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President Message
President’s Message
It has been a long winter, but I think we may be finally seeing some spring weather just in time to finish out our 2018-2019 Chapter year!
We have had some great seminars this year. I want to extend a big thank you to Jocelyn Harrison, Vice President of Programs. She does a great job finding low-cost interesting topics and speakers for our monthly meetings.
We have several changes in our chapter leadership positions that will be effective with our new chapter year on June 1, 2019. After three years of serving as Chapter President, I will be moving to a board member position. Julie Zerr, will be taking over as President. Terra Luebbering will be stepping out of the VP of Membership role and Sonja Erickson will be filling that position. Bobbie Enslen will be taking over as Treasurer for Julie Zerr, as Julie steps into the President position. Finally, Holly House will be stepping off the board. Please join me in extending a big THANK YOU to those that have served and will continue to serve in these volunteer positions! We truly appreciate all you do!
Here is your 2019-2020 Slate of Officers: President, Julie Zerr; Vice President Programs, Jocelyn Harrison: Vice President Memberships, Sonja Erickson; Secretary, Joan Imhoff; Treasurer, Bobbie Enslen; Webmaster, Tina Disney; Board of Directors: Jon Halwes, Kristine Schrimpf, and Stacy Wright.
Finally, I want to say thank you for allowing me the opportunity to serve as your Chapter President these past three years. It has been a wonderful experience working with great people and promoting the internal audit profession.
Stacy Wright President
Inside This Issue
1 President Message
2 CAP Summary
2 Programs Summary
2 Upcoming Programs
3 Membership Update
3 Contact Information
4 IIA Leadership Academy Summary
5 March Program
6 April Program
8 May Program
10 Industry Articles
16 Governors Proclamation
IIA News & Chapter Report
VOLUME 28 ISSUE 10
May 2019
Central Missouri Chapter
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Cap Summary
**There is new structure this year. Our Chapter did reach Gold Status, which is the highest our Chapter can achieve.
Programs Summary
Upcoming Programs
Date Topic CPE Credit Location
June 18, 2019 Update on City Projects, Funding, and
Partnerships 1 MIBA
Month/Year Topic CPE Credit
June 2018 Map Luncheon-Inside the State Treasurer’s Office 1
July 2018 SOC-System & Organization Controls
Public Corruption 2/1
September 2018 Mastering Leadership, Change, Healthy Conflict, and
Success 8
October 2018 General Data Protection Regulation 2
November 2018 Process Improvement Using LEAN Techniques 3
February 2019 Ethics/Check Fraud and Fraud Prevention 3
March 13, 2019 Block Chain 2
April 17, 2019 Crisis & Change Management, PCI Assessment, ERM &
Audit Disaster Recovery 8
May 13, 2019 Audits Involving Fraud-State Auditor's Office 2
The following is the status of the Chapter Achievement Program (CAP) points for our chapter as of May 28, 2019:
Category Chapter Points
(to Date)
I. Service to Members 1,560.00
II. Service to Profession 175.00
III. Chapter Health 500.00
2,235.00
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This Photo by Unknown Author is licensed under CC BY-SA-NC
2018-2019 Board Members
President Stacy Wright [email protected]
Vice President - Programs Jocelyn Harrison [email protected]
Vice President - Membership Terra Luebbering MIB Banc Services, LLC [email protected]
Treasurer Julie Zerr Central Bank [email protected]
Secretary Joan Imhoff [email protected]
Board Members Jon Halwes State Auditor's Office [email protected]
Holly House MIB Banc Services, LLC [email protected]
Kristine Schrimpf University of Missouri [email protected]
Webmaster Tina Disney State Auditor's Office [email protected]
Membership Update
Central MO IIA Membership Statistics
04/30/2019
Total Active Members 230
Membership Lapsed 29
Transferred Membership to different chapter 0
Transferred Membership from different chapter 1
Government Membership 176
New Members Added in Month 3
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IIA Leadership Academy 2019 Summary by Sonja Erickson
I had the pleasure of attending the annual IIA Leadership Academy in Orlando in April with 370 fellow chapter leaders. This year’s theme was “Take a Trip Back to the 80s and Get on Track to Your Future,” and many participants went all in on the 80’s theme. Our district rocked “Risky Business” attire and had a great time connecting and networking. Conference highlights included Richard Chambers keynote address, “Auditing at the Speed of Risk,” and excellent presentations on body language and non-verbal communication – both timely and useful topics for internal auditors. Finally, we attended breakout sessions to get and give information about common chapter challenges, including creating robust programs, membership recruitment and engagement, and using social media to market chapter events. As incoming Vice President for Membership, I learned a lot about my new role and all of the resources available for IIA chapters, and hope to share some of it with you this year!
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March Program: Block Chain for Internal Auditors
Presented by: J. Scott Christianson, CISSP, PMP March 13, 2019 Article by: Joan Imhoff
Mr. Christianson explained how blockchain technology could be a game-changer for accounting, supply chain, banking, contract law and many other fields. He went on to explain that blockchain technology would only be useful if lots of people trust and adopt it. Just understanding what blockchain technology really is can be difficult. The session included a hands-on exercise that explained the core principals as well served as a launching pad to encourage discussion of blockchain’s real world applications and explored current blockchain projects. The session concluded with a discussion about what blockchain will mean for the field of accounting and auditing.
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April Morning Program: Payment Card Industry Assessment and Enterprise Risk Management
Presented by: John Gatto April 17, 2019 Article by: Catherine Lucia
Mr. Gatto began the all-day training with a session on Payment Card Industry (PCI) Assessment.
Initially, he stated the effect of this topic could put you to sleep, was like watching grass grow, or
as dry as the dessert. To the contrary Mr. Gatto made it very interesting and kept attendees
engaged with his high energy and knowledge of the topic. He covered a wide spectrum on this
topic from today’s environment of data loss, overview of PCI, the requirements of PCI, how to
achieve and sustain compliance with PCI, and ended with What Can You Do?...as a customer –
personally, as an employee-professionally, and as an auditor. For more information on this topic
visit: www.pcisecuritystandards.org.
The second session on Enterprise Risk Management (ERM) spoke to the soul of an auditor. The
final line of defense for risk related issues is provided by internal and external auditors, they are
the conscience of the company, and everything they do should add value, better processes and
procedures to improve risk management. While ERM continues to evolve it still relates to
familiar frameworks and legislation that have an impact on how to address risk within an
organization. Mr. Gatto brought up that the COSO (Committee of Sponsoring Organizations of
the Treadway Commission) and COBIT (Control Objectives for Information and Related
Technology) frameworks and SOX (Sarbanes-Oxley) legislation are major contributing factors
for ERM. He noted the critical step toward making successful, necessary changes to ERM and
Internal Audit should be driven by accountants that serve as board directors, CEOs, CFOs,
controllers and chief executives with the inclusion of the Strategy department. The most
important thing to remember about ERM is that the difference between profit and loss is risk.
April Afternoon Program: Crisis & Change Management - Internal Audit Involvement and Auditing Disaster Recovery/Business Resumption Planning
Presented by: John Gatto April 17, 2019 Article by: Wendy Sullivan, CIA, CRCM
Mr. Gatto discussed how crisis management can affect a company’s reputation and the role audit can play in providing additional assurances that a crisis is handled in the most positive light possible. Also, various techniques and strategies were discussed for the management of change in an organization. The group was presented with actions internal audit could take to provide assurance that organizational changes are implemented and functioning as intended by management.
The efficiency and effectiveness of a company’s recovery from disaster is so important that it can impact whether or not a company is able to recover at all. Mr. Gatto discussed possible
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questions to pose during the audit or development of a disaster recovery/ business resumption plan. Participants also shared stories of simulations they had performed during audits of an organization’s disaster recovery/ business resumption plan.
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May Program: Audits Involving Fraud – State Auditor's Office
Presented by: Randall Gordon, CPA, CGAP, Director of Local Government Audits, State Auditor’s Office and Robyn Vogt, CPA, Audit Manager, State Auditor’s Office May 13, 2019 Article by: Ryan K. Bernard, MBA
The topic had more value than the accumulative value of frauds presented. The presenters portrayed an excellent series of audits that were caught mostly by the suspecting public.
The key takeaway for the topic is that an easily accessible whistleblower notification process needs to be available. The dollar value for potential frauds is almost never concerning until it’s looked at as an individual basis. For example, the fraud at the Callaway County Collector's office represented approximately 0.5% of the monies collected yet when looking at the fraud as an individual basis the fraud was valued at approximately 600% of the fraudster’s salary. The frauds presented often followed similar trends in that funds were misappropriated and missed due to over trusting systems. Large topics of conversation were wrapped around restitution and repercussion from the frauds committed. The audience agreed that repercussions were never enough compared to the fun the violators had with public funds. The conclusion of the today’s topic left waves of resonance that, “Fraud will not be Tolerated, we will find you.”
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Industry Articles
How to Help Reluctant Leaders Discover Their Full Potential
By Robert Half February 20, 2019 at 12:59am
Investing in future leaders is a strategic imperative for any business. Sometimes, it includes helping employees to discover their leadership potential — and fully embrace it.
On your team, you may find professionals who can’t wait to become managers and are laser-focused on achieving that goal. Meanwhile, there are other employees who may not want to become leaders at all. And then, you may have some reluctant leaders. Lack of confidence may be holding back these staff members. Or, they may not see a clear path up for themselves in the organization, or even realize that opportunities exist for them to grow and advance.
So, it’s likely that some of your employees will be very proactive about seeking out leadership development opportunities and asking for your guidance. And there also may be a number of high-potential employees who can benefit from you nudging them in the right direction.
How do you do that? By creating a work environment that not only challenges all employees with leadership aspirations to step up, but also gives them the support to do so confidently. Here are five ways to encourage reluctant leaders, in particular, to spread their wings and make the most of their leadership traits:
1. Talk about what leadership looks like
Certain employees may be reluctant to step forward as managerial candidates because they feel they’re not competitive enough to land a leadership role. Yet Robert Half Management Resources research shows that integrity tops the list of the most valued leadership traits, followed by qualities such as fairness, empathy and strategic thinking.
So, make sure your team members understand what it takes to succeed as an executive in the company. They may rethink their own potential when they realize they do actually have the qualities needed to climb the leadership ladder.
One more thing: Lead by example. Be the type of manager you want employees to emulate.
2. Start small
Projects are leadership development opportunities. They are a great way to let employees stretch their abilities, gain new skills and, perhaps most importantly, build confidence. Depending on the nature of the project, the work can also help to raise the employee’s visibility in your department, and at the company as a whole.
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So, give reluctant leaders an assignment with some degree of responsibility and see if they rise to the occasion. If they have potential, this is where they’ll begin to prove themselves. As they succeed, steer them toward increasingly challenging roles.
But be sure to set them up for success. Give nascent leaders clearly defined goals, a fixed time frame for goal completion, and all the support and resources they need to get the job done. That includes letting other employees know that you’ve asked their teammate to lead the project. That can help ensure that an emerging leader’s initial management experience will be a positive one.
3. Give them a coach
Mentoring is an invaluable professional development tool. Your challenge is finding the right person who can help to guide and nurture a reluctant leader. What would that mentor look like? Perhaps someone who was also once hesitant about moving into a management role and can dispel some myths of what leadership is and isn’t?
Emerging leaders don’t need hand-holding, but they do need plenty of constructive feedback and encouragement to build and refine their leadership traits. A good mentor isn’t a boss or drill sergeant, but rather a coach and motivator who inspires their charge to uncover their potential and take smart risks in their career.
4. Play to their strengths
Don’t force budding leaders, reluctant or not, through a one-size-fits-all training program. Instead, help guide them in a way that accentuates or refines the leadership traits and skills they already have.
However, a leadership candidate should build new abilities, too, not just shore up existing ones. So, be sure to provide leadership development opportunities that allows the employee to grow current strengths while stretching into new areas, too.
5. Don’t insist on one path
You may think of career progression as a straight line from intern to chief financial officer, with clearly defined intervals and job titles along the way. But do your employees feel the same way? Sometimes, reluctant leaders are prepared to step up to the challenge but don’t agree with your company’s traditional path.
That is especially true of millennial professionals, who don’t necessarily buy into the idea of “paying one’s dues” the old-fashioned way — moving up the ladder slowly, one rung at a time. Unconventional thinking? Not really. If someone is right for a job, why should they have to wait several years for their shot? If your goal is to encourage millennial and Gen Z team members to assume the mantle of leadership one day, you may have to rethink your firm’s overall approach to hiring and promotions.
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Prioritize your company’s needs first
While it would be great if you had the time and resources to invest in every aspiring leader on your team at once, you need to take a strategic approach to professional development and succession planning. Of course, you should try to connect every promising employee with an array of relevant leadership development opportunities, but you will need to prioritize the training of some workers.
This Photo by Unknown Author is licensed under CC BY
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5 New Manager Tips That Can Help Experienced Leaders Succeed, Too
By Robert Half March 18, 2019 at 4:20pm
Your first day as a manager can be one of the most daunting of your career. You’re suddenly responsible for not only your own projects but also the work of those on your team — many of whom were your peers just the day before. It’s a major transition. That’s why it’s important to get it right from the very beginning and convince employees to trust your leadership.
And seasoned managers, what about you? Are work pressures causing you to fall into bad boss habits, like helicoptering over employees to ensure things get done right and on time? Is your department experiencing low morale or a higher-than-expected turnover rate? If so, perhaps it’s time to step back, revisit some basics and refresh your management approach.
Below are five new manager tips that can help new managers hit the ground running, and seasoned managers brush up on the fundamentals that will help them refine their leadership:
1. Maintain a professional tone
Keeping things professional at work sounds like a no-brainer, but it can be tricky to monitor the performance of people who are your friends or close associates. Tasks like performance reviewsand disciplinary action can be especially awkward. In fact, 19 percent of chief financial officers (CFOs) interviewed for a recent Robert Half Management Resources survey said supervising friends or former peers is one of the most difficult parts of becoming a manager for the first time.
View an infographic of the survey results here.
Maintaining a professional tone while on the job includes not griping about policies, the workload or senior leadership — things you may have done in the past as a staff-level employee. Another tip: Don’t overshare details of your personal life. However, do remain on friendly terms with your colleagues and continue to socialize with them. Also, be sure to treat all team members fairly so that you avoid the perception of having favorites.
2. Don’t micromanage
As highly trained professionals, accounting and finance staff don’t need much direction once they’ve been given their assignments. They deserve feedback and recognition, of course, but they don’t need their manager looking over their shoulders or constantly asking for status updates. Good bosses know it’s important to trust their team to do what they were hired to do. And that’s why “don’t micromanage” is one of the most essential new manager tips.
Admittedly, a hands-off approach can seem counterintuitive. Isn’t it your job to get involved and make sure everything is getting done? Yes. But the most effective leaders ensure their staff
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members have what they need to succeed — from technical resources to training and professional development. And once their team is set up, they let them get down to work.
3. Delegate when possible
Delegating can be hard, but it’s one of the most important new manager tips to apply. It’s good for your own productivity and success on the job: In the Robert Half Management Resources survey mentioned earlier, 32 percent of CFOs said balancing individual job responsibilities with the time spent overseeing staff was the biggest challenge of becoming a new manager.
When you share the department’s responsibilities across your team, it helps your employees to grow. It also lets you focus on higher-level tasks like budgeting, strategy-setting and generating new business. But how do you hand things over when you’re used to doing everything yourself (or feel like you can do things better)?
Delegating effectively starts with good communication. Find the right person for each task, give them clear instructions, and offer both praise and constructive criticism, as appropriate. Have an open-door policy so that the team members you delegate to can come to you with questions and concerns.
4. Encourage work-life balance
Your employees have responsibilities outside the office. An inspiring leader understands this and does all he or she can to help staff juggle their personal and professional lives without getting overwhelmed. As a manager, there’s much you can do to help your workers achieve that balance. A few examples include allowing flexible schedules, telecommuting, job sharing and a compressed workweek. Also, encourage people to use all their vacation days.
But that’s not enough. You also need to set a good example. If you stay late every night, you may be unintentionally creating a corporate culture where workaholism is rewarded — and that’s simply not healthy. So, look after your own well-being. And if you or your employees are burning the candle at both ends because there’s simply too much to do, consider hiring more full-time staff or bringing in interim support.
5. Expand your network
New manager tips for success include getting to know and building rapport with others who are working at the same level in your organization. You can do this by stepping up cross-departmental collaboration.
Get to know the directors and principals in sales, marketing, IT, human resources, legal and so on. See how the finance team can help improve their key metrics and quarterly results. Get your groups together to brainstorm strategy. By building relationships throughout the organization, you’re honing your business acumen — a definite asset as you continue to advance in your career.
It also wouldn’t hurt to ask senior executives for advice on how to motivate staff, balance your management responsibilities, and walk the fine line between friend and boss. You may even wish
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to ask one of them for professional mentoring as you learn to manage a team and develop your leadership skills. (Even seasoned managers can benefit from mentoring arrangements.)
Being a manager can be rough sailing at times, including for those who’ve been at the helm for years. That’s why it’s good practice for all managers to think proactively and critically about whether and when they may need to improve their approach to their role and responsibilities. The new manager tips outlined above can be useful for any manager who wants to chart a course for management success.
This Photo by Unknown Author is licensed under CC BY
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May is INTERNAL AUDIT AWARENESS MONTH!
