Come join us on March 23rd 2007, for the New York Chapter’s 34th Annual Audit Seminar at Madison Square Garden. This year’s theme is Sharing the Vision. After registration and a continental breakfast, a lively panel discussion on Measuring and Communicating Internal Audit's Contribution will be presented to all. After the panel discussion, attendees will breakout into one of three tracks Financial/ Operational, Fraud, and Information Technology.

Lunch will be provided buffet style, followed by special luncheon speaker Sherron Watkins [former Vice President of Enron Corporation.] Afterwards, the three track format will continue.

Seven Continuing Professional Education credits will be provided for completing the seminar. We will also provide an exhibitor’s showcase spotlighting tools and services supporting the industry. After the seminar we invite participants to network and socialize at a reception sponsored by participating vendors.

To register for the Annual Audit Seminar, please use the registration form, and send all completed registration forms and payments to:

For questions or comments call the Seminar Co-Chairs: Junny Rivera at 212.656.6485 or MariaElena Deloux at 212.773.6585. Note: Please print form and mail with payment to the above address.

The following information is also available in printable format for download.

Special Note: Thank you to Crowe Chizek for sponsoring this year's Annual Audit Seminar and thanks to all this year's participating vendors [updated vendor list as of March 16th 2007.]

Topic: Measuring and Communicating Internal Audit's Contribution

Time: 8:30am-10:30am

Panelists:

• Natalie Zawada – CAE, Warners Music Group
• Michael Roemer- CAE , American International Group, Inc.
• Bill Watts - Executive in Charge of the Internal Audit and Sarbanes-Oxley, Crowe
• Garry Goodall – Senior Manager, Ernst & Young
• Moderator: Xenia Parker

In the current environment, it is essential that Internal Audit Departments demonstrate how it adds value to the company. As the profession evolves, the focus of the Internal Audit Department has shifted as well as its overall objectives and activities. Besides the traditional audit functions, Internal Audit Departments have a stronger focus on activities that provide added value, which often times are overlooked. Thus, raising the need for Internal Audit Departments to communicate and promote the profession and its "new" added value. Maintaining quality standards and measuring performance continuously provides Internal Audit with the tools to communicate its value to an organization.

10:45am-12:00pm
Speakers: John M. Farrell and Jesal Asher - KPMG
Topic: Enterprise Risk Management (ERM): Empowering Strategy, Performance and Governance

In an environment in which risks are proliferating, shareholders are demanding growth, and first-movers are expanding rapidly into new markets. Many leaders recognize that implementing an enterprise risk management (ERM) process is becoming an urgent business priority. Business imperatives, regulatory requirements, and rating agency monitoring are prompting a new focus on ERM.

In response to external pressures, many board members are expecting their management teams to implement an effective ERM program. Consequently, many leaders are seeking guidance in developing a practical approach to ERM-an approach that is tailored to their culture and structure, aligned with their business strategy, embedded in their business processes, and focused on their most critical risks. John Farrell and Jesal Asher from KPMG will:

• Provide and overview of the trends of ERM.
• Discuss practical methods to implement ERM in organizations with case studies.
• Provide an overview of where your peers by industry are with ERM.
• Provide guidance to using ERM to maneuver through strategic choices, make intelligent decisions and improve risk oversight.
• Discuss the role Internal Auditors can play in assisting organizations in implementing ERM.

2:30pm-4:00pm
Speaker: Rick Julien, CIA, CPA – Crowe
Topic: Audit Committees – Ten Ways to Collaborate with Internal Audit

A high-performing Audit Committee is a critical component of successful corporate governance. As audit committee responsibilities (and liability) are increasing, we will discuss the methods that effective audit committees are using to meet their increased demands. The discussion will show how Audit Committees fit into overall good corporate governance. Participants will also leave with an understanding of ten very specific ways Audit Committees can support internal audit to improve their effectiveness.

10:45am-12:00pm
Speaker: Matt Birk – Deloitte
Topic: Foreign Corrupt Practice Act (FCPA): What Internal Auditors Need to Know and What They Should Be Doing

Mr. Birk will provide an overview of Foreign Corrupt Practice Act (FCPA), who is subject to the Act, what are the requirements placed on Companies subject to the FCPA and what are some of the recent enforcement actions. Mr. Birk will also discuss the implications for Internal Auditors such as attributes of an effective FCPA compliance program, FCPA controls, and potential FCPA red flags and how to incorporate FCPA testing into an internal audit program.

2:30pm-4:00pm
Speaker: Mark Warner – Jefferson Wells
Topic: Managing Fraud Risk in the Sarbanes-Oxley Era

Significant resources have been expended to comply with Sarbanes-Oxley requirements. External auditors have closely reviewed the scoping, documentation and testing completed in this effort. A significant question, that in many cases has not been satisfied, is “What have you done, specifically, to address the risk of fraud in your organization?” Unless the Board and Audit Committee can provide evidence that the organization has instituted procedures to “prevent, detect and deter” fraud, the external audit opinion is in jeopardy.

A significant deficiency may result from the lack of a substantive fraud prevention program. A Fraud Risk Assessment (“FRA”) is an essential preventative step used to reduce and control your exposure to untold losses in assets, reputation and investors. This session will introduce the information and techniques needed to develop an appropriate FRA, including the use of occurrence based incidents, developed during scheme and scenario “brainstorming sessions.”

10:45am-12:00pm
Speaker: Andy Stone – Crowe
Topic: IT Identity and Access Management

The identity and access management (I&AM) session will provide an overview on the concepts, tools, and deployment methodology associated with I&AM. Specific topics that will be covered include:

• What is I&AM?
• What business problems do I&AM address?
• How does I&AM tie to corporate governance?
• What are the components of I&AM?
• How should I&AM programs be implemented?
• What are some of the technical solutions available in the I&AM space today?

2:30pm-4:00pm
Speaker: Christopher Ritterbush – E&Y
Topic: Outsourcing the IT Function

Not a day goes by without the press reporting yet another IT function or process being outsourced. What was initially a trickle has now become a flood, with cost reduction being the primary driver. Third party vendors have become more sophisticated and broader in their product offerings in order to meet the ever-changing demands of the marketplace. In order to keep pace, vendor risk management techniques must adapt to ensure risk associated with outsourcing relationships is adequately monitored.

Sherron Watkins

Much like the number of third party outsourcers, the methods and tools to measure them has grown significantly. Furthermore, the data collected to measure their risk profile has grown. As such, oftentimes both the provider and the client suffer
from assessment overload -- 200 page questionnaires, on-site visits, and requests for attack and penetration testing. Both have built large staffs in order to either respond to our request risk assessment data. During this session, we will focus on current vendor risk management methodologies, some of the efforts to standardize these methodologies and how organizations are changing to adapt.

This year we have a special lunch speaker: Sherron Watkins [former Vice President of Enron Corporation.]