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We are proud to announce that Michael P Cangemi CPA – Former Editor-in-Chief of the ISACA Journal 1987-2007 and recent COSO Board member has agreed to moderate the session. Michael wrote a popular book, Managing the Audit Function, based on his CAE experiences and went on to be a CIO, CFO, CEO and Board member. Chapter President, Andy Ellsweig, who helps lead Eisner’s Technology Audit & Advisory practice will serve as a co-moderator. continue reading…

As the recession grinds on what should internal auditors be doing differently?

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This was the theme of a keynote I presented on March 17, 2010, titled: Economic Crisis- Auditors Evolving Role. As a former CAE, CFO and CEO, I implored the over 150 internal auditors to put themselves in their management’s position. Audit and compliance costs (internal and external) have doubled in the past 8 years. Be assured, this increase has management’s attention!

The recession has put pressure on revenues and companies are responding by cutting costs. IA needs to find ways to reduce compliance costs while expanding coverage. I proposed two, low cost high imagination, solutions. Outsourcing aspects to IA to lower cost countries and using automation through continuous monitoring of controls CCM.

I discussed the trend of business process outsourcing (BPO) of for example, payroll, payables and recently accounting and mail room functions, to countries such as Costa Rica and India. As for CCM, I suggested IA should be recommending it to operations, as a way to build in compliance integrated right into the systems. IA is in a perfect position to identify CCM applications which should reduce cost overtime, expand compliance coverage and save audit time as well.

I quoted Oversight Systems President Patrick Taylor, “ No business process works perfectly. The sooner an error is identified and corrected the better.”  IA should continue to use continuous auditing (CA) to automate the audit process but these concepts (use of automation to drive down costs and expand coverage) should be driven throughout the organization, with CCM.

Another post credit crisis issue is the push to involve IA in ERM. My advice was to set the IA Charter very carefully when it comes to ERM. IA can be a factor but is not in the Board room where most major risks are assumed.

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We are please to announce Michael P Cangemi CPA will be presenting a keynote at the IIA 2010 Mid-Atlantic District Conference – Fraud, Financial Crisis, and Fundamentals – Adapting to Today’s Changing Environment! In addition he will be moderating a panel of Chief Audit Executives (CAEs). continue reading…

Michael P. Cangemi Awarded the Institute of Internal Auditors – NY Chapter’s Thomas A. Johnson Award

Cangemi Company LLC (CanCo) is very proud to announce that Michael P. Cangemi, CPA, CISA has be awarded the Thomas A. Johnson Lifetime Achievement Award for his past support of the NY Chapter and long history of accomplishments within the audit profession.

Michael is the President of CanCo and author of Managing the Audit Function, now in its third edition, having helped improve audit functions and corporate governance for over a decade. In honor of the award the publisher, John Wiley & Sons has provided autographed copies which were given away at the awards event.

Luca Pagoto, IIA- NY Chapter President and Associate General Auditor , Corporate Audit Department, New York Life Insurance Company, commented on the award as follows: “When you are associated with an organization such as the Institute of Internal Auditors (IIA), whose successes at the chapter level are largely attributable to the efforts of volunteers, you learn the importance of recognizing contributions and saying thank you.” He went on to say, “This award represents the IIA NY Chapter’s appreciation of Michael’s many contributions to the audit profession and to our chapter. Michael is a leader in the profession who truly understands the meaning of giving back to the community, which is the foundation of volunteerism.  We are proud to have Michael join the ranks of the NY Chapter’s Thomas A. Johnson Lifetime Achievement Award recipients.”

Thomas Johnson, for whom the award is named, said, “Mike epitomizes a true professional.  He has succeeded in every venture he has undertaken and always given back to the profession more than he has received”. Prior award recipients include Jack Liddie, Jack Gary, Bill Duane, Rudy Schellenberger, Thomas Johnson, Mike Ford, Don Lee, John Brill, Bob Goebert, Paul Flora, Mike Lapelosa, Nick DiMola and Ken Hyle.
The award was presented at a dinner on May 19th 2006, in New York City, NY
About Michael P Cangemi

Michael P. Cangemi, (Edison, NJ) CPA, CISA, is President of Cangemi Company, LLC.  Prior to forming his own company, he was President and Chief Executive Officer of Aigner Group, a leading wholesale/retail firm that designs and produces quality branded leather goods. In addition, he is a former Partner and National Director of IT Auditing for BDO Seidman, where he founded and directed a service area for Internal Audit Services. Before that, he served as General Auditor and then Corporate Vice President at Phelps Dodge Corporation, with responsibility for MIS, Internal Audit, HR, and other corporate functions.
He is the Editor-in-Chief of IS Audit and Control Journal, is on the editorial advisory boards of Managerial Auditing Journal (London) and the Journal of Information Systems Security. He is the author of Managing the Audit Function: A Corporate Audit Department Procedures Guide, second edition (Wiley, 1996); co-author of Auditing in an EDP Environment (1991, Prentice Hall) and has contributed to the Handbook of EDP Auditing (WGL).

About the Institute of Internal Auditors

In 1941, the NY Chapter founded the Institute of Internal Auditors. Since then, the IIA has grown to serve over 105,000 members in internal auditing, governance and internal control, IT audit, education, and security from more than 160 countries/territories. The world’s leader in certification, education, research, and technological guidance for the profession, The Institute serves as the profession’s watchdog and resource on significant auditing issues around the globe.

About Cangemi Company LLC – or

Cangemi Company LLC is a media and consulting firm centered around Management, IT & Financial Governance.  CanCo was founded by Michael P. Cangemi and Ignatius Cangemi in 1967, as a family investment company. In 1987 Michael began adding media projects, creating the MC Communications Division. Beginning in 2004 CanCo was expanded to add professional services and consulting focused on Management, IT & Financial Governance. These services draw on Michael’s significant experience as a CPA, in public practice for 14 years, and in industry where he held the positions of Chief Audit Executive followed by CIO, at Phelps Dodge Corporation and then CFO & Director followed by President, CEO of Etienne Aigner, Inc. Michael was also on the Board of Aigner’s parent company, the Hartstone Group PLC which traded on the London Stock Exchange. He is currently Vice Chair and Chairman of the Audit & Governance Committee of New Jersey Reads, Inc.

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