the Twin Cities IIA Chapter, contributed to the conference’s success. The conference is presented by the local chapters of five sponsoring organizations: Institute of Internal Auditors (IIA) Information Systems & Control Association (ISACA) Minnesota Association of Public Accountants (MAPA) Minnesota Government Finance Association (GFOA) Minnesota Society of CPAs (MNCPA)
Each sponsoring organization is responsible for chairing the conference on a rotating schedule. MAPA chaired this year’s conference and MNCPA will chair the 2012 conference. The IIA will next chair the student conference in 2014. Janine Quitter, Ecolab, and Linda Newman, G&K Services, represented the IIA on the planning committee.
In addition to the exhibitors, this year’s event again featured these popular breakout sessions: - Both group and individual sessions on interviewing and resume writing tips presented by David Abramson & Associates LLC, The Mergis Group, NumberWorks, Robert Half International and Hunter Hamilton.
“Behind Closed Doors” panel sessions where students were able to discuss questions with recent graduates about what it’s really like out in the business world and what they can do to prepare for careers in the accounting and auditing professions. Panelists include individuals from a variety of finance and accounting positions from private, public, and government. - The “Accounting Career Paths” panel of individuals with ten or more years of experience who discussed their career paths from college to their current positions to provide students with a perspective on how varied a career path can be. Panelists include individuals from a variety of finance and accounting positions from private, public, government, and education.
This year’s luncheon speaker was Karl Mulle who gave a great presentation that excited the soon-to-be professionals for their future careers. Karl has over 25 years of experience as an adult educator, and has recently co-authored the book: Put Emotional to Work: Equip Yourself for Success. Karl is currently a corporate trainer, as well as a psychotherapist in private practice. He has spoken to thousands of high school and university students, athletes, professors, and business professionals. Karl has developed training programs for leader development, stress management, communication skills, and dealing with change.
I would like to thank the companies and volunteers who helped support this year’s conference and make it such a successful event. We continue to have new companies from industry exhibit which helps provide accounting students with great ideas about other career opportunities in addition to public accounting; however, they represent only a small percentage of the exhibitors. Students continue to request that there be more firms from private industry so please consider exhibiting at next year’s student conference.
Planning for the 2012 “Accounting & Auditing Student Conference” will start next February. Next year’s conference will be held on Tuesday, October 2, 2012. If you have any questions about exhibiting or volunteering please contact Linda Newman at 952-912-5741 or lnewman@gkservices.com or Janine Quitter at 651-293-4214 or janine.quitter@ecolab.com.
By Janine Quitter, TCIIA Academic Relations Committee Co-Chair, 2011-2012 |
Updates from the District Representative
As the District Representative for The IIA’s Midwest District 4 Region, I wanted to share some updates from IIA Headquarters as well as an update on my recent activities as District Representative: - IIA conference attendance is back up to pre-2008 levels. - IIA member retention is strong. - The IIA has hired a new CTO and is making progress on infrastructure improvements, including the launch of a new, truly global website. www.globaliia.org. The launch of this website is an outward sign of The IIA’s ongoing commitment to serve the organization’s 170,000 members in 165 countries and 105 regional Institutes around the world. Its North American website, www.theiia.org, will be redesigned and significantly enhanced in the coming months. The Microsoft SharePoint-enabled website features a clean, professional design that is easy to navigate and enhanced search capabilities that allow users to filter information by topic, language, format, etc. "With SharePoint, all of our content on the site is tagged and labeled, so it's easier for us to keep the site current," says Charles Redding, chief technology officer for The IIA. "Also, the overall search capability produces better results for our users because every page has been tagged with multiple ways to search the information." The site's intuitive design and mega-menus also offer visually appealing second- and third-level navigation, as opposed to simple drop-down menus, making it easy to drill down into the site quickly and find information with fewer clicks.
 Additionally, a new Certificate in Risk Management Assurance (CRMA) is being offered allowing 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. See the website for more information on both a grandfathering process and future examinations.
As District Representative I traveled to Bismarck, ND in October, met with chapter leaders, and spoke at that Chapter’s Student Night.
I am also part of the Governance Committee that is leading a group of Chapter Treasurer’s from around the country to develop best practices for this important function. This information will be pushed out to all chapters when it is finalized. Ryan Marschke from the Twin Cities Chapter is participating and representing large chapters.
The Audit Executive Center just celebrated its first anniversary and has been a huge success. Subscriptions to the various levels of service exceeded expectations. If you are a Chief Audit Executive, please see the IIA website for more information.
By Mike Halbach, District Representative, Midwest District 4, 2011-2013 |
 The Minnesota Business Ethics Award recognizes Minnesota businesses that have exemplified and promoted ethical conduct for the benefit of the workplace, the marketplace, the environment and the community. It was founded in 1999 by the Center for Ethical Business Cultures and the Minnesota Chapters of the Society of Financial Service Professionals. Each year a call for nominations is issued. A business may be nominated for an award by a customer, client, employee, vendor or a private citizen who is impressed with a company’s demonstration of ethical business conduct. Business people and organizations from throughout the state are encouraged to participate in the nomination process by completing a Nomination Form, which can be completed by clicking here.
Nominated companies wishing to be considered must complete an official Entry Form and provide documentation of “ethics-in-action” at their company. Only electronic entries are accepted, using the MBEA website. The MBEA is presented in three categories: large companies with over 500 employees, medium size companies of 100-500 employees and small companies of under 100 employees. Nominations are due on January 27, 2012. The entries are judged by a preliminary and a Blue Ribbon independent panel of judges representing business and academia. Award recipients are recognized at an awards luncheon banquet. All eligible entries are forwarded to the national American Business Ethics Award (ABEA) competition. “Eligible” excludes non-profits or financial service companies. |
|
Upcoming Training Opportunities The Twin Cities IIA Chapter continues with its mission of providing members with affordable and relevant training opportunities throughout the year.
During the next several months the Chapter will host the following training events. Fraud Alert! Prevention and Follow-up (Instructor: Bill O'Brien)
When: Thursday, February 23, 2012 (8:00 AM - 4:30 PM)
Where: Experis (formerly Jefferson Wells), Edina
CPE: 8 NASBA Certified CPE Hours
IIA Member Fee: $305 This seminar examines various types of frauds and discusses ways to prevent, detect and investigate these fraud activities. Topics Include: The Fraud Triangle A complete analysis of fraud prevention, detection and investigation Fraud related interviewing techniques Careers in forensic accounting Use of financial statement analysis in fraud assessment
The Coming IFRS Conversion (Instructor: Bill O'Brien)
When: Friday, February 24, 2012 (8:00 AM - 4:30 PM)
Where: Experis (formerly Jefferson Wells), Edina
CPE: 8 NASBA Certified CPE Hours
IIA Member Fee: $305 Conversion from U.S. GAAP to International Financial Reporting Standards (IFRS) is a given reality. The question is no longer whether the U.S. will use global standards but when compliance will become mandatory. Now is the time to get educated about what global standards could mean to you. Both public and private companies need to know how conversion to IFRS will affect their external reporting, contractual obligations and daily operations. Operational Auditing (Instructor: James Roth)
When: Thursday and Friday, March 15th & 16th, 2012 (8:30 AM - 5:00 PM)
Where: Allina Commons, Minneapolis
CPE: 16 non-NASBA Hours
IIA Member Fee: $400 A risk-based audit starts by identifying the risks. Who knows the risks best? The manager of the area to be audited. But the manager may not be used to thinking about risks in a disciplined way. The most effective audits start by guiding the manager through a risk assessment of the area and continue by engaging the manager throughout the audit. This participative approach results in a more business-focused audit with high-payback results.
ACL 105: Foundations of ACL: Concepts and Practices
When: Monday-Wednesday, March 19-21, 2012 (8:30 AM - 4:30 PM each day)
Where: Minnesota Society of CPAs, Bloomington
CPE: 25 NASBA CPE Hours
IIA Member Fee: $875
Registration Link: http://www.cvent.com/d/2cqkh9 Due to popularity and quick sell out of our first offering of this course, The Twin Cities IIA is pleased to bring to you again, the Foundations of ACL™ Concepts and Practices.
This classroom instructor lead course is for beginner and intermediate level users of ACL™. You will learn key data analysis concepts and the basics of working with ACL software in an interactive, hands-on learning environment. Examples used in class will illustrate how the software can add value to your audits. There are no prerequisites and no advance preparation is required.
The Civil Advantage & Trustworthy Leadership (Instructor: Diane White)
When: Thursday, March 29, 2012 (8:00 AM - 2:30 PM)
Where: Land O’Lakes, Shoreview
CPE: 6 NASBA Certified CPE Hours
IIA Member Fee: $305 This seminar examines two elements of individual and organizational success: civility and trust. The Civil Advantage: It is well known that people treasure their personal dignity, have amazingly long memories for personal slights, and thrive when treated with respect. Far too many business people still seem to think that rudeness, blustering, and bullying is a path to prestige and power. Today's increasingly diverse and global business environment demands adherence to universal rules for considerate conduct and a civil approach to fostering cooperation. What we call "manners" are behaviors developed over millennia and are proven tools for avoiding destructive acts and for building trust. This session will rapidly acquaint you with 25 rules for considerate conduct both in and out of the workplace. The Trustworthy Leader: Of all the fundamentals of positive, effective leadership, TRUST ranks at the top. People will do nearly anything for a leader they trust and will resist or sabotage a leader they consider untrustworthy. Many business leaders simply assume they are trusted when they actually are not, or think that their authority and power can take the place of trust, or sincerely believe that people should conduct business on a "trust no one" basis. To the contrary, research shows that infusing authentic trust throughout an organization's culture has enormous payback potential in all aspects of doing business. However, how do we gain and lose real trust? This breakout session addresses the most important concepts and tips for building and maintaining trust and integrity in business culture and practices. Invitations for all training sessions will be sent soon. To view further details on current training opportunities, visit the Events tab on the Twin Cities IIA website. By Aaron Scanlan, TCIIA Vice President - Programs, 2011-2012 |
 Revolutionizing Internal Audit! The IIA’s 2012 International Conference continues the tradition of offering a world-class professional development opportunity featuring educational sessions led by respected keynote and concurrent session speakers and unlimited networking opportunities. Register now and save! The current early registration fee for IIA members is US $1395, a savings of US $600 off the regular registration rate. Not an IIA member? Nonmember early registration is US $1795, a savings of US $200 off the regular nonmember registration rate. Early registration pricing is valid through February 29, 2012. Click here to start the registration process today! |
|
Update on Annual Roundtable Participation Fees The 2011-2012 roundtable program is in full swing. We have volunteer commitments to hold at least 28 roundtables during this Chapter year. Some of the upcoming events cover Fraud, Ethics, Sustainability, Enterprise Risk Management, and Analytics. Please refer to the Events page on the Chapter website for details and dates of upcoming roundtables. Notification of roundtable events is emailed to individuals through Cvent, the Chapter's event registration system. Individuals who have been identified on each company's 2011-2012 Roundtable Invitee List Template should be receiving the roundtable invitations. If your organization has not yet signed up for the 2011-2012 roundtable program, please click here for more information. I would like to extend my personal thanks to all the Chapter members involved in planning, hosting or speaking at roundtable events. Thanks to your efforts, we are able to provide outstanding and low cost training to our members. By Mark Hornung, TCIIA Vice President – Roundtables, 2011-2012 |
|
Fall Recognition and Networking Event Recap On Thursday, October 13th we held the fall annual recognition and networking event at the Graves Hotel in downtown Minneapolis. We had a great time and the food and drinks were fabulous! Our 2011 fall certification recipients are pictured below with Chapter President, Terry Schwagel. Pictured Left to Right: Steve Tang, CIA; Terry Schwagel, Chapter President and CIA; Nicole Weber, Chapter Vice President of Communications, CIA, CFSA; and Geoffrey Koegler, CIA.
Certification Recipients Not Pictured: Kortney Anderson, CIA; Emily Bradley, CIA; Diane Engblom, CIA; Stephanie Larson, CIA; Dennis Nelson, CIA; and Bridget Wherley, CIA.
Congratulations again to each of these individuals on a job well done! These new internal audit professionals have successfully met the rigorous requirements of the IIA’s certification programs.
In addition, we also provided our members with opportunity to earn one CPE credit, thanks to our keynote speaker, Rick Ostrom, Waypointe, Inc., who presented “Corporate Risk Today”. The presentation provided insight to risks facing the corporate world and he also provided his real-life experiences and wisdom.
Thanks to all for making this event fun and engaging!
Remember “Membership Means More” so if you have any suggestions for events or speakers, please send me an e-mail; lorrainemanderson@frontier.com or call me directly at 651.238.2969.
By Lorraine Anderson, TCIIA Vice President - Membership, 2011–2012 |
|
Job Opportunities
Your organization can have a job opportunity posted on the TCIIA website and included in this newsletter. The cost to have the opportunity posted on the website for 4 weeks is $100 for member companies and $125 for non-member companies. Please contact Barb Grondahl at iiatc@isd.net if you are interested in posting a job opportunity.Visit the News tab on the TCIIA website for current job opportunities in the Twin Cities area. For global employment opportunities, visit The IIA's Audit Career Center. |
Open Job Opportunities Positions |
|
Twin Cities IIA Newsletter Archive
Prior versions of the Twin Cities IIA newsletters are available by clicking on the links below. |
The Twin Cities Chapter Officers for the 2011-2012 Chapter Year | President: | Terry Schwagel | President-Elect: | Charles Dubois | Vice President - Communications: | Nicole Weber | Vice President - Membership: | Lorraine Anderson | Vice President - Programs: | Aaron Scanlan | Vice President - Roundtables: | Mark Hornung | Treasurer: | Ryan Marschke |
IIA Vision
The IIA will be the global voice of the internal audit profession: advocating its values, promoting best practice, and providing exceptional service to its members.IIA MissionThe mission of The Institute of Internal Auditors is to provide dynamic leadership for the global profession of internal auditing. Activities in support of this mission will include, but will not be limited to: Advocating and promoting the value that internal audit professionals add to their organizations; Providing comprehensive professional educational and development opportunities; standards and other professional practice guidance; and certification programs; Researching, disseminating, and promoting to practitioners and stakeholders knowledge concerning internal auditing and its appropriate role in control, risk management, and governance; Educating practitioners and other relevant audiences on best practices in internal auditing; and Bringing together internal auditors from all countries to share information and experiences.
|
Editor's Note
If you have an article or any other item that you would like to include in the newsletter, please submit your information to Nicole Weber at N_M_Weber@hotmail.com. |
You have received this email because you are a member of The Institute of Internal Auditors (The IIA), the Twin Cities Chapter of The IIA, or are subscribed to our mailing list.
Did you recently change jobs? Do you have a new email address or phone number? Log in to the Member Profile section of The IIA's website to update your information today. Did someone forward this email to you? Visit The Institute of Internal Auditors to become a member and continue receiving communications from the Twin Cities IIA.
The Institute of Internal Auditors – Twin Cities Chapter
| The Institute of Internal Auditors
Join The IIA
|
|
|