Derby City Derby City Louisville IIA Chapter News August 2013 August 2013 Message from the President Message from the President I am very excited about the upcoming chapter year and we already have so many things moving. First, I would like to recognize some significant IIA Louisville Chapter awards provided last year. Once again, the Louisville IIA Chapter received Gold CAP status. Receiving Gold status consecutively also means that we will therefore retain our prestigious “Platinum Chapter” status award. I would like to specifically thank our past President, Jennifer Vittitoe, and the rest of the IIA Louisville leadership for their commitment to allow us to maintain this level. Congratulations! Congratulations to our newsletter dynamic duo, Adam Murphy and Jackie Chism, for winning first place in last year’s newsletter competition! This award is provided to a single chapter in North America who provides best-in-class newsletters to our membership. Congratulations! I would like to thank you for responding to our recent survey. We are reviewing the results and are making plans and adjustments based on your feedback. Also, please look to the September newsletter to find all of our upcoming events. Please also be sure to check out our August QAR seminar and November fraud seminar. Space is limited and we are almost full on both! If you want to ensure a spot, please sign up today. Finally, I would like to announce we are moving to a new chapter web page. Please update your IIA Louisville links. Our new website is https://chapters.theiia.org/louisville/Pages/default.aspx . It is still under construction, so bear with us as we continue our updates. The 2013 – 2014 Chapter year looks bright! Michael Vincent, CIA, CRMA, CISA, PMP, MBA Louisville IIA Chapter President Special Points Special Points of Interest of Interest August QAR training (Page 2) New chapter website launched (Page 2) November fraud seminar opportunity (Page 3) Upcoming IIA webinars (Page 5) Newsletter Newsletter Submissions Submissions If you have questions about the newsletter or would like to submit an item for publication, please email us at [email protected]. The deadline to submit article information for our next issue is Thursday, August 15 th . W W e will be known e will be known forever by the forever by the tracks that we leave. tracks that we leave. - Native American Native American Proverb Proverb Monthly CAP Update Monthly CAP Update The final CAP total for the 2012-13 chapter year was 2,440 points. That is 880 points more than is needed to reach the Gold CAP level! In addition, the chapter will have maintained its “Platinum Chapter” status for the fourth year in a row. This is an incredible achievement and is greatly attributable to our members’ continued dedication in attending monthly meetings and seminars, Junior Achievement participation, and member certifications earned. Here are the year-end CAP totals by category: Service to Members — 707 points; Service to Profession — 1,358 points; Chapter Administration — 375 points. Twitter Page LinkedIn Group AuditChannel Facebook Page Chapter Homepage Disclosures Disclosures
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Derby CityDerby City
Louisville IIA Chapter News
August 2013August 2013
Message from the President Message from the President I am very excited about the upcoming chapter year and we already have so many things moving. First, I would like to recognize some significant IIA Louisville Chapter awards provided last year. Once again, the Louisville IIA Chapter received Gold CAP status. Receiving Gold status consecutively also means that we will therefore retain our prestigious “Platinum Chapter” status award. I would like to specifically thank our past President, Jennifer Vittitoe, and the rest of the IIA Louisville leadership for their commitment to allow us to maintain this level. Congratulations! Congratulations to our newsletter dynamic duo, Adam Murphy and Jackie Chism, for winning first place in last year’s newsletter competition! This award is provided to a single chapter in North America who provides best-in-class newsletters to our membership. Congratulations! I would like to thank you for responding to our recent survey. We are reviewing the results and are making plans and adjustments based on your feedback. Also, please look to the September newsletter to find all of our upcoming events. Please also be sure to check out our August QAR seminar and November fraud seminar. Space is limited and we are almost full on both! If you
want to ensure a spot, please sign up today. Finally, I would like to announce we are moving to a new chapter web page. Please update your IIA Louisville links. Our new website is https://chapters.theiia.org/louisville/Pages/default.aspx. It is still under construction, so bear with us as we continue our updates. The 2013 – 2014 Chapter year looks bright! Michael Vincent, CIA, CRMA, CISA, PMP, MBA Louisville IIA Chapter President
Special Points Special Points
of Interestof Interest
August QAR training (Page 2)
New chapter website launched
(Page 2)
November fraud seminar opportunity
(Page 3)
U p c o m i n g I I A webinars
(Page 5)
Newsletter Newsletter
SubmissionsSubmissions If you have questions about the newsletter or would like to submit an item for publication, please email us at [email protected] . The deadline to submit article information for our next issue is Thursday, August 15th.
WW e will be known e will be known
forever by the forever by the
tracks that we leave. tracks that we leave.
-- Native American Native American
ProverbProverb
Monthly CAP Update Monthly CAP Update The final CAP total for the 2012-13 chapter year was 2,440 points. That is 880 points more than is needed to reach the Gold CAP level! In addition, the chapter will have maintained its “Platinum Chapter” status for the fourth year in a row. This is an incredible achievement and is greatly attributable to our members’ continued dedication in attending monthly meetings and seminars, Junior Achievement participation, and member certifications earned. Here are the year-end CAP totals by category:
Service to Members — 707 points; Service to Profession — 1,358 points; Chapter Administration — 375 points.
Twitter Page LinkedIn Group AuditChannel Facebook Page Chapter Homepage
Presenter: Deanna Sullivan – The Institute of Internal Auditors
CPE credits: 16 hours
Location: Indiana Wesleyan University – Louisville Campus
1500 Alliant Ave.
Louisville, KY 40299
RSVP: Register Here (AMEX, Discover, MasterCard, and Visa accepted) The Louisville IIA Chapter is hosting an IIA sponsored “Quality Assessment Review” training. The purpose of this training is to create a team of volunteers to perform external validations of interested Internal Audit departments self assessments. Participants will receive:
Qualification to perform external validations A QAR external validation of their internal audit department (within 5 years) New revised Quality Assessment Review manual 7th edition (valued at $215 member, $260 non-member) Most recent International Professional Practices Framework manual (valued at $55 member, $75 non-member) Additional training materials published by the IIA.
Deanna Sullivan is the founder and principal of Sullivan Solutions, specializing in enhancing both corporate and individual business performance via customized solutions. Deanna has a diverse background ranging from auditing and accounting to consulting and training. Her experience includes audit management, operational and financial auditing, international auditing, systems analysis, investigations, risk assessment, process improvement, change management, professional development and coaching. Deanna was one of the first consultants to be certified to deliver time management training for the FranklinCovey Institute. She has been an On-Site Instructor for The Institute of Internal Auditors since 2003. She delivers a highly-rated ethics course, “Ethics for CPAs – It’s a Matter of Choice,” which is certified by the Texas State Board. Deanna is a frequent speaker at conferences and events around the globe and has been a top rated speaker at the last four IIA International Conferences. Deanna received her BBA in Accounting from West Texas State University in Canyon, Texas. She is a Certified Internal Auditor, a Certified Public Accountant and a Certified Fraud Examiner. She is currently a member of the Board of Governors and the Audit Committee for the Houston Chapter, a member of the International Conference Committee and was Chairman of the 2006 International Conference in Houston, the highest rated International Conference to date. Deanna is also a member of the AICPA and the Association of Certified Fraud Examiners.
Participant to receive external validation of their IA department
Volunteer validator (no external validation of
their IA department)
$1,000 — first participant cost $ 500 — each additional participant
from same organization
$500
New Chapter New Chapter
Website Website
LaunchedLaunched The Louisville IIA is excited to announce the launch of our new chapter website. The web address has changed, so please be sure to update any old bookmarks. We will be continuing to make updates and posting n e w i n f o r m a t i o n throughout the next few months, so be sure to visit often!
Kentucky’s Fine Kentucky’s Fine
ArtistArtist
Darren Fisher, an accomplished artist/photographer from Bardstown, Kentucky, has graciously allowed the chapter to use his “Louisville, Kentucky” skyline photograph. You can view more of Darren’s work on his webpage.
NNNOVEMBEROVEMBEROVEMBER SSSEMINAREMINAREMINAR “Uncovering Fraud in Core Business Functions”
Date: Thursday & Friday, November 7-8, 2013
Registration: 7:30 am – 8:00 am ET (both days)
Meeting Time: 8:00 am – 5:00 pm ET (both days)
Presenter: William J. (Bill) Nealon – MIS Training Institute
CPE credits: 16 hours
Location: Indiana Wesleyan University – Louisville Campus
1500 Alliant Ave.
Louisville, KY 40299
RSVP: Register Here (AMEX, Discover, MasterCard, and Visa accepted)
According to an ACFE 2012 Global Fraud Study, more than 20% of frauds reviewed for the report cost organizations over $1 million! Does your organization have undetected fraud? How would you know? Where do you start?” Coming to Louisville, the MIS Training Institute seminar:
“Uncovering Fraud in Core Business Functions” Core business functions offer abundant opportunities for undetected fraud. In this eye-opening, two-day seminar you will pinpoint the areas most prone to internal fraud and identify key indicators of potential crime. You will focus on preparing fraud risk assessments and integrating fraud detection into your audit program. The course will cover the methodologies used by those who would do you harm and focus on the red flags that signal the need for an investigation. You will learn how to implement and develop audit procedures that will increase the likelihood of discovering fraud, including data mining. Throughout this seminar, case studies and class exercises will further illustrate how to integrate fraud detection into your audit program and reinforce proper fraud detection methodologies. William J. Nealon is a Senior Consultant for MIS Training Institute. A former Audit Manager for the New York State Comptroller’s Office, Mr. Nealon was responsible for identifying, planning, and overseeing financial, operational, and programmatic audits and studies in the Higher Education, Tax and Health areas of government. His experience includes audits of the State University of New York, the City University of New York, New York State Department of Taxation and Finance and the New York State Lottery. He was the on-site audit supervisor during the $1.5 billion construction of the Nelson A. Rockefeller Empire State Plaza. During his career, Mr. Nealon was also the Chief Auditor of Refunds for New York State where he was responsible for the audit and approval of all personal and business tax refunds issued by the State. A 30-year audit veteran, Mr. Nealon’s career includes extensive experience in planning and designing audits to detect fraud and identify poor controls that increase fraud opportunities. He was involved in fraud scenarios that resulted in convictions, and he is currently developing a college-level fraud audit course. In addition, Mr. Nealon was an Adjunct Professor of Management at the Graduate College of Union University for 15 years, and an Adjunct Instructor at Rensselaer Polytechnic Institute’s Lally School of Management and Technology. He taught courses in accounting and auditing at the graduate and undergraduate levels. Mr. Nealon is a member of The Institute of Internal Auditors and the Association of Certified Fraud Examiners.
Early Bird registration cost, if paid by 10/11/2013
Registration fees, if paid after 10/11/2013
SUPER Early Bird registration cost,
if paid by 07/31/2013
$925 (IIA Member) $975 (Non-Member)
$975 (IIA Member) $1,025 (Non-Member)
$850 (IIA Member) $900 (Non-member)
Membership Membership
AnniversariesAnniversaries We would like to recognize our chapter members who are celebrating membership anniversaries in The IIA during the month of August. Congratulations to all of you!
Sara Cunningham Ryan Pierce Kevin Field April Flaten Jim Andriot Jaime Sloan
Delayed Scoring Offered for 3Delayed Scoring Offered for 3--Part CIA ExamPart CIA Exam Several years in the making, the much anticipated English version of the new 3-Part Certified Internal Auditor® exam began testing July 1st. Candidates throughout the world have been turning to The IIA to better understand how these changes will impact their pursuit of the only globally recognized internal audit credential, the CIA. To address those queries, The IIA released the interactive Transition Planning Tool. By inputting the details of their exam progress, CIA candidates can evaluate the various options available for earning their CIA during the transition period, and map their path forward. For some, earning the CIA in the four-part format has become a priority, studying to ensure they sit for and pass exam parts prior to December 31, 2013, which is the end of four-part exam offerings in English. Others chose to await the release of the three-part exam, reducing the number of testing sessions required to earn the designation. Those who waited for the release of three-part exam and are prepared to register for and complete exam sessions prior to August 31, 2013, will have the unique opportunity to further contribute to the enhancement of the CIA exam by participating in the Delayed Score Exam (DSE) option, which allows for further validation of exam questions before they are added to the exam question bank. Participants taking advantage of the DSE option will answer an additional 25 questions that will not impact their score in any way, and they will receive an additional 30 minutes of seat time (per exam part) to accomplish this. However, due to the validation process, scores may not be released to the candidate for up to 90 days. In recognition of their contribution to the question validation process, candidates receive a discounted rate for each DSE exam part taken. For additional details and pricing for the DSE option, please visit The IIA’s global website.
Members Awarded IIA CertificationsMembers Awarded IIA Certifications The Louisville Chapter of The Institute of Internal Auditors and The Institute of Internal Auditors (IIA) are proud to announce that Certified Internal Auditor® and IIA specialty certifications have recently been awarded to several local chapter members.
Margaret Garrison, Todd Oberhausen, Jennifer Vittitoe and Hiroyuki Yamada have earned the designation of Certified Internal Auditor® (CIA®). David Barker has earned the designation of Certification in Risk Management Assurance® (CRMA®). Congratulations to our members on their hard work and esteemed accomplishment.
Welcome New Welcome New
Chapter Member!Chapter Member!
Cheryl Cravens – Private Client Services, LLC
EndEnd--ofof--Year Year
Survey ResultsSurvey Results Thank you to everyone who participated in the 2013 Member Survey. The chapter leadership team is currently reviewing the responses and will be planning events for the upcoming year based on feedback provided by our members. The drawing for the $50 Amazon gift card will be randomly selected at our September 2013 monthly meeting.
IIARF Bookstore Releases COSO Companion Guide IIARF Bookstore Releases COSO Companion Guide The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has not updated its widely used and highly regarded Internal Control ‒ Integrated Framework since 1992. To support the release of this much-anticipated update in 2013, COSO Chair Emeritus Larry Rittenberg, Ph.D., CIA, CPA, has written a guide to help practitioners fully understand the updates and effectively implement them within their organizations. In addition to providing a high-level overview of the major changes made to the Framework, the brief and easy-to-read guide addresses:
The increased need for subjective analysis and evidence when auditing controls. New approaches for external financial reporting and information technology controls. The shift toward more attention on operational and compliance objectives. The implications for frameworks outside North America.
The guide is designed to help internal auditors in all industries quickly identify the implications for their organizations by providing an overview of how the changes will impact decisions made by internal auditors, audit committees, boards, and management, as well as explaining how to communicate the changes to these constituencies. To order the guide, please visit The IIA Research Foundation Bookstore.
Upcoming IIA Upcoming IIA
WebinarsWebinars
Enterprise Risk Management
August 13, 2013 1:00 – 2:00 pm ET
Practice Advisory:
Internal Audit Coverage of Risks to Achieving Strategic Objectives
August 14, 2013 1:00 – 2:00 pm ET
Anti-Corruption and
Bribery September 11, 2013 1:00 – 2:00 pm ET
Cyber security: The
Effectiveness of Your Controls
September 17, 2013 1:00 – 2:00 pm ET
One (1) CPE credit is available for those a t t e n d i n g l i v e p r e s e n t a t i o n s o f Members-only webinars and Guidance Briefings. Registration is required.
Internal Auditors and Early Fraud DetectionInternal Auditors and Early Fraud Detection In a recent blog, IIA President and CEO Richard Chambers, CIA, CGAP, CCSA, CRMA, shared his personal reflections and insights on the internal audit profession. Here's an excerpt:
“The Association of Certified Fraud Examiners’ (ACFE) 2012 Report to the Nations on Occupational Fraud and Abuse estimates the global cost of internal fraud at US $3.5 trillion, or 5 percent of total revenue. And, as we all know, internal fraud is only part of the picture. Everything is moving faster these days, including fraudsters. Today, a rogue employee with a Smartphone, given a weak enough control environment, could transfer significant sums of money offshore in the blink of an eye. According to the ACFE, the average fraudster takes $160,000 (US) out of a company before the fraud is detected. Little of that money is ever recovered.”
Read the full Internal Auditor online blog from President Chambers and leave any of your own thoughts regarding the internal audit profession.
Future IIA Seminars and ConferencesFuture IIA Seminars and Conferences
2013 Governance, Risk, and Control Conference
(IIA/ISACA) August 19 – 21, 2013
Arizona Biltmore Hotel / Phoenix, AZ
2013 Central Regional Conference
September 29 – October 2, 2013
Hilton Columbus at Easton / Columbus, OH
2013 All Star Conference October 14 – 16, 2013 The Roosevelt / New Orleans, LA
Jenni Schelling Metropolitan Sewer District (502) 540-6380
Treasurer
Nancy Paus (859) 227-9884
Past President and Promotions
Committee Chair
Jennifer Vittitoe Humana Inc.
Newsletter Editors
Adam Murphy / Jackie Chism Kentucky Housing Corporation
Academic Relations
May Porter Hilliard Lyons
Advocacy/Diversity
Jigisha Shroff Humana Inc.
Danny Wooten Humana Inc.
Audit
Shawn Stevison CHAN Healthcare Auditors
Certifications
Bob Aemmer LG&E and KU Energy
Chief Audit Executive Roundtables
Ann Bauer Republic Bank
Government Relations
Connie Davis Kentucky Retirement Systems
Junior Achievement
Derrick Singletary Stock Yards Bank & Trust
Membership
Mike Kernan Audit and Business Analysis Professional Gretchen Wagner Humana Inc.
Advertisement Policy Area employers are eligible for free recruitment postings on the Louisville IIA website and in the monthly newsletter, IF at least one employee is a member of the local chapter. Newsletter advertisement rates for employers without a local chapter member and executive search firms are: $50 – ½ page; $100 – full page. Paid advertisements also include posting of recruitment information on the chapter website for one month. Payments must be received prior to posting. For more
information, please email the Louisville IIA Chapter President or Secretary.
Two Year Elected Terms
Ann Bauer (Thru 12/31/2013) Republic Bank
Connie Davis (Thru 12/31/2013) Kentucky Retirement Systems
Heather DiEnno (Thru 12/31/2013) LG&E and KU Energy
Donna Fox (Thru 12/31/2013) United States Postal Service
