http://www.theiia.org/recent-iia-news/ Recent news from the Institure of Internal Auditorsen-us Fri, 03 Nov 2006 20:52:25 GMTThu, 02 Feb 2012 12:31:40 GMT http://www.theiia.org/recent-iia-news/?i=17261Internal Auditor magazine has launched a new look AND a smartphone app. The magazine went through a major redesign to create a look that is up-to-date, more reader friendly, and translates easily to mobile editions of the publication.   “From the cover to every inside page, our design firm, Yacinski Design LLC, used a cleaner, more open look and a wider variety of design elements to create a more interesting appearance for the publication,” say Editor in Chief Anne Millage. “The firm captured our vision for the redesign perfectly.”  The new app includes the digital edition of the redesigned magazine, daily news updates, and the latest posts from InternalAuditorOnline’s “Chambers on the Profession” and “Marks on Governance” blogs. Readers can access the magazine via their iPhone, iPad, iPod, or Android phone by downloading the app from either the App Store or Android Market using their member/subscriber number and password. They must currently receive the publication to be able to download the app.   For more information: http://www.theiia.org/intAuditor/mobileapp/  Wed, 01 Feb 2012 22:00:00 GMT http://www.theiia.org/recent-iia-news/?i=17260Updated Supplemental Guidance Released: The Role of Auditing in Public Sector Governance, 2nd Edition This supplemental guidance updated by The IIA is intended to further clarify the importance of the public sector audit activity to effective governance and defines the key elements needed to maximize the value the audit activity provides to all levels of the public sector. The guidance is intended to point to the roles of audit (without differentiating between external and internal), methods by which those roles can be fulfilled, and the essential ingredients necessary to support an effective audit function. As such, it may not be fully applicable in every jurisdiction, particularly where public sector audit roles and responsibilities are specifically defined by governing institutes or legal mandates to exclude certain functions or assign them to other entities  You can download The Role of Auditing in Public Sector Governance, 2nd Edition and other supporting supplemental guidance today. This document is classified in our new category titled “Supplemental Guidance.”  Please note that this new category is not part of the IPPF.  This material is not mandatory or strongly recommended IPPF guidance. Learn more about this category and other guidance available. Additional supplemental guidance focused on the public sector will soon be released: Value of Internal Audit and the Internal Audit Capability Model – Public Sector and Implementing a New Internal Audit Function – Public Sector. Public Sector Definition is currently available for download.Wed, 01 Feb 2012 19:20:00 GMT http://www.theiia.org/recent-iia-news/?i=17257ALTAMONTE SPRINGS, Fla., USA — The Institute of Internal Auditors Research Foundation (IIARF) has recently released a new report examining the prospect for internal auditors to make meaningful contributions to the organizations they serve by providing insight into organizational risks and opportunities. Based on a 2011 survey of 358 chief audit executives (CAEs), board members, and senior management from organizations in 39 countries, as well as in-depth follow-up interviews, Insight: Delivering Value to Stakeholders provides a global snapshot of stakeholders' views on whether internal audit should and is delivering insight, and with what regularity. “The value of the internal audit activity is in its ability to provide objective assurance and insight on the effectiveness and efficiency of governance, risk management, and internal control processes,” explains IIARF Vice President Margie Bastolla, CIA. “And although there is extensive reference material available to support the assurance and objectivity aspects of the function, there’s an opportunity for The IIARF to provide more detailed knowledge about the topic of internal audit insight.” With that in mind, The IIARF commissioned research to gain an understanding of how CAEs and key stakeholders view the current state of insight delivery. Researchers also explored key enablers or hindrances to insight delivery and provide suggestions for CAEs eager to enhance the delivery of insight by internal audit. The top five factors consistently identified as critical enablers of insight delivery are: A strong control environment and tone at the top, where executive leadership and operating management are open to improvement recommendations. Clear board and management expectations for value delivery. A reporting relationship that supports the independence of the internal audit function. A competent CAE. An internal audit team with sufficient practical skills as well as industry and organizational knowledge to provide a pragmatic bridge between an audit process and the business management of risk.   The study also revealed a gap between CAEs’ perceptions of how the internal audit activity provides insight versus stakeholders’ perceptions. Specifically, 66 percent of CAEs indicated their internal audit function “always or frequently” provides insight, whereas only 61 percent of board members believe their organization’s internal audit function always or frequently provides insight. That number drops sharply for senior management executives: A mere 38 percent believe their internal auditors always or frequently provide insight. In the interviews, board members consistently identified the importance of internal auditors having strong information technology (IT) knowledge and experience. This partially sheds some light on the differences in opinion between board and executive stakeholders regarding internal audit’s actual delivery of insight “frequently” or “always.” During research interviews, board members expressed they value the assurance on internal controls and risk management that internal auditors provide. They particularly value assurance on IT areas of the organization where, as board members, they generally have minimal hands-on experience. Executive stakeholders felt IT assurance, however, does not rise to the level of “insight” They do view as insight the advice from internal auditing on things such as a new way to approach an issue or a useful recommendation to enhance operations.” Stakeholders expressed that an internal auditor’s lack of operating or general management experience is viewed as a hindrance to providing true organizational insights, and may cause management to reject an internal audit analysis or recommendation. “We hope CAEs use the information provided to thoughtfully self-assess their functions, consider the applicability of the examples provided by other CAEs, discuss expectations with their stakeholders, and ultimately strive to enhance insight delivery within their organizations,” says Deloitte & Touche Internal Audit Partner Patricia Miller, CIA, who co-authored the report. If there is one take-away CAEs should glean from the study, she says it is this: “You have to be proactive, well-informed, articulate, business- and management-knowledgeable, and sometimes a courageous leader to demonstrate insight delivery to your stakeholders.” The IIARF report indicates an opportunity for internal audit practitioners to bridge the gaps and provides workable guidance and recommendations. It outlines five “next steps” for CAEs to enhance insight delivery:  Meet with your stakeholders routinely. Consider the importance of reporting relationships and sufficient organizational independence. Align the internal audit mission and focus with the agreed expectations. Refocus your internal audit approach to agree with the mission. Assess your leadership skills and communication style.   Researchers also found a statistically valid relationship between certification and insight delivery. Those CAEs with more than 50 percent of their staff holding a certification were more likely to agree that their internal audit organization delivered insights, and did so more frequently than those who had fewer certified staff members. Authored by Patty Miller, CIA, CISA, CPA and Tara Smith, CIA, Insight: Delivering Value to Stakeholders was published by The Institute of Internal Auditors Research Foundation and available for free download at http://www.theiia.org/bookstore/product/insight-delivering-value-to-stakeholders-1587.cfm.     ###   About The IIA Established in 1941, The Institute of Internal Auditors Inc. (IIA) is an international professional association with global headquarters in Altamonte Springs, Fla., USA. 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.   About The IIA Research Foundation Founded by The IIA in 1976, The Research Foundation expands knowledge and understanding of internal auditing by providing relevant research and educational products to advance the profession globally.   About the Authors  Patricia Miller, CIA, CISA, CPA recently retired as an experienced internal audit partner in the Northern California Advisory Services practice of Deloitte & Touche. She led the internal audit risk management function nationally, providing consultation on engagement quality and risk management, and on quality assurance activities. She has worked with large and small public clients in a variety of industries.   Tara Smith, CIA is a senior manager at Deloitte & Touche, serving a range of clients with a primary focus in the oil & gas industry. She has managed all engagement-related items for large global projects, including planning and execution, coordinating international resources, and ensuring standard global deliverables.Wed, 01 Feb 2012 19:00:00 GMT http://www.theiia.org/recent-iia-news/?i=17221The Institute of Internal Auditors is asking for nominations for its three highest and most prestigious awards. All three awards recognize individuals who have made outstanding achievements in the field of internal auditing: BRADFORD CADMUS MEMORIAL AWARD For contributions to the global profession of internal auditing VICTOR Z. BRINK AWARD FOR DISTINGUISHED SERVICE For contributions to the profession through global or regional service to The IIA WILLIAM G. BISHOP III, CIA LIFETIME ACHIEVEMENT AWARD For impact on the global profession through a lifetime of accomplishments and dedication to The IIA Recipients of these awards will receive complimentary registration and travel arrangements for the International Conference in Boston, Massachusetts, USA in July 2012, as well as special recognition during the conference. The deadline for nominations is February 28, 2012. Click here to download the Call for Nominations, click here to download the nomination form. 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. Mon, 30 Jan 2012 14:00:00 GMT http://www.theiia.org/recent-iia-news/?i=17177The 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.  Wed, 25 Jan 2012 12:30:00 GMT http://www.theiia.org/recent-iia-news/?i=17098Join your colleagues for an IIA/AICPA Webinar on January 31 from 12:30- 2:00 p.m. EST  that will cover the update to the 1992 Internal Control - Integrated Framework with subject matter experts discussing how this initiative will enable organizations worldwide to better design, implement, and assess internal control. It’s free to IIA members. Learn more and register today.   Tue, 24 Jan 2012 17:14:00 GMT http://www.theiia.org/recent-iia-news/?i=17178The 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.  Tue, 24 Jan 2012 13:26:00 GMT http://www.theiia.org/recent-iia-news/?i=17169Enterprise Risk Management – Understanding and Communicating Risk Appetite Organizations encounter risk every day as they pursue their objectives. Risk appetite — the amount of risk organizations are willing to accept in pursuit of their objectives — is an integral part of an effective ERM system. This thought paper aims to help organizations develop, better articulate, and implement “risk appetite.” It provides examples of statements of risk appetite and emphasizes the notion that risk appetite should be clearly defined, communicated by management, embraced by the board, and continually monitored and updated. More…Mon, 23 Jan 2012 15:28:00 GMT http://www.theiia.org/recent-iia-news/?i=17154NEW DELHI —More than 120 representatives from over 50 countries will convene at the Lalit Hotel in New Delhi, India February 5-8, 2012 for The IIA’s annual Global Council. Coordinated by IIA Global Headquarters and hosted by the IIA’s Indian institute (IIA-India), Global Council brings together top leaders of The IIA from around the world to discuss key matters impacting the global profession of internal auditing. For The IIA, as the internal audit profession’s global guiding body and standard-setter, each year this event helps frame a number of important global initiatives for the profession. “We are proud to receive our fellow internal audit leaders here in India where the internal audit profession and The IIA are continuously advancing,” said IIA-India spokesperson Naren Aneja. “In India, it is a top priority that our companies and government understand the full scope of internal auditing, as well as the valuable role The IIA plays around the world supporting internal auditors as they conduct their governance, risk management and controls assessment work professionally.” Established in 1941, with headquarters in Altamonte Springs, Fla., USA, The IIA comprises more than 170,000 members in 165 countries. IIA leaders represent members working in a variety of professional capacities such as internal auditing, risk management, governance, internal control, information technology audit, education, and security. The IIA has been establishing chapters to serve its members in India since 1963.  Due to its strategic importance in the accomplishment of the global institute’s mission, IIA India was chosen as the host for the 2012 Global Council to set the stage for discussions regarding globalization of the internal audit profession and the importance of advocacy in emerging countries. “We must ensure that our profession’s global standards are embraced worldwide, and that we advocate to all our stakeholders with one united voice,” said IIA Chairman of the Board Denny Beran, CIA, CCSA, CRMA. “By leveraging this unique opportunity to join together in India from all parts of the globe, we can share with one another how to continue to advance in important areas such as adoption of global Standards and certification programs. This event embodies The IIA’s long-standing motto: Progress through Sharing!”   ### About The IIA The Institute of Internal Auditors (IIA) is internationally recognized as a trustworthy guidance-setting body. Serving members in 165 countries, The IIA is the internal audit profession's global voice, chief advocate, recognized authority, acknowledged leader, and principal educator. About IIA-India  IIA-India serves the internal audit profession in India through its chapters in Mumbai, Delhi, Calcutta, Chennai, Bengaluru and Hyderabad.Wed, 18 Jan 2012 13:10:00 GMT http://www.theiia.org/recent-iia-news/?i=17153As the global research leader, The IIA Research Foundation has identified nine RFPs to be released for 2012. Among these research topics, the following six priority topics and three CBOK-related topics are now posted.  Priority Topic Research RFPs for 2012  Strategic Direction Internal Audit Communication Responding to Significant Risk Events Fraud in Emerging Markets and Global Security Auditing Ethical Behavior  Effective Use of Technology to Improve Board of Directors’ Communication   CBOK-related Research RFPs for 2012 Internal Audit Around the World Topic1: A Perspective on Global Regions Internal Audit Around the World Topic2: A Perspective on Global Regions IT and Internal Audit IA: Quality Assurance and Improvement   Proposals with a global research team are encouraged to submit. All proposals must be submitted no later than March 12, 2012.Mon, 16 Jan 2012 18:03:00 GMT http://www.theiia.org/recent-iia-news/?i=17152Win big with The IIA Research Foundation Bookstore Sweepstakes! Now through Feb. 29, 2012, you are invited to enter to win free registration to The IIA’s 2012 International Conference. No purchase is necessary. Just for entering the contest, you will receive a special bookstore coupon for $10 off of your next purchase. Click here  to enter. Find the most comprehensive collection of practitioner-reviewed content at The IIARF Bookstore, your one-stop-shop for internal audit resources such as books, training materials, certification preparation, interactive programs, and more. The IIARF Bookstore products have been reviewed by internal auditors to guarantee a perfect fit. Mon, 16 Jan 2012 13:20:00 GMT http://www.theiia.org/recent-iia-news/?i=17110The Institute of Internal Auditors comments on PCAOB’s Concept Release regarding Auditor Independence and Audit Firm Rotation   ALTAMONTE SPRINGS, Fla. — Auditor independence, objectivity, healthy professional skepticism and, ultimately, overall audit quality are vital as internal auditors work very closely with external auditors, as mandated by the International Standards for the Professional Practice of Internal Auditing. However, mandatory audit firm rotation could significantly impact the relationship between the external and internal auditors; how their audits are planned, coordinated and performed; and how the external auditors leverage the knowledge, experience and expertise of internal auditors to enhance overall effectiveness. This was the overarching message of The Institute of Internal Auditors’ (IIA’s) response to the Public Company Accounting Oversight Board’s (PCAOB’s) Concept Release on Auditor Independence and Audit Firm Rotation. “It’s not clear whether mandatory audit firm rotation will enhance auditor independence, objectivity, and professional skepticism when considering the cost/benefit trade-offs,” said IIA President and CEO Richard F. Chambers in a December 14 letter to the PCAOB. The IIA — a global professional member association of more than 170,000 internal auditors (63,000 of which are in North America) — went on to say in its response to the PCAOB that their research has indicated a majority of their members disagree with the concept of mandatory audit firm rotation. Members also feel that the independence, objectivity and professional skepticism of “new” external audit firms is not markedly different than that of a prior existing firm. The IIA’s member research also cited other disadvantages of mandatory audit firm rotation, including: Increased costs to the company and/or audit firm. A steep learning curve and loss of knowledge. Potential erosion in the quality of audits Potential opportunities for opinion shopping. Potential that mandatory rotation would diminish the role and influence of the audit committee. In lieu of time-based mandatory rotation, The IIA suggested the PCAOB require a change in the external auditor when circumstances arise, such as restatements (which result in the Company’s filing an 8K removing reliance on the prior filing); significant frauds in the companies audited financial statements; or other indicators of audit failure which impact investors. The IIA also suggested: Increased disclosure about the audit committee’s role in overseeing the quality of the audit, including its periodic evaluation of auditor independence. Providing audit committees the ability to request the PCAOB perform a directed inspection of the company’s audit with reporting directly to the audit committee. A requirement that the audit committee solicit bids from other auditors after specified intervals. Greater reliance on internal auditing. “The internal audit profession is experiencing more inquiry from and providing greater assistance to audit committees in providing perspectives on the financial auditor’s independence and overall audit quality,” added Chambers. “We encourage the Board to consider ways effective internal audit activities can contribute to the financial auditor’s independence, objectivity, professional skepticism, and audit quality. The costs and risks could be reduced by having the new auditor leverage the knowledge, skills, experience, and expertise of internal auditing and place appropriate reliance on internal audit results.” The IIA collaborated with a number of internal audit thought leaders in the U.S. and globally in developing its response to the Concept Release. Comments were based on research, surveys and discussions conducted by a core team of audit professionals who serve on The IIA’s Professional Issues Committee.  The core team consisted of Certified Public Accountants, Chartered Accountants, and Certified Internal Auditors who have worked in the public and private sectors, internal and external auditing, and small, medium, large domestic and multinational SEC registered companies. To view The IIA’s full response, see comment letter number 318 on the PCAOB’s website at http://pcaobus.org/Rules/Rulemaking/Pages/Docket037Comments.aspx. ###  Fri, 06 Jan 2012 15:10:00 GMT http://www.theiia.org/recent-iia-news/?i=17079The Institute of Internal Auditors (IIA) has implemented an expanded translation and delivery plan for its flagship exam, the Certified Internal Auditor® (CIA), as well as one of its specialty exams, the Certified Government Auditing Professional® (CGAP®). The translations included in this most recent expansion of the certification program, which include Hebrew, Arabic, and Estonian, are in response to continued growth of the internal audit profession globally and demand for credentialed practitioners.  The IIA, which just recently celebrated its 70th anniversary, has seen a more than 140 percent increase globally in its membership over the past decade. Of The IIA’s more than 170,000 members, more than 100,000 practice in countries outside North America spanning from Ecuador to South Korea, making the need to address certification translations critical. Including the Arabic translation, the CIA exam is now offered in twenty languages, and is administered at more than 500 sites located in 165 countries around the world.  In 2008 the CIA exam transitioned from a paper-and-pencil exam to a computer-based testing (CBT) format. However, until September of this year, the Hebrew translation of the exam was still only available in the original paper-and-pencil format. While exam registrants can access the CBT exam format year-round, the paper-and-pencil format is only offered twice a year. In Israel alone, the addition of the Hebrew translation of the CIA exam to the CBT format will offer the more than 1,100 members, as well as hundreds of internal auditors within the country who are not members, the flexibility to pursue professional certification on a schedule that allows them to balance this undertaking with meeting the increasing demands of stakeholders.  Additionally, beginning in January 2011, CIA registrants will be able to sit for the exam in Arabic. IIA Institute leaders in a number of Arabic-speaking countries, including United Arab Emirates, Saudi Arabia, Lebanon, Oman, and Qatar, approached IIA Headquarters about translating the exam. “These leaders came together and committed to fully financing the project because of their strong belief that offering the exam in Arabic will lead to an increased number of certified individuals,” says Kevin Rafiq, CCSA, Director-Institutes Relations at The IIA, who works closely with Institute leaders in the region.  “Consequently, this will create more awareness about internal auditing and assist these leaders in advocating for the profession.” Rafiq says that although the profession is growing in these countries, local leaders believe that it has not yet reached its full potential and that this will motivate internal auditors, especially those in the public sector, to seek certification.  Ensuring that public-sector auditors demonstrate their competency through certification is an issue that is not limited to Arabic-speaking regions. New regulations served as the impetus for The IIA’s CGAP exam being made available in Estonian as of September 19, 2011. This translation was critical for internal auditors in Estonia, as recently implemented government regulations now require government auditors to be certified. Several other countries — including Poland, Taiwan, and Bulgaria — have discussed or proposed legislation in support of government auditors becoming CGAPs. The CGAP is a specialty certification designed for and by public-sector internal auditing practitioners. The CGAP exam tests knowledge of public-sector internal auditing and emphasizes the internal auditor’s role in both strengthening accountability to the public and improving government services. With the addition of Estonian, the exam is currently offered in six languages and was administered in 28 countries in 2010.  The IIA is committed to offering its certification exams in all languages where there is a demand identified as part its overall mission to advance the profession globally and ensure that practitioners are equipped to meet the growing demands of the various stakeholders they now serve. “The ability to take an exam as rigorous as the CIA in one’s native language is a huge step forward in the globalization of the certification program and it demonstrates the growth of The IIA in these countries,” says IIA Vice President of Global Relations Sylvia Gonner. “Our Institutes are also making great strides in translating the International Professional Practices Framework and ensuring that certification review materials are available, as these are essential pre-requisites to offering the exam in a new language.”Tue, 03 Jan 2012 20:00:00 GMT http://www.theiia.org/recent-iia-news/?i=17074Supplemental Guidance - Public Sector Definition  This Supplemental Guidance released by The IIA is intended to clarify the often ambiguous term public sector. It is generally agreed that the public sector includes government and publicly-controlled or publicly-funded agencies, enterprises, and other organizations that deliver public programs, goods, or services. Yet, it is not always clear whether any specific organization should be included under that umbrella. “Public Sector Definition” provides specific, identifiable criteria to help define the boundary between public and private sector. Upon reviewing this material, you will be able to identify specific criteria to appropriately classify organizations around the world as being in the public sector. This document is classified in our new category titled “Supplemental Guidance.” Please note that this new category is not part of the IPPF. This material is not mandatory or strongly recommended IPPF guidance. More information on this category and past documents we now classify as being in the category can be found here. All of the Supplemental Guidance is available as a free download to members. Download your copies today! Thu, 29 Dec 2011 22:28:00 GMT http://www.theiia.org/recent-iia-news/?i=17063Annual report summarizes first year of work by group assembled to review internal audit standard-setting processes   ALTAMONTE SPRINGS, Fla. — The IPPF Oversight Council (Oversight Council) is an independent governing body established to oversee The Institute of Internal Auditors’ (IIA’s) processes for developing the International Professional Practices Framework (IPPF), which comprises global standards and authoritative guidance for the internal audit profession worldwide. The Council is pleased to announce the release of its first annual report, which outlines the group’s origins, mission, operations, processes, initial accomplishments and milestones, and future areas of focus. “I firmly believe that high-quality standards for the internal audit profession can play an instrumental contributory role in ensuring public confidence in organizational governance and the financial reporting process,” said Oversight Council Chairman James M. Sylph, who is executive director, professional standards with the International Federations of Accountants (IFAC) and IFAC's representative on the Council. “I also believe high-quality standards — when uniformly applied — create international ‘public good,’ an important aspect in the governance of our world’s financial system,” he said. During 2011 – its first year – the Oversight Council crossed several initial milestones impacting the operations of The IIA’s International Internal Audit Standards Board, including enhancing participation and rule-making requirements, and recommended extending membership to additional key stakeholder organizations. “As a trustworthy global guidance-setting body, The IIA is diligent about the transparency and clarity of its guidance-setting processes,” said IIA Chairman of the Board Denny Beran, CIA, CRMA, “The fine work of the Oversight Council will ensure that we continue to earn and retain the confidence of our varied stakeholders.” In addition to a representative from IFAC, the IPPF Oversight Council comprises representatives from the International Organization of Supreme Audit Institutions (INTOSAI), the National Association for Corporate Directors (NACD), the Organization for Economic Co-operation and Development (OECD), and The World Bank; as well as two IIA representatives. The Council reports directly to The IIA’s Global Board of Directors. In reviewing the year’s accomplishments, Sylph expressed pride in the Council’s ability to establish credibility and added value without creating disorder in the underlying activities of The IIA as a global guidance-setting body. He also expressed confidence that the Council will continue to enhance its effectiveness over time. “By ensuring that the internal audit profession’s global standards and guidance are formulated in the broad public’s best interest, we will foster further financial stability and development around the world,” said Sylph. To read the IPPF Oversight Council annual report, visit: www.theiia.org/guidance.Thu, 22 Dec 2011 18:44:00 GMT http://www.theiia.org/recent-iia-news/?i=17026ALTAMONTE SPRINGS, Fla. AND NEW YORK, NY. December 19, 2011 – The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence –has released, for public comment, an updated Internal Control – Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity. More...Mon, 19 Dec 2011 14:00:00 GMT http://www.theiia.org/recent-iia-news/?i=17028The IIA’s International Professional Practices Framework (IPPF) has released a new practice advisory entitled “2320-2: Root Cause Analysis.”   Auditors whose reporting only recommends that management fix the issue — and not the underlying reason that caused the issue — are failing to add insights that improve the longer-term effectiveness and efficiency of business processes and thus, the overall governance, risk, and control environment.   Practice Advisories assist internal auditors in applying the Definition of Internal Auditing, the Code of Ethics, and the Standards and promoting good practices. Practice Advisories address internal auditing's approach, methodologies, and consideration, but not detail processes or procedures. They include practices relating to international, country, or industry-specific issues; specific types of engagements; and legal or regulatory issues.   All of the Practice Advisories are available as a free download to members. Download your copies today!  Recently Released Advisories: PA 1312-3: Independence of External Assessment Team in the Private Sector and PA 1312-4: Independence of the External Assessment Team in the Public SectorFri, 16 Dec 2011 21:53:00 GMT http://www.theiia.org/recent-iia-news/?i=17014  Different leadership helps re-establish the country’s official 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.Thu, 15 Dec 2011 16:42:00 GMT http://www.theiia.org/recent-iia-news/?i=17012IIARF Bookstore Sweepstake Winners Announced & Reminder to Enter for a Chance to Win a Registration to the GAM Conference Congratulations to The IIARF Bookstore Sweepstakes winners!   ·         iPad 2 - Mark Nance, CIA: American Fidelity Corporation ·         $1000 IIARF Bookstore Gift Card - Mary Jo Flynn, CIA, CCSA: Allina Hospitals & Clinics   Join these winners with a chance to win a FREE registration to The IIA’s 2012 General Audit Management Conference in The IIA Research Foundation Bookstore Sweepstakes. You are invited to enter to win now through December 31, 2011. No purchase is necessary. In addition, you will receive a special bookstore coupon to take $10 off of your next purchase. Click here for details.   Shop The IIARF Bookstore for all your internal audit resources such as books, training materials, certification preparation, interactive programs, and more. Featuring the most comprehensive collection of practitioner-reviewed content, products have been reviewed by internal auditors to guarantee a perfect fit.   Thu, 15 Dec 2011 15:23:00 GMT http://www.theiia.org/recent-iia-news/?i=17011The IIA’s International Professional Practices Framework (IPPF) has released a new practice guide entitled “RELIANCE BY INTERNAL AUDIT ON OTHER ASSURANCE PROVIDERS.” Ever-increasing compliance requirements and business complexity have driven companies to establish or procure additional risk management and assurance functions. The objectives of other assurance providers are often interrelated with those of the chief audit executives (CAE) and internal audit leadership.. The challenge to CAEs is to incorporate the results of these providers with the work of internal audit to communicate a comprehensive opinion to key stakeholders.   As part of the IPPF, this practice guide utilizes the fundamental principles established by the Standards to provide a process for valuing the work of others and assessing the reliability of assurance providers. Ultimately, responsible coordination attracts greater reliance on internal audit, decreasing the cost of compliance and increasing the efficiency for providing assurance.   IIA Practice Guides provide guidance for conducting internal audit activities. They represent strongly recommended guidance that includes detailed processes and procedures, such as tools and techniques, programs, and step-by-step approaches for effective implementation of The IIA mandatory guidance.   All of the guides are available as a free download to members. Guides are available for purchase for nonmembers through The IIA Research Foundation Bookstore. Download your copies today!    More........   Recently Released Practice Guides: INDEPENDENCE AND OBJECTIVITYThu, 15 Dec 2011 15:12:00 GMT