The Internal Inquirer
March 2012 - Vol .2, Issue 3
Atlanta Logo Side by Side
In This Issue
Upcoming IIA Events
President's Message
TAC 2012
Student Activities
Certification News
Volunteer Corner
Sound Off
Special Upcoming Events
Registration is Open for the March 9, 2012 Meeting

Registration is open for the March 9, 2012 meeting at the Villa Christina.


The meeting will be from 12PM - 3PM.  Registration opens at 11AM, and lunch service begins at 11:30AM.


The topic: Internal Audit and the Audit Committee


Ed Baker, Publisher of the Atlanta Business Chronicle will provide an "Update on the Atlanta Business Community."


Dr. Joe Carcello, Director of Research at University of Tennesee's Corporate Governance Center will discuss the "Impact of Proposed PCAOB Changes on Internal Auditors."


A panel discussion on "Audit Committees and Risk" will close out this interesting topic. 

Bill Mulcahy, President & CEO of Mulcahy Consulting will moderate the panel.


Dr. Joe Carcello, University of Tennessee

Dan Giannini, National Association of Corporate Directors (NACD)

Dr. Paul D. Lapides, Kennesaw State University

Brian Lay, Ernst & Young


Click HERE for the full agenda, topics and profiles.


Click HEREto register.



Upcoming IIA Events
Most of the Atlanta IIA meetings are held at the Villa Christina.  Click on the link below for directions:
Villa Christina Logo 

Click on the link above for the latest informtion regarding topics, speakers and agendas.  The Events page is updated regularly.

March 9, 2012 - Villa Christina


April 13, 2012 - Villa Christina (AM)


May 11, 2012 - Villa Christina


June 8, 2012 - Morehouse College


Important Quick Links

Open Internal Audit Positions


New IIA CPE Reporting Requirements


COSO Exposure Draft on Internal Control Framework Request for Comments  


IIA International Standards Exposure Draft 


North Carolina State ERM Roundtable Summit - March 16, 2012



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President's Message - John Fuchko, III, CIA, President
John Fuchko
John Fuchko, CIA



Please take a moment to read this short article and to celebrate some of the accomplishments of your chapter as we fly past the mid-year point for our current chapter year. 


 Some recent successes ...

  • We are well on our way to a ninth consecutive year as a "Gold" Chapter within the IIA. Chapters with ten consecutive years are designated "Platinum" in recognition of their achievements in service to members, service to the internal audit profession, and chapter administration.
  • Held a sold-out, annual joint meeting with the Georgia Association of Certified Fraud Examiners in February. U.S. Attorney Michael Moore, Atlanta Public Schools Superintendent Erroll Davis, and the IRS fraud team did a great job! We are planning to capitalize on our great experience with our CFE colleagues through another joint meeting in June to be held at Morehouse College.
  • Conducted our annual student day event at Kennesaw State University. This was our biggest Student Day ever with an estimated 200+ students from 16 Georgia colleges and universities.
    • The entire event was made possible through our 22 sponsors to include the Kennesaw State University MAcc program that provided the facility and Grant Thornton LLP that sponsored the lunch.
    • Mark your calendars now for Friday, February 22, 2013 for next year's Annual Student Day event. It will be held 11:00 a.m. - 2:30. We are limited to 23 tables and please note this is a first-come, first-serve event with preference given to those sponsors who signed up for the 2012 event. We had a waiting list for the 2012 event and so I strongly recommend contacting Barbara Jesup to sign up for this event.
    • I personally would like to recognize Fred Masci, CIA, Ellen Chance, Dr. Rich Clune, CIA, Jim Jacobson, CIA, and Barbara Jesup for their hard work in making this event a continued success. I also would like to thank the panelists for sharing their wisdom and insight with the aspiring internal auditors.
  • Supported the Atlanta Business Chronicle's publication of a special industry insert section on internal auditing. Tim Tripp, CIA took the leadership in pulling this together for the Chapter and I strongly encourage each of you to use this section as an opportunity to advocate for the profession with the leadership of your organization. I also would like to thank those members of and friends to our profession who advertised in the Atlanta Business Chronicle section. You can view an electronic copy of this special insert by clicking HERE
  • Hosted a Certified Internal Auditor review course taught by Dr. Glenn Sumners - we had 23 people registered for 79 parts - let's hope this turns into 23 new CIAs for our profession! Thank you to C.O. Hollis for pulling this always successful event together.
  • Were featured in the IIA Research Foundation report for our chapter's ongoing support of the IIA Research Foundation.   

Looking forward...

We still have much that we are doing and much to do over the coming months!

  • The Atlanta Conference 2012 - Bridging the Gap: This must-attend, IIA Atlanta signature event is scheduled for September 21. Our keynote speakers include IIA Global President and CEO Richard Chambers, CIA, CGAP, CCSA, CRMA, Former Mayor of Atlanta Shirley Franklin, President of the Federal Reserve Bank of Atlanta Dennis Lockhart, and inspirational speaker Judson Laipply. Additional details will be coming very soon.
  • The April 13, 2012 chapter meeting is a morning meeting  and the featured speaker is Denny Beran, Sr., CIA, CCSA, CRMA. Denny Beran is the Senior Vice President for Internal Audit at JC Penney's and Chairman of the Board for the IIA. His topic will be "Assessing our Relevance."
  •  Our May 11, 2012 chapter meeting will address internal audit stakeholder surveys and a panel perspective on a value-added internal audit function from a CFO's perspective. Panelists will include representation from CFOs, COOs, and CAEs.
  •  Several IIA events are coming up that you may wish to consider - the GAM Conference is being held in Kissimmee, Florida from March 19-21. The IIA International Conference is being held in Boston from July 8-11. We strongly encourage your participation and attendance at both of these IIA events.

Looking inward...

  • Elections for the June 1, 2012 - May 31, 2013 chapter year officers and Board of Governors will be held at the March 9, 2012 chapter meeting.  Click HERE for the proposed slate.
  • The Bylaws Committee recently obtained Board of Governor's approval for revised chapter bylaws. These bylaws will also be voted on at the March 9, 2012 meeting.  Click HERE for the bylaws. 

In closing, I continue to appreciate the honor of serving as your chapter President and please know that I can be reached via email at or by phone at 404-656-9439.


Warmest personal regards,


John M. Fuchko, III, CIA


Institute of Internal Auditors, Atlanta Chapter


For a printable version of John's letter, please click HERE.


TAC 2012


Connie Brown
Connie Brown, CIA

Mark your calendars for The Atlanta Conference (TAC) 2012 to be held at the Cobb Galleria on Friday, September 21, 2012. Our theme this year is Bridging the Gap.........


I am excited and honored to lead our effort in presenting The Atlanta Conference (TAC) 2012 once again. The TAC team is hard at work developing a program designed to add value and inspire you to new heights in your roles as internal audit professionals. We have confirmed the following four Keynote Speakers for our September 21st event: 

  • Richard Chambers               IIA Global President & CEO
  • Shirley Franklin                    Former Mayor of Atlanta
  • Dennis Lockhart                    President, Federal Reserve Bank of Atlanta
  • Judson Laipply                      Inspirational Speaker - "Life is Change"

We plan to continue our tradition of providing quality continuing professional education credits (CPEs) and networking opportunities to the members of our profession. In addition to our Keynote Speakers, our team is currently working to line up exciting and dynamic speakers for our four-track training program. We have several ideas and would like to hear from you if you have specific ideas and topics of interest. Stay tuned to future news about this event and how you can get involved. Our goal is to design this training conference around your needs and we will need your feedback to ensure we are successful.


The Atlanta Conference (TAC) website is due to be unveiled in mid-March 2012. Please plan to visit the site regularly as we will update it with important conference information, including conference costs, early bird registration dates, program activities and scheduled presenters, sponsors and exhibitors.


I look forward to updating you during the next coming weeks as we put the final touches on our TAC 2012 event!



Programs Update

Steve Lameier


We have the monthly IIA Atlanta Chapter monthly meetings scheduled through June this summer. March 9th meeting will be held at Villa Christina and will focus on Internal Audit and Audit Committees. Ed Baker, Publisher of the Atlanta Business Chronicle, will provide an update on the Atlanta business environment. Dr. Joe Carcello, Cofounder and Director of Research at the University of Tennessee's Corporate Governance Center, will tell us about the impact the Proposed PCAOB Changes will have on Internal Auditors. We will wrap up the meeting with a Panel discussion on Audit Committees that will be moderated by Bill Mulcahy; CIA, CPA, President and CEO, Mulcahy Consulting and will include the insights from Dr. Joe Carcello; Dan Giannini; Chairman of the Atlanta Chapter of National Association of Corporate Directors; Dr. Paul D. Lapides: Director, Corporate Governance Center, Coles College of Business, Kennesaw State University and Brian Lay, Executive Director of Advisory Services, Ernst & Young.


The April 13th meeting held at Villa Christina will feature keynote speaker, Denny Beran, current IIA Chairman of the Board.  PwC will present their interesting study on the State of the Internal Audit Profession.  After the meeting, the Chapter will hold its annual CAE Roundtable that will include invitations to all professional services firms.


The May 11th meeting at Villa Christina will have a theme on value techniques for Internal Audit. Dave Middendorf, KPMG Partner, will present the effects of the recent PCOAB reviews on integrated audits. There will be a Panel discussion on the "Value Added Internal Audit Function" that will include the personal perspectives from a COO, CFO, CAE and CAO.


The June 8th meeting will be hosted for the first time at Morehouse College.  This will be our 2nd joint meeting with the ACFE. This meeting will include presentations from the presidents of both Atlanta Chapters from the IIA and ACFE. It will also include an example of Fraud Auditing.


We are always seeking feedback or input regarding potential program topics or speakers for future Atlanta Chapter meetings. Please email your recommendations or feedback directly to Steve Lameier at

CIA Logo

Making the Case for Certification

CO Hollis, CIA


The CIA exam is very difficult and may push you to your limits of tolerance and perseverance.  However, just remember that in spite of its difficulty, passing the exam and becoming a CIA is worth it!  It is worth it because becoming certified can change the money that you make, the image others have of you and the image you have of yourself.


I also believe that regardless of your present situation - professionally and personally - you should plan to take the CIA exam as soon as possible.  Don't fall into the trap of putting it off until the 'time is right.'  Keep in mind that there is no perfect time to begin studying for the exam.  Waiting for the perfect time means you will never become certified because the perfect time will never come.


Another reason for taking the CIA exam now is to avoid the complications that inevitably arise as we grow older.  There is no certainty that your life will be less complicated two years from now or five years from now.  In fact, it is likely to be more complicated!  Moreover, the longer you wait the more standards and rules you will have to learn.  The body of knowledge of internal auditing is increasing rapidly and it is likely to continue expanding in the future.  Again, don't wait, begin the certification process now!


Finally, I would like to address younger individuals who may have recently finished college, have entered the internal auditing profession, but feel they need some practical experience under their belt before pursuing the CIA designation.  My response is that practical experience may help, but maybe not as much as you may think.


Dr. Sumners Completes Another Successful CIA Exam Review Course


Dr. Glenn Sumners, Director, Center for Internal Auditing at Louisiana State University completed a five day CIA Exam Review Course in Atlanta from February 27-March 2. Dr. Sumners taught all four parts of the CIA exam and based upon feedback from the attendees, it was a rousing success! One attendee said, "I thoroughly enjoyed the training. I think I am ready to pass part 3!" The attendance was very good especially for part three, which was taught over a two day period. The attendance for part three was 21; 17 for parts one and two; and 10 for part four.


The next class is tentatively scheduled for August 13-17, 2012 which is earlier than normal. With major changes to the exam next year, the earlier date will give candidates more time to take and pass the exam under the existing format. IIA Atlanta is confident that Dr. Sumners will help candidates "prepare for success".

For more information, contact C. O. Hollis, CIA at, or 404-614-8562.


CIA Exam Preparation Resource


There are a variety of resources to help you prepare for the CIA exam, including the IIA's CIA Learning System's self-study program. This comprehensive training course is designed to provide chapters, members, and the audit community of professionals with information and tools to master the global CIA exam syllabus. This program is aligned with the International Professional Practices Framework (IPPF) to ensure you stay current with the global internal auditing profession and are ready for the CIA exam. It combines printed text with online testing tools and online questions. For special IIA member discount pricing please go to:





Student Activities and Education

6th Annual Student Day Event

Fred Masci


On February 17, 2012, over 200 students representing sixteen different Georgia colleges and universities and 21 companies/organizations participated in this event where students could interview for internships and permanent positions and network with professionals, and one hour of continuing education was provided to attendees.

Corporate sponsors, government agencies, and professional service organizations are invited to reserve a booth to network and recruit students at next year's event to be held at the same location on Friday, February 22, 2013.   Booth reservations for next year's event are $75.   We were sold out for this year's event and had a waiting list.   Therefore, please contact Barbara Jesup at and reserve a booth now to ensure your place in next year's event. Priority will be given to those who sponsored this year's event until April 30th. Then we will open it up to all other organizations.


I want to thank the following sponsors for their participation and support of this year's event: Georgia Pacific, PRGX Global, Oxford Industries, UPS, Mulcahy Accounting and Risk Consulting, Deloitte, Grant Thornton, SunTrust, KPMG, University System of Georgia, UHY Advisors, Intersect Group, Assurant, Harland Clarke, Moore Colson, Cox Enterprises, Becker CPA Review, Carter's, KSU MAcc Program, ING, Asbury Automotive, and Norfolk Southern.   Special thank you to our luncheon sponsor Grant Thornton.

The event was coordinated by IIA Atlanta Chapter Academic Relations Chair Fred Masci. Fred Masci has overseen this event for the past six years.


The Atlanta Chapter IIA also sponsored a panel discussion on various career paths to internal auditing. Jim Jacobson, CAE at Superior Essex, moderated the panel. Participants included Lara Thomas, (Newell Rubbermaid), Amanda Obrecht, (PRGX Global), Allen Earls, (Asbury Automotive), and Archana Shrestha, (Deloitte).


The IIA Student Day Event clearly hit the mark as reflected in the following quote from a student attendee: "I found all the sponsors very forthcoming about their businesses and the internal audit portion of their business. I think the profession is an ideal choice for my circumstances, and I will be pursuing several of the contacts I got from attending the career fair."



Georgia State University Internal Audit Student Organization's Speed Networking Event

Fred Masci


The Internal Audit Student Organization (IASO) at Georgia State University sponsored a Speed Networking Event on February 15th.   Angela Lim, President, IASO and Chris Pryor, Vice President, IASO did an outstanding job in obtaining three outstanding organizations to participate in this event with the students - SunTrust Banks, University System of Georgia, and Deloitte.


Students were able to network with professionals and learn more about the internal audit profession, which CFO Magazine refers to as, "A valuable rung on the leadership ladder - offering practitioners thorough immersion in all aspects of a business, and frequent exposure to the board . . . For those who move into the lead audit role, the experience and exposure gained may well help shape the remainder of their career . . ."

Students were broken into five groups and each organization was given twelve minutes with each of the five groups of students.   Employers were allowed five minutes for introductions and opportunities available within their organization.   Seven minutes was allowed for students to give their introductions and two key attributes about them.   Business cards and resumes were exchanged during this process.

Darlene Applegate from SunTrust shared her success story with the students which encouraged them. Darlene was initially an unpaid intern with SunTrust in a not-for-profit community service initiative during her Fall 2010 semester at GSU. This evolved into a paid internship position during Spring 2011 semester. She accepted a full-time internal auditing position during her last semester in the Master of Professional Accountancy program at GSU



The Volunteer Corner



Volunteers, Glenda Ostrander

The Atlanta Chapter always has a wide variety of ways for members to volunteer in making a difference. You don't have to look far too quickly see various activities that have an impact for the chapter, the profession and the metro area audit community.  


Let's take a closer look as just a few. These are some ways you could join in to make a difference:


Academic Relations (Outreach efforts to Kennesaw State and Georgia State Universities)

Membership & Certifications (to grow membership, certifications oversight and management)

Communications Committee (to help publish newsletter, expand uses of social media, etc.)



The Academic Relations Committee is very active in organizing the annual Student Day that attracts students from all over the state. This event has grown each year and continues to be a popular forum for students to learn about job opportunities in the profession. Helping the students in their development is rewarding and providing the unique opportunity to touch the future of the profession.


The Membership Committee is always actively seeking new members and ways to sustain the existent membership. Assisting in this effort is a way to keep the profession and membership growing!


Contributing efforts to the Communications Committee is a way to provide contemporary information to the membership. This committee focuses on keeping the membership informed about all the exciting things happening in the chapter and in the metro area audit community. Beyond this, there is a focus to leverage technology to a greater extent to keep the membership informed.


So you can see at a brief glance, there are many ways volunteer efforts can help the chapter's operations. There is always room for more...thoughts, ideas and involvement!


If you see something that you may like to do, you can contact any of the chapter officers or reach out to :

Glenda Ostrander

VP of Volunteers


You can make a difference!


Sound Off

We asked the following questions:

1.  What do you see as the future of Internal Audit?

2.  What are some signs that the C suite is committed to Internal Audit function?

3.  How do you best advocate for the Internal Audit function? 


Anna Bourne

Southeast Risk Leader

Ernst&Young LLP

Atlanta Office


Future: Internal audit is a profession that has continually evolved to meet the changing needs of the organizations they serve. Examples include: Identifying more efficient and effective ways to support the business, supporting senior leadership's strategic objectives, exceeding mandate defined by the audit committee, and providing independent and objective assessments of the company's risks and controls.


We see a bright and important future of internal audit. Internal audit organizations will provide more business process improvement suggestions, facilitate the coordination of various risk and assurance functions within the company, and develop and utilize more automated techniques, e.g., data mining and data analytics to further enhance their efficiency and effectiveness. To accomplish this, we anticipate that internal auditors will increasingly establish themselves as strong partners with the business; incorporate a broader spectrum of risks, e.g., strategic, operational, reputational, legal/regulatory, financial, in their assessments; proactively advise the business throughout significant company initiatives, e.g., mergers & acquisitions, system development/implementations, new product & market development; and leverage technology to employ increasingly innovative audit tools, such as a robust analytics program, to drive more comprehensive coverage and a more risk-based approach.


Signs: In a C-suite survey conducted by Ernst & Young, "Unlocking the Value of Internal Audit," 96 percent believed risk management had a positive impact on long-term results, with 94 percent believing internal audit was a strong component of that. Approximately half are asking for increased coverage by their internal audit functions.


Other clear signs of the C-suite's commitment to the internal audit function include internal audit's inclusion as a standing member of key committees, e.g., executive, disclosure, credit; management requests for internal audit to evaluate a business process's risks, controls and/or performance; active executive participation during the internal audit planning and reporting processes; and explicit communication of executive support for internal audit's role within the organization.


Advocate: We at E&Y advocate for the internal audit profession by actively supporting and contributing our time and perspective to the Institute of Internal Auditors through IIA committee membership at both the local and International levels to ensure that research, training and leading practices continue to be available to internal audit professionals; encouraging people in various disciplines and business positions to accept a rotation with an internal audit function to learn about the value of its activities; and speaking at conferences about the profession and describing how it adds value to an organization.



Avery Munnings

Avery Munnings

Partner, Assurance and Advisory Services,

Deloitte & Touche LLP


Future: For public company internal auditors, the future of internal audit is very much aligned with the future of the accounting and auditing profession as a whole. Auditors are critical to the integrity of our capital markets system given our role in attesting to the fairness of financial statements. Internal auditors play a critical role as well because they allow companies to establish a strong control environment which is the starting point for producing reliable financial information. However, I do believe the role of internal auditors will have to evolve as the role of external auditors continues to evolve. Investors see the world today as a global market place where technology has made access to information almost instantaneous. Therefore, financial information is constantly changing and investors want accountants and auditors to do more to provide more current and relevant attestation to financial information reported by companies. Therefore, given the role internal auditors play within a company's control environment, I believe internal auditors will need to also do more to ensure that their role within a company's control environment evolves to meet the needs of the investing public. As an example, if internal auditors could utilize technology to provide more real-time auditing capability as transactions are processed within a company combined with analytical tools to detect potential financial irregularities, this would transform how internal audits might be conducted while at the same time improving the reliability of financial information.


For non-public company internal auditors, I don't really see any meaningful change in their role except that the continued complexity of laws and increased regulation will require internal auditors to be more expert in those matters. This, however, is where they can add tremendous value to their organizations rather than management having to look outside for such expertise.


Signs: There is no doubt in my mind that the C-suite is committed to the internal audit function. In particular, since the adoption of the Sarbanes-Oxley Act of 2002 which requires CEO and chief financial officer certification of a company's internal controls over financial reporting, I believe the C-suite views some type of internal audit capability as an absolute necessity. The challenge for internal audit is to continue to demonstrate that a company-based internal audit function can deliver a high quality service to the organization at cost less than a company might obtain from outsourcing that function. This is not likely to be an issue for large to very large companies, but smaller and mid-sized companies certainly have found some economies of scale in outsourcing some or all of the internal audit function. To overcome this problem, I think internal auditors have to demonstrate that internal audit can be more than just a compliance function, but instead that internal audit can be an excellent vehicle for training future leaders and operators for the company. Since there is no better way to learn about a company from the inside out, many of America's premier companies utilize internal audit strategically as a training ground for future executives.


Advocate: From the perspective of an external auditor, I believe internal auditors are critical to any strong control environment. I would advocate that they should play more of a substantial role in the external audit as a means to reduce audit costs to their companies. This means internal auditors would need to develop and maintain more skills in the GAAP accounting rather than just the internal control aspects of an audit. I would also advocate using internal audit as a training ground to develop leaders from inside a company. These leaders would have an appreciation for a strong control environment which I believe is beneficial to any world-class organization. This might require some strategic repositioning of the internal audit function. However, I believe in the long-run, internal audit would become a sustainable invaluable part of a company's infrastructure.


Scott Cowen
Scott Cowen, President of Tulane University

Signs: The increased visibility and scope of work of internal audit departments are indicative of strong support from the board level down through an organization. Likewise, in many corporations, the internal audit department is seen as an excellent breeding ground for financial leaders.


Advocate: The best way to advocate for the internal audit function is to understand and communicate the value it provides to overall corporate success. A highly effective internal audit function can be an excellent corporate investment and , therefore, a function worthy of strong support and advocacy.


Future: Given the increased complexity and scrutiny of corporations in today's world, I see the internal audit function increasing in size and stature. A highly effective internal audit function comprised of talented and business savvy individuals can create great value for corporations.



Special Upcoming Events


The CIA Review Course will be presented by Dr. Glenn Sumners in Atlanta August 13 - 17, 2012.   The course will be held at the Holiday Inn on Chamblee Dunwoody Road.    Part 3 is a 2 day course.  The cost is $100 per part per day. 


With major changes to the exam next year, the earlier date will give candidates more time to take and pass the exam under the existing format. IIA Atlanta is confident that Dr. Sumners will help candidates "prepare for success".


 Should you have any questions or comments regarding this newsletter, please contact:


Nancy Thomas, Executive Administrator, Atlanta IIA


Tim Tripp, Vice President, Secretary, Atlanta IIA