Volume 3 Issue 1 (January 2011) V3 - The Institute of Internal Auditors

The Philadelphia Chapter has been awarded Gold
Status for the 5th consecutive year!
Audit Scope
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3 Issue 1
Preside nt’s Message
Dear Philadelphia Chapter Members,
I hope that you had a good holiday – hard to believe that it is over and we are on to 2011! I would like to start the
year with good news for our Chapter members. The Philadelphia Chapter participates in an IIA Headquarters
sponsored program called the Chapter Achievement Program (commonly called CAP). CAP is designed to promote a
minimum level of performance by IIA Chapters in providing service to members and promoting awareness about the
profession in the community. Chapters earn CAP points based on their activities and are able to benchmark their
success against other chapters in the US, Canada, and the Caribbean. We are halfway into the Chapter year and the
Chapter is already well on its way to achieving Gold status for the sixth consecutive year! As of December 2010, the
Chapter has earned 1200 CAP points, and we need 360 additional CAP points by May 31, 2011 to extend our five year
streak of achieving Gold status. If the Chapter attains Gold status for 10 of 11 consecutive years, it will be recognized
as a Platinum Chapter, the highest achievement in the CAP program. So here we go – upwards and onwards! Your
participation in Chapter educational and social events earns points for the Chapter. Also, if you have submitted articles
to trade publications or spoken on an internal audit topic at a meeting or seminar, please report your activities so we
can earn CAP points. Please contact our Chapter Secretary, Trisha Silvasy at tsilvasy@princeton.edu to provide
information on your events. I extend heartfelt thanks to my fellow Board Members, Committee Chairs, volunteers, and
most of all to you, Chapter members, for making this outstanding accomplishment possible.
The recent IIA Audit Executive Center survey results may help start the year with a degree of optimism for auditors. The
years 2008 and 2009 saw overall reductions in internal audit budgets and staffing worldwide. During these years, more
than 32 percent of internal audit functions worldwide had to reduce their budgets. However, 2010 appears to have
seen internal audit resources stabilize. When asked about the outlook for 2011, only 15 percent of respondents
predicted further budget reductions, while more than 38 percent predicted an increase in their internal audit budgets in
the year ahead. Although the degree of optimism for 2011 varied on the economic outlook by region; overall it is
anticipated that 2011 will be better on the resource front than 2010. When asked which areas internal auditors plan to
increase coverage in 2011, the top contenders were operational risks, effectiveness of risk management, compliance
risks, fraud risks, and cost reduction.
In this issue:
Calendar of Events 2
Membership Information 3
Board and Committees 4
Help Wanted 5
CIA Review Course 5-7
Current Topics 8
Chapter News 9-10
We will kick off our events calendar for 2011 with a free seminar on January 21 st sponsored by Jefferson Wells, titled
“Strategic Alliance and Vendor Relationships - Cost Recovery and Process Improvements Opportunities" Thanks to
our Chapter 2 nd Vice President Robert Emrich and Membership Committee Chair Michelle Hayes for organizing the
Chapter’s first ever Chapter sponsored social networking event in Delaware. Yes, members, we heard your request
and hope that you can attend this exciting event. Please continue to monitor your email and the Chapter website for
more details on these great opportunities for all our members. Our programs and events continue to bring you
excellent training and networking opportunities – we look forward to seeing you and appreciate all of your suggestions
and support.
Cheers to a happy and healthy new year!
Nilu
Nilufer K Shroff
President
IIA Philadelphia Chapter
Executive Reminders
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Page 1

Audit Scope—Calendar of Events
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
2010 Upcoming Events though December, 2010
Date Time Topic CPE's Location
January 21, 2011 12 noon—1 pm Strategic Alliance and Vendor
Relationships—Cost Recovery and
Process Improvements
Opportunities
February 4, 2011 7 am—2:30 pm Hot Topics in Internal Auditing,
Regulatory Changes and the State of
the Economy
1 Webcast
6 Federal Reserve Bank of Philadelphia
March 4, 2011 TBD Joint Event—ACFE FIRMA primary
topics to include Corporate
Governance Matters and Dodd-
Frank legis
8 PECO Building
April 4, 2011 7 am Spring Conference 8 Philadelphia Marriott Downtown
May 6, 2011 TBD Developing Powerful Presentations
& What Dress down means
3 PICPA Office—Center City
Philadelphia
*** Note: Event details are subject to change. ***
MEMBERSHIP COMMITTEE
MEMBERS –
PLEASE UPDATE YOUR IIA PROFILE!!
If you are not receiving chapter newsletters
and invitations to monthly events, it is likely
because your IIA Profile has not been
updated with your most current email and
contact information.
Log on to the IIA and update it now!
http://www.theiia.org
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Audit Scope—Membership News
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
Laurence Fulton
Gary Brown
Julie Steiger
New Members
November 2010 —January 2011
August Piazza
Pritish Patel
Janice Swank
Dave Hemphill
Brandon Baker
Colleen Wolf
Ronald Surman
Johanna Bombaci
Deborah Beck-Kauffman
Tracey Keele
Kevin Olkowski
Matthew Anderson
Roxanne Walker
Bret Grummert
Jennifer Deegan
Mao-Chuan Ko Ani Kechian Kyle Douglass
Jaswinder Banwat
ACADEMICS COMMITTEE
Chapter Year 2010—2011
The Goal of the Academic Relations Committee (ARC) is to develop and support relationships through educational programs among
practitioners, educators, students, educational institution administrators, and business/government communities, which enhance
knowledge, skills, understanding, and use of internal auditing. The committee has been working on a number of great initiatives this year,
including participating in a new and innovative Virtual Career Fair, where just over one thousand students visited our “cyber booth” that
included videos, presentations, articles about the profession, and the ability to chat in a group, or one on one with ARC committee
members.
ARC will be focusing on the case competition over the next few months, a multi-University challenge where the winning team will receive
scholarships. The competition includes students working closely with IIA professionals to solve real world internal auditing problems and
presenting the findings to a panel of judges. The interaction with professionals and “real life” situations that students are presented with
will help prepare them for life post graduation and give them an idea of what to expect from a career in Internal Auditing. In addition, the
mentoring program will be launching next month, where any member of the Philadelphia Chapter will be able to help provide guidance,
career advice, shadowing opportunities, etc. to students that are interested in Internal Auditing.
One final initiative is helping companies find great internship candidates. ARC will be publishing internship opportunities on the
Philadelphia IIA website, so please contact Anthony Leusner if you have a position you would like posted (aleusner@deloitte.com.)
Opportunities
Have you been thinking about getting more involved with the IIA? Are you interested in helping students become more aware of the
Internal Audit profession, potential career paths, and the role of auditing in the business world? Then we need your help!
We are actively seeking volunteers to assist in variety of programs and events including:
Members for the ARC Committee
Classroom lecturers and presenters on current hot topics
Participants for the Student Mentoring Program
Individuals to help with a Case Competition
Volunteers to meet with Professors and University Administrators
Volunteering with the Academic Relations Committee is a great opportunity to further the IIA’s mission and have a meaningful impact on
students and the future of our profession. To learn more, or to volunteer, please contact Matt Bogusch or Jim Stoltz and indicate which of
the areas above you are interested in. mbogusch@deloitte.com; jamesjstoltziv@gmail.com.
ARC also provides a complimentary subscription to “Internal Auditor” magazine to many of the local universities career services offices
and libraries.
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Audit Scope—Chapter Leadership
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
2010-2011 CHAPTER OFFICERS
PRESIDENT
FIRST
VICE-PRESIDENT
SECOND
VICE-PRESIDENT
THIRD
VICE-PRESIDENT
VICE-PRESIDENT OF
FINANCE
SECRETARY
Nilufer Shroff
Jerry Stussy
Bob Emrich
Jay Brightman
Gretchen Gray
Trisha Silvasy
Princeton University
AC Lordi
Barclaycard US (DE)
Protiviti
Princeton University
District Representative—Dave Naser
Capologist – Tonya DiGiuseppe
BOARD OF GOVERNORS
Malfalda Dennett Mike Ford Ram Vijayanathan
Michelle Hayes Todd Havens Matt Bogusch
Marie Hendrixson Joe Hayes Jim Frank
Dave Naser Joe Kobulsky Joe Murphy
Bill Shea John McLaughlin Rich Sheaffer
Efram Silberstein
2010-2011 COMMITTEE CHAIRS
2010-2011 CONFERENCE CHAIRS
Committee
Contact Information
Chairperson
Contact Information
Programs
Joe Murphy / Jay Brightman
Fall Conference
Michelle Hayes
Strategic Planning
Matt Bogusch
Fall Conference
Gretchen Gray
Academic Relations
Matt Bogusch / James Stoltz
Spring Conference
Jerry Stussy
Certifications
Jim Frank
Spring Conference
Trisha Silvasy
Chief Audit Executives
Todd Havens / Marie Hendrixson
Employment
Dave Aubrey
Hospitality/Social
Joe Hayes
Membership
Michelle Hayes / Deepti Modgekar
Newsletter
Louanne Muldoon / Mafalda Dennett
Nominating
Ram Vijayanathan
Website
Joe Kobulsky
Volunteer
Joe Kobulsky
Publicity / Social Media
Sam Monastra / Amy Gagliardi
Finance
Gretchen Gray / Amy Gagliardi
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Audit Scope—Help Wanted
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
The Help Wanted section is open to
all Philadelphia Chapter members to
post brief job postings. Please limit
your posting to 100—150 words.
Please visit the Philadelphia Chapter’s website to view
job posting details:
Please contact Dave Aubrey at
daubrey@orleanshomes.com
And don’t forget to visit the
Chapter’s website for a complete
listing of all current job postings at
www.theiia.org/chapters/philly
1. South Jersey Industries (SKI) - IT Auditor
2. David Wayne Associates LLC—Senior Auditor
3. Auditor III, Senior Auditor, and Audit Manager
4. Internal Auditor, Internal Audit Consultant, and Senior Auditor
5. Audit Supervisor, IT Auditor, and IA Supervisor of Technology
6. Financial Advisor
Please check the website often as positions are added each week!
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CIA Review Course
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
The IIA’s CIA® Learning System Instructor-Led Spring Course
Distinguish Yourself... Become a Certified Internal Auditor!
The Institute of Internal Auditors is partnering with Villanova University to offer an instructor-led CIA®
review course this spring 2011. The CIA is the only globally accepted designation for internal auditors. It
is the standard by which internal audit professionals demonstrate their knowledge and competence in the
areas of governance, risk and control. This course will expand your internal audit knowledge and prepare
you for the Certified Internal Auditor® exam. This program is designed primarily for individuals interested
in preparing for the CIA exam, achieving professional advancement, and building confidence for
addressing today’s internal audit challenges. The following courses are available this spring 2011 at
Villanova University in Radnor, PA.
Course Parts
2011 Dates
All Saturdays
CPE
Credits
Registration
Part I: The Internal Audit Activity's
Role in Governance, Risk and control
March 12 & 19 15
Part II: Conducting the Internal Audit
Engagement
April 9 & 16 15
Part III: Business Analysis and
Information Technology
May 7, 14, & 21 22.5
Part IV: Business Management Skills June 4 7.5
Course Materials: The IIA’s CIA Learning System
This course is based on The IIA’s CIA Learning System, a premier-quality CIA exam preparation tool,
designed by subject matter experts to teach the entire global CIA exam syllabus. The IIA’s CIA Learning
System program is delivered in a blended learning format of printed workbooks and Web-based learning
software. To take a demo of these materials, go to www.LearnCIA.com. These tools are augmented by
the expertise of an experienced instructor. The classroom environment allows for interaction with your
peers and the instructor, Michael Brozzetti, Esq., CIA, and also provides structure to keep you on track to
meet your goals. For more information on the program or to register, please visit
www.continuingstudies.villanova.edu or call 610-519-4310.
Disclosure: Michael Brozzetti, Esq., CIA is not an Attorney-at-Law. Michael uses the Esq., CIA designation to represent his
personal commitment to protect and guard the Internal Auditing profession’s principles for integrity, competency, confidentiality, and
objectivity as provided for within the IIA’s Code of Ethics.
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CIA Review Course
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
Memorization is Not Learning
Melissa Leonard
Chapter Coordinator
As you begin your journey to becoming a CIA, it is important to remember that the CIA exam is nondisclosed.
Therefore, the questions on the exam will not be identical to those found in review
provider material. While some questions may be similar, others will be completely new to you. Due
to the large volume of tested topics, you must adjust to answering questions that appear very difficult
or that you have never seen before.
To guarantee success, avoid studying multiple-choice questions merely to learn the correct answers.
Begin studying each new topic by taking a multiple-choice quiz to practice answering questions
you feel less confident about. Use these pre-test sessions to practice both your questionanswering
technique and your educated-guessing skills. A good educated guesser will outperform the
inexperienced exam taker. Our most successful candidates expect the unexpected and are prepared to
deal with it.
Memorizing the outlines or concepts is another common mistake when preparing for this type of
exam. While memorization may have been useful on some of your past undergraduate exams, a deeper
understanding of the topics is required to pass the CIA exam. The Gleim CIA Review System is designed
to help candidates fully comprehend the concepts rather than merely memorize the relevant
material. For this reason, we do not employ flash cards or other methods of rote memorization that
provide a false sense of accomplishment and a likely disappointing outcome on the actual exam. Instead,
you must learn the concepts so you can answer even the most contorted of questions, including
those you have never seen before.
You don't want to spend time memorizing questions or topics tested on the CIA exam to the detriment
of comprehending concepts in the same way you don't want to simply memorize one route to work
and use it every day no matter what. When you have just one set of roads or one train schedule
memorized and you have never looked at a map of the area or an alternate schedule, it is difficult
if not impossible to adapt or adjust to unexpected road blocks or train delays. If, however,
you have a knowledge of alternatives, you will be able to react quickly and make the best
possible adjustment given the set of circumstances. This ability to be flexible helps you arrive
at any destination – be it work or CIA certification - quickly and with the least amount of
stress or insecurity.
I would like to hear from you. How was your exam experience? Do you have any tips or advice to
provide to fellow exam takers? What advantages of being certified have you experienced? Email
Gleim at iiachapters@gleim.com with your questions.
Remember, as a Greater Philadelphia Chapter member, you will receive a discount on Gleim material.
Gleim has been helping CIA candidates pass the CIA Exam since 1980.
Contact Melissa at 800.874.5346, ext. 131 or melissa.leonard@gleim.com to take advantage of your
chapter discount or if you have any questions.
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Current Topics
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
NEW PRICING STRUCTURE FOR IIA CERTIFICATIONS
The IIA has revised its pricing structure for certification fees, effective January 1, 2011. This new pricing structure will
more accurately reflect the level of service our IIA Certification programs offer and is more comparable to similar
professional certifications. Registrations received by December 31, 2010, will be charged the current 2010 certification
fees.
Application Fee $75 $100
CIA Exam Part Fee $150 $200
Specialty Exam (CCSA, CGAP, CCSA) Part Fee $325 $375
Exam Part Rescheduling Fee (when exam part is rescheduled after initial appt. is made) $50 $50
CPE REPORTING CHANGES ON THE HORIZON
As of January 2011, IIA-certified candidates seeking to report their continuing professional education (CPE) credits will
be able to do so in the Certification Candidate Management System (CCMS), rather than on The IIA's website.
Reporting CPE credits biennially is a simple step that helps professionals maintain use of their designation. The CPE
reporting deadline is determined by an individual's IIA membership or customer ID number. IIAcertified professionals
whose membership or customer ID number ends with an even number (e.g., 00002) should report their CPE credits in
even-numbered years (i.e., 2010, 2012, etc.). Those with odd-numbered IIA membership or customer ID numbers
(e.g., 00001) should report in odd-numbered years (i.e., 2011, 2013). The reporting deadline for the prior two years is
May 31 of the reporting year (e.g., candidates reporting in 2011 will report on credits earned during 2009–2010). IIAcertified
professionals who fail to meet their CPE requirements by the reporting deadline automatically will be placed in
an inactive status and may not use their designation. Members of The IIA can report their CPE credits free of charge.
In January 2011, the processing fee for nonmembers will increase to US $100 for each certification. For additional
information, such as CPE requirements for IIA certifications, CPE reporting in CCMS, and a list of CPE opportunities,
visit www.theiia.org/certification.
JANUARY’S MEMBERS-ONLY WEBINAR FIVE COURT CASES EVERY
INTERNAL AUDITOR AND AUDIT COMMITTEE MEMBER SHOULD KNOW
As an internal auditor, are you aware of litigation that could significantly affect your practice and the operations of your
organization? On January 25, 2011, from 1:00 -2:00 p.m. ET, James S. Fargason will examine court cases involving
the legal consequences for internal auditors and audit committee members. In this first of a multi-part series, we’ll
examine how the courts have ruled in cases involving the internal audit profession. You won’t want to miss this
thought provoking session!
To register, visit our website at www.theiia.org/ membership/current-members/members-only-webinars.
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Chapter News
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
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Chapter News
Institute of Internal Auditors — Philadelphia Chapter
January 2011 Volume 3, Issue 1
Page 10

Institute of Internal Auditors —
Philadelphia Chapter
Check out our website at
www.theiia.org/chapters/Philly
Nilu Shroff, President
IIA – Philadelphia Chapter
Penn Center Station
P.O. Box 59476
Philadelphia, PA 19102-9997
PROGRESS THROUGH SHARING.
Board of Governors - Schedule of Meetings/Calls
Date
Third Thursday of every month
(September through May, 2011)
Time
12—1 pm
E xecutive Reminders!
• Don’t forget to save the date for the upcoming events—see page 2 for a complete list
• Update your membership information to ensure you receive the newsletter and invitations
to upcoming events—visit the website at www.theiia.org/chapters/philly and select
update profile
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