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“CURRENT TOPICS IN INTERNAL AUDIT” Monday, May 26, 2008 St. Andrews Club and Conference Centre (http://www.standrewsclub.ca/) 150 King Street West, Toronto ON – 16th Floor
EVENT PLATINUM SPONSOR The IIA Toronto Chapter will be hosting a one day workshop on current topics that are at the forefront of the internal audit profession. The day will feature experts from various disciplines to focus on specific emerging practices and issues facing internal auditors. Topics include: · Transition to IFRS – Implications for Processes, Systems and Controls · Electronic Workpapers – Teammate ® · IIA Standards · The Importance of Multiculturalism In Auditing
Attendees can choose to attend the full-day workshop or half-day. Rates for members and non-members are: Full Day: $175 (member) $225 (non-member)
Half Day: $100 (member) $125 (non-member)
Session Overviews and Speakers
I. Transition to IFRS – Implications for Processes, Systems and Controls PricewaterhouseCoopers LLP - Peter Koch, CA, CISA
The transition to IFRS has a pervasive impact on an entity’s financial processes, IT systems and controls. As a major change initiative, the conversion to IFRS is driven by the accounting changes required to move an entity from Canadian GAAP to IFRS. The accounting changes will drive the business process, IT systems and controls changes required to report under IFRS; all of which should be carefully scoped and planned during the diagnostic and planning phase, and pro-actively addressed throughout the IFRS conversion project.
This session will provide an overview of some of the key process, systems and controls related issues facing many organizations as they embark down the path of conversion to IFRS. An overall approach for integrating these considerations within the IFRS conversion project plan will be discussed along with some examples and lessons learned. Participants will learn about some of the key process, systems and controls considerations for managing the conversion process and ensuring that IFRS becomes fully embedded within the organization.
Peter Koch CA CISA Peter is a Director in PricewaterhouseCoopers’ Advisory practice based in Toronto . Peter provides regulatory compliance, risk management, internal audit and control-related services and various professional services over the past eleven years at PwC. His projects include NI 52-109 and Sarbanes-Oxley (302 and 404) compliance assignments, internal controls compliance assessments, financial and operational internal controls reviews, business process improvement assignments, strategic risk assessments, risk culture surveys, computer operations reviews and data conversion reviews. Peter is a member of PricewaterhouseCoopers’ national IFRS strategic initiative responsible for tailoring and delivering data, process, systems and controls solutions for his clients’ IFRS conversion projects.
II. Electronic Workpapers (Teammate®) CCH Canada – Chris Ryley, CIA
This presentation will cover the features and functionality of internal audit management system software, with a discussion of its evolution, benefits, and functionality. CCH TeamMate will be used as an example to demonstrate the benefits and functionality.
Chris Ryley, CIA Chris Ryley, CIA leads the TeamMate business in Canada for CCH Canadian Limited, a Wolters Kluwer business. Prior to joining CCH, Chris was with PricewaterhouseCoopers where he led the Canadian TeamMate business for over 5 years, and provided environmental and internal auditing services to clients for over 10 years. One particular area of interest for Chris has been the use of software tools to support various risk management functions. The CCH TeamMate Suite (http://www.cch.ca/TeamMate/), originally developed and sold by PwC and now developed and sold by CCH, is the market-leading automated audit management system, used globally by more than 57,000 auditors in over 1,500 organizations.
III. Understanding and Applying the International Standards for the Professional Practice of Internal Auditing (IIA Standards) IIA Toronto Governor– Lal Balkaran, CIA, CGA, MBA, FCMA, FCIA One of the hallmarks that characterizes a genuine and well-respected profession is a set of standards which forms a common ground where all its members meet. This is precisely what differentiates internal auditing from other professions – the global nature of the International Standards for the Professional Practice of Internal Auditing or IIA Standards.
Indeed, the IIA Standards set the bar for professionalism by delineating basic principles that represent the practice of internal auditing as it should be, providing a framework for performing and promoting a broad range of value-added internal audit activities, establishing the basis for the evaluation of internal audit performance, and fostering improved organizational processes and operations.
The Standards act as a reference guide for how to conduct the internal audit effort and are a steady resource when the variables are constantly changing. An internal audit is not truly done unless it is done within the framework of the Standards as they cohesively organize the elements necessary to practice internal auditing the way it should be.
There are forty three Standards to use and not all is familiar with the interpretation of each which may distort delivering a truly effective internal audit effort. Moreover, there are impending changes to the Standards that are expected to be rolled out in January 2009.
IV. The Importance of Multiculturalism in Auditing IIA Toronto Governors – Lal Balkaran, CIA, CGA, MBA, FCMA, FCIA
Today’s workplace is multicultural and global. This global outreach is important for diverse cultural groups around the planet have become our neighbours: China across the street, Middle Eastern groups at our backdoor, Africans next door, and Russians two blocks away. Other cultural expressions must be understood and judged within their own context. Information about other cultures is simply not enough as it enables us to know what people do. We must go beyond this and know why they do it, i.e., understand. A culture that begins and ends in the West no longer holds true in this environment. Only when we understand each other’s cultures can we then try to arrive at management styles and methods that can bridge the gaps and help us operate effectively as auditors.
This session will enable participants to walk away with an understanding of those characteristics and religious practices that underpin governance and auditing in different cultures. Understand India’s caste system, Chinese and Japanese management styles, Islam’s five pillars, Latin American work attitudes, Africa’s haraambe and much more. Discover how such foreign terms like kaizen, kanban, hawala, shari’a, and zakat have influenced the auditing profession.
Understand how auditing was done under the former Soviet system and its satellite states. Know the socio-economic factors and cultural characteristics from across the globe including an interpretation of different body languages from across cultures, certain words and phrases, and how they relate to economic activities and impacted auditing.
An effective auditor in today’s global environment has to re-align his or her thinking. He or she must be able to communicate and negotiate with people across cultures. The goal of understanding multiculturalism is not to eliminate differences but rather to capitalize on diversity by using such differences to enhance understanding and improve the audit effort.
Lal Balkaran, CIA, CGA, MBA, FCMA, FCIA Lal Balkaran has had over twenty years of senior finance and varied internal auditing experience obtained in a wide range of industries in the Caribbean, North America, and Europe. He has had articles published in several international journals including five in the Institute of Internal Auditors (IIA)’s own prestigious Internal Auditor. On top of this, he has authored five reference books on international professional accounting and business certification programs, one on management controls, one on auditing terms which is the world’s first auditing dictionary, and six non-business books on his native Guyana. He recently wrote a chapter titled “Internal Auditing in the 21st Century” for Professor Jeff Ridley’s (of the UK) new book Cutting-Edge Internal Auditing which as just been published by Wiley in the UK.
He has been active with the Toronto Chapter of the IIA for over 20 years where he was elected President in 2002 and again in 2003. Lal has delivered seminars in North America and the Caribbean on internal auditing related topics. He is a member of the IIA’s Global Board of Research and Education Advisors, the Editorial Advisory Board, and a former member of the Internal Audit Advisory Committee of the Treasury Board of Canada. Mr. Balkaran is also the founder of IIA-Guyana.
Registration: To register, please RSVP your attendance to the Chapter Office by May 22 by telephone (416-223-5326), fax (416-222-1041) or email at iia@homewoodave.com. Payment can be made over the phone by Visa or Mastercard. Dress attire is business casual. There will be NO refunds after May 21, 2008. |
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