The Office of Professional Responsibility (OPR) has recently completed Phase I of the CPE audit of Enrolled Agents. Approximately 350 randomly selected Enrolled Agents verified the CPE hours they claimed on their most recent Form 8554, Renewal Application of Enrolled Agents. The purpose of the audit was to verify the compliance of courses taken compared […]
SOX is Red Hot For Nonprofits The Sarbanes-Oxley Act of 2002 is prompting nonprofit organizations to examine their auditing procedures and to avoid even the smallest amount of misapplication. Drexel University, which was featured in this month’s Internal Auditor, has examined SOX and adopted the best principles to ensure that their organization is reliable and […]
“What is the Bradford Cadmus Memorial Award? What are the benefits of the award? May I nominate someone for this award? If so, how?” The Bradford Cadmus Memorial Award attributes its name to the memory of Bradford Cadmus, the original managing director of the Institute of Internal Auditors. The award recognizes individuals, regardless of their […]
According to the IRS website, the Office of Professional Responsibility (OPR) is in the process of sending CPE Audit letters to approximately 300 Enrolled Agents with Social Security numbers ending in 4, 5, or 6. All Enrolled Agents must certify on the Application for Renewal form that they have satisfied the CPE requirements as described […]
“How do internal and external auditors differ and how should they relate?” Although they remain independent of the activities they audit, internal auditors are integral to the organization by providing continuous monitoring and assessment of all activities. External auditors, however, are entirely independent of the organization. They strictly assess an annual opinion on its financial […]
Develop and enforce standards in all of your endeavors. Learn to exercise control, either implicitly or explicitly. Most endeavors will improve with explicit control. This is particularly true with certification examinations. Practice your question answering techniques as you prepare answers/solutions to practice questions/problems during your study program. Develop explicit control over your study programs based […]
Endorsed Internal Auditing Programs The IIA sponsors Endorsed Internal Auditing Programs (EIAP) at colleges and universities that offer quality internal audit undergraduate- and/or graduate-level programs on a continuing basis. EIAP schools offer a curriculum of study in internal audit-related disciplines with at least two courses in internal auditing, each offered at least once a year. […]
Question: Just what is the Sarbanes-Oxley Act and how has it increased the demand of internal auditors? Answer: The U.S. federal Sarbanes-Oxley Act was created to protect investors by improving the accuracy and reliability of corporate disclosures. The act covers issues such as establishing a public company accounting oversight board, auditor independence, corporate responsibility and […]
Sometimes I hear the phrases “research foundation” and “The IIA” mentioned in the same sentence. Can you explain the relationship between these seemingly unrelated entities? The Institute of Internal Auditors Research Foundation (IIARF) was founded in 1976 by The Institute of Internal Auditors (IIA). The IIA formed the foundation as a tax-exempt corporation to provide […]
