L E A D I N G I N T E R N A L A U D I T P R A C T I C E S

Sessions will cover new and creative practices that can help internal auditors be successful and add value.

CS 1-6
Strategic Auditing – Covering the 4th Element of COSO ERM
Andrew Raftis, AXA Equitable

This session will focus on the key aspects of performing an audit of strategic risk, which is one of the four COSO ERM elements, but is often overlooked. Since strategic risk issues are the leading cause of significant drops in shareholder value, auditing strategic risks should be a part of every internal audit plan.

After this session, participants will learn:

The components of strategic risk management, including strategic and decision-making failure points.
Key tips for conducting audits of strategic risks.
The benefits of such audits, including how they relate to COSO ERM.
Specific examples of strategic audits.
The skills necessary to conduct strategic audits.

FIELD OF STUDY: AUDITING

CS 2-6
Influencing Radical Change – Beyond Recommendations, Gaining Commitment
Sarah Blackburn, Wayside Network

Audit Committees tell us they value the outcomes of internal audit as assurance plus evidence of positive change and improvement in risk management and controls. Why does management often seem so resistant to the recommendations of internal auditors? How can we influence management, and get them to exercise ownership and accountability for improving the management of risk?

In this session, participants will learn how to:

Identify reasons why management does not respond to internal audit reports.
Recognize how we contribute to management's resistance to recommendations.
Choose approaches we can adopt to gain their commitment to implementing improvements in risk management and controls.
Ensure management ownership of both problems and possible solutions.
Influence political processes within the organization.

FIELD OF STUDY: BUSINESS MANAGEMENT AND ORGANIZATION

CS 3-6
Assurance and Consulting Engagements: Are they Mutually Exclusive?
Kurt Reding, Wichita State
Michael Head, TD AMERITRADE
Paul Sobel, Mirant Corporation

Most internal audit functions include consulting services as a part of their audit charter. But is it really clear which type of services are assurance versus consulting? Is it possible to have elements of both in an engagement, and still comply with The IIA’s Standards?

In this session, participants will learn how to:

Distinguish between assurance, consulting and blended engagements.
Describe the criteria for conducting blended engagements, versus pure assurance or consulting engagements.
Follow a principles-based framework for conducting blended engagements, while ensuring compliance with The IIA’s Standards.
Develop ideas for reporting the assurance and consulting components of blended engagements.

FIELD OF STUDY: BUSINESS MANAGEMENT AND ORGANIZATION

CS 4-6
10 Success Stories from IA Departments Around the World
Andy Dahle, PricewaterhouseCoopers

What practices make internal audit successful? What are some of the best proven examples of internal audit excellence in the world? This session will highlight 10 specific true stories of where internal audit is excelling. Each story will address each internal audit team's specific challenge, what they did to achieve their success story, and the benefits that resulted.

In this session, participants will:

Sample from 10 proven recent stories of how others have implemented leading practices, thereby gaining creative insight for their own operations.
Identify successful methods of implementing practices addressing the challenges of today's internal audit leaders.
Analyze how these various success stories fit attributes of high performance internal auditing.
Take with them back to their organizations fresh, actionable approaches that they can apply for their success.

FIELD OF STUDY: AUDITING

CS 5-6
Internal Audit: A Co-produced Service, in a World of Services
Tommaso Capurso, Belgian Railways

Internal auditing is clearly an interactive "service" with the specific feature of being "co-produced" by the client/auditee AND internal audit, with results that depend significantly on the commitment of the client/requester of the mission or the auditee. Added value is co-created.

In this session, participants will know how to:

Discover the client/service provider “servuction” model, concept initially developed by Eiglier/Langeard in the field of marketing of services.
Understand how it can be applied to the internal auditing activity itself.
Understand the potential usefulness of the model for auditing services, since services are more and more dominating current economic activities and constitute a large part of any “modern” audit universe.
Learn, through a practical example, how the framework was used in a consulting engagement to improve the interaction business model between a mother company (the “client”) and its engineering subsidiary company (the “service” provider).

FIELD OF STUDY: AUDITING

CS 6-6
Optimizing Your Internal Audit Function – Increasing Your Stakeholder Value
Wayne Rose, Deloitte & Touche
Mark Salamasick, University of Texas at Dallas

Committees and executives are seeking more value from their internal audit functions than ever before. As the Chief Audit Executive, how do you remain constantly aware of their value expectations and/or how do you help ensure their expectations are appropriate to effectively optimize the internal audit function at your company?

In the session, participants will learn how to:

Effectively assess the value expectations of Management and the Audit Committee.
Help ensure that Management and the Audit Committee have the appropriate value expectations.
Develop appropriate action plans to meet value expectations and optimize your internal audit function.
Remain strategically focused on how to continuously increase stakeholder value.
Develop key metrics and attributes which Audit Committees and Management can effectively assess performance and value.

FIELD OF STUDY: AUDITING

CS 7-6
25 Worst Practices in Educating the Audit Committee: What Not to Do
Joel Kramer, MIS Training Institute

We all know how important it is for every audit department and CAE to have a great relationship with the Audit Committee. This relationship and support is critical to our ability to add true quantitative and qualitative value to our stakeholders. We must develop a strategy that keeps the Audit Committee abreast of where we have been, where we are and where we are going. We also need to ensure that a solid communication process is in place so they are almost virtual with our accomplishments. This session will make you think a little differently about your Audit Committee relationship, it will concentrate on the things you should not do and if you do them it will only weaken your standing with your key client.

In this session, participants will learn:

How not to maximize your Audit Committee relationship.
How not to communicate with the Audit Committee.
What not to tell the Audit Committee.
How not to time the data you present to the Audit Committee.

FIELD OF STUDY: AUDITING