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June 7, 2012

Be Relevant in a Digital World? Why CPAs Obtain the Certified Information Technology Professional (CITP) Credential. June 7, 2012. Joel Lanz CPA.CITP.CFF, CFE, CISA, CISSP

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June 7, 2012

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  1. Be Relevant in a Digital World?Why CPAs Obtain the Certified Information Technology Professional (CITP) Credential June 7, 2012

  2. Joel Lanz CPA.CITP.CFF, CFE, CISA, CISSP Joel Lanz is the principal of a niche CPA practice specializing in IT audit, information security, risk management and technology governance. Prior to starting his practice in 2001, Joel was a Business Risk Consulting and Assurance Partner at Arthur Andersen and was a Manager at Price Waterhouse.   Joel also teaches graduate accounting information systems, forensic accounting and advanced assurance courses at State University of New York – College at Old Westbury. Joel is currently the chair of the AICPA CITP Credential Committee and formerly served on the Institute’s Information Technology Executive Committee.

  3. Rob Fisher CPA.CITP Rob Fisher is the Assistant Vice President/Assistant Controller, Operations for Kansas City Life Insurance.  In this role, Rob oversees Investment Accounting, General Ledger Operations, Budget & Forecasting, Accounts Payable, Accounts Receivable, Treasury Operations, Sarbanes-Oxley administration and reporting, Compensation & Benefits, and Financial Systems Support.  Rob is also an adjunct faculty member at the University of Kansas, where he teaches a graduate level course in Risk Assessment and IT Audit. Rob is currently a member of the AICPA CITP Credential committee and former member of the Information Technology Executive Committee and IT Competency Model Committee.

  4. James K. Boomer CPA.CITP Jim is CIO and a Shareholder with Boomer Consulting, Inc. His responsibilities include oversight of The Boomer Technology Circles™ and The Performance3 Management Program™. Jim also serves as a strategic technology consultant and manages the firm’s internal technology team. Jim is currently a member of the AICPA CITP Credential committee, AICPA TECH+ planning committee; and currently leading a new program, The Producer Circle, in collaboration with CPA2Biz.

  5. Agenda CITP Credential • Business & Industry • Public Accounting • Young CPAs • Consulting

  6. CITP Body of Knowledge

  7. CITP Body of Knowledge Resource • Author: Tommie Singleton, Ph.D., CPA, CITP, CISA, CGEIT, CMA • Publisher: AICPA - Available on CPA2biz.com • Additional discount of as much as 45% is offered to IT Section members & CITP credential holders.

  8. CITP in Business and IndustryPresented by Rob Fisher

  9. Challenge: In many businesses, there is a gap between the effective use of technology and trusted business expertise. Business Opportunity: The rise of technology has created a more competitive global business environment with business insight creating a competitive advantage. Solution: The skill set provided by the CITP Body of Knowledge represents how a CPA can combine a broad knowledge of technology with traditional CPA expertise to be that critical bridge. The CITP in Business and Industry Technology is a fundamental tool in virtually all businesses today, regardless of size or industry.

  10. The CITP in Business and Industry The CITP Body of Knowledge is Separated into Five Dimensions …Re-evaluate... • Risk Management • Fraud Considerations • Internal Control and IT General Controls • Evaluate, Test, and Report (Attest Functions) • Information Management and Business Intelligence •  Competitive Advantage • Consider how the CITP Body of Knowledge can enhance your skill set and your career in industry.

  11. Risk Management • Key Questions Every Business Must Answer: • Is my data valid? • What could cause my inputs, calculations, and outputs to yield significantly incorrect conclusions? • How do I mitigate known risks? Evaluation of risks that could impact the possibility of a material misstatement or the vulnerability of an organization’s assets.

  12. Consider the risks of material misstatement due to fraud and determine specific IT techniques to detect fraud. Fraud Considerations All organizations face a risk of fraud. Technology can be a great enabler of fraud. Have the IT processes been analyzed and personnel trained to identify computer facilitated fraud? Have bank wires and ACH transfers been secured?

  13. Establish internal controls to monitor information technology. • Ensure Confidentiality, Integrity of Data, and System Availability. • Information security in all forms (firewalls, backups, storage, etc.) Internal Control and IT General Controls Companies of all sizes need IT Governance to provide policy guidelines ensuring proper change management. Internal control an ongoing process to ensure sound policy safeguards for critical systems. Deeply effective information security policies are the foundations for reliable data.

  14. Evaluate, Test, and Report The Attest Function Types of Audit and Attest Functions Appears to be a Public Practice Focused Dimension Industry staff should understand the audit environment that the business will have to work within.

  15. Information Management & Business Intelligence • Competitive advantage in utilizing enterprise information. • Releasing key data from system silos. • Proactive creation of data warehousing and customized dashboards showcasing key performance indicators. • Provide business insight using technology as a tool. • The CITP in industry is in a unique position to be a trusted business advisor acting as a bridge between finance and IT.

  16. CITP in Public AccountingPresented by Joel Lanz

  17. The CITP in Public Accounting • The CITP credential is a huge differentiator!   • The CITP Body of Knowledge provides a wealth of information and guidance that enhances your service delivery. • The CITP credential earned by the CPA is an indicator that the CPA has the required expertise and comprehensive knowledge to how technology effects the financial reporting environment.

  18. The CITP in Public Accounting • Audit

  19. The CITP in Public Accounting • Service Audits (SSAE16)

  20. The CITP in Public Accounting • Internal Controls Engagements

  21. The CITP in Public Accounting • Forensics

  22. The CITP in Public Accounting • Litigation Support

  23. The CITP in Public Accounting • IT Industry Focus

  24. The CITP in Public Accounting • Niche Expansion

  25. The CITP in Public Accounting • CITP Stands Out

  26. The CITP in Public Accounting • Proposal Differentiator!

  27. CITP for a Young CPAPresented by Jim Boomer

  28. Why is Information Technology important to a Young CPA? • A competitive edge • More career options • Value added skills for the clients and the audit team • Numerous networking opportunities • Demonstrated expertise in Accounting and Information Technology

  29. Why Certified Information Technology Professional (CITP)? • Issued by AICPA and only available to CPAs. • Demonstrates an understanding of the CITP Body of Knowledge. • Out of the box auditing by linking Accounting and Auditing to Information Technology.

  30. More About the CITP Credential: • Received an extreme makeover in the past couple of years. • Mandatory exam will be implemented in July 2012. • Significant amount of resources available in addition to IT Section benefits. • More information about the credential • and the exam at: • www.aicpa.org/citp • www.aicpa.org/citpexam CPA.CITP

  31. CITP Credential Exam • Mandatory exam will be implemented effective July 2012. • Join the credential before the exam requirement takes effect!

  32. Be Proactive and Take Charge; it is YOUR career!

  33. CITP in ConsultingPresented by Jim Boomer

  34. Focus of Our Practice • Helping CPA firms bridge the gap between technology and practice management. Technology Firm Strategy

  35. IT Governance Defined • “A framework that ensures that technology decisions are made in support of the business’ goals and objectives.” • - Source: AICPA

  36. Strategic Alignment IT Strategy Marketing Strategy Firm Strategy HR Strategy Talent Development Strategy

  37. Value of CITP Credential • Communicates to current and potential clients: + A level of technology proficiency necessary to advise them on how to best leverage technology to support their business strategy. An understanding of the business environment in which our clients operate and the challenges they face. Thus, enhancing my role as a most trusted business advisor

  38. Differentiator – at a Glance • Sets Boomer Consulting, Inc. and myself apart from competitors lacking the credential Reputation, IT Credentials, etc.

  39. Differentiator – Upon Further Review • Once in discussions with a potential or existing client, you can point to your ability to: • Identify & enhance critical success factors • Communicate the business technology information needed, when it is needed, and in an actionable format • Recommend and implement technology that will catapult your client’s business to greater success • Apply real world business knowledge and experience to ensure a return on your client’s technology investment

  40. A Conversation Starter • What does CITP mean?

  41. CITP Requirements • AICPA Member in good standing • Hold a valid and unrevoked CPA certificate • Meet the Business Experience Requirement • Minimum of 1,000 hours in support of the Body of Knowledge • Lifelong Learning Requirements Minimum of 75 hours in support of the Body of Knowledge • Pass the CITP Examination • CITP Examination: July 25 - August 31, 2012 • Registration closes on July 20, 2012 • www.aicpa.org/citpexam

  42. Questions & Answers

  43. IT Community Benefits at a Glance • IT Section Membership is automatically received as a CITP. • Customizable CITP Marketing Tool Kit, includes valuable tools, which CITPs can use to help promote the credential to employers and clients. • Find a CITP, directory to locate a CITP for securing their services. • Career Path Resources, including webcasts, • testimonials and multiple publications highlighting • the value of the CITP Credential. • Communications, including electronic newsletters, • featured articles, profiles, and news about the profession • and the IT Community. • CITP Networking Groups, allows for discussions • on latest technology issues and emerging trends. • Discounts on AICPA Conferences, vendor products • and valuable technology content, including discussion • papers, case studies and practice aids. • For more details visit: • www.aicpa.org/CITP • www.aicpa.org/infotech CPA.CITP

  44. CITP APPLICATION DEADLINE EXTENSION UNTIL JUNE 15!

  45. Not Ready to Become a CITP?Join the IT Section today and save $50 on your first year of membership (promo code ITE11)Take advantage of leading-edge technical tools and guidance, educational resources and much more!www.aicpa.org/infotech

  46. Upcoming Events • AICPA Practitioners Symposium & TECH+ Conference: June 11 - 13, Las Vegas, NV • AICPA IT Audit Training School – How to Identify and Manage IT Risk in Assurance Services: June 25 - 28, Maryland Association of CPAs, Columbia, MD • AICPA Advanced IT Audit Training School - How to Perform Tests of IT Controls:July 30 - Aug.1, Georgia Society of CPAs, Atlanta, GA • Service Organization Controls (SOC) School: Conducting Successful Engagements: June 27 - 29, Georgia Society of CPAs, Atlanta, GA • July 30 - Aug 01, Illinois Society of CPAs, Chicago, ILRegister at: www.cpa2biz.com

  47. Joel Lanz, CPA.CITP.CFF, CFE, CISA, CISSP • jlanz@joellanzcpa.com • Rob Fisher, CPA.CITP • rfisher@kclife.com • Jim Boomer, CPA.CITP • jim.boomer@boomer.com

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