November Meeting
Thursday the 20th
CityPlace Conference Center

Lunch Meeting 12:00pm
Registration begins at 11:30am

PCAOB's Proposed Auditing Standards for
Internal Controls over Financial Reporting
Randy O’Hare, Partner with PricewaterhouseCoopers, Dallas

On October 7, 2003, the Public Company Accounting Oversight Board issued for public comment a standard on audit of internal control over financial reporting, as well as a rule defining the terms used in auditing to assist firms in complying with the standards. If you'd like to get the cliff notes version of this almost 150 page document, then make sure you come to the Dallas IIA November meeting to hear Randy O'Hare. Included in his presentation will be discussions on documentation requirements, the auditor's use of work of management and others, and what is an internal control deficiency, a significant deficiency and a material weakness. This should be a timely topic to help you as you work with Section 404 of the Sarbanes-Oxley Act.

Currently, Randy O'Hare is the Global Leader of the Global Risk Management Solutions group for Technology, Information Communications and the Media Industries. He is also a Co-Leader of Sarbanes-Oxley Advisory Services for the firm. He has been the managing partner for the Dallas and Stamford offices and has worked in PWC's National Headquarters.

Randy has over 30 years of experience with PWC serving public and private clients, primarily multinational manufacturing, distribution and service companies. He has advised companies in numerous risk management engagements, acquisitions, financings and cost savings projects. Randy is a CPA with a MBA from the University of Chicago and an undergraduate degree from the University of Illinois.

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Pre-Meeting 10:30am

Auditing Vendor Relationships & Contract Auditing
David Price, JCPenney
Anna Nicodemus, EDS
Mark Salamasick, UTD

This pre-meeting session will combine the experience and perspective of three individuals in working with outsourced operations. The session will include current best practices in risk management and cost.

Mark Salamasick will provide an overview of the new handbook, “Auditing Vendor Relationships.” The handbook is available from IIA International; for more information refer to http://www.theiia.org/iia/bookstore.cfm?fuseaction=product_detail&order_num=474. Mark co-authored the book with Chris Linsteadt and Anna Nicodemus served as the project manager. The handbook provides a framework for internal auditors to work with outsourced operations. Mark will discuss highlights of the handbook, including risk analysis, best practices, audit programs and how to have a successful working relationship with vendors.

David Price’s presentation will provide the next steps in a “how to” session on contract auditing. His discussion will include the “tips and techniques” he has used to identify millions of dollars in overcharges from suppliers and service provider. He will walk you through the basic audit steps that should be performed on every contract audit, as well as provide insight as to “where and how” to look for cost overcharges.

Anna Nicodemus will provide tips on working with the outsourcer to provide a true partnership. She will address the group on how to leverage internal audit of the outsourcer. Also, be ready with your questions for this panel of three.

Mark Salamasick is currently the Director of the newly Endorsed Internal Audit Program at the University of Texas at Dallas (UTD). He was previously with Bank of America for over twenty years. He was a Senior Vice President and Director of Information Technology Audit at Bank of America within the Internal Audit Group for eighteen years with experience in technology, financial and operational auditing. His role included working with outsourced vendors and providing audit support for services provided by Bank of America. Prior to joining Bank of America, he was a senior consultant with Accenture (Andersen Consulting).

He has served on the IIA International Board of Research Advisors since 1997 and has served on a number of other IIA International Committees including the Advanced Technology Committee and Seminars Committee. He is on the Dallas Chapter Board of Governors and the University of North Texas Internal Audit Advisory Board.

He is Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA), and Certified Systems Professional (CSP). He holds a BS in BA and MBA from Central Michigan University where he taught accounting and information systems as a full time faculty member.

David Price is currently an Audit Manager at JCPenney on the Stores Process Review Team. His past experience includes 15 years of operational, financial, contractual and compliance auditing in the retail, banking and financial services industries. He was the President of the Dallas Chapter of the IIA for the 2002-2003 year. David is currently serving locally on the Dallas Chapter’s Board Of Governors, and UNT Internal Audit Advisory Board, as well as internationally on the IIA’s Professional Issues Committee. He received his BBA from The University of Texas at Austin and MBA from the UNT. David is a CPA, CIA and CISA.

Anna Nicodemus is a manager within EDS Corporate Audit based in Plano, Texas. Anna has responsibility for risk assessments and audits of corporate functions and global systems in Europe, Middle East, Africa, Canada, and the US Midwest. Her responsibilities also include working with A.T. Kearney. Anna joined EDS in 1985 as a staff auditor and has been a manager in Corporate Audit since 1995 managing and leading technical, financial and operational audits. Anna has led best practice benchmarking efforts and re-engineering of internal processes for Corporate Audit.

Anna currently serves on the Dallas Chapter’s Board of Directors and the International IIA’s Educational Products Committee. She is the Marketing Chair for the 2004 Dallas Regional Conference. She is also on the UNT Internal Audit’s Advisory Board for the Endowed Professorship.

Anna is a CPA, CIA, and Certified Fraud Examiner (CFE). She has a BS in business and public management, with a major in accounting, from State University of New York/Utica, where she graduated Summa Cum Laude.

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Post-Meeting 1:30pm

Sarbanes-Oxley and the Internal Auditor: Opportunities for New Roles for Internal Audit Professionals in Corporate Governance
Thomas W. Hughes and James R. Griffin, Winstead Sechrest & Minick P.C.

Tom Hughes and Jim Griffin, attorneys with the law firm of Winstead Sechrest & Minick P.C. will give an overview of various Sarbanes-Oxley/Self-Regulatory Organizations requirements and proposals for public companies, and then discuss roles that the internal audit department can play in complying with those requirements.

Thomas W. Hughes is a shareholder and chairs the Corporate & Securities Practice for Winstead Sechrest & Minick P.C. He is a 25-year veteran and specializes in representing companies, institutions and individuals in mergers and acquisitions, public and private offerings of equity and debt securities, corporate audits, governance and financial restructurings, as well as in various issues pertaining to compliance with federal and state securities laws. As the chair of Winstead's Corporate & Securities Practice, Mr. Hughes directs and guides approximately 80 corporate and securities attorneys in the day-to-day dealings with the firm's corporate clients. He is a Phi Beta Kappa graduate of the University of Oklahoma in Economics and earned his J.D. from Georgetown University Law Center.

James R. Griffin is an associate and member of the Corporate & Securities Practice of Winstead Sechrest & Minick P.C., a role he has held since 1996. His practice is focused on representing both private and publicly-held companies in securities offerings and compliance, acquisition transactions, venture capital transactions and private placements. Prior to joining Winstead, Mr. Griffin served as an auditor in the Los Angeles, California office of KPMG from 1991 through 1993. Mr. Griffin is a CPA in Texas, and graduated Magna Cum Laude from Azusa Pacific University with a BS in Accounting. He earned his J.D. from Pepperdine University School of Law, where he graduated Cum Laude.

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This meeting is being held at CityPlace Conference Center.