Audit Trends
Meeting 12:00pm - 1:30pm
Registration begins at 11:30pm
Business Combinations and Non-controlling
Interests -
FAS 141R and 160
Will Cobb - PricewaterhouseCoopers Audit Senior Manager
The new Business Combinations rules are a topic of great interest for
many companies. This program educates members on the significant
changes to current practice resulting from the issuance of FAS 141(R),
Business Combinations and FAS 160, Non-controlling Interests in
Consolidated Financial Statements. The course also examines
accounting matters encountered not only upon acquisition, but also
post-acquisition, such as impairment. Learners will acquire skills
and knowledge to help identify and resolve accounting and financial
reporting issues.
 Will
Cobb has more than 10 years of experience serving clients in a
variety of industries, including healthcare and not-for-profit. He
has significant experience transitioning and serving large public
entities, not-for-profit and governmental entities, mergers and
acquisitions, A-133 compliance, complex accounting issues and the
Sarbanes-Oxley implementation. Will is a leader in the
PricewaterhouseCoopers Dallas practice’s implementation of the new
acquisition accounting guidance under FAS 141R and FAS 160, and works
with the Firm’s national leadership in ensuring consistent application
of these complex new standards. Will received his Bachelor’s and
Master’s degrees in Accounting from Auburn University. He is a
member of the American Institute of Certified Public Accountants and is
licensed in several states. Clients served include Sun Healthcare
Group, University of Alabama System, St. David’s Healthcare Partnership,
Valley Baptist Health System, Horizon Medical Products., Auburn
University, Bearing Point, L-3 Communications, and Saks, Inc.
1 Hour Continuing Education
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Core Audit Skills Track (CAST)
The Dallas IIA is launching an exciting new initiative that will focus
on critical skills necessary for all auditors to master and
comprehend in order to succeed in the practice of internal
auditing. Subject matter experts will present topics such as: the
professional standards, building the audit report, closing
conference strategies, audit evidence, etc. The program will
present a new topic every month as a separate track pre-meeting
lasting for approximately two years. Those who attend a majority of
the sessions will get special recognition.
CAST Meeting 10:30am - 11:30am
Registration begins at 10:00am
IT General Controls
Dana Smith, PricewaterhouseCoopers Senior Manager
Geoffrey Woodbury, PricewaterhouseCoopers Manager
Most internal audit groups conduct ITGC (IT General Controls)
reviews, whether it be for Sarbanes-Oxley or for operational/financial
purposes. The concept of the importance of ITGCs as it impacts systems
implementations, comfort gained over automated controls, or the
relationship between ITGCs and system reports/automated accounting
procedures have become clear over time. However, the inter-linkage
between ITGCs and the financial audit (conducted by external auditors)
is not always clear to management.
As companies continue to strive for more effective and efficient
audits within their own environment, understanding the external
auditor's balance between a controls based audit (including ITGC
reliance) and a substantive audit are critical.
 Dana
Smith is a Senior Manager in the Assurance Industrial Products and
Retail Practice of PricewaterhouseCoopers with over 12 years of
experience serving multinational public clients in the Retail, Consumer
and Industrial Products industries.
Dana collaborated with three multi-location public companies in the
initial year of 404 to design the appropriate approach; this included
making decisions regarding scoping, timing of the work, volume of the
work, analysis of design, and related deficiencies and consideration of
the appropriate level of reliance placed on others' work. Since
the adoption of 404, Dana has additionally worked with multiple
companies on the adoption of PCAOB Auditing Standard, No. 5, An Audit of
Internal Control over Financial Reporting that is Integrated with an
Audit of Financial Statements. This adoption enabled companies to
decrease the number of controls and related time and costs. In addition
to integrated audit experience, Dana has assisted numerous clients with
mergers and acquisitions, regulatory filings, private placement
offerings, and comfort letters. She is an assurance methodology
leveraged expert for PwC's North Texas Market. Additionally, Dana
has significant experience leading seamless coordination with other
lines of service, including tax and IT. She spent nine years in
the Portland, Oregon office before transferring to Dallas three years
ago.
Dana earned her BBA in Accounting and Finance from Texas Christian
University and is a licensed CPA in Oregon and Texas.
 Geoffrey
Woodbury is a Manager specializing in internal controls, risk management
and internal audit services that focus on business system security and
information integrity. He has led Sarbanes-Oxley engagements, SAS70
readiness assessments & Type II Reviews, IT and business process
controls assessments, and consulting engagements focusing on risk
mitigation. He is experienced in international project management as he
has managed the worldwide Sarbanes-Oxley testing efforts for a Fortune
500 company that involved testing at over thirty locations in fifteen
countries. Additionally, Geoffrey has extensive experience in
performing SAP business process and UNIX controls reviews and has
instructed Firm courses for UNIX.
Geoff has been with
PricewaterhouseCoopers since 2002. Prior to working for
PricewaterhouseCoopers, he spent two and a half years in a Big Five
accounting firm performing risk consulting engagements. Geoff is a
Certified Information Systems Auditor (CISA) and a Certified Public
Accountant (CPA). He graduated from Texas A&M University with a
Bachelor's in Accounting and Master's in Management of Information
Systems.
1 Hour Continuing Education
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Pre-Meeting 10:30am - 11:30am
Registration begins at 10:00am
Guidance on Monitoring Internal Control Systems
Priya Sarjoo - Senior Manager Grant Thornton
Why should companies be concerned about monitoring internal
control systems?
Internal control systems that are not monitored effectively
deteriorate over time, thus increasing the risk of potentially
significant control failures. Today, businesses change quickly and
the importance of good monitoring increases as organizations get more
complex.
COSO developed monitoring guidance because they observed some
organizations had effective monitoring in certain areas, but were
under-utilizing the results of the monitoring to support their
conclusions about the effectiveness of internal control.
Consequently, organizations often added unnecessary redundant internal
control evaluation procedures. Meanwhile, other organizations were
not making the best use of ongoing monitoring procedures or lacked
necessary monitoring procedures.
Grant Thornton’s internal control specialists were the project
leaders and main contributors to COSO’s guidance. During this
presentation, you can hear firsthand how companies can improve the
effectiveness and efficiency of their internal controls systems.
Our discussion will explore ways in which monitoring can be incorporated
or increased into internal control processes and we will also discuss
how effective monitoring helps reduce costs within the internal control
system.
 Priya
Sarjoo joined Grant Thornton in 2001 having previously worked in the
private sector in the wholesale assembly and distribution, and
hospitality industries. With more than 15 years of experience in
accounting, internal controls and business process improvement, Priya
has assisted companies with operational improvements and with developing
appropriate internal controls to manage their risks.
Priya has helped her clients with their internal audit needs,
including compliance auditing, improving operational efficiencies,
enhancing monitoring mechanisms, and streamlining management reporting
systems.
Priya has also worked extensively with U.S. public companies in the
Consumer and Industrial Products, Technology, and Hospitality and Gaming
sectors in preparation for compliance with the U.S. Sarbanes-Oxley Act.
Specifically, she has helped her clients use the COSO framework to
assess their entity and process-level risks; implement and document
internal controls; implement and test controls in corporate governance,
business and financial reporting processes; and evaluate deficiencies.
Priya has significant experience working with Board members and Board
level Corporate Governance and Audit Committees to help them improve and
develop their corporate governance practices. Her work with Board
Committees includes working directly with directors to implement
oversight, monitoring and reporting mechanisms, implement whistle-blower
programs, and assist with committee self-evaluations.
Priya has also worked with clients to help improve usage of their
information technology business systems. She has identified
inefficiencies and gaps in client processes and helped design processes
which improved client use of existing technology. Additionally,
she has provided guidance in the selection, evaluation and analysis of a
financial application including General Ledger, Accounts Payable,
Accounts Receivable, and Fixed Assets. She identified and
documented the key business requirements, developed a detailed
demonstration script, and provided guidance with vendor analysis.
1 Hour Continuing Education
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Post-Meeting 1:30pm - 2:30pm
Continuous Auditing-Human Action Metrics
Santos Monroy - Sirius Solutions Internal Audit Director &
President of the Houston Institute of Internal Auditors
Corporations are continuously exposed to operational deficiencies,
financial reporting assurance delays, significant errors, possible
frauds, security access, and other operational inefficiencies that may
lead to immediate or future financial reporting loss.
This session will enable attendees to take action immediately and
assure operational, financial and IT efficiency. Human Action Metrics
has been implemented to monitor over $100 billion dollars.
Continuous Auditing allows for immediate reporting. It enables
internal audit, information security, and risk management to audit and
monitor daily operations, financial systems and IT access. You will
learn to automate:
- Internal Controls
- Exception Reporting
- Operational Improvement
- Assurance in Financial, Operational and IT activities
 Santos
Monroy is a Director for Internal Controls for Sirius Solutions.
During his 15 year career, he has worked in or consulted with Fortune
1000 and mid-size companies. His financial and banking experience in
audit, operations and IT has enabled him to develop continuous auditing
techniques that enabled management to audit and monitor $100 billion for
a GE Capital private commercial loan servicing company. Continuous
Auditing and Risk Management is his passion.
Santos has a diverse set of skills of IT, Operations, Finance and
Audit. He is the current President for the Houston Chapter Institute of
Internal Auditors.
1 Hour Continuing Education
Make your Reservation On line!
Meeting Location:
Doubletree Hotel Dallas Near the Galleria
4099 Valley View Lane, Dallas 75244 ~ 972-385-9000
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