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Dear Members
“What should I do with my life?” by Po Bronson is a collection of 55 true stories of individuals who have been challenged to find their calling, their true self, and the mistakes they have made before getting it right. Some of the stories that I have found inspiring - a lawyer who decided to become a truck driver so he could be closer to his son, and an investment banker with a Harvard MBA who became a successful catfish farmer.
As we look forward to the new year, many of us will ponder on this question as we think about our resolutions and work plans for 2012. The anticipated slowdown in global economic growth, changes to corporate governance standards and geo-political shifts will mean that business will not be as usual.
IIA Singapore has been working on our 2012 strategy in the last few months. The Board of Governors will be meeting in early January to finalize the strategy and to approve detailed work plans to execute the strategy. I will be sharing these exciting plans with you at the Membership Night on Thursday 2 February 2012.
In closing 2011, I would like to thank all IIA Singapore members, volunteers, staff, Governors, supporters and friends for all our achievements this year. I wish everyone a happy 2012 and peace be with you always.
Loh Uantchern
President
IIA Singapore
COSO has released the new ICIF Exposure Draft for comment. The comment period will run through March 31, 2012.
Global IIA is one of the 5 sponsoring organizations of COSO, and Richard F. Chambers, President and Chief Executive Officer, sits on the COSO Board as The IIA’s representative. In addition to him, Steve Jameson (The Chair of PIC) served on the ICIF Advisory Committee. Given the global reach of the COSO Framework and the unofficial-regulatory status it as assumed over the past decade, we anticipate extensive public interest and comment on this important document.
In the coming days, PIC will initiate the process by which it compiles The IIA’s official response to the new Framework. To minimize confusion, Global IIA would like to submit a single response to COSO reflecting the views of IIA, Inc and our Institutes worldwide.
The draft of the press release is provided below. The link to the Exposure Draft web site is: http://bit.ly/w5cFzr
ALTAMONTE 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.
COSO originally engaged PwC to develop a framework for internal control in response to a recommendation from the Treadway Commission. Building on the success of the original framework, COSO has worked with PwC to update it for organizations: to adapt to increasing complexity and pace of change; to mitigate risks to the achievement of objectives; and to provide reliable information to support sound decision making.
A broad range of professionals from industry as well as representatives and observers from academia, government agencies, and nonprofit organizations have provided a wealth of perspective on how the original Framework can be refreshed. The Framework retains the core definition of internal control and the five components of a system of internal control. One of the most significant enhancements is the codification of internal control concepts introduced in the original framework into 17 principles and supporting attributes that further support organizations as they apply judgment in managing risk and improving performance in an increasingly complex and rapidly changing environment.
Following the comment period, which ends March 31, 2012, the Framework will be revised as necessary. Release of the final Framework is expected in fall of 2012.
“Issued in 1992, the COSO Internal Control-Integrated Framework has become the most widely used internal control framework in the world,” said David L. Landsittel, Chairman of COSO. “The key concepts proposed in our original framework are timeless, yet the changes we have seen in the business and operating environments have driven the need for this update. The update should allow organizations to more effectively utilize the framework to develop and maintain systems of internal control in support of their long-term success.”
Miles Everson, Global Leader of Governance, Risk and Compliance with PwC and Project Leader noted, “We are spearheading this update to enable organizations of all types and sizes to efficiently develop systems of internal control that further enhance the likelihood of achieving their objectives.”
“Effective internal control allows organizations to adapt to a changing business landscape, and obtain confidence that controls mitigate risks to acceptable levels,” added Landsittel. “This is key for the long-term success of any organization.”
To access the complete Internal Control-Integrated Framework, please visit www.ic.coso.org
Originally formed in 1985 to sponsor the National Commission of Fraudulent Financial Reporting, COSO is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management (ERM), internal control and fraud deterrence. COSO’s supporting organizations are The Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Management Accountants (IMA). www.coso.org
PwC firms help organizations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.
© 2011 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
IIAS is driving a Charity Sale by selling "bottled plants". Each Bottle of Fresh Air is for sale at S$29.90 each. 50% of the proceeds from the sales will be donated to Shared Services for Charities Limited. With the festive season around the corner, you can consider to get the Bottle of Fresh Air as a Christmas gift and doing a good deed at the same time. Please click here to download the order form.
Let's come together for this good deed and make this Charity drive a success.
Thank you.
In order to streamline the CIA exam process for candidates and to avoid an impending price increase in the delivery of exams by our vendor, Global IIA is reducing the number of un-scored questions on the CIA exam and specialty exams.
For each CIA part, the number of questions will be reduced from 100 to 90, of which 80 will continue to be scored. In addition, the time allowed for the exam will be reduced from 2 hours 45 minutes to 2 hours 25 minutes. An additional 5 minutes will be allowed for the survey at the end of the exam.
For each specialty exam, the number of questions will be reduced from 125 to 115 (of which 100 will continue to be scored), and the time allowed for the exam will be reduced from 3 hours 15 minutes to 2 hours 55 minutes with an additional 5 minutes allowed for the survey.
IMPORTANT: The reduction in the number of un-scored questions does NOT impact the passing score as the number of scored questions required to pass remains the same.
In order to facilitate this reduction, the exam tutorial, which was previously only available to candidates once they had arrived at the test center and been admitted, will now be available on our website.
Please click here for more information on the CBT Exam Tutorial.
Please click here to launch the CBT Exam Tutorial.
Effective January 1, 2012, changes to the reporting period, CPE requirements, and the reporting process will be implemented. The following table summarizes these changes:
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Effective Jan. 1, 2012
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| Reporting Period
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Reporting will now be done annually for all certified individuals. All candidates will be required to report every year versus every other year.
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| Reporting Date
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The reporting date is changing from May 31 to Dec. 31.
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| Number of Hours Required for CIA
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· 40 hours per year (if practicing)
· 20 hours per year (if non-practicing)
· 0 hours per year (if retired)
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| Number of CPE Hours Required for
CCSA, CFSA, CGAP, CRMA
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· 20 hours per year (if practicing)
· 10 hours per year (if non-practicing)
· 0 hours per year (if retired)
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| Specialty Certification CPE Requirements
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25 percent of CPE hours earned must be in the specialty area of expertise.
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| Required Attestations at Time of CPE Reporting Submission
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· To practice in accordance with The IIA’s International
· Professional Practices Framework (IPPF)
· To abide by The IIA’s Code of Ethics
· To not bring The IIA into disrepute
· Confirming no criminal convictions since last reporting period
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| Failure to Report CPE
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Certification status will be changed to INACTIVE. Designation can no longer be used until status is reinstated to CERTIFIED.
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| Reinstatement Policy
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If INACTIVE greater than 12 months, the candidate will need to report 80 hours of CPE and pay a reinstatement fee of US $100 (member) or US $250 (nonmember).
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Please click here for more details on the CPE reporting requirements.
Please click here for the FAQ.
The IIA's Certification Department is currently conducting a survey of global certification needs related to internal audit career progression. The survey, designed to identify assessment gaps for high-level internal auditors from the perspectives of both the internal audit professional and key stakeholders, is open to all internal audit professionals, chief executive officers, chief financial officers, audit committee chairs, and other key stakeholders around the globe.
Open from December 5-21, 2011, the survey will assist The IIA in identifying programs or services that will provide internal auditors with the opportunity to demonstrate growth in both skill and competency level during their career progression and represent the value internal audit professionals bring to the organizations that engage them.
Chief audit executives (or related role) who complete the survey and have two stakeholders (CEO, CFO, or audit committee chair) from their organization also complete the survey will be entered into a drawing to receive a complimentary conference registration to either the 2012 General Audit Management Conference or the 2012 International Conference. Individuals who would like an opportunity to win a complimentary conference registration must provide their name and e-mail address at the end of the survey. Stakeholders completing the survey must reference the organization name at the end of the survey. This information will only be used to identify entrants for the drawing and to contact the winner.
Click here to participate in this 10-minute survey, and be sure to forward the link to your organization’s CEO, CFO, audit committee chair, or other key stakeholder.
Congratulations to all winners of the Internal Audit Excellence Award:
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| Merit Winners: |
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| Special Recognition Award Recipient: |
Mr Chor Kee Yang
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Please click here for the press release on Business Times dated 11 Oct 2011.
Please click here for the press release on Straits Times dated 11 Oct 2011.
Click here for the video interview of IIAS President, Mr Uantchern Loh, on the Internal Audit Excellence Award.
Underscoring the importance of internal audit function, IIAS has entered into a tripartite relationship with two key institutions to launch an Internal Audit Excellence Award (IAEA). The objective of the award is to create public awareness of the importance of an effective internal audit function in listed entities. Quote from IIAS President, Mr Uantchern Loh, at the signing ceremony, "It is only our start of a journey to strengthen the role of internal audit within an organisation with all the lines of defence. The value of internal audit will forever be there."
Click here to read the full content.
Effective 20 June 2011, The IIA will begin enforcing a USD $50 fee for rescheduling or cancelling an appointment for exam with Pearson Vue. Anytime a candidate cancels or reschedules an appointment they will be required to pay a USD $50 fee. The fee will be taken by credit card when the candidate logs into the Pearson Vue website to reschedule their exam.
Cancellations / reschedules cannot be made if it is within 48 hours of the exam appointment.
Thank you.
The IIA Singapore has the most comprehensive training programmes for the internal auditing profession. If you are a new internal auditor and wanting to know what are the right courses for you or you are the Chief Auditor planning the training roadmap for your internal audit staff, this detailed programme curriculum would be most helpful to you. To view the programmes, please click here.
Our members have the opportunity to meet The IIA Global Chairman, Gunther Meggeneder, during his short trip in Singapore when he shared his global views on internal auditing and how to “shape the future”.
President Uantchern Loh encourages internal auditors to be certified to raise their profile and competency level. Read more
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John Crosby once said, “Mentoring is a brain to pick, an ear to listen and a push in the right direction.” Mentoring is a transfer of knowledge and experience from mentor to mentee and is designed to improve one’s skills, confidence and performance in the job. The success of coaching and mentoring is the establishment of an effective relationship based on mutual respect, honesty and understanding. If you aspire to develop your leadership and mentoring skills in the process and give back to the profession; or if you wish to learn from the best to increase your ability and develop your skills and knowledge, join the scheme now. Download mentor or mentee registration form. |
Two roundtable discussions were successfully held in February to enable CAEs from the private and public sectors to share knowledge and best practices. Feedback was encouraging as CAEs look forward to more of such discussion groups to be held.
Click to view more
About a hundred attended the Networking Nite to mark IIAS 35th anniversary celebration kick-off. In his opening address, President Uantchern Loh presented these mysterious (perhaps lucky) numbers - 70, 35, 3.5 in 10, 1000 and SAC. These are significant numbers which represent IIA coming of age. Number 70 reflects IIA Inc's seven decades of global development in internal auditing, 35 is IIAS' years of establishment in Singapore with a 3.5 times jump in membership numbers from 2001 to 2010. This month, we welcome our 1,000th CIA-certified member. IIAS, through President Uantchern's representation, is liaising closely with Singapore Accountancy Council (SAC) to develop a niche IA specialisation pathway.
Mr Loh introduced the new Mentoring Scheme and added that roundtable discussions with CAEs are being planned to exchange topics of interest on internal auditing. After the award presentation, a fengshui master shared his predictions on the market outlook in the Year of the Rabbit while a speaker gave tips on how to stay healthy. Members had a go at the visceral fats test and fengshui consultations.
Business Times – 29 July 2011
There is a growing debate on the need to make internal audit compulsory for listed companies. Click here to read the article.
At the invitation of IIA Inc, Immediate Past President Tan Peck Leng had been inducted into the Internal Audit Standards Board (IASB) as a committee member for an office term of three years from 2009. IIAS representation on the IASB would allow Asia to have a voice on standards and advocacies on internal auditing.
President, Uantchern Loh Uantchern has been appointed as a member of IIA Inc International Relations Committee with a mission to provide advice and counsel in matters involving the global activities of IIA, including fostering a stronger integration among IIA institutes and its existing and potential international affiliates.
Vice President, Eric Lim, is the recent induction into IIA Inc's Public Sector Committee. The public sector is one of the largest contributors to the economy serving the public using public resources. As a member of the Public Sector Committee, he looks forward to working collectively with members inclusively to share best practices on governance and controls over public sector activities and welcome views from IIAS members to share them fruitfully in the committee.
IIAS representation on these International Committees provided opportunities to increase the visibility of IIAS globally.
We are now at 138 Robinson Road #18-08, The Corporate Office, Singapore 068906. Our telephone and fax numbers remain unchanged. We welcome you to visit the Secretariat and Library.
IIA Singapore has established the IIA Singapore Linkedin group. Linkedin is a professional networking site which allows members to create a profile with their work history, education and specialty. It allows members to connect with business partners, colleagues and friends. This builds a network which can be used to discuss subjects, look for business opportunities or employment. Linkedin has recently signed up their 50 millionth user and have a broad audience with 50% of the users being from the United States and the other 50% from other countries. Their last million users signed up within 12 days!
Linkedin allows creating groups of people around a specific theme. The Institute of Internal Auditors group is very succesful with over 10,000 members. IIA Singapore has created the “IIA Singapore Linkedin group”. This group will be open for all members of IIA Singapore and other affiliates of IIA Inc who have an affiliation with Singapore and prospective members of these. Membership will need to be approved by the administrator of the board of the IIA Singapore and is not open for headhunters and search firms at this time. You can use this group to discuss Internal Audit related subjects, post your available roles for free and network. You can find the group here:
http://www.linkedin.com/groups?gid=2343960&trk=hb_side_g
With CBT being launched since May 2008, certification testing will be available on a year-round basis. This means that certification candidates will be able to take full advantage of computer-based testing anytime throughout the year.
The various certification forms are available for download as follows:
CIA
Attaining the Certified Internal Auditor® (CIA®) designation or obtaining one of the three IIA specialty industry certifications is the hallmark designation of internal auditing. The Certified Internal Auditor® designation is the only globally accepted and recognised certification for internal auditors and remains the standard by which individuals demonstrate their professionalism in the internal auditing field. Candidates are enriched with educational experience, information, and business tools that can be applied immediately in any organisation or business environment.
CFSA
The Certified Financial Services Auditor® (CFSA®) measures your knowledge of audit principles and practices within the banking, insurance, and securities financial services industries. You can choose any one of these disciplines when taking the exam, regardless of your current occupational field. The CFSA is a respected certification for practitioners of financial services auditing.
CIA Exam Application Form
CIA Exam Reapplication Form
CIA Character Reference Form
CIA Work Experience Verification Form
CFSA Exam Application Form
CFSA Character Reference Form
CFSA Work Experience Verification Form |
CCSA
The Certfication in Control Self-Assessment® (CCSA®) designation is an esteemed certification for CSA practitioners. It measures your knowledge of important CSA fundamentals, processes, and related topics such as risk, conrols, and business objectives. It is the standard by which individuals demonstrate their comprehensive professionalism in the field.
CGAP
The Certified Government Auditing Professional® (CGAP®) certification program is designed especially for auditors working in the public sectors and statutory boards. It is an excellent professional credential that prepares and qualifies you for the many challenges that you face in your work.
Regardless of which certification program that you choose, earning an IIA certification demonstrates your commitment to the internal audit profession.
CCSA Exam Application Form
CCSA Character Reference Form
CCSA Work Experience Verification Form
CCSA Validation of Facilitation Experience Form
CCSA Validation of Facilitation Training Form
CGAP Exam Application Form
CGAP Character Reference Form
CGAP Work Experience Verification Form |
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Candidates can take as many exam parts as they wish for CIA Certification. A candidate’s registration for the exam part(s) for CIA or Specialty exam will be valid for 180 days from the date the registration is approved, and the registration (exam part) fee is .
Candidates who do not pass an exam part must wait 90 days before being allowed to retest.
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Date :
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2 Feb 2012
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Event :
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Members Chinese New Year Lo Hei
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| M Hotel
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Date :
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13 Feb 2012
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Event :
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Basics of Project Cost Control Techniques and Tools for Internal Auditors
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| Mr Jean-Yves Le Corre
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Date :
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16 Feb 2012
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Event :
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Leveraging your internal control process to prevent and manage internal fraud
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| ACCA-IIA Joint Seminar
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Date :
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17 Feb 2012
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Event :
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Essentials of Cross Cultural Skills for Internal Auditors in China
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| Mr Jean-Yves Le Corre
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Date :
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24 Feb 2012
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Event :
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Continuous Controls Monitoring / ERP Optimization / Fraud Prevention
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| Ms Amanda Wall
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Date :
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25 Feb 2012
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Event :
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CIA Review Course – Part III, Session 2
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| Details : |
| Mr Sia Nam Chie
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Date :
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27 Feb 2012
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Event :
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Statistical Sampling for Tests of Controls / Compliance / Fraud: Computer-hands-on!
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| Details : |
| Ms Amanda Wall
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Date :
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28 Feb 2012
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Event :
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Business Process Analysis in Complex Systems
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| 28 Feb 2012
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Date :
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14 – 16 Mar 2012
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Event :
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Internal Auditor Tools and Techniques
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| Details : |
| Ms Jacqueline Liau
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Date :
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22 – 23 Mar 2012
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Event :
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Financial & Operational Audits I
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| Ms Tan Boon Yen
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Date :
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23 Mar 2012
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Event :
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Interrogation Skills For Fraud
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| Mr Jeffery Ang
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Date :
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7 Apr 2012
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Event :
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CIA Review Course – Part I
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| Mr Sia Nam Chie
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Date :
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14 Jul 2012
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Event :
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CIA Review Course – Part II
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| Details : |
| Mr Sia Nam Chie
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Date :
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4 March 2012
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Event :
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ACIIA CAE Leadership Forum, Sydney
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| IIA Australia
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Date :
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4 – 7 Mar 2012 |
Event :
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SOPAC 2012 Conference
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IIA Australia
(Special rate for overseas delegate) |
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Date :
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11 Jan 2012 |
Event :
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The Success Healthcheck for IT Projects - An Insider’s Guide to Managing IT Investment and Business Change
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For your convenience, NETS payment is now accepted at Secretariat Office. You can make use of this payment facility for your membership renewal, certification application, CIA Learning System etc.
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