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Latest News   Dear [First Name], Welcome to our IFRS Special. In anticipation of the Dubai IFRS seminars starting April 2008, we prepared an issue packed with essential information and resources on International Financial Reporting Standards. Enjoy news, articles, essential links and our two exclusive interviews with IASeminars’ Managing Director, Mr. Marc Gardiner and leading IFRS instructor, Ms. Bobbe Barnes. For ‘all you need to know’ on IFRS and to check out our regular features, read on!   IFRS Special   INTERVIEWS   Marc Gardiner  CPA, Managing Director of IASeminars Ltd. and Chief Executive Officer of IASeminars worldwide   Bobbe M. Barnes  CPA, CMA, CGFM, Educator, Consultant and President of Editorial Services Inc, Bobbe has also developed the Certified International Professional Accountant (CIPA) program.       Are We Ready for International Accounting Standards? John R. Rieger, CPA | afponline.org There currently is significant pressure for U.S. regulators to adopt International Financial Reporting Standards (IFRS) as a reporting alternative for U.S. domestic companies. A single set of global accounting standards does make good sense. more...       Behind the Disagreement on EC, US Accounting Standards Compliance John R. Rieger, CPA | afponline.org We will never arrive at a single set of accounting standards if every country thinks that they have the right to be an exception to the rule. The European Commission (EC) seems not to want one single set of accounting standards unless it is its accounting standards. more...       IFRS: No Longer If, but When Sarah Johnson, CFO.com | US The SEC will release a time line later this year for allowing U.S. companies to use international financial reporting standards. Securities and Exchange Commission chairman Christopher Cox, in a speech last week, quashed any doubts that the regulator will one day allow U.S. companies to use international financial reporting standards rather than GAAP. more...       IFRS News - PricewaterhouseCoopers You can also find extensive information on IFRS News, PricewaterhouseCoopers' monthly newsletter highlighting current developments at the International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC). click here to access the latest IFRS News editions.       International Accounting Standard Board (IASB) For complete and up to date information on IFRS, log on to the International Accounting Standard Board’s (IASB) official website on www.iasb.org   Management Accounting   University of Wyoming CMA® Brings Passion for Teaching to Students IMA (Institute of Management Accountants) Penne Ainsworth, Ph.D., loves to teach. For the past 10 years, she has served as an associate and now a full professor of accounting at the University of Wyoming in Laramie, Wy. And although her current position now includes heavy administrative responsibilities as chairperson of her department and assistant dean of the university’s business college, teaching remains her primary passion – and one of the reasons why she values so highly being a Certified Management Accountant (CMA®). more...   Internal Audit   The Path To Quality a step-by-step guide to world-class internal auditing (cont.) Trish Harris, Director of Corporate Communications, IIA (Institute of Internal Auditors) LEVEL-4: Progressive The internal audit activity fully complies with the Standards, and obtains an external QA every five years. more...   Human Resources   Communication and Technology Workplace Communication Series Part III SHRM (Society for Human Resource Management) The decline in traditional communication methods and increase in cyber communication are at the top of societal trends most likely to have a major impact on or cause a radical restructuring of the workplace. more...   Events IMA Gears Up for Third Annual Global Conference May 5 - 7, 2008 at the JW Marriott in Dubai, UAE IMA (Institute of Management Accountants) Leading minds from around the world will come together for IMA’s 3rd Annual Global Conference, to be held 5-7 May, 2008 at the JW Marriott in Dubai, UAE. Registration is now open at IMA’s Global Conference website at www.imadubai.org more...       Targi Karieri Polska 2008 March 18 - 19, 2008 Join us in Warsaw, Poland at the Targi kariery Exhibition Location: Palace of Culture and Science, Plac Defilad 1, RATUSZ hall Opening Hours: 11:00 am - 5:00 pm more...		Sponsors News
IFRS Special   Q&A with Marc Gardiner, CPA, Managing Director of IASeminars Ltd. and Chief Executive Officer of IASeminars worldwide   Interview by Christine Fawaz - Morgan Regional Marketing Coordinator   Q: How important, in your opinion, is it for a. companies and b. individuals to get trained for IFRS? A: International Financial Reporting Standards (IFRS) have been around since 1973, and have recently become largely accepted as the global standard of accounting. More countries and companies than ever before have declared their intention to adopt (or converge with) IFRS. Even the USA, which claimed for many years that US GAAP should be the global standard, now seems likely to move to IFRS in the years ahead. All 7000 listed companies in the European Union have been using IFRS since 2005. Since IFRS will become the basis of accounting around the world in the 21st century, it is very important for companies and individuals who wish (or need) to remain at the forefront of professional best practice to become trained in IFRS.     Q: How important is it for Certified Professionals such as CPAs or CMAs to get trained in IFRS?   In addition to my answer above, qualified professionals who may be seeking new jobs in the future will increasingly find that knowledge of IFRS is a requirement from prospective employers, or at least an advantage in the employment marketplace.     Q: To what extent is the adoption of IFRS important in the US and what impact will that have on US companies?   A: The US Securities and Exchange Commission (SEC) was formed after the 1929 Wall Street Crash to regulate the US securities markets, which are the largest stock exchanges in the world. Up until recently, the SEC insisted that all foreign and domestic companies listed on exchanges including the NYSE (Wall Street) and NASDAQ should use US GAAP, or at least reconcile their profit and equity figures to US GAAP. However, as can be seen from http://www.sec.gov/news/press/2007/2007-235.htm, the SEC is now prepared to accept IFRS figures from foreign companies, without the need for any US GAAP disclosures. As a result of this, there is also now a much stronger interest in the matter from the US domestic business community. For example: NEW YORK, Oct. 29, 2007 – Preliminary results of a new survey by Deloitte & Touche LLP show that approximately 20 percent of CFOs and senior finance professionals (representing approximately 300 U.S. companies) would consider adopting International Financial Reporting Standards (IFRS), if given a choice by the U.S. Securities and Exchange Commission (SEC). Approximately two-thirds of those companies would consider adopting IFRS within the next three years.     Q: Can you tell us about IASeminars?   A: IASeminars is one of the only training companies in the world to specialize in international accounting (IFRS & US GAAP). We offer public seminars and in-house training courses in over 30 cities on 6 continents. In 2007, we held over 150 such seminars for a range of prestigious clients including multinational corporations and governmental organizations. We specialize in technical training courses, usually with quite small numbers of participants. This gives our clients a valuable opportunity to interact with our expert instructors, who are generally based in Europe and the USA. We also work with the Big Four accounting firms and prestigious accounting institutes, who co-brand and help deliver some of our events. We have over 30 instructors, who are all university professors or consultants with many years of experience. As well as our English website (www.iaseminars.com), we have also recently launched Spanish and French websites offering courses in those languages. IASeminars is proud of its reputation in the marketplace, and is pleased to provide client references upon request.     Q: What locations does IASeminars offer training in?   A: IASeminars offers its extensive range of courses in over 30 cities on six continents as follows: Athens, Atlanta, Beijing, Brussels, Calgary, Chicago, Dubai – UAE, Geneva, Hong Kong, Houston, Johannesburg, Las Vegas, London, Los Angeles, Luxembourg, Madrid, Miami, Montreal, New Delhi, New York City, Paris, Sao Paulo, Seattle, Seoul, Shanghai, Singapore, Sydney, Tokyo, Toronto, Vancouver, Washington DC, Zurich.     Q: Can you tell us more on IASeminars’ IFRS training in the Middle East (specifically Dubai)?   A: IASeminars was launched in 2003 in anticipation of the adoption of IFRS by all 7000 EU-listed companies. Based in London with a subsidiary in the USA, we have continued to expand our operations each year, and have trained over 4000 people. The Middle East is a strategic market for us, since we know that many companies in the region will adopt IFRS in the years ahead. Even if they have done so already, IASeminars offers more courses on more IFRS technical topics than any other training company in the world, and we are well-placed to assist clients with their initial adoption issues as well as with ongoing compliance requirements. We are also specialists in US GAAP, and this training in this subject remains important for affiliates of US corporations and also foreign corporations with a US stock exchange listing. Working with our partners at Morgan International, we have scheduled several hundred courses in Dubai in May and November 2008, since we consider Dubai to be a good hub for our activities in the Middle East.     Q: Do you offer in-house training?   A: Most of our clients are international corporations, and often they have a group of people that require training. As a result, about one-third of our business consists of delivering our courses in-house, at a time and place of the client’s choosing. This is usually cost-effective when there are six or more people to be trained, and has the added advantage that the client can choose the exact topics to be covered, guest appearances can be incorporated from management, auditors etc. Our expert instructors work with the client to design the optimal course, including preparation of special teaching materials where required.     Marc Gardiner BSc (Econ), CPA   Marc is the Managing Director of IASeminars Ltd. based in London, and Chief Executive Officer of IASeminars worldwide. A former university lecturer in Accounting & Finance, he has been producing seminars and conferences around the world since 1991. Marc specialises in all events dealing with International Accounting (IFRS and US GAAP), and also Reporting to the International Capital Markets (particularly SEC Reporting). After graduating from the London School of Economics, Marc worked for a total of twelve years in public accounting, including four years with KPMG and two years as a partner in his own firm. He is qualified in the USA as a Certified Public Accountant (CPA), and has worked in the UK, France, the USA and Switzerland.     Q&A with Bobbe M. Barnes, CPA, CMA, CGFM, Educator, Consultant and President of Editorial Services Inc, Bobbe has also developed the Certified International Professional Accountant (CIPA) program.   Interview by Christine Fawaz - Morgan Regional Marketing Coordinator   Q: Can you briefly tell us about the difference between IFRS and US GAAP? A: As convergence is moving forward rapidly, the major differences are being addressed by both the IASB and FASB. However, it appears that minor differences will continue to exist, as each new release continues to introduce small differences. Of course, one major difference is the use of LIFO inventory method under US GAAP, and another is the revaluing to fair value of property, plant, and equipment under IFRS. Even with these differences, it appears that both boards are adopting a fair value model, and we will be seeing more of the fair value model than of the historical cost model with which we are familiar.     Q: What are the trends in the U.S. with respect to the adoption of IFRS?   A: Good question. As you know, little is known in the U.S. about IFRS. The accounting education curriculum has been centered on US GAAP as has the major certificates, CPA and CMA. So there will be a massive continuing professional education effort to educate the U.S. financial community on IFRS and its differences with US GAAP. It is apparent to me through discussions with colleagues based here in the U.S. that U.S. based companies are seeking more knowledge on IFRS and considering the possibility of changing their reporting methods, if approved by the SEC. These are the companies that have extensive operations overseas, in markets where IFRS has been adopted.     Q: How about the Middle East and Asia markets? What is the status on IFRS?   A: Most global markets have adopted IFRS, or are in the processing of adopting IFRS. Several markets are on a convergence path with the IASB, similar to the one the U.S. is on. With a shrinking world, the internet allowing us to communicate quickly and inexpensively worldwide, and free trade pacts being established, the world is quickly moving toward one language in business, that of IFRS.     Q: You are currently one of the leading instructors for the IASeminars’ IFRS course. What areas in IFRS are you specialized in?   A: Since my audit days with Price Waterhouse (now PWC), I have stayed on the generalist pathway, meaning that I have not specialized in any one area of accounting, and that carries over to the accounting standards, both IFRS and US GAAP. Given that, I see accounting as a means to presenting a picture of a company and its operations. Thus, I enjoy the insights into a company’s operations that are provided by financial reporting. It does not matter if it is IFRS or US GAAP. Back in my graduate school days (at University of Texas at Austin), I was required to take some accounting theory courses that just fascinated me. Since my first exposure to accounting was Canadian GAAP, these courses awoke my interest to the conceptual approach to accounting standards and frameworks.     Q: Do you think that the U.S. will eventually adopt IFRS? If so what impact would it have on U.S. firms and the Big Four?   A: My crystal ball does not project the outcome of this issue. It appears that the FASB has some conceptual differences with IFRS that may never be converged. What will be the end result, I do not know. The U.S. financial markets are acknowledged to be the most sophisticated, which means that there may continue to be differences in GAAP in order to address the different needs. One should realize that in the U.S. we do not have mandatory financial reporting and/or audits of all companies. Only those companies that fall under the auspices of the SEC must submit their financial reports to the SEC, and other stakeholders, on US GAAP basis. All other companies (usually small to medium sized businesses) are considered private entities and simply have a US tax reporting requirement, unless their financial institution requires a full audited report.     Q: As the future of the accounting profession lies in the international adoption of the IFRS and with certifications such as the CPA focusing on the US GAAP, how in your opinion will that affect the CPA designation and professionals internationally?   A: This is a very pertinent question, as those who work in the international arena are aware of the movement toward IFRS. However, with the differences between the two GAAPs on a convergence path, I believe that obtaining a U.S. CPA certificate and license, regardless of the GAAP tested, will continue to provide the tools to the CPA to be able to understand the differences of any GAAP, be it US GAAP, International GAAP, Russian GAAP, or whatever. A well-educated accountant with a U.S. CPA will have the knowledge, skills, and abilities to be able to obtain and understand the differences between accounting standards. The U.S. CPA is the premier certification that has as a part of its licensing process, a psychometrically-valid exam. As such, it tests the knowledge, skills, and abilities of candidates to ensure that they are prepared to enter the profession. I feel strongly that those candidates who do become licensed are well prepared with the tools for the future profession, whatever may lie ahead.     Q: As an instructor of IFRS, what are your top recommended resources and why?   A: I try to stay on top of the field by reading the newsletters of the major CPA firms. I have found that IFRS books are out of date once they reach the market. Changes are happening fast in this arena, almost weekly if not daily. I also read the basis for conclusions included in the IFRS standards, and any notes of IASB board meetings I can find. I particularly enjoy reading the latter, as they give some insight into the theoretical position of the board members.     Bobbe M. Barnes   Bobbe M. Barnes is an educator and consultant with many years of professional experience in IFRS & US GAAP training around the world. Most recently, she developed the Certified International Professional Accounting certificate program, comprising training courses and examinations. Bobbe has worked in many countries including the USA, Central & Eastern Europe, Central Asia, Russia, Ukraine, China, Indonesia, Mongolia, and South Korea. She is a Certified Public Accountant (CPA), a Certified Management Accountant (CMA), and a Certified Government Financial Manager (CGFM). In addition, she is a member of the Board of Directors of the Institute of Management Accountants, having served previously for two years on the standing Committee on Ethics.     Are We Ready for International Accounting Standards?   January 31, 20008   John R. Rieger, CPA | afponline.org   From the Jan/Feb 2008 edition of Exchange magazine There currently is significant pressure for U.S. regulators to adopt International Financial Reporting Standards (IFRS) as a reporting alternative for U.S. domestic companies. A single set of global accounting standards does make good sense. Multiple sets of accounting rules add costs to companies and it confuses investors, particularly in our present global economy. However, the question that must be asked is, are we ready? IASB CREDIBILITY International Financial Reporting Standards (IFRS) are developed by the International Accounting Standards Board (IASB) based in London. The current IASB is an outgrowth of the International Accounting Standards Committee (IASC) which was founded in June 1973, as a result of an agreement by accounting bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom, Ireland and the United States. These countries constituted the original board of IASC at that time. Up until 2001, the International Accounting Standards (IAS) represented relatively simple rules much less complicated than U.S. rules and often allowing for alternative treatments. The European Union, realizing that they needed a way to establish some type of uniform financial reporting among their member countries, approached the IASC with a proposal promising that if IASC would improve their standards, the European Commission (EC) would formally endorse these international standards among all their member countries. This formal endorsement by the EC was exactly what IASC needed to propel their standards to a new level of relevance. The EC then formally proposed an IAS regulation in February 2001 calling for listed companies in the EU to begin applying IAS, now called IFRS, in 2005. The European Parliament approved the regulation in March 2002, and the EU Council approved it three months later. The IASB today is working with the U.S. Financial Accounting Standards Board (FASB) to converge the two standards and reduce the existing differences. There are some areas of concern that remain that need to be examined before the U.S. should commit the U.S. capital markets to a different reporting standard. The first is that U.S. interests are properly represented in the decision making process. The influence of the IASB, especially after the understanding reached with the EC, is weighted toward European views. A more equitable decision-making process needs to be introduced that fairly weighs the interests and concerns of the United States. This includes businesses, regulators, and investors. The second is for the IASB to establish an independent funding source. Currently, the IASB has no guaranteed source of funding. It is funded by voluntary contributions. EDUCATION There are very few accountants in the U.S. who are experienced in IFRS. There has not been any incentive introduced into the U.S. system to encourage the necessary training. University curricula for accounting majors do not provide education on international standards and there are essentially no text books or universities in the U.S. that offer classes on IFRS. INVESTORS U.S. investors are not currently ready to assess the financial results of a company that prepares its financial information using IFRS. To date, there has been no public education program or awareness plan that addresses this issue. Investors need to have the assurance that their investments are properly accounted for. While IFRS may be of a high enough quality set of standards, there has been no process in place to educate the investor public why these standards are sufficient or how to properly read these statements. There also has been no assurance that these standards will continue as a high quality, robust set of standards. Investors also need to know that regulators will properly monitor and enforce a continued high quality accountability reporting system. SOME ARE READY Some U.S. companies are ready for IFRS. The companies that are currently operating in a country where IFRS is in use already go through an education process. Multinational companies with activities in several jurisdictions using IFRS would be most prepared and are already reporting their financial information using IFRS. The Big 4 audit firms have training programs in place for some of their staff in order to audit companies using IFRS. MOST ARE NOT READY The majority of the U.S. capital markets infrastructure is not ready. There has been no need within the U.S. to become educated in IFRS since the U.S. financial reporting process is the most robust albeit most complicated accounting system in the world. While many other countries were in need of some type of credible reporting model, the U.S. already had its own accounting system that had been more than adequate in most cases. Accountants, auditors, investors, management and other stakeholders need to be educated on IFRS. NEED FOR A COORDINATED PLAN Before there is a U.S. transition, the key participants need to work out a coordinated plan. When Europe made its transition, there was an adequate amount of lead time to allow for preparation. There was also a significant amount of public awareness and professional education of accountants. Some countries that have gone through the transition established a transition schedule for corporations based on size. A scheduled process protects the knowledge pipeline from becoming clogged with an inadequate number of accountants properly trained in IFRS including regulators, consultants and tax authorities. CATCHING UP Eventual transition to IFRS is inevitable and the U.S. needs to play catch-up. Interested parties need to map out a transitional plan of education and regulation to make sure that all impacted parties are brought along at the same pace and the transparency and disclosure are not compromised. For more AFP articles on IFRS, visit http://www.afponline.org/pub/res/news/ns_20080204_ifrs.html     Behind the Disagreement on EC, US Accounting Standards Compliance   January 15, 2008   John R. Rieger, CPA | afponline.org   This commentary is excerpted from the December 2007 issue of Exchange magazine. We will never arrive at a single set of accounting standards if every country thinks that they have the right to be an exception to the rule. The European Commission (EC) seems not to want one single set of accounting standards unless it is its accounting standards. While the EC states support International Financial Reporting Standards (IFRS), they "reserve their sovereign right to examine the suitability of any new standard before proceeding with its adoption." The European Union (EU) has already "carved-out" a section of IAS 39 for EU companies and in the EC's view their IFRS as adopted (or modified ) by the EU meets the criteria for financial statement filing in the United States without requiring any reconciliation. The EC also seems to have an issue with the requirement that the reconciliation concept proposed by the Securities and Exchange Commission allows only the English version of the IFRS as the legitimate version. THE AGREEMENT The United States and the European Union signed an initiative in May 2007, to promote greater regulatory cooperation to facilitate trans-Atlantic trade, while affirming the need for a successful conclusion of the World Trade Organization's Doha Round. Regulatory cooperation under the new framework was to first concentrate on sectors such as automotive industries, medical services and pharmaceuticals; and on crosscutting areas such as investment, trade security and intellectual property rights enforcement. This framework also calls for the mutual recognition of accounting standards. The agreement included the following provision: Financial Markets. Promote and seek to ensure conditions for the U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards to be recognized in both jurisdictions without the need for reconciliation by 2009 or possibly sooner. Then on June 20, 2007, the Securities and Exchange Commission (SEC) voted that foreign private issuers registered in the U.S. who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) will no longer be required to submit a reconciliation of their financial statements to U.S. generally accepted accounting principles (GAAP). This change is significant for U.S. registered foreign companies and it represents the attainment of a goal for the European Union and the International Accounting Standards Board (IASB). Dropping the requirement is based on the condition that the SEC was satisfied with the quality of the standards and the quality of those who prepare the financial information. Foreign companies would be able to use either U.S. GAAP or IFRS. An interesting caveat was that domestic U.S. companies would not be allowed to submit their financial information using IFRS. A domestic company with subsidiaries in multiple jurisdictions where most of their business entities use IFRS would have benefited from a reciprocal allowance for U.S. companies. A U.S. company would not be on a level playing field with foreign companies when it came to reporting their financial results. So on July 25, 2007, the Securities and Exchange Commission agreed to a concept release that explores the possibility of allowing U.S. securities issuers to prepare financial statements in accordance with IFRS. The concept release is for the SEC to gather information on what the issues and ramifications of such a step. Over 100 other countries have already agreed to the use of IFRS. ISSUES The comment letter submitted by the European Commission seems to go to great lengths to emphasize how large and important they are and that their accounting (not that of the IASB) is just as good as U.S. GAAP. The SEC has been fairly accommodating to the EC representatives by pushing for a timetable for accepting financial statements based on IFRS. The comment letter submitted by the EC reaches farther than where the SEC should go. It is difficult enough to agree to relinquish standard setting authority to an independent standard setting body, but to allow another jurisdiction to influence what the U.S. regulators accept goes too far. For those not familiar, the major 'carve-out' (international standard) which the EC does allow relates to IAS 39 on derivatives. The European banks did not want to have to recognize this information on their financial statements so for political expedience, the EC agreed to let politics deviate accounting standards. For U.S. investors and U.S. companies, this opacity which may be allowed in the EU would disadvantage U.S. corporations which would be required to disclose this information and would also leave reflect a financial picture which deviates from what is required using U.S. or complete international standards. WHAT IT MEANS Moving to one single set of accounting standards for many of our multi-national corporations would improve financial reporting and reduce the cost of compliance. However, as stated above, over 100 countries have already agreed to the use of IFRS. The U.S. should only drop the reconciliation requirement for companies that report based on IFRS in full as promulgated by the International Accounting Standards Board. It cannot assume monitoring responsibility over the quality of IFRS based on the political preferences of 100 different sovereign jurisdictions. Any company wanting access to the U.S. capital markets and who wish to avoid the reconciliation requirement need to submit financial statements that are in full compliance with IFRS. For more AFP articles on IFRS, visit http://www.afponline.org/pub/res/news/ns_20080204_ifrs.html   Behind the Disagreement on EC, US Accounting Standards Compliance John R. Rieger, CPA | AFP We will never arrive at a single set of accounting standards if every country thinks that they have the right to be an exception to the rule. The European Commission (EC) seems not to want one single set of accounting standards unless it is its accounting standards. more...       IFRS: No Longer If, but When Sarah Johnson, CFO.com | US The SEC will release a time line later this year for allowing U.S. companies to use international financial reporting standards. Securities and Exchange Commission chairman Christopher Cox, in a speech last week, quashed any doubts that the regulator will one day allow U.S. companies to use international financial reporting standards rather than GAAP. more...       IFRS News - PricewaterhouseCoopers You can also find extensive information on IFRS News, PricewaterhouseCoopers' monthly newsletter highlighting current developments at the International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC). click here to access the latest IFRS News editions.       International Accounting Standard Board (IASB) For complete and up to date information on IFRS, log on to the International Accounting Standard Board’s (IASB) official website on www.iasb.org   Management Accounting   University of Wyoming CMA® Brings Passion for Teaching to Students   IMA (Institute of Management Accountants)   Penne Ainsworth, Ph.D., loves to teach. For the past 10 years, she has served as an associate and now a full professor of accounting at the University of Wyoming in Laramie, Wy. And although her current position now includes heavy administrative responsibilities as chairperson of her department and assistant dean of the university’s business college, teaching remains her primary passion – and one of the reasons why she values so highly being a Certified Management Accountant (CMA®). “Once I started teaching, I fell in love with it and couldn’t imagine doing anything else,” she says. “It’s a great career, yet I don’t think schools do a good enough job presenting teaching as a viable career path.” Indeed, Ainsworth pointed to the dire shortage of accounting Ph.D. students, which by some estimates has declined by 50 percent during the past 10 years. The shortfall comes at a bad time, too, because such a large portion of faculty members is now nearing retirement age. Ainsworth herself never imagined that she would come to love teaching so much: “If you told me I would be teaching accounting – and living in Wyoming, no less – I wouldn’t have believed you.” Which is one of the main reasons why she tells her students to be prepared and open-minded about their own career paths, including considering taking the CMA exam. “I tell students that the world is getting more competitive, not less, and that each credential says something about you: a CPA says you understand public accounting, the CIA says you understand internal auditing, and a CMA says that you broadly understand business,” Ainsworth, who holds all three certifications, says. Ainsworth herself was prompted to take the CMA exam in 1992 when she was teaching managerial accounting. “I decided that if I was going to continue teaching in that area, Ineeded to talk intelligently about my subject matter – and that the CMA was something I needed to have.” Most of Ainsworth’s students know what the term “CPA” stands for even if they do not know exactly what a CPA does. But the challenge is greater when it comes to the CMA: “Most students don’t even know what the initials mean, so it’s a matter of educating them about the exam and the benefits of taking it,” she says. On Ainsworth’s campus, that education process happens early. Her school sponsors a program called Discovery Days for high school students who plan to attend the university. The program gives future students a chance to learn the variety of options available to them with an accounting degree, because, in Ainsworth’s words, “most of them think that accountants just do taxes.” Each year, Ainsworth also gives a presentation to her school’s IMA student chapter on how to take the exam and what to study. Ainsworth firmly believes in taking the CMA exam as a student, which not only offers the benefits of a discounted rate but also, as she tells her students, “you’ll never be more prepared than you are now. It’s much easier to study while you’re a student, not when you’re making money and have other options.”   Internal Audit   The Path To Quality a step-by-step guide to world-class internal auditing (cont.) Trish Harris, Director of Corporate Communications, IIA (Institute of Internal Auditors) LEVEL-4: Progressive The internal audit activity fully complies with the Standards, and obtains an external QA every five years. KEY MESSAGES • Obtaining an external quality assessment (QA) demonstrates the internal auditors' mindset for professionalism. • An external QA provides evidence to the board, management, and staff that both the audit committee and the internal audit activity are concerned about the success of an organization's internal controls, ethics, governance, and risk management processes. • An external QA also builds stakeholder confidence by documenting management's commitment to quality and successful practices. • An external QA evaluates conformance with the Standards, the efficiency and effectiveness of the internal audit activity, and the use of successful practices. • In order for an internal audit activity to claim that it complies with the Standards, it must conduct ongoing and periodic internal QAs and undergo an external QA at least once every five years. STEPS TO PROGRESSIVE QUALITY 1. The CAE is a Certified internal Auditor (CIA). 2. Review The IIA’s presentation on Common Observations From External Quality Assessments and address similar areas in your internal audit activity that might be below the level of desired quality. 3. Use The IIA’s Internal Audit Activity Leading Practices as a model for continued growth. 4. Download and modify The IIA’s Sample Request Proposal for distribution when seeking external QA services from potential providers. 5. Contact The IIA at quality@theiia.org to report completion of your external QA, so that your organization’s name can be added to The IIA’s Web site list. Also, be sure to inform your audit customers about your external QA, both before and after it has been conducted. This practice sends a message that you are willing to undergo the same level of scrutiny that they go through when being audited and that you are taking steps to implement recommended improvements.   Human Resources   Communication and Technology Workplace Communication Series Part III SHRM (Society for Human Resource Management) The decline in traditional communication methods and increase in cyber communication are at the top of societal trends most likely to have a major impact on or cause a radical restructuring of the workplace. more...   Events IMA Gears Up for Third Annual Global Conference May 5 - 7, 2008 at the JW Marriott in Dubai, UAE IMA (Institute of Management Accountants) Leading minds from around the world will come together for IMA’s 3rd Annual Global Conference, to be held 5-7 May, 2008 at the JW Marriott in Dubai, UAE. Registration is now open at IMA’s Global Conference website at www.imadubai.org For the third consecutive year in Dubai, IMA promises three full days of engaging talks and nearly 20 practical sessions covering governance, risk, and compliance (GRC), knowledge management, convergence of global reporting standards (IFRS/GAAP/Islamic Banking), CMA exam prep tips and tolls, strategic cost management, planning and budgeting, and financial leadership. “IMA’s Global Conference is the association’s preeminent international event, demonstrating the importance of properly trained and certified accountants inside organizations and the issues affecting the profession,” said Paul A. Sharman, ACMA, IMA president and CEO. “As compared to comparable events, IMA’s Global Conference is the best value in the market with more opportunities for education and professional networking.” Accounting and finance professionals have the opportunity to earn up to 18 CPE units, attain knowledge to improve job performance, and network with colleagues from around the world. IMA’s past two Global Conferences in Dubai were well received, with nearly 150 attendees at each event. Registration for IMA’s 3rd Annual Global Conference is available online or by downloadable .pdf form at www.imadubai.org. Early registration rates (a savings of US$100) are in effect now through 7 March, 2008.   Targi Karieri Polska 2008 March 18 - 19, 2008 Join us in Warsaw, Poland at the Targi kariery Exhibition Location: Palace of Culture and Science, Plac Defilad 1, RATUSZ hall Opening Hours: 11:00 am - 5:00 pm more...