Internal Auditing Institute of Internal Auditors Central North

Internal Auditing Institute of Internal Auditors Central & North Jersey Chapters

Agenda • Introductions (5 minutes) • Internal Audit Info. Session (10 minutes) • Break-out Rooms (40 minutes total) • Conclusion/Q&A (5 minutes)

Introductions • Central Jersey Chapter – – Marilyn Carnevale, Audit and Advisory Services, Rutgers Liz Calamito, Global Benefits Group Nicole Sansone, NJ Office of the State Auditor Anupam Goradia, Risk Advisory Services, Centri Business Consulting • North Jersey Chapter – Joe Iannini, Fashion Institute of Technology – Barbara Piernot, Morgan Stanley – Marty West, Eisner. Amper

Examples of Career Paths for Students Audit & Advisory • External • Internal Compliance Accounting Finance • Regulatory • Fraud • Taxes • Operations • Analysis • Systems YOU CAN WORK IN ANY INDUSTRY!

Key Differences Between Internal and External Audit Internal Audit External Audit Purpose Analyze and improve controls and performance Express an opinion on the financial condition Scope Organizational operations Fiscal financial records Skills Interdisciplinary Accounting, finance, tax Timing Present/future, ongoing Past, point in time Primary Audience Board, executive management Investors, public interests Standards Focus The IIA’s International Standards for the Professional Practice of Internal Auditing Enhance and protect organizational value Generally Accepted Auditing Principles, Generally Accepted Auditing Standards Fair representation of financial statements Employment Relationship An organization’s employee An independent third party Certification Certified Internal Auditor (CIA) Certified Public Accountant (CPA)

What is Internal Auditing? “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. ”

Internal Auditors… • • Find out what’s working and what’s not Keep an eye on the corporate climate Look at the organization with fresh eyes Look beyond the financial statements Advocate improvements Raise red flags Tell it like it is

What Makes Internal Audit A Great Career? 5 key reasons 1. 2. 3. 4. 5. Opportunities Salary Work environment Benefits Support

The Institute of Internal Auditors Europe North America Middle East Africa Central/ South America 203, 000+ Membership Worldwide Asia Pacific

What Makes an Outstanding Internal Auditor?

Investing in Your Career • Become Certified – – – – – CHIAP – Certified Healthcare Internal Audit Professional CIA – Certified Internal Auditor* CISA – Certified Information Systems Auditor CPA – Certified Public Accountant CPEA – Certified Professional Environmental Auditor* CPSA – Certified Process Safety Auditor* CRMA – Certification in Risk Management Assurance* IAP – Internal Audit Practitioner* – recommended for students! QIAL – Qualification in Internal Audit Leadership* • Learn about your industry – Read what you boss reads (industry news feeds, risk management, IIA) spend time each day! • Networking, Networking! – Join the IIA, industry groups, alumni associations • Take leadership positions • Safe environment to develop key career skills *Issued by The Institute of Internal Auditors

Break-Out Rooms/ Speed Networking • You will have the opportunity to learn more about internal auditing from industry professionals in break-out rooms • You will be assigned to a break-out room and then you will move to the next breakout rooms • Afterwards, we will reconvene

Join the IIA today! • Institute of Internal Auditors Student Membership: $50 – Website: theiia. org – Linked. In: linkedin. com/company/the-institute-of-internalauditors-inc/ • IIA Academic Relations (Student Resources) – Website: na. theiia. org/about-us/about-ia/Pages/Academic. Relations-Resources-for-Students. aspx • Central Jersey Chapter – Linked. In: linkedin. com/company/iia-central-jersey/ – Website: chapters. theiia. org/central-jersey/ • North Jersey Chapter – Linked. In: linkedin. com/company/iia-north-jersey/ – Website: chapters. theiia. org/north-jersey/

SCHOLARSHIP OPPORTUNITY IIA North Jersey Chapter How to Apply? The North Jersey Chapter of the Institute of Internal Auditors will award $1, 000 up to three students and sponsor an annual student membership to the chapter to the scholarship winner. APPLICANT REQUIREMENTS • Must be a currently enrolled undergraduate or graduate level student in one of the following colleges/universities in New Jersey • Caldwell University • Fairleigh Dickinson University • Montclair State University • New Jersey Institute of Technology • Rutgers University • Seton Hall University • The College of New Jersey • ELIGIBILITY IS OPEN TO ALL MAJORS!! Preferred majors include: Business, Management, Leadership, Accounting, Analytics, Finance, Math, IT, or Economics • Applicants that are not matriculated under preferred majors must provide an explanation detailing how their current major and experience would make them marketable for a career in Internal Audit • Applicant must provide an unofficial transcript from the university to demonstrate major and status as a current student. To apply for the scholarship, please provide the following via e-mail: • Record a brief video, 3: 00 minutes or less, explaining which of the “Ten Things Every New Internal Auditor Should Know” is most important, and how you embody that criteria. Refer to the article below for the detailed listing. https: //internalaudit 360. com/ten-things-everynew-internal-auditor-should-know/ • An unofficial transcript from the University • For Applicants with Majors other than the Preferred Majors: A detailed explanation of how your current major and experience would make you marketable for a career in Internal Audit. Submissions will be judged on professionalism, creativity, and content. Winners will be announced during the NJIIA Annual Members Meeting in May 2021. Submit your application by April 30, 2021 to: Chapter 43@iiachapters. org

Internship Opportunities • North Jersey Chapter • Central Jersey Chapter • Audit and Advisory Services (Rutgers) – Recruit on Business. Knight & Handshake in September/October – Year-long (calendar year) position – Upcoming openings (2022): • 2 Financial/Operational Audit (Accounting) • 1 Information Technology Audit (BAIT/Comp. Science) • 1 Data Analytics (BAIT)