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INTRODUCTION

“How complicated and unpredictable the machinery of life really is.”
— Kurt Vonnegut

In the 18 months since the COVID-19 pandemic first shuttered the world, organizations have learned to embrace the unexpected. Board members, C-suite executives, and chief audit executives — the key players in risk management — now know that low likelihood/high impact risks must be given greater consideration. This realization has jolted boards into greater awareness of risk management weaknesses, energized senior management to build more nimble and resilient organizations, and positioned internal audit to deliver broader value.

Indeed, the pandemic has spawned changes in how we see our trusted institutions, the value and priorities we place on our time, and our commitments to long-held social contracts about work, diversity, and the health of the world around us. It is too early for definitive answers to which of these changes will be fleeting or permanent. However, one thing is certain. This once-in-a-century test of core social, business, political, and economic beliefs will forge changes both subtle and profound. While historic, the lingering pandemic and its related fallout is not the only factor likely to influence risk in 2022. Growth in social upheaval, a significant shift in regulatory attitudes at the federal level, continuing economic and political volatility, continuing effects of climate change, and the marked acceleration of environmental-, social-, and governance-related issues will combine to make the coming year one filled with unpredictability and opportunity.

“COVID-19 has been a wake-up call for organizations to create a plan for the unexpected. These ‘Hollywood type’ risk scenarios are now something that should be discussed to some extent within organizations.”
– C-suite, Technology

“Risk today has become very volatile and random. You see these things occurring globally in the news and there seems to be less correlation between the cause and effect.”
– Board, Retail

THE ONRISK APPROACH
The OnRisk approach is grounded in an innovative methodology that uniquely brings together the perspectives of the major stakeholders in organizational governance — the board, executive management, and chief audit executives. Alignment of these stakeholders’ views on personal knowledge, organizational capability, and risk relevance is a significant step toward achieving strong risk management in support of effective governance.

The methodology employs qualitative interviews of 30 board members, 30 C-suite executives, and 30 CAEs from 90 different organizations. The research provides a robust look at risks facing organizations and allows for both objective data analysis and subjective insights based on responses from risk management leaders. Collective ratings for each group are assigned a value based on the percentage of respondents who rate particular aspects of each risk at a 6 or 7 on a 7-point scale. For example, if 7 in 10 board members rated their organizations’ risk management capability on data privacy at a 6 or 7, the score would be 70%.
Further details regarding the OnRisk methodology, how to use and leverage this report, and explanations of the Stages of Risk developed in conjunction with the OnRisk approach can be found later in this report.

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DETAILED BOARD COMMITTEE TERMS OF REFERENCE AND SKILLS MATRIX 2021-2022

Board Committee TORs

1.0 TERMS OF REFERENCES FOR BOARD COMMITTEES

1.1. Board, Audit Committee (3 Vacancies)

The committee requires members with demonstrated experience in governance, risk management and internal audit. The committee member should also have knowledge of financial reporting and experience with relevant regulations applicable to the institute.

Summary ToRs as below;
1. Review the effectiveness of the processes of corporate governance;
2. Review the effectiveness of IIA Kenya internal controls and risk management systems;
3. Review the scope, results and recommendations of the internal and external audit;
4. Review the audited financial statements and recommend for Board’s approval.
5. Monitor compliance with external legislation and policies

1.2. Advocacy, Public Policy and Publicity Committee (5 Vacancies)

The committee members should have experience in public policy, legislation developments in the country, brand positioning and management. The candidate should also demonstrate experience in advocacy and stakeholder lobbying at various levels in both private and public sectors.

Summary ToRs as below;
1. Develop and recommend plans for public information programs and news releases through which the institute and the profession may achieve broader public recognition.
2. Provide thought leadership, guidance, and operational assistance to the IIA Kenya Board on the implementation of its advocacy strategy.
3. Maintain or develop closer ties with related organizations in the area by encouraging joint meetings or activities and exchanging information on programs and seminars of special interest.
4. Develop and recommend an elaborate IIA Kenya brand and internal audit profession awareness in alignment with the institute’s brand guidelines.
5. Develop and maintain a media plan by developing and publishing regular articles and mainstream media engagement.
6. Ensure recognition of CIA & IIA- K membership as a key professional membership in Internal Audit Job adverts in both Private and Public Sector scheme of service.
7. Advocate and lobby for IIA Kenya recognition with key public and private sector stakeholders for furtherance of the Institutes agenda and members.
8. Lead the legislative agenda for the institute.

1.3. Member Services Committee (5 Vacancies)

The committee members should have demonstrated experience in business development, development of membership recruitment & growth programs and passion for service management.

Summary ToRs as below;
1. Develop and recommend a membership recruitment and retention plan in line with the institute’s overall strategy.
2. Develop engagement plans with various stakeholders of the institute to grow membership across Public and Private Sectors.
3. Develop a membership policy framework to achieve a robust and active coverage of the institute.
4. Develop and recommend partnerships and membership propositions with the objective of achieving a robust portfolio of member added-value services.
5. Develop the sector-based member forums to promote knowledge-sharing within and outside sectors to grow the profession in the country.
6. Develop and recommend a member recognition policy to facilitate the IIA Kenya governance, controls and risk management contribution awards.

1.4. Training and Development Committee (5 Vacancies)

The committee members should have extensive experience in governance, internal audit & risk management, experience in training content development, and an active contributor to professional practice development as a trainer or writer.

Summary ToRs as below;
1. Develop and recommend training programs for the institute in line with the assessed global trends on governance, internal controls and risk management:
2. Develop training partnerships with local and international professional organizations to support the institute’s training strategy.
3. Develop a training framework for admission and evaluation of trainers in line with the institute’s training strategy.
4. Conduct annual training needs assessments required to build the professional practice of governance, internal audit and risk management in the public and private sectors.
5. To review and recommend the CPE policy for institute’s training programs

1.5. Certification and Development Committee (5 Vacancies)

The committee members should have extensive experience in governance, internal audit & risk management, experience in partnership development and negotiations and a holder of certified internal audit or certification in risk management.

Summary ToRs as below;
1. Develop a robust student recruitment plan to grow the number of certified internal auditors in the institute.
2. Develop partnerships to facilitate training opportunities for students pursuing the certification programs.
3. Conduct annual survey on the adoption of the international professional practice framework in private and public sector organizations.
4. Develop partnerships with other certification bodies for recognition and promotion of the institute’s certification programs.
5. Lobby & advocate for CPA (K) recognition for CIA challenge exam
6. Maintain continuous engagement with the certified members of the institute through specific forums to ensure that they retain their certifications.

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Study the Syllabus & Sit for the Test

The comprehensive exam covers current internal auditing practices; internal audit issues, risks, and controls; and five Standards-focused syllabus domains. Interactive study materials, which are included in the application fee, help ensure candidates are comfortable with their knowledge when they sit for the 2-hour, 100-multiple-choice-question exam.

At present, both onsite and online testing are available. Online testing employs “live proctoring,” which means the candidate is monitored online during the test duration, typically with the help of a webcam, mic, and access to the screen of the candidate.

Onsite testing is available at the many Pearson VUE test centers around the world.

Timeline

Candidates will have two years to finish the Internal Audit Practitioner program from the date they are approved into the program. Individuals with active Internal Audit Practitioner designations can apply for the CIA program without the required education and/or experience, Bachelor’s degree, or Master’s degree.

With an active Internal Audit Practitioner designation you can apply for the CIA program. You will have three years to enroll in the CIA program using your active Internal Audit Practitioner designation as an entry requirement. If your Internal Audit Practitioner designation is no longer active, you will have to either meet the CIA program educational requirements or meet the 5 years of experience requirement to enter the CIA program. Visit the CIA Eligibility Requirements webpage for more information.

To Review:

What Are the Eligibility Requirements & Pricing Details for the Internal Audit Practitioner Program?

Program Eligibility Requirements

To ensure all individuals can start the internal audit professional development journey, The IIA has revised work requirements for candidates to the Internal Audit Practitioner program. Candidates must meet the eligibility requirements for character and identification. Before a candidate application can be approved, all documentation (character reference and identification) must be received and approved by The IIA’s Certification staff.

Character Reference

Candidates must exhibit high moral and professional character and must submit a Character Reference signed by a CIA, CGAP, CCSA, CFSA, CRMA, or the candidate’s supervisor.

Proof of Identification

Candidates must provide proof of identification in the form of a copy of the candidate’s official passport or national identity card. These must indicate current status; expired documents will not be accepted.

Program Application and Registration Fees

The program application and registration fees may differ per candidate and location, but as a standard are as follows:

IIA Members

  • Application Fee - $75 (includes interactive study materials)
  • Exam Registration Fee - $150

Nonmembers

  • Application Fee - $150 (includes interactive study materials)
  • Exam Registration Fee - $250

Visit the Pricing Structure web page to review program application and registration fees.

To learn more about program eligibility and pricing, please visit the Internal Audit Practitioner FAQ.

Register for the Internal Audit Practitioner program through CCMS today!

Courtesy: global.theiia.org

OnRisk Report 2021

In the 18 months since the COVID-19 pandemic first shuttered the world, organizations have learned to embrace the unexpected. Board members, C-suite executives, and chief audit executives — the key players in risk management — now know that low likelihood/high impact risks must be given greater consideration. This realization has jolted boards into greater awareness of risk management weaknesses, energized senior management to build more nimble and resilient organizations, and positioned internal audit to deliver broader value.

Read more...

INTERNAL AUDIT COMPETENCY FRAMEWORK

INTERNAL AUDIT COMPETENCY FRAMEWORK

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