March 2015 (Q1) Audi-Wire 1

2015 MARCH MANAGING AN INTERNAL AUDIT CAREER ................ 2

EVENTS ......................... 3

CAE CORNER ................. 5 TRAINING WEEK 2015 ...... 6 Audi Wire T H E I NS T I T U TE O F I N T E R N AL AU D I T O R S

T R I N I D AD & T O B AG O C H AP T E R N E W S LE T T E R

Pulse of Internal Audit:

Navigating an Increasingly

Volatile Risk Environment Since 2009, The IIA’s Audit

Executive Center has conducted

annual Pulse of Internal Audit

surveys to assess the state of the

internal audit profession and

identify trends and emerging

issues in the profession and with

its stakeholders.

In today’s operating

environment, internal auditors

have a clear mandate to identify

and address major risks on a

continuous basis. They also

need to find the talent to do so

and to allocate their resources in

response to those risks.

Through the North American Pulse of Internal Audit survey and the insights we can draw from the results, we hope to strengthen your ability to address these and related challenges now and in the future. Download Your Complimentary

Copy from the IIA

Annual General Meeting 2015 The Chapter held its Annual General Meeting on Thursday, March 26th

2015. In attendance were 22 members which did not constitute a quorum,

however the attending membership and governors approved a motion by the

Chairman to continue with the meeting. The progress report for April –

December 2014 was highlighted and financials were reported.

March 2015 (Q1) Audi-Wire 2

The Institute of Internal Auditors (IIA) encourages members,

chapters, and Institutes around the world to actively promote

internal auditing’s value during International Internal Audit

Awareness Month each May and year-round.

Click here to obtain Tools and Tips for Internal Audit

Awareness Month

Contact us and let us know what your company is doing for

Internal Audit Awareness Month

E-mail: iiatt@flowtrinidad.net or theiiatt01@gmail.com

March 2015 (Q1) Audi-Wire 3

Managing an Internal

Audit Career: How Do

You Know When It's

Time to Go?

One of the most rewarding

aspects of my job as

president and CEO of The

IIA is the opportunity to

meet young professionals

just starting their careers in

internal audit. These

interactions remind me of

the reasons I joined the

profession and they never

fail to re-invigorate my own

passion for what we do.

Recently, I met with a group

of newly minted internal

auditors at the South Pacific

and Asia Conference

(SOPAC) hosted by IIA–

Australia. As is often the

case in these meetings, my

young colleagues quizzed

me about career advice.

For the most part, their

questions were similar to

those I typically hear:

"Should I specialize in a

particular area of internal

audit?" "What

qualifications and

certifications will help me

most?"

But there was one

question I was not

expecting. One young

woman asked, "How do

you know when it's time

to leave?" I fashioned a

quick answer, but the

more I considered it over

the following days, the

more it became clear that

this is a complex question.

There are so many factors

involved in making career

moves that there is no

simple answer. After long

thought, it became clear to

me that making career

decisions is more art than

science, and it sometimes

requires a degree of blind

faith.

There are some things I

would advise without

hesitation, such as, be

deliberate in your

consideration, and don't

make a career move

decision based on

emotion. Here are a few

fundamental questions

that anyone considering a

career move should

contemplate:

(Continued on page 5)

ABOUT THE AUTHOR:

Richard

Chambers

Richard F. Chambers, CIA,

QIAL, CGAP, CCSA, CRMA,

is president and CEO of The

IIA. In his blog, he shares his

personal reflections and in-

sights based on his nearly 40

years of experience in the

internal audit profession.

The Local Chapter hosted its 1st

Annual Christmas Charity Drive in

December 2014. IIATT members

donated non-perishable food items

which was given to the ‘Families

In Action’ representative. A

hamper was created and given to a

family in need.

March 2015 (Q1) Audi-Wire 4

The Chapter’s Annual Christmas Cocktail was held

on December 4, 2014 at LUCE Entertainment

Limited – Hilton Hotel & Conference Centre. Over

seventy members and guests attended the cocktail.

There was live entertainment by Raquel Winchester

and music by AD Sound Company Limited.

April 2015 — Training Week 2015

May 2015 — Chapter Meeting (TBA)

June 2015 — Chapter Meeting (TBA)

September 2015 — Anniversary Week

Thanks to all who attended the chapter meeting on February 3rd

where presenters Mr. Afra Raymond and Mr. Mariano Browne

spoke on the topic Sensitization of the Public Procurement &

Disposal of Public Property Act No. 1 of 2015 for the Internal

Auditor. It was a highly attended, insightful and thought

provoking presentation.

March 2015 (Q1) Audi-Wire 5

What are my strategic goals, and would a change further those goals? I often counsel internal auditors to develop a

career plan with clearly defined strategic goals and milestones. Such career plans should be reviewed on a regular basis and

modified as necessary. The IIA's Career Map tool is built on this philosophy. If you are contemplating a move that does

little to move you forward on that path, it may be time to reconsider.

Have I been in my current role long enough to benefit from the experience? Every assignment should offer you an

opportunity to learn new skills and further hone the expertise you brought to the job. If your current position continues to

challenge you, you may want to think twice about leaving. I typically counsel people to stay in an assignment at least one

year before even considering a change.

What am I giving up by leaving? It is easy to get caught up in the allure of a new job oppor tunity, but it is impor tant

to consider what you will lose by leaving. For example, you may have to give up a strong mentor relationship with a co-

worker or supervisor. Also, there is no guarantee that you will fit in with or thrive in the new job's corporate culture.

Why do I want to move on? This is probably the hardest question, and one that requires being honest with yourself.

Make sure you are leaving for the right reasons. Are your reasons for wanting to move on all about the work environment,

or are outside factors feeding your wanderlust?

In my book Lessons Learned on the Audit Trail, I offer a number of lessons gleaned from my career in internal audit that

now spans 40 years. One of the "life lessons" I share is appropriate when considering a career change: Be careful what you

wish for. There's more to a career than the next raise or promotion; make sure that next job is something you truly want to

do.

There are legitimate reasons for changing jobs. Maybe the corporate culture doesn't fit you, or your supervisor doesn't

appreciate the work you are doing. Work/life balance should be a consideration, and certainly being stuck in a job with

limited opportunities for advancement is a legitimate reason for leaving. In a recent post on Forbes.com, Liz Ryan shared

"Six Signs Your Job No Longer Deserves You." They are worth contemplating when considering a job change:

1. "There's no forward path. There's no place to go from here. There's no way to learn more, have more impact, or use

more of your talents. Scram!

2. There's no one to learn from. No one around you looks like a mentor or coach. You're the smartest person in the place.

Get out of Dodge!

3. The people around you don't want to hear your ideas. They like things just the way they are. So what, nothing works

properly? They don't care. Flee!

4. You don't get to use your mind and your heart at work. You're stuck in a little box. You're a cog in someone else's

machine. Hit the bricks!

5. Your boss doesn't get you and you don't get him or her. It's an energetic mismatch. You can't grow as a person or a

professional in your job. Move on!

6. You don't enjoy your work or look forward to it on Monday morning (or any morning). That's your body telling you

'Run away!'"

Whatever your reasons for contemplating a move, it is imperative that you go through a patient and deliberate process. I

recommend asking the questions I've outlined and contemplate the signs that it is time to move on to ensure your answers

remain consistent.

As much as possible, make a career move that allows you to advance in your career plan. Too many lateral moves reflected

on a resume can work against you.

If your considerations involve leaving the internal audit profession altogether, I urge you to reconsider. Internal auditing is in the midst of one of the most exciting eras in its history. Increasingly, our stakeholders are relying on internal audit to do more. We are being valued not just for our hindsight, but our insight and foresight, as well. Who wouldn't want to be part of that?

—Author: Richard Chambers

(Continued from page 3)

March 2015 (Q1) Audi-Wire 6

The Tactful Skeptic It’s not an oxymoron. There is an etiquette to skepticism, and

every board member should know how to exercise skepticism

respectfully, listen to management carefully, and not be afraid to

“trust but verify.”

The director’s role is not an easy one. It’s a job that uses both head

and heart. The intelligent director must be skeptical, but to be

effective, the director must also be tactful. Board members have a

fiduciary responsibility to maintain a questioning perspective and

to voice doubts where appropriate. But it’s important to keep in

mind that, to an anxious management team, even a well-

intentioned inquiry might seem to cast doubt.

“Tact and diplomacy are all about skill and sensitivity in dealing

with others, particularly with difficult people and tricky situations.

Understanding other people and empathizing with the way they

think and feel is essential to effective relationships,” said Olivia

Kirtley, president of the International Federation of Accountants

(IFAC) and a director of several public companies.

Trust but Verify If the goal is to “trust but verify,” it’s important to accentuate trust.

Michele Hooper, a board member of the National Association of

Corporate Directors (NACD) and member of several corporate

boards, notes that directors and professionals are frequently

“predisposed to trust management and each other. This is called a

‘bias to trust,’ which can inhibit raising questions or probing

deeply.”

Even when trust is well-founded, however, skepticism is

appropriate. Kirtley points out that “skepticism does not mean a

lack of trust. Rather, it means, ‘I trust you, but my responsibilities

require me to confirm what you and others tell me.’ ” It helps to

keep things on a professional level. “Assume that everyone is

approaching the situation with the best of intentions,” Kirtley said,

“but they may not have considered all the outcomes or options.”

The situation is more difficult when there are allegations of illegal

or unethical behavior. “Your questioning does not mean you have

drawn any conclusions,” Kirtley said. “It’s unusual to do

investigations. They don’t come along every day, so it is easy for

management to take it personally if they are falsely accused – and

especially if the accusations are not false. It’s not personal at that

point. Taking time to express that is important.”

(Continued on page 9)

Unlock Your Door to Opportunity with IIA

Global Certifications

The IIA offers a comprehensive certification portfolio

for internal auditors that can serve as the key to

unlocking your next opportunity within the profession;

enhancing your credibility and adding clout to your

resume. By earning your Certified Internal Auditor®

(CIA®), Certified Government Auditing Professional®

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employer know that you are a valuable team asset who

is highly motivated, knowledgeable, and committed to

ensuring quality is part of everything you do. IIA

certifications set you apart from other professionals,

unlocking your full potential and opening up countless

doors of opportunity for career growth and success. See

what awaits you on the other side of the door.

Visit: http://www.theiia.org

Contact us for more information if you are

interested in pursuing any certification.

March 2015 (Q1) Audi-Wire 7

In today’s challenging business envi-

ronment, maximizing the internal

audit profession is imperative to

keep abreast of emerging business

trends.

Proven steps to align strategy to

capabilities and increase perfor-

mance so as to improve internal

audit’s cost-value equation.

These programmes are designed

for you.

VENUE

Arthur Lok Jack Graduate School

of Business

Max Richards Drive, Uriah Butler High-

way, Mount Hope

IIA Week of Activities 2015:

“Maximising your Audit Delivery”

Public Sector Standards, Rules and

Regulations for Internal Auditors

Bullet Proofing the Auditor and

Procurement Officer against Fraud &

Compliance Risks

The Institute of Internal Auditors,

TRINIDAD & TOBAGO Chapter

Professional Centre, #11-13 Fitz Blackman Drive

Wrightson Road, Port of Spain

For further details and registration form,

please contact:

Juliana Julien—Office Administrator

Cell: 769-1671 Phone: 625-5558 Fax: 623-4560

Email Address: iiatt@flowtrinidad.net

theiia01@gmail.com

IT Auditing for Non– IT Auditors

APRIL 20 & 21, 2015—Two Days

APRIL 22 & 24, 2015—Two Days

APRIL 23 & 24, 2015—Two Days

March 2015 (Q1) Audi-Wire 8

Course Outline

IT Auditing for Non-IT Auditors

Thursday 23 & Friday 24 April 2015

This course covers the concepts and best practices that encompass a more robust audit of IT systems.

It provides an overview of topics ranging from IT gov-ernance, IT risks and internal controls, and frameworks for managing IT (e.g. COSO and COBIT).

Presenter: Kathy Ann Nicholson

Senior Manager, IT Advisory Dept., KPMG

Bullet Proofing the Auditor & Procurement

Officer against Fraud & Compliance Risks

Monday 20 &Tuesday 21 April 2015

This seminar provides participants with a firm understanding of the changing role of internal auditors and procurement officers arising from increasingly regulated procurement activities, and from stakeholders expectation of a compliant, transparent and equitable procurement process.

Presenter: Claire Gomez-Miller—IIA Facilitator

Public Sector Standards, Rules and

Regulations for Internal Auditors

Wednesday 22 & Friday 24 April 2015

This seminar provides participants with a firm under-

standing of the changing demands and global perspec-

tives that are affecting the state of the Public Sector

Internal Auditing profession.

Presenter: Claire Gomez-Miller—IIA Facilitator

Cancellation Policy:

After Monday 13 April

2015, any cancellations

will have to be paid in

FULL.

10% DISCOUNTS

extended to companies

with more than 5 persons

registering.

PRICING SCHEDULE TWO DAYS: Member TT$4,500.00 / US$750.00

Non Member TT$4,875.00 / US$815.00

ONE DAY: Member TT$2,000.00 / US$335.00

Non Member TT$2,200.00 / US$370.00

March 2015 (Q1) Audi-Wire 9

Fortunately, there are several steps directors can take to maintain effective working relationships even when

skepticism is clearly justified.

1. Set the stage: To avoid sounding over ly skeptical, establish an atmosphere of openness and honesty,

letting management know in advance what the expectations are. Directors should request the full picture on

potential strengths, weaknesses, opportunities, and threats, Kirtley said. “The important thing is to ensure the

information is not just what management chooses to present.”

2. Begin by agreeing: Timing can be impor tant for discussions on potentially contentious issues. Rather

than starting a meeting with a concern, begin with an issue on which all parties are likely to agree. This helps

establish rapport before confronting more challenging matters.

3. Listen actively: During difficult conversations, there may be a difference between what someone is saying

and what they are thinking, and it takes careful concentration to recognize and understand any underlying

messages. Listen to not just what is being said, but also how it is being said. Reading body language plays a role in

these conversations, especially when integrity is called into question. If a manager or a consultant says there is no

cause for concern, but their eyes and gestures say otherwise, there’s probably a need to dig deeper to get to the

facts. Talk less and listen more, allowing the management team to say everything they need to say without

interruption.

4. Ask, don’t tell: Doubt is less painful when it is expressed as a question or a hesitation, rather than as a

flat statement or demand. An order to “fix it” can raise hackles, while phrases such as “I wonder what would

happen if we tried doing this,” or “What do you think would happen if we do this?” give management pause to

seriously consider alternatives. Soften questions by including positive messages. Consider, for example, phrasing

an inquiry by saying, “Of course, we all assume everything is operating as intended, but how many of us really

understand how the internal controls are working?”

5. Control the heat: No matter how adroitly a director might navigate through a difficult issue,

confrontation sometimes is unavoidable. Staying calm and helping others keep their emotions in check are two of

the most important things both sides can do to keep the conversation on track. “You don’t have to be mean to be

tough,” said Mary Mitchell, president of The Mitchell Organization, a communications and etiquette consultant,

and the author of several books on manners. Mitchell recommends practicing speaking in an unemotional tone.

“An accusatory, disbelieving, or sarcastic tone of voice will sabotage your efforts every time,” Mitchell said. Non-

verbal cues are also important. People are more likely to remember how they were made to feel than the actual

words spoken. Eye rolling, foot jiggling, and crossed arms can unnecessarily create tension.

6. Choose your team, pick your battles, then stand your ground: Not every management decision and action

can or even should be reviewed, so board members need to be comfortable with and confident in management’s

decision-making ability. “One of the highest responsibilities of the board is to have an appropriate management

team in place . . . to bring high-quality information to the board,” Kirtley said. A rubber-stamp director is an

ineffective director. However, it’s equally unproductive to be a knee-jerk skeptic. The balance lies in picking the

right battles. The key may be to “drill down” on the most significant topics on the board’s agenda, but forego

questioning less important details. Choosing battles doesn’t mean backing down, and tact should never be

confused with compromise. Tact is about how we speak to others, while compromise is about making concessions.

When the outcome of an issue is important, it is necessary to be assertive as well as diplomatic. Kirtley advises

that the board should always be in control of decisions whether to proceed with an investigation. She suggests

saying, “We appreciate the fact that you feel no additional information is needed. But our fiduciary responsibility

is to seek more information until we are satisfied.” Isaac Newton once said, “Tact is the art of making a point

without making an enemy.” Being tactful is just that: having the ability to clearly communicate a message while

being sensitive to others. “Trust but verify” lies at the heart of a board’s responsibilities. It is only through the

combination of trust and verification that we can truly be effective as directors.

(Continued from page 6)

March 2015 (Q1) Audi-Wire 10

Professional Centre, Rooms B301/302

#11-13 Fitz Blackman Drive, Wrightson Road Ext.

Port of Spain, Trinidad

Phone: (868) 625-5558 Fax: (868) 623-4560 Mobile: (868) 769-1671

Email: iiatt@flowtrinidad.net

Website: https://chapters.theiia.org/trinidad-and-tobago/Pages/default.aspx

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