2015 annual report - isaca

Loading...
ONE 2015 ANNUAL REPORT

ISACA® ANNUAL REPORT 2015

Letter from Chair of the Board and CEO About ISACA Annual Member Metrics: 2015 Membership and Academic Relations Chapters Volunteerism Strategic Partnerships Cybersecurity Nexus (CSX) Career Management Certification Conferences, Education and Training COBIT

CONTENTS

3 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Research Bookstore and Translations 2015 Financial Statements ISACA® ANNUAL REPORT 2015

LETTER FROM CHAIR OF THE BOARD AND CEO Dear Friends, The ISACA Board of Directors recently approved new core values for ISACA. The first of those values is that we are ONE—ONE global community of technology professionals and stakeholders working together to inspire confidence to enable innovation through technology. In 2015, ISACA launched innovative programs to fuels its growth and expand its influence and impact worldwide. With the cybersecurity threat landscape having grasped global mindshare, ISACA enhanced its Cybersecurity Nexus (CSX) program. We launched a first-of-its-kind performance-based certification to assess the capabilities of cybersecurity professionals. Using a unique skills-based, hands-on training and testing environment in a cyber range, enterprises can be assured that their frontline defenders can effectively protect the organization’s systems and data from attack. We debuted our first CSX conference in North America, and based on its overwhelming attendance and success, we firmed up plans to hold two more of these events in Europe and Asia next year. ISACA has also initiated new local engagement programs in India, China and on the African continent to build on our core areas of audit, information security, risk, and IT governance. Our credentialing programs continue to experience double-digit growth. The activities of our 213 local

Christos K. Dimitriadis

chapters remind us that the experiences, cultures and expertise of our members and volunteers in more than 180 countries are a key asset to the association. They enhance ISACA’s ability to deliver value to organizations that improves their overall performance, while making sense of a rapidly changing technology landscape and an increasingly competitive business climate. Enabled by a strong community of technology professionals and stakeholders operating as ONE, ISACA is a globally recognized and highly respected voice that continues to make a difference. Thank you for a great year. With sincere appreciation,

Christos K. Dimitriadis, Ph.D., CISA, CISM, CRISC Chair, Board of Directors ISACA and the IT Governance Institute

Matthew S. Loeb, CGEIT, CAE, FASAE Chief Executive Officer

Matthew S. Loeb

ISACA® ANNUAL REPORT 2015

3

BOARD OF DIRECTORS Christos K. Dimitriadis

Zubin Chagpar

Chair

Director

Greece

UK

Rosemary M. Amato

R.V. Raghu

Director

Director

The Netherlands

India

Garry Barnes

Jo Stewart-Rattray

Ph.D., CISA, CISM, CRISC

CISA, CMA, CPA

CISA, CISM, CGEIT, CRISC, MAICD Director Australia

CISA, CISM, PMP

CISA, CRISC

CISA, CISM, CGEIT, CRISC, FACS CP Director Australia

Robert Clyde

Robert E. Stroud

Director

Past Chair

USA

USA

Theresa M. Grafenstine

Tony Hayes

Director

Past Chair

USA

Australia

CISM

CISA, CGEIT, CRISC, CGAP, CGMA, CIA, CPA

CGEIT, CRISC

CGEIT, AFCHSE, CHE, FACS, FCPA, FIIA

Leonard Ong

CISA, CISM, CGEIT, CRISC, COBIT 5 Implementer and Assessor, CFE, CIPM, CIPT, CISSP ISSMP-ISSAP, CITBCM, CPP, CSSLP, GCFA, GCIA, GCIH, GSNA, PMP Director

Greg Grocholski CISA

Past Chair USA

Singapore

Andre Pitkowski

CGEIT, CRISC, COBIT 5 Foundation Trainer, CRMA, ISO27kLA, ISO31kLA, OCTAVE Director Brazil

Matthew S. Loeb CGEIT, CAE, FSAE Director and CEO USA

Eddie Schwartz

CISA, CISM, CISSP-ISSEP, PMP Director USA

ISACA® ANNUAL REPORT 2015

4

ABOUT ISACA ISACA is the voice of the information systems assurance, cybersecurity, governance and risk professions. For nearly 50 years, ISACA has helped enterprises develop strong IT workforces by inspiring and equipping individuals to be more capable, valuable and successful in the fastchanging world of information technology and business. In 1969, a small, visionary group of professionals incorporated as the EDP Auditors Association (EDPAA). This name was changed to Information Systems Audit and Control Association (ISACA) in 1994. In 2006, ISACA dropped the use of the full name and has since gone by its acronym only, to reflect the broad range of professionals it serves. The solid foundation the group created for the organization 46 years ago included foresight and strategic vision that has paved the way for ISACA’s growth ever since. Today, ISACA continues to be poised for the future, carrying forth our purpose. In the right hands, technology can provide innumerable benefits. To help people understand and apply technology to positively impact their enterprises and the world, ISACA serves, trains, nurtures and engages professionals and students around the world. As a result, ISACA helps individuals and organizations leverage technology to drive innovation and positive momentum.

46 YEARS 140,000+ Professionals

213

Chapters

187

Countries

=

ONE ISACA

3701 Algonquin Road, Suite 1010 Rolling Meadows, IL 60008 USA

Affiliated with ISACA, the IT Governance Institute (ITGI) was created in 1998 as a nonprofit, independent research entity that provides guidance for the global business community on issues related to the Governance of Enterprise IT (GEIT).

ISACA PHONE: +1.847.253.1545 FAX: +1.847.253.1443 [email protected] www.isaca.org ITGI PHONE: +1.847.660.5700 [email protected] ISACA® ANNUAL REPORT 2015

5

ANNUAL MEMBER METRICS:

85%

of members are very satisfied or satisfied with their ISACA membership.

87%

would recommend ISACA to their colleagues.

80%

of members indicate that they joined because of one of ISACA certifications programs.

85%

of members want to learn more about cybersecurity.

57%

of members indicated that cybersecurity is a primary job responsibility.

2015

Each year, ISACA surveys its membership to gather feedback on the products and services that ISACA provides to ensure relevance, value and strategic growth. The 2015 survey revealed: Compared to other associations to which ISACA members belong, ISACA is rated as having the best overall membership experience, the best professional research, the best networking opportunities, and the best professional standards and guidance.

2015 Member Needs Survey: Conducted in Q3 2015, this survey is based on a random sampling of 120,000 ISACA members globally and has a +/- 1.5% margin of error at a 95% level of confidence. Research was conducted by Directions Research, Inc., an independent global research agency. ISACA® ANNUAL REPORT 2015

6

MEMBERSHIP New membership grew by 3% over 2014. More than 28,000 new members joined ISACA in 2015

28,148

The Member Get a Member campaign brought in 1,297 new members, an increase of 3% over 2014.

ISACA’s total membership reached 124,357 by year’s end, a 2% growth over 2014. ISACA now has members in 187 countries.

124,357

1,297

new members

new members

by year’s end

ISACA discontinued provisional membership for nonmember exam passers in 2015.

ACADEMIC RELATIONS

ISACA’s student and academic programs continued to grow. By year’s end, there were

2,081 student members

11%

75

ISACA student groups

32% Silvia Chinchilla Sáenz, CISA, CGEIT, CRISC IT Governance Consultant As an ISACA member, I have received the necessary support to develop myself throughout my professional career. As a teacher and consultant, ISACA provides me with the resources, network of knowledge and highquality standards to cover different specialties using the best practices of the audit industry for different sectors such as government, financial and trade. ISACA® ANNUAL REPORT 2015

7

ISACA CHAPTERS

ISACA grew to 213 chapters in 90 countries in 2015, widening ISACA’s global footprint and increasing opportunities for local networking, training and education, and community. Six new ISACA chapters were formed this year:

+

+

Tucson (Arizona, USA)

+

+

Fayetteville, Arkansas (USA) Kingston (Jamaica)

+

Port Harcourt (Nigeria)

San Salvador (El Salvador)

Number of countries with ISACA chapters at year-end:

+

Belgrade (Serbia)

90

Number of chapters at year-end:

+

Indicates a new ISACA chapter formed in 2015

213

Bjørn R. Watne, CISM, CRISC, CISSP-ISSMP Chief Security Officer, Banking & Insurance, Norway Always looking to improve my understanding of cross-border collaboration in a digital world, I have found ISACA’s global network a valuable resource. By choosing to actively partake in both my local chapter and the international community, I have earned a substantial widespread and competent, professional network—and a few good friends, to boot!

ISACA® ANNUAL REPORT 2015

8

VOLUNTEERISM

Substantial enhancements to ISACA’s volunteer program occurred in 2015. What was previously a volunteer structure (consisting of task forces, subcommittees, committees and oversight boards formed for annual terms) was transformed into a volunteer engagement model (www.isaca.org/volunteer), which allows ISACA to offer more flexible opportunities to better meet volunteer interests and schedules. Volunteer opportunities may now be as short as a few hours or weeks, or might be year-long engagements— volunteers can choose to apply for opportunities that fit their availability. Additionally, groups are now formed throughout the year, instead of during a limited-time window, allowing volunteers to be engaged as their schedules allow. In addition to the large number of volunteers who give their time and talents within the chapters around the world, more than 1,000 volunteers were engaged in international service to ISACA during 2015.

Sandeep Narayan Godbole, CISA, CISM, CGEIT General Manager, Information Security, Syntel, India ISACA has been a part of my life for more than a decade and a half, as a great source of learning and strength for me. Volunteering for ISACA has given me immense satisfaction and a platform to contribute and excel.

ISACA® ANNUAL REPORT 2015

9

STRATEGIC PARTNERSHIPS ISACA strengthened and expanded its global impact and influence with an increased investment in public affairs and advocacy. The move helped broaden its reach among decision makers, stakeholders, and relevant audiences that support and advance the professions ISACA serves. ISACA also launched a special initiative, the Future of Local Engagement, to strengthen its presence in its communities around the world. As part of public affairs activities, ISACA hosted an evening information session— “Cybersecurity, Public Safety and Economic Security”—with members of the European Parliament and cybersecurity stakeholders based in Brussels, Belgium. ISACA also contributed to the development of the National Institute of Standards and Technology (NIST) Framework for Improving Critical Infrastructure Cybersecurity. The framework was developed in response to US President Obama’s Executive Order 13636: Improving Critical Infrastructure Cybersecurity. ISACA also solidified its commitment to building a global advocacy effort focused on advancing the issues critical to the future of the professional communities it supports.

As a first step, ISACA increased its investment in external partnerships with organizations around the world, including: • Participating in the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and assisting the COSO Board on the update of the Enterprise Risk Management Framework • Supporting the International Organization for Standardization (ISO) Standard and Good Practice developments • Participating in the International Organization of Supreme Audit Institutions (INTOSAI) IT Audit Working Group • Participating in the ENISA-sponsored Privacy Forum in Luxembourg • Conducting cybersecurity awareness needs analysis in China, Nigeria, Mauritius, Kenya and Uganda, meeting with government officials and leading members of industry • Participating in the International Conference on CyberLaw, CyberCrime and Cybersecurity in New Delhi, India

Hildah Waithira Nduati, CISA, CISM Director, IT Advisory, Ernst & Young (EY), Kenya, Africa I believe in ISACA’s vision and mission to serve information systems audit, assurance, security and governance professionals in organizations globally. While there has been significant growth in Africa, there is still a lot of effort required, and I believe that this gap can be filled through ISACA’s work in this area and the supporting efforts of ISACA volunteers.

ISACA® ANNUAL REPORT 2015

10

CYBERSECURITY NEXUS (CSX)

ISACA continued to build its Cybersecurity Nexus (CSX™), a holistic resource that was launched in 2014 to help address the global cybersecurity skills shortage. This year, expanded offerings within CSX included a new pioneering cybersecurity certification with training courses, and materials, a new conference dedicated solely to cybersecurity, a career tool, industry surveys, infographics, webinars, and a virtual conference. Additional CSX activities included: • ISACA created the Cybersecurity Legislation Watch center and developed its first CSX Special Report. • ISACA CEO Matthew S. Loeb was invited to attend the White House Summit for Cybersecurity and Consumer Protection at Stanford University. • ISACA participated in three Twitter chats with Stay Safe Online, and the ISACA Now blog featured a series of cybersecurity-related blog posts.

ISACA® ANNUAL REPORT 2015

11

CAREER MANAGEMENT

ISACA developed the Cybersecurity Career Pathway infographic to show the holistic journey of a cybersecurity professional. As another first, ISACA launched and developed women’s programming at CSX North America and EuroCACS conferences. Events included networking and information sessions, which were very well-received and well-attended, paving the way for expansion in 2016.

ISACA® ANNUAL REPORT 2015

12

CERTIFICATION 6.1%

11.7%

7.1%

6.8%

Number of certification holders by year’s end

more than

more than

more than

more than

New 2015 certification holders

nearly

more than

more than

more than

Growth of certified professionals

Recognitions and news

Languages in which exam was available

121,000 19,000

30,000 6,500

• Selected as a finalist in the SC Magazine Awards for Best Professional Certification Program for the fifth year in a row

• Selected as the finalist in the SC Magazine Awards for Best Professional Certification Program for the fifth year in a row

• Among the highest-paying IT certifications in Foote Partners IT Skills and Certification Pay IndexTM (ITSCPI), Certification Magazine’s Jobs and Salary Annual Salary Survey and Global Knowledge’s 2015 IT Skills and Salary Survey

• Among the highest-paying IT certifications in Foote Partners IT Skills and Certification Pay IndexTM (ITSCPI), Certification Magazine’s Jobs and Salary Annual Salary Survey and Global Knowledge’s 2015 IT Skills and Salary Survey

11

4

6,700 900

• Among the highest-paying IT certifications in Foote Partners IT Skills and Certification Pay Index™ (ITSCPI) • CIO Magazine listed CGEIT as number two of the top-rated governance, risk and compliance (GRC) certifications that are worth the time, cost and effort • Among the highest-paying IT certifications in CIO Magazine’s IT Certification Hot List 2015

1

19,500 3,300

• CIO Magazine listed CRISC as number one of the top-rated governance, risk and compliance (GRC) certifications that are worth the time, cost and effort • First Spanish-translated CRISC exam offered during June 2015 administration • Among the highest-paying IT certifications in Foote Partners IT Skills and Certification Pay IndexTM (ITSCPI), Certification Magazine’s Jobs and Salary Annual Salary Survey and Global Knowledge’s 2015 IT Skills and Salary Survey

2

ISACA launched the CSX Practitioner (CSXP) certification, which includes training courses and practice labs. CSXP is the first vendor-neutral, performance-based cybersecurity certification and demonstrates the certification holder’s ability to serve as a first responder to a cybersecurity incident. Training and skills verification takes place in an adaptive, performance-based cyberlaboratory environment using real-world cyber security scenarios. Wai Ki Keren Leung, CISA Manager at an International Audit Firm, Hong Kong When I was a fresh university graduate, I obtained advice from an ISACA volunteer, who took time to explain how the association can help me build my professional expertise, how to obtain a professional certification and what my next steps should be. That volunteer’s valuable guidance helped me earn the CISA credential.

ISACA® ANNUAL REPORT 2015

13

CONFERENCES, EDUCATION AND TRAINING ISACA provides many opportunities for professionals to advance their expertise, skills and knowledge. An expansive global offering of in-person and online events allows professionals to choose specific topics, experience levels and methods of learning that best suit their needs. 2015 achievements included:

ISACA launched its first cybersecurity conference, CSX North America 2015, which sold out, paving the way for future expansion. The conference featured 70 sessions and five keynote speakers, and included ECCouncil’s Global CyberLympics World Finals, an international cybersecurity competition of ethical hacking.

90% overall satisfaction

Growth continued for ISACA’s online events, including 43 webinars on timely topics, which attracted more than 37,000 attendees. Two virtual conferences were attended by more than 6,000 participants.

15 Training Weeks

Serving the needs of enterprises worldwide, ISACA provided 65 on-site training programs, an increase of more than 15% over the previous year, and generated an increase of more than 43% in revenue.

ISACA’s CSX North America, North America CACS, Euro CACS and Latin America CACS conferences all received a 90% overall satisfaction rating on average in post-conference surveys.

43 37K 6K webinars

webinars attendees

virtual conference participants

The Training Week program featured advanced topic events presented in partnership with Deloitte, LLP, including two virtual instructor-led training courses.

65

on-site training programs

43%

increase in revenue

ISACA launched the Cybersecurity Fundamentals online course to help students, recent graduates or those changing careers prepare for the Cybersecurity Fundamentals Certificate exam.

ISACA® ANNUAL REPORT 2015

14

COBIT

To further assist COBIT users, ISACA held the first COBIT conferences in North America and Europe and released the COBIT 5 Poster Series to provide a reference for key COBIT concepts. ISACA also released a research project, Benchmarking and Business Value Assessment of COBIT 5, with results supporting a correlation between achieving IT goals and business goals. This publication helps practitioners build internal support for COBIT 5 implementation and demonstrates return on investment for COBIT adoption.

Working with APMG, a global certification accreditation body, ISACA expanded the program of Accredited Training Organizations:

108

COBIT Certified Assessor certificates since inception

COBIT 5 accredited training organizations

49

27,233

COBIT 5 accredited training individuals COBIT 5 was downloaded more than

27,000 times in 2015.

ISACA saw more than

131

COBIT 5 Foundation certificates since inception

145,000

visits to COBIT Online this year, with more than a half million page views.

PERIODICALS

ISACA created a monthly e-newsletter, The Nexus: Cyber News Converged, to provide the latest cybersecurity news. Launched in May, more than 7,000 professionals had subscribed by year-end, and reader engagement was strong.

Redesigns of the ISACA® Journal web pages and ISACA Journal Author Blog launched in January. ISACA Journal circulation at year-end was 124,000.

Open rate

40%

Members reported reading the Journal

99%

Click-through

50%

Shared their copies with colleagues

65%

ISACA® ANNUAL REPORT 2015

15

RESEARCH

ISACA published and released 18 white papers and four books on topics ranging from cybersecurity, cloud computing and IT governance to Internet of Things, auditing and COBIT 5. The research deliverables included the DevOps Practitioner Considerations, Innovation Insights series of impactful business and technology trends, and Getting Started With GEIT guidance outlining simple steps to begin implementing governance of enterprise IT (GEIT) within an organization.

Joanne T. De Vito De Palma, CISM Executive Director, Information Security, IT Risk and Compliance, The Ardent Group, USA

FPO

ISACA provides the most concise, comprehensive products and services easily used by any organization in pursuit of protection and governance of information and technology. I share ISACA’s passion for ensuring that information, IT and business processes are managed and protected optimally. ISACA provides practical approaches and tools to achieve these requirements.

ISACA® ANNUAL REPORT 2015

16

ISACA BOOKSTORE Nearly 500 titles and 200 downloadable items were available in the ISACA Bookstore.

Other new titles included:

CISA, CISM and CRISC review manuals continued to be best-selling ISACApublished items. Interest in COBIT 5, the CSX Cybersecurity Fundamentals Study Guide and Implementing the NIST Cybersecurity Framework was high.

• A Practical Guide to the Payment Card Industry Data Security Standard (PCI DSS) • Cybersecurity Guidance for Small and Medium-Sized Enterprises • Implementing Cybersecurity Guidance for Small and Medium-sized Enterprises • Security, Audit and Control Features SAP ERP, 4th Edition

200

Nearly

500 titles

downloadable items

TRANSLATIONS

To serve global constituents, ISACA continued to expand the number of translated resources.

330

items and publications were translated into

Arabic

Bosnian

Chinese Simplified

Chinese Traditional Dutch

French

German Hebrew

Hungarian

22

non-English languages.

Materials translated include certification exams, study aids, ISACA® Journal articles, COBIT Focus articles and COBIT 5.

Russian

Italian

Slovenian

Japanese

Spanish

Korean

Thai

Lithuanian

Turkish

Polish

Ukrainian

There are now 70 translated versions of COBIT 5-related publications in 17 languages.

Portuguese Romanian ISACA® ANNUAL REPORT 2015

17

FINANCE 2015 2015 was a year of investment for ISACA. During the year, ISACA invested nearly US $5 million in strategic programs designed to offer even greater benefits to its members and other constituencies it serves now and in the future. Even with that investment, ISACA saw an increase in its excess (contribution) from operations in 2015 compared to the prior year. However, due to volatility in the financial markets, ISACA incurred a realized/ unrealized loss of just under US $5 million, which resulted in a reduction in net assets for the year. ISACA’s strong operational performance continued to be driven by a solid member retention rate, ongoing market support for its professional certifications and continued effective management of its operating costs. Following a change in its target allocations between its short- and long-term portfolios, ISACA received increased dividends and capital gains from its investments. These increases helped to offset most of the impact of the aforementioned realized/unrealized loss in the portfolio. The investment portfolio continues

to allow ISACA to position itself for operational sustainability and capitalize on strategic growth opportunities moving forward. As a leading global organization, ISACA continues to manage its reserves for operating and strategic purposes. ISACA increased its targeted operational reserve to US $38,801,138 to cover 10 months of average operating expenses for the last three fiscal years. ISACA also maintains a strategic reserve that is used to invest in strategic growth and other member benefit opportunities. Following the aforementioned investments in strategic programs as well as the increased allocation to the operational reserve, the strategic reserves had a balance of US $31,270,551 at the end of the year. The 2015 audited financial statements for the organization are presented within this annual report. Looking ahead, management will continue to monitor key business drivers and economic conditions and their related impact on operations and constituents in 2016 and beyond.

ISACA® ANNUAL REPORT 2015

18

COMBINED FINANCIAL STATEMENTS

All monetary amounts included in the financial statements are in US dollars.

ISACA/ITGI HISTORICAL REVENUES

(in millions of US dollars)

60

2015 OPERATING REVENUES

Certification 39% 50

Relations (including Membership) 27% Education 16% Publications 10% Interest, dividends and other 7% Contributions and sponsorships 1%

40

2015 OPERATING EXPENSES 30

Certification 24%

20

Relations (including Membership) 19% Education 19% Research 14%

20

Supporting services and administration 16% Publications 8%

2015

2014

2013

2012

2011

0

ISACA® ANNUAL REPORT 2015

19

INDEPENDENT AUDITOR’S REPORT Board of Directors ISACA, Inc. Board of Trustees IT Governance Institute, Inc. Report on Financial Statements

We have audited the accompanying combined financial statements of ISACA, Inc. and IT Governance Institute, Inc. (collectively, the “Organization”), which comprise the combined statements of financial position as of 31 December 2015 and 2014, and the related combined statements of activities and cash flows for the years then ended, and the related notes to the combined financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of combined financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of ISACA, Inc. and IT Governance Institute, Inc. as of 31 December 2015 and 2014, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Chicago, Illinois 22 April 2016

ISACA® ANNUAL REPORT 2015

20

ISACA, Inc. and IT Governance Institute, Inc.

COMBINED STATEMENTS OF FINANCIAL POSITION

31 December 2015 and 2014 ASSETS 31 DECEMBER

2015

2014

CURRENT ASSETS $

Cash and cash equivalents

6,346,245

$

8,160,014

77,440,083

77,939,578

Accounts receivable, net

1,510,894

1,064,247

Prepaid expenses

3,094,873

2,198,780

432,416

593,174

Investments

Inventory, net Other current assets Total current assets

52,944

45,492

88,877,455

90,001,285

907,155

831,217

1,123,535

895,944

FIXED ASSETS Leasehold improvements Furniture and fixtures Office equipment

131,411

247,567

Computer system

9,181,364

10,241,209

11,343,465

12,215,937

(6,628,803)

(7,379,989)

4,714,662

4,835,948

Less accumulated depreciation Net fixed assets TOTAL ASSETS

$

93,592,117

$

9,038,430

$

94,837,233

LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable

$

8,128,157

14,034,992

13,158,347

405,322

596,740

23,478,744

21,883,244

-

-

Board designated

38,801,138

34,922,480

Undesignated

31,270,551

37,989,825

Total unrestricted

70,071,689

72,912,305

573

573

41,111

41,111

70,113,373

72,953,989

Deferred revenues Other liabilities Total current liabilities COMMITMENTS AND CONTINGENCIES NET ASSETS Unrestricted

Temporarily restricted Permanently restricted Total net assets TOTAL LIABILITIES AND NET ASSETS

$

93,592,117

$

94,837,233

ISACA® ANNUAL REPORT 2015

21

ISACA, Inc. and IT Governance Institute, Inc.

COMBINED STATEMENTS OF ACTIVITIES Year Ended 31 December 2015 31 DECEMBER

2015 PERMANENTLY RESTRICTED

TEMPORARILY RESTRICTED

UNRESTRICTED

TOTAL

OPERATING REVENUES Relations (including Membership)

$

15,131,337

$

-

$

-

$

15,131,337

21,664,719

-

-

21,664,719

Education

9,105,044

-

-

9,105,044

Publications

5,472,052

-

-

5,472,052

155,508

29,041

-

184,549

4,322,082

9

-

4,322,091

-

-

Certification

Contributions and sponsorships Interest, dividends and other

29,050

Net assets released from restrictions

(29,050)

55,879,792

-

-

55,879,792

Relations (including Membership)

10,230,370

-

-

10,230,370

Certification

12,955,248

-

-

12,955,248

Education

10,314,058

-

-

10,314,058

Publications

4,257,731

-

-

4,257,731

Research

7,658,030

-

-

7,658,030

45,415,437

-

-

45,415,437

Board and administrative

8,663,559

-

-

8,663,559

Total supporting services

8,663,559

-

-

8,663,559

Total operating expenses

54,078,996

-

-

54,078,996

Excess from operations

1,800,796

-

-

1,800,796

(4,641,412)

-

-

(4,641,412)

Change in net assets

(2,840,616)

-

-

(2,840,616)

Net assets, beginning of year

72,912,305

573

41,111

Total operating revenues OPERATING EXPENSES Program services

Total program services Supporting services

OTHER LOSSES Net realized and unrealized losses on investments

Net assets, end of year

$

70,071,689

$

573

$

41,111

72,953,989 $

70,113,373

ISACA® ANNUAL REPORT 2015

22

ISACA, Inc. and IT Governance Institute, Inc.

COMBINED STATEMENTS OF ACTIVITIES Year Ended 31 December 2014 31 DECEMBER

2014 PERMANENTLY RESTRICTED

TEMPORARILY RESTRICTED

UNRESTRICTED

TOTAL

OPERATING REVENUES Relations (including Membership)

$

14,393,209

$

-

$

-

$

14,393,209

19,708,390

-

-

19,708,390

Education

8,548,542

-

-

8,548,542

Publications

4,487,118

-

-

4,487,118

163,597

14,000

-

177,597

3,120,730

9

-

3,120,739

-

-

Certification

Contributions and sponsorships Interest, dividends and other

14,009

Net assets released from restrictions

(14,009)

50,435,595

-

-

50,435,595

9,153,664

-

-

9,153,664

10,441,677

-

-

10,441,677

Education

9,141,723

-

-

9,141,723

Publications

4,265,026

-

-

4,265,026

Research

8,763,082

-

-

8,763,082

41,765,172

-

-

41,765,172

7,340,452

-

-

7,340,452

7,340,452

-

-

7,340,452

49,105,624

-

-

49,105,624

1,329,971

-

-

1,329,971

(358,331)

-

-

(358,331)

971,640

-

-

971,640

573

41,111

71,982,349

Total operating revenues OPERATING EXPENSES Program services Relations (including Membership) Certification

Total program services Supporting services Board and administrative



Total supporting services Total operating expenses



Excess from operations OTHER LOSSES Net realized and unrealized losses on investments Change in net assets Net assets, beginning of year



71,940,665

Net assets, end of year

$

72,912,305

$

573

$

41,111

$

72,953,989

ISACA® ANNUAL REPORT 2015

23

ISACA, Inc. and IT Governance Institute, Inc.

COMBINED STATEMENTS OF CASH FLOWS CASH FLOW FROM OPERATING ACTIVITIES YEAR ENDED 31 DECEMBER Change in net assets

2015 $

2014

(2,840,616)

$

971,640

Adjustments to reconcile change in net assets to net cash provided by operating activities 2,162,461

1,721,068

(1,948)

43,203

140,402

-

4,641,412

358,331

Accounts receivable, net

(444,699)

(282,917)

Prepaid expenses and other current assets

(903,545)

(603,976)

Inventory, net

160,758

(195,796)

Accounts payable

910,273

1,081,957

Deferred revenues

876,645

1,436,502

(191,418)

42,449

4,509,725

4,572,461

Acquisition of fixed assets

(2,181,577)

(2,811,069)

Proceeds from the sale of investments

17,400,924

19,805,310

(21,542,841)

(22,866,176)

Net cash used in investing activities

(6,323,494)

(5,871,935)

Net change in cash and cash equivalents

(1,813,769)

(1,299,474)

8,160,014

9,459,488

Depreciation Bad debt (recovery) expense Loss on disposal of equipment Net realized and unrealized losses on investments Changes in assets and liabilities

Other liabilities Net cash provided by operating activities Cash flows from investing activities

Purchase of investments

Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year

$

6,346,245

$

8,160,014

ISACA® ANNUAL REPORT 2015

24

ISACA, Inc. and IT Governance Institute, Inc.

NOTES TO FINANCIAL STATEMENTS Year Ended 31 December 2015 NOTE 1 - Organization The Organization consists of ISACA, Inc. (the “Association” or “ISACA”) and the IT Governance Institute, Inc. (the “Institute” or “ITGI”). The Association’s and the Institute’s financial statements are presented on a combined basis due to a majority of Board members serving both entities. The Organization operates on a global basis, with the majority of revenues and net assets attributable to the Association, the predominant entity within the Organization. The Organization maintains its books and records at its headquarters building located in Rolling Meadows, Illinois, USA. The Association was incorporated in 1969 under the name Electronic Data Processing Auditors Association, a California (USA) not-for-profit corporation. In 1993, to reflect the evolving state of technology, as well as the Association’s expanding constituency base, the name was changed to Information Systems Audit and Control Association, Inc. The Association now presents itself by its acronym, ISACA. With more than 140,000 constituents (ISACA members and certification holders) in more than 180 countries at year-end 2015, ISACA is a leading global provider of knowledge, certifications, community, advocacy and education on information systems (“IS”) assurance and security, enterprise governance and management of IT, and IT-related risk and compliance. ISACA hosts international conferences, publishes the ISACA® Journal, and develops international IS auditing and control standards. ISACA also administers the globally respected Certified Information Systems Auditor (“CISA”), Certified Information Security Manager (“CISM”), Certified in the Governance of Enterprise IT (“CGEIT”), Certified in Risk and Information Systems Control (“CRISC”) and Cybersecurity Practitioner (“CSXP”) designations.

The Institute was incorporated in 1976 under the name Electronic Data Processing Auditors Foundation, a California (USA) not-for-profit corporation. In 1994, its name was changed to Information Systems Audit and Control Foundation, to align with the changed name of the Association, and was changed again in 2003 to IT Governance Institute, Inc. In 2013, ITGI was granted a Type II Supporting Organization status by the IRS, and is a Supporting Organization of the Association. The Institute’s role in the mission it shares with ISACA focuses on provision of knowledge on IT governance and related topics. Through its collaborative development model, the Institute brings global perspectives to critical issues facing enterprise leaders and practitioners in its IT governance responsibilities.

NOTE 2 - Summary of significant accounting policies Basis of presentation The combined financial statements include the assets, liabilities, net assets and financial activities of the Organization. Significant intercompany balances have been eliminated in combining the two entities. The Organization has a relationship with ISACA chapters located throughout the world; however, the chapters are not fiscally accountable to the Organization, and accordingly, have not been included in the accompanying combined financial statements.

Cash and cash equivalents Cash and cash equivalents consist primarily of noninterest-bearing deposits with maturity dates of three months or less at the time of purchase to be used for operating purposes. These deposits are carried at cost, which approximates fair value.

The Association supports development, update and education activities related to COBIT 5, a globally adopted business framework for governing and managing enterprise IT. ISACA® ANNUAL REPORT 2015

25

Investments Investments, other than money market funds and interest-bearing deposits, are reflected in the accompanying combined financial statements at fair value according to generally accepted accounting principles (“GAAP”). GAAP has established a framework for measuring fair value, as well as a fair value hierarchy based on the inputs used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes observable requires significant judgment. The fair value hierarchy is broken down into three levels based on the transparency of inputs as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Quoted prices, other than quoted prices included in Level 1, that are observable for the assets or liabilities, either directly or indirectly. Level 3 - Inputs that are unobservable for the assets or liabilities. Investment gains and losses include net realized and unrealized gains and losses and are reflected in the accompanying combined financial statements as nonoperating activities, while interest income and dividends are considered operating revenue.

Concentration of credit risk Certain financial instruments, primarily cash, cash equivalents and investments, subject the Organization to credit risk. The Organization maintained cash balances (noninterest-bearing) in 2015 and 2014 at a financial institution in excess of the federally insured limit; however, the Organization has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. With respect to investments, concentration is limited through the diversification of the portfolio. As of 31 December 2015 and 2014, the Organization maintained 18% and 23%, respectively, of its investment balance in one mutual fund, which invests primarily in high-quality money market instruments and short-term fixed income securities, diversified across more than 1,300 individual holdings. The fund may also invest in a wide range of non-money market securities, which tend to be less liquid, more volatile and carry greater risk than money market securities, and its

investment objective can best be described as conservative income.

Accounts receivable Accounts receivable are due within 30 days and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than the contractual payment terms are considered past due. The Organization determines its allowance for doubtful accounts by considering a number of factors, including the length of time that trade accounts receivable are past due, the Organization’s loss history, the customer’s current ability to pay its obligation to the Organization, and the condition of the general economy and the industry as a whole. The Organization writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts.

Inventory Inventory consists solely of study aids and other publications printed for the Organization for sale to its members and interested outside parties. Inventory is valued at the lower of cost or market, with cost determined by the average cost method. Provisions for obsolete items are based on estimated future usage as related to quantities of stock on hand.

Fixed assets Fixed assets are carried at cost. Depreciation is computed using the straight-line method. The estimated useful lives of the related assets range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease terms or their estimated useful lives. Depreciation expense totaled $2,162,461 and $1,721,068 for the years ended 31 December 2015 and 2014, respectively.

Net assets Net assets, revenues, expenses, gains and losses are classified based on the existence or absence of donor-imposed restrictions using the following classifications: Unrestricted - Represents unrestricted resources available for support of daily operations and contributions received with no donor restriction. The Board may designate certain net assets for a particular function or activity. ISACA® ANNUAL REPORT 2015

26

Temporarily restricted - Represents resources for which use has been temporarily restricted by the contributor. When a donor restriction has been satisfied by incurred expenses consistent with the designated purpose, temporarily restricted net assets are reclassified to unrestricted net assets for reporting of related expenses. Permanently restricted - Represents resources that are subject to restrictions of gift instruments requiring that the principal be invested and maintained in perpetuity. The income generated from these funds is classified based on the terms of the gift instruments.

Revenue recognition Revenues received by the Organization consist primarily of annual membership dues and new member fees; examination, annual maintenance fees and other fees for CISA, CISM, CGEIT, CRISC and CSXP programs; attendance fees for educational conferences; the sale of advertising space; charges for various publications; sponsorships and contributions; and license fees. Membership dues and annual maintenance fees for CISA, CISM, CGEIT and CRISC are recognized as revenue in the applicable period. New member fees are recorded in the period in which the membership application is processed, with chapter membership dues collected by the Association recorded as a liability until remitted to the chapters. The Organization recognizes unrestricted, restricted and endowment contributions in accordance with donor restrictions in the period in which the commitment for support is obtained, with other revenues being recognized in the period in which the goods or services are provided. Unearned dues, fees and subscriptions are classified as deferred revenues.

Promotion and advertising costs Promotion and advertising costs are expensed as incurred. Total promotion and advertising costs were $5,269,363 and $4,528,259 for the years ended 31 December 2015 and 2014, respectively.

Use of estimates The preparation of the combined financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the combined financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications Certain classifications from 2014 have been changed to conform to the 2015 presentation.

NOTE 3 - Investments The following table presents information about the Organization’s investments. Money market funds and interest-bearing deposits are stated at cost. Investments, which are based on quoted market prices in active markets and therefore classified as Level 1, include actively listed mutual funds and exchange-traded funds. Investments at 31 December 2015 and 2014 consisted of the following: 2015

2014

MUTUAL FUNDS Large cap

$

7,878,526

$

6,815,810

Mid cap

1,296,748

1,286,855

Small cap

1,357,033

1,566,458

International

8,469,209

4,827,518

Fixed income

30,679,116

36,809,961

Alternatives

4,448,705

3,305,995

Tactical allocation

2,705,461

2,233,883

REIT

3,840,745

1,926,923

Money market

6,840,994

12,123,950

67,516,537

70,897,353

5,069,647

3,984,397

443,313

418,440

Total mutual funds EXCHANGE-TRADED FUNDS Large cap Mid cap Small cap International Total exchange-traded funds Total Investments

414,869

528,259

3,995,717

2,111,129

9,923,546

7,042,225

$ 77,440,083

$

77,939,578

ISACA® ANNUAL REPORT 2015

27

The components of investment return for the years ended 31 December 2015 and 2014 are as follows: 2015 Interest and dividends

$

Net realized and unrealized losses on investments Total investment (loss) return

3,528,917

2014 $

2,541,552

(4,641,412) $ (1,112,495)

(358,331) $

2,183,221

NOTE 4 - Accounts receivable Accounts receivable consist of the following at 31 December 2015 and 2014: 2015 Trade receivables

$

Less allowance for doubtful accounts Accounts receivable, net

1,524,694

2014 $

1,510,894

(35,467) $

1,064,247

Changes in the Organization’s allowance for doubtful accounts are as follows for the years ended 31 December 2015 and 2014: 2015 Beginning balance

$

Bad debt (recovery) expense Accounts written off Ending balance

$

35,467

2014 $

16,015

(1,948)

43,203

(19,719)

( 23,751)

13,800

Temporarily restricted net assets at 31 December 2015 and 2014 have been restricted by donors for the following purposes: 2015

$

35,467

NOTE 5 - Board-designated net assets The Association’s Board of Directors and the Institute’s Board of Trustees designate a portion of the Organization’s unrestricted net assets for contingency purposes in order to protect the Organization against unforeseen global events and economic downturn. The designated amount based on a three-year average of operating expenses, totals $38,801,138 as of 31 December 2015. As of 31 December 2014, the designated amount was $34,922,480. These funds, while designated for the purposes noted above, are categorized within the Organization’s combined financial statements as unrestricted net assets.

2014

Research

$

573

$

573

Total

$

573

$

573

NOTE 7 - Net assets released from restrictions During 2015 and 2014, net assets were released from restrictions to satisfy the following purposes: 2015

1,099,714

(13,800) $

NOTE 6 - Temporarily restricted net assets

$

Research

2014

1,500

$

500

COBIT

10,000

13,500

Cybersecurity

17,541

-

9

9

Endowment appropriation for expenditure Total

$

29,050

$

14,009

NOTE 8 - Permanently restricted net assets Permanently restricted net assets are restricted as investments in perpetuity. The Organization’s endowment consists only of donor-restricted endowment funds. Net assets associated with the Organization’s endowment funds are classified and reported based on the existence of donor-imposed restrictions. There are no donor restrictions on the earnings of the Organization’s endowment funds. The Organization accounts for endowment net assets by preserving the fair value of the original gift as of the gift date of the donor-restricted endowment fund absent explicit donor stipulations to the contrary. As a result, the Organization classifies the original value of the gifts donated to the permanent endowment as permanently restricted net assets. All earnings on the endowment funds are temporarily restricted until appropriated for current-year operating expenses as allowed by the donor.

ISACA® ANNUAL REPORT 2015

28

As of 31 December 2015 and 2014, endowment assets include only those assets of donor-restricted funds that the Organization must hold in perpetuity. The Organization does not have any Board-designated endowment funds. The Organization’s Finance Committee meets on a regular basis to ensure that the objectives of the Organization’s investment policy are being met, and that the investment approach used to meet the objectives is in accordance with the investment policy approved by the Board of Directors. Under this policy, the endowment assets are invested in a manner that is intended to provide adequate liquidity and maximize returns on funds invested. Interest and dividends earned on endowment funds are appropriated for current-year operating expenses. During 2015 and 2014, the Organization had the following endowment-related activities: Temporarily Restricted Endowment Funds Endowment net assets, 1 January 2014

$

-

Permanently Restricted Endowment Funds $

41,111

Total Endowment Funds $

41,111

Interest and dividends

9

-

9

Appropriation of endowment assets for expenditure

(9)

-

(9)

Total change in endowment net assets

-

-

-

Endowment net assets, 31 December 2014

$

-

$

41,111

$

41,111

Interests and dividends

9

-

9

Appropriation of endowment assets for expenditure

(9)

-

(9)

Total change in endowment net assets

-

-

-

Endowment net assets, 31 December 2015

$

-

$

41,111

$

41,111

NOTE 9 - Related-party transactions As a service to the chapters, the Organization includes the amount of individual chapter dues with its annual billing and remits to the chapters amounts collected on their behalf. The balances of $2,375,412 and $2,122,839 at 31 December 2015 and 2014, respectively, are reflected in accounts payable and represent the unremitted portion of dues collected for individual chapters. During 2015, chapter dues collected and remitted totaled $4,233,262 and $3,980,689, respectively. During 2014, dues collected and remitted totaled $4,011,301 and $4,108,609, respectively.

NOTE 10 - Leases The Organization has an office facility operating lease, which requires monthly payments comprised of rent, property taxes, pro rata share of common operating expenses and insurance. On 21 July 2014, the Organization signed an amendment to the lease agreement, which went into effect on 1 April 2015. The lease term, which was set to expire on 31 July 2018, has been extended through 30 November 2022. The Organization also rents office equipment under two non-cancelable capital leases with initial lease terms in excess of one year. As of 31 December 2015, the minimum future rentals payable for the next five years and thereafter under these non-cancelable lease commitments are as follows: Years ending 31 December 2016

Office Equipment $

22,300

Facility $

634,400

Total $

656,700

2017

10,400

646,900

657,300

2018

-

438,300

438,300

2019

-

671,900

671,900

2020

-

684,400

684,400

Thereafter

-

1,347,100

1,347,100

32,700

$ 4,423,000

$ 4,455,700

$

Rent expenses under these leases for the years ended 31 December 2015 and 2014, were $668,395 and $506,497, respectively.

ISACA® ANNUAL REPORT 2015

29

NOTE 11 - Income taxes

NOTE 13 - Subsequent events

The Association and the Institute have received favorable determination letters from the Internal Revenue Service stating that they are exempt from federal income taxes under Section 501(a) of the Internal Revenue Code of 1986 (“IRC”), as organizations described in Sections 501(c) (6) and 501(c)(3), respectively, except for income taxes pertaining to unrelated business income. The Financial Accounting Standards Board issued guidance that requires tax effects from uncertain tax positions to be recognized in the financial statements only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. Management has determined that there are no material uncertain positions that require recognition in the financial statements. Additionally, no provision for income taxes is reflected in these financial statements, and there is no interest or penalties recognized in the statement of activities or statement of financial position. The tax years ended 2012, 2013, 2014 and 2015 are still open to audit for both federal and state purposes.

The Organization evaluated subsequent events through 22 April 2016, the date that the combined financial statements were available to be issued. The Organization is not aware of any subsequent events, other than described below, that would require recognition or disclosure in the combined financial statements. On 1 March 2016, the Association acquired 100% of the interest in Clearmodel LLC (doing business as “CMMI Institute”), a for-profit subsidiary of Carnegie Mellon University, for the purpose of integrating the entity’s globally adopted capability improvement framework. The entity was acquired for $8 million in cash, and was financed through the proceeds from the sale of investments. As of the date of the report, the Association is undergoing a fair value analysis of the assets acquired and liabilities assumed.

NOTE 12 - Employee benefit plan The Association maintains a defined contribution retirement plan for qualified employees. Participation in the plan is optional. The Association will match the first 5% contributed by the employee. The Association’s contributions to the plan for the years ended 31 December 2015 and 2014 were $779,149 and $727,150, respectively.

ISACA® ANNUAL REPORT 2015

30

AUDIT COMMITTEE CHAIR’S LETTER The Audit Committee of the Board of Directors/ Trustees (the Board) of ISACA/IT Governance Institute (the Organization) oversees the Organization’s financial reporting process on behalf of the Board, and is composed of five independent members. In fulfilling its responsibility, the committee recommended to the Board the selection of the Organization’s independent certified public accountants. The committee discussed with the independent certified public accountants the overall scope and specific plans for their audit. The committee also discussed the Organization’s combined financial statements and the adequacy of its internal controls. The committee met with the Organization’s independent certified public accountants, without management present, to discuss the results of their examination, their evaluation of the Organization’s internal controls and the overall quality of the Organization’s financial reporting.

Theresa M. Grafenstine, CISA, CGEIT, CRISC, CGAP, CGMA, CIA, CPA Chair, Audit Committee

ISACA® ANNUAL REPORT 2015

31

MANAGEMENT REPORT ON RESPONSIBILITY FOR FINANCIAL REPORTING The management of ISACA/IT Governance Institute (the “Organization”) has the responsibility for the preparation, integrity and fair presentation of the accompanying financial statements. The statements were prepared in accordance with generally accepted accounting principles applied on a consistent basis and, as such, include amounts that are based on management’s best estimates and judgments. Management also prepared the other information in the annual report and is responsible for its accuracy and consistency with the financial statements. The Organization’s financial statements for 2015 have been audited by CohnReznick LLP, independent certified public accountants, elected by the Board of Directors/Trustees (the Board). Management has made available to CohnReznick LLP all of the Organization’s financial records and related data, as well as the minutes of the Board’s meetings. Management believes that all representations made to CohnReznick LLP during its audit were valid and appropriate. The Organization maintains a system of internal control that is designed to provide reasonable assurance to management and to the Board regarding the preparation and publication of reliable and accurate financial statements, the effectiveness and efficiency of operations, and compliance with applicable laws and regulations. The system includes a documented organizational structure and division of responsibility, established policies and procedures that are communicated throughout the Organization, and the careful selection, training and development of personnel. Management also recognizes its responsibility for fostering a strong ethical climate so that the Organization’s affairs are conducted according to the highest standards of personal and corporate conduct.

There are inherent limitations in the effectiveness of any system of internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even an effective internal control system can provide only reasonable assurance with respect to financial statement preparation. The Organization evaluates its internal control system in relation to criteria for effective internal control over financial reporting described in Internal Control—Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission, and as of 31 December 2015 the Organization believes that its system of internal control over financial reporting met those criteria. As part of its audit of the Organization’s financial statements, CohnReznick LLP assessed the Organization’s internal accounting controls structure to establish a basis for reliance thereon in determining the nature, timing and extent of audit tests to be applied. Management and CohnReznick LLP have reviewed the internal control assessment with the Audit Committee as part of the committee’s acceptance of the financial statements. The Board, operating through its Audit Committee, which is composed entirely of members who are not officers or employees of the Organization, provides oversight to the financial reporting process.

Matthew S. Loeb Chief Executive Officer

Robert A. Micek Chief Financial Officer ISACA® ANNUAL REPORT 2015

32

DONORS Individuals Platinum

Agu Ets

Tajjud-deen Phillipps

Isnaeni Achdiat

Enrique Barroso

Marios Damianides

Gregory Oluremilekun

Andre Pitkowski

Afzal Ahad

Maria Cristina Bausa-

William Price

Asaf Zaki Ahmad

Rosa

Daniel Fernando Ramos

Azubike Edward

Alvin Bedgood

Lynn Lawton Debbie Lew Akira Matsuo Robert A. Micek Leonard Ong Daniel Wiechec

Gold

Falowo

Concepcion Fermin Pamela Susan Fusco Axel Gierbolini Ron Hale Mary Hall Masahiko Hayakawa Shankar Iyer

Merve Sarac Jose Saucedo Hiroharu Sawada Martin Schlaeppi Mark Stanley Conrad Stanton

Jose Boyol

Stanley Robert Jarocki

Jeffrey Patubo

Michael Jimenez

Kenneth Vander Wal

Vijay Karayi

Silver

Vijaykumar Kasaram

Jo Stewart-Rattray

Tina Kay

Sean Stringer

Rabia Khanfir

Stig Jarle Sunde

Himi Kim

Fumiaki Suzuki

Robert Thomas Klein

Bernard Chee Kian Tang

Emiko Kurihara

Martin Tapia

Fung Chun Leonard

Alexandru Tasca

Adesina Kabir Ajina David Applebaum Renato Aquilino-Pujol Jim Arnold Garry James Barnes Earl Charles Begley Robin Bell Sixten Björklund Krag Brotby Eric Caldwell Fernando Calvillo Christopher Tsz Chan Richard Chia Peter Albert

Christiaans

Nancy Cohen Kim Cohen Bernard Czaja Helene Demoulin Koke Diarra Gert Thomas Du Preez

Lam

Jenny Lam Stephen Lantrip Demetrios Lazarikos Patricia Lewis

Dirk Steuperaert Hamilton Michael Stewart

Rod Troutman Paul van Domburg Stanley Velando Vatsaraman

Venkatakrishnan

Ahubelem

Hidetsugu Aiko

Carlos Beltran Perdomo

Mark Owen Aldrich

Douglas Bencomo

Lozina Metodieva

Ahmed Bengrina

Alexieva

Paul Berkebile

Faisal Al-Homodi

Moira Berman

Saad Abdul-Mohsen

Damien Bertero

Al-Khalfan

Mohammed Ali Alshehri Brian David Andersen Barry William Anderson Ngozi Nwamaka AnigboguNwankwo

Kannan Annaswamy Mahary Araia

Henri Arendsen

Bryan McAtee

James Wiechers

Robert Arnold

Robert Mcfarland

Virginia Yue

Luis Adrián Arroyo

Yasushi Miyamoto

Carlos Zamora

Sam Arthur

Glib Pakharenko

Roman Zillek

Mohammed Bachiri

Zoran Abraham

Dexter Taylor Blackstock

Waseem Al-Otaibi

Shinichi Watanabe

Williams

Stuart Birkett

Ahmed AlMunawes

Martin Malmqvist

Paul Rudolph Aaron

Suresh Bhatt

Wayne Dennis Allums

Jian Qiang Wang

Hugh Henning Penri-

Glauco Bertocchi

Beverly Allen

Eric John Malmgren

Donor

Belloise

Said Hassan Al-Balushi

Sylvain Viau

James Patterson

Michael Anthony

Taisei Akutsu

Min Chee Liew

Sean Pascoe

Christina Marie Belding

Luis Geraldo Segadas Araujo

Juliana Bako Antony

Balasubramanian

Federico Blasiotti Khaled Bohsali Benjamin Boi-Doku Charan Kumar

Bommireddipalli

David Brachio Diana Bradshaw Hester Vasile Claudiu Brandas Moises Brito Douglas Brown Daniel Brunner Richard Brunner Beverly Burch Phil Joseph Patrick Burns

Mark Alexander Butzke Jose Campos Cynthia Cannaday

ISACA® ANNUAL REPORT 2015

33

Donor

Donna Degenhart

Mario Carbajal

John Joseph DeMauro

Homero De Almeida

Ashok Raja Devaraj

Guy Filomena

James Wayne DeVaul

Elke Benita Änne

Carreiro

Paul Casey

Paulo Ramiro Diaz

Massimo Castelli

Larry Keith Dinsmore

Anthony Chalker

Dean Diongson

Victor Sze-Tin Chan

Ruedi Doebeli

Steve Chazan

Satyavan Domb

Sarat Chandrakumar Chegu

Melanie Cheong James Cheyne Susanna Lai Kuen Chiu Adnan Khaliq Chughtai Robert Clarke Patrick John Collins Joseph Combs Kevin Gerald Conlon Mark Connelly Francois Corminboeuf Brian Coutanche Mihai Cristalov John Crump

Bohdan Dombchewskyj Richard Donahue James Donnelly

Francesc Xavier

Fernandez Cuesta

Fischel-Bergmann

Urs Fischer Kenneth Glenn Fitzpatrick

Robert Flast Paul Fordiani Joji Fortin Barbara-Ann Fox Winner

Kieran Doorley

Celestino Francisco

Michael Dorn

George Freitas

Sally Dovitz

Dan French

Bao Duong

Finn Frisch

Michael Dwyer

John Frisken

Hugh Dyar

Norihisa Fujita

Alan Egge

Thomas Peter Gagliardi

Ahmed El Gillani

Andre Gagnon

Islam Kamal El-Din El-

Ramses Gallego

Mallah

Newman Hugo Emeanaa

Fredrik Galtung Mary Ellen Gamache John Calston Gamble

Szabolcs Csontos

David Empey

Gordon Curtis

John English

Dominic Cuscuna

Koji Enjo

John Joseph

Enyingwa Kingson

Dinesh Merwin D’Souza

Tomoyasu Eto

Deborah Dahlin

John Kenji Eto

Ashit Dalal

Stephen Craig Evans

Kishor Jagannath

Margaret Ann Everroad

John Generelli

Dieter Fabritius

Frank Gerber

Mark DAndrea

David Fairman

William Gessner

Sabyasachi Dash

Ahmad Mohammad

Mukesh Chandra

Czaplewski

Dandeker

William Davidson Rodney Owain Davies

Ubochi

Faqieh

Tao Feng

Nelson Gibbs

Aris Budiman Hartono

Khristian Gibson

Prachit Hawat

Anthony John Gilli

Shawn Heeley

Paul Danlami Gimsay

Marinus Hendriksen

William Henderson Ging Johan Hermans Jean-Marc Goeders

Jose Francisco Herrera

Fernando Gomez

Mark Hinds

Alfonso

Jennifer Hong

Jason Gonzales

Jeffrey John Horning

David Goodwin

Stefanie Horvath

Thomas Goss

Adrian Howe

Ludo Goubert

Michael John Hughes

Kumararaj

Janette Shaheen

Govindaswamy

Hussain

Roger Scott Greenwell

Michael Onyemordi Igbo

Wayne Evan Greer

Jason Ingalls

Michael John Grimes

Ganesh Inguva

Stefan Gross

Florin Inte

Marisol Guasca

Jose Isebia

Barragan

Yasuhiro Ito

Jorge Guevara Lopez

S. Rohit Iyer

Francisco Santana

Ayman Helal Jaber

Guimaraes

Caryn Jackson

Jose Pascual Gumbau

Babatunde Jaji

Mezquita

Thomas Gunawan

Brusse Alan James

Tod Gene Gunther

Barbara James

John Garms

Michael Robert Guthrie

Ashwameth Ravilla

Anthony Christopher

Barry George Hadfield

Eduardo Garcia Martinez

Gaskin

Guangdong Ge Robert Graham Gemmell

Ghildiyal

Ashok Ghosh

Olivier Jarrar

Michael Hadlock

Allan Jagath Monesh

Aftab Faizy Haider

Jinadasa

Walid Halik

Edward Eric Johnson

Franz Hall Husni Loutfi Hammoud Harpal Singh Hanspal Ashok Nallashivam Harinarayan

James Griffith Harries

Janakiraman

Mark Keith Johnson Guy Jordan Geogy George Joseph Rohini Joshi Carlos Justiniano

ISACA® ANNUAL REPORT 2015

34

Donor

Natalie Jeannine Lake

Eiichi Matsubara

Kevin Kiambi Mworia

Elena Ouklonskaia

Ghassan A.N. Kabbara

Chandrasekar Lakshmi

Tsutomu Matsushita

Sudeep Nair

Kwabena Owusu-

John Mayor

Praveen Nair

Hendrik Jan Land

Timothy Patrick McAliley

John Downy Solomon

Carmen Ozores

Deepak Kamalasanan

Tak Wa Lau

Jacqueline McCaulley

Quaye Kandakai

Jacinthia Lawson

Vickie LaVern McCray

Mahender Narala

Marie-Grace

Ramzi Kanso

Peter Leitch

Cecelia McFadden

Chandramohan Narayan

Jacqueline Kapres

Katherine Lidgard

Malcolm David

George Nawara

Parikshat Kapur

Albert Lima

McKeating

Shuko Ndhlovu

Junaid Yusuf Kara

Anna Maria Lindstrom

Nick James McLelland

Peter Lee Newing

Spiros Karasavvidis

Steven Lines

Sean McPoland

Howard Nicholson

Prasanthi Lushani

Kathi Hughes Loftus

Rudy Meert

Gertjan Nickolson

Clovis Inacio Lopes

Richard Metzer

Takahiro Nishimura

James Meyer

Stephen Norkunas

Helen Meyer

Massimo Noro

Michael Meyer

Georges Noun

Martin Miller

Nwokedi Obiageli

Sasidhar Reddy Kallamadi

Karunaratne

Yasushi Kasahara Eugene N’da Kassi Ravi Shankar

Balakrishnan Kavaseri

Varahan

Pereira

Jose Maria Lopez Sanchez

Gregory John Lotze David Luck

Tomohide Kawawaki

Christina MacGregor

Romana Kerec Osrajnik

Bob Madderra

Shivakumar Manohar

George Kenneth Madzy

Keskar

Nada Khatib

Lambert Ora-a

Manansala

Joseph Kinder

Kevin Rex Manderson

Terje Klepp

Charles-Robert

Petr Knize Praseth Kong Kentaro Kono

Manterfield

Massimo Vito Angelo Manzari

Jean Milzi

Hugh Parkes Simon Martyn

Parkinson

Max Ronald David

Lawretta

Parmer

Martin Andrew O’Neal

Vicente Peirats

Thomas Josef Moellers

Charles Paul Oakes

Nail Pekgor

Clifton Leander Moffitt

John Tanko Ogazuma

Anthony Kamara

Elizabeth Moorhead

Shogo Oka

Charlie Moraza

Albert Olafsson

Robert Walter Peterson

Rick Moreno

Kehinde Peter

Carl Phillips

Modderman

Rodger Kraft

Christopher Marshall

Adel Ilyas Moubarak

Nathan Ladin

Xenia Ley Parker

Jose Maria Pedro

Jeffrey Moskowitz

Chi Choi Kuok

Paranjape

Rachel O´Brien

Chris Marti

Unni Krishnan

Pramod Shashikant

Willem Ewoud

Kounga Taptue

Claxton Martyr

Dionisio Paolella

MohanRaj Patmanathan

Chris Moschovitis

Murali Krishnan

David Paolantonio

Ben Simiyu Nyongesa

Joseph James Marqua

Martin

Juang P. Panjaitan

Thomas Mockbee

Yuji Morita

Denis Krauss

Sudha Sri Paladugu

Keyur Patel

Larry Marks

Yannick Rostand

Pagdanganan

Hazel Nyathi

Jose Moreno Andrades

Ivo Koppelmaa

Fernandes

Nallathambi

Masami Mitsubori

Peter Manzo

Evangelos Kopanakis

Mensah

Mario Fernando

Mourino Diaz

Pepeno

Olofinmoyin

Susan Elaine Phillips

Ekundayo Oludare

Kirsten Pielstrom

Olukemi

Joseph Ponnoly

Adedayo Adeyinka

Sorin Alexandru Popa

Olukoya

Mihaela Popescu

Chanroutie Omadath-

Ifeoluwa Tobi Popoola

Heetai

Marlene Portalatin

Samuel Christopher

Hassanreza Masjedi

Peter Wambua Mumo

Alfonso Mateluna

Mythili Murali

Nosa Omoma

Marin Prisacaru

Alison Murray

Ayoade Oluseye Oriade

Wagner Roberto

Farit Muzipov

Marcelino Eiji Oshima

Concha

Trpimir Matjan

Omoikhunu

Andreas Postl

Pugliese

ISACA® ANNUAL REPORT 2015

35

Donor

Sanchez

Robert John Puppa

Alexander Samarin

Rajesh Kantesh Purohit

Milton Eric Sambolin

Kashif Qadir

Zacarias Sanchez

Gurpreet Singh Thomas Sinnott Edward Joseph Slusarski

Oladotun Omololu

Yosef Saraka

Kishor Rabi

Anthony Saranchak

Annetta Smith

Nobuyuki Tetsuka

R.V. Raghu

Taishi Sasahara

Reginald Smith

Ajit Thankappan

Susheel Dinkar Raje

Mugdha Satish Satarkar

Peter Smithson

Tina Thompson

Rafael Ricardo Ramirez

Martin Schiefer

Rebecca Ann Snevel

Peter Timmermans

Francisco Vicente

Anton Schleibinger

Juliann Snyder

Esa Toivonen

Joshua James Schmidt

Henry Paul Solomon

Scott Tompkins

Brigitte Schnyder von

Ahmed Mohd Soomro

Lisa Toro

Beatrice Thomas

Janet Torres

N. Ramu Sree Krishna Rao

Morisch

Stewart Redfield

Ekkehard Scholz

Springfield

Stephen Schroeder

Thomas Gerard Totton

Robert Schwind

Ivan Stanchin

Derek Truesdell

Paul Byron Scott

Philip Staniforth

Eduardo Ng Tsang

Jack Riegel

Nicola Sebastiani

Jaroslaw Stawiany

Haruhiko Tsukamoto

Kees Riemens

Christodoulos Seferis

Ian Gregoire Stewart

Giancarlo Turati

Daniel Seider

Richard George Stohner

Martin Unterberger

Lakshminarayanan

Igor Stolbikov

Luis Uria

Charles Stuart

Fumio Utsumi

Jonathan Mohammad

Michiel Van Hulsteijn

Jorge Ricardo Rendon Joseph Reuter

Kim Ries Steve Riess Suzanne Roach Royce Robbins Kathy Lee Robertson Marie Ghislaine Robinson

Oscar Robledo

Ramaswamy

Sekharipuram Jorge Serrano

Rodriguez

AbdulGhaffar

Mohammad Setareh

Michael Romano

Alexander Setiadji

William Leroy Roston

Benny Setyadi

Patricia Aneta Rowe-

Harald Seyfried

Seale

Jose Ruiz Timothy Patrick Ruland

Makoto Shibata Mitsuhiro Shigematsu Mahito Shimomura

Roland Sabourin

Brent Shirley

Babatunde Muhammed

Craig Anthony Shorter

Tajudeen Sadiku

Julio Saiz Stella Alexandra Salas

Anand Singh Bindu Kamlesh Singh

Summer

Hartono Ari Susetyo Leonard Sutton Mark Svenson Chandra Sekaran

Swaminathan

Andrew Watson Ian Lawrence Webster Paul Wells Marcellinus Wendra Stefan Andreas Wenzel Dan Wilder Edward Williams Paul Wilton Trevor Andre Wood Gary Woods Shou-Hsin Mark Wu Jens Wudick Takumi Yabuki Li-Jen Lyaw Yang Sarkis Aram Yaralian Stephen Michael Yarton Hajime Yoshitake Clarence Earle Younger Jason Chee-Mun Yuen

Marc Van Kralingen

Muhammad Naveed

Claude Van Orden

Zakarya

Enrique Vasquez

Gustavo Mariath Zeidan

Granados

Zachary Andrew

Chandra Morgan

Zemenick

Velautham

Ching Kwong Sze

Huib Vellekoop

Dai Takahashi

Jason Edward James

Koichiro Takino

John Korvah Wangolo

Eric Tostenrud

Harry Staley

David George Reinhold

Liang Wang

Hiroshi Terai Nikola Terziev

Ramon-Mira

Larry Gordon Walmsley

Choon Meng Teo

Robert Sheridan Smith

Henny Raadschilders

Michael Walker

Temowo

Michael Zeppelzauer Manef Zidi Guenter Zimmek

Viola

Hideyuki Tanaka

Manuel Jose Viscasillas

Yoshito Tashiro

Sooraj Viswanath

Keith Edward Tayloe

Robert Vitali

Jeffrey Durand Taylor

Oliver Von Salis

Teruo Tazaki

James Muresia Wafula

Jeremy Tedes

Julian Wakim

Dan Zitting Christopher Zoladz

ISACA® ANNUAL REPORT 2015

36

DONORS Chapters Platinum

Gold

Silver

Donor

Chicago Chapter

Denver Chapter

Greater Cincinnati

Central Maryland

Greater Houston

Detroit Chapter Greater Kansas City

Greater Hartford

Illowa Chapter

North Texas Chapter

Middle Tennessee

Chapter

Los Angeles Chapter National Capital Area Chapter

New York Metropolitan Chapter

Chapter

San Francisco Chapter Silicon Valley Chapter Tulsa Chapter Virginia Chapter

Chapter Chapter Chapter

New England Chapter Ottawa Valley Chapter Philadelphia Chapter Quebec City Chapter

Chapter

Jacksonville Chapter Minnesota Chapter New Jersey Chapter Rhode Island Chapter Sacramento Chapter Saint Louis Chapter

South Africa Chapter South Carolina Midlands Chapter

Toronto Chapter Utah Chapter Vancouver Chapter Western Michigan Chapter

ISACA® ANNUAL REPORT 2015

37

JOIN THE CONVERSATION! Follow ISACA on Twitter http://twitter.com/ISACANews

Follow ISACA on LinkedIn http://linkd.in/ISACAOfficial

Follow ISACA on Facebook www.facebook.com/ISACAHQ

ISACA® ANNUAL REPORT 2015

Loading...

2015 annual report - isaca

ONE 2015 ANNUAL REPORT ISACA® ANNUAL REPORT 2015 Letter from Chair of the Board and CEO About ISACA Annual Member Metrics: 2015 Membership and Acad...

12MB Sizes 2 Downloads 44 Views

Recommend Documents

2015 Laporan Tahunan Annual Report annual report 2015 mandiri
Jan 12, 2016 - anggota Direksi, anggota Dewan Komisaris dan Karyawan Perseroan tidak dapat bertindak sebagai kuasa Pemeg

Annual Report 2015
Feb 23, 2016 - medical technologies that help clinicians to deliver better diagnosis and treatment, and cloud-based tech

Abzena Annual Report 2015
Financial report. 16. Directors and Company Secretary. 22. Senior management team. 24. Corporate governance report. 25.

2015 Annual Report - PepsiCo
Feb 11, 2016 - Organic, core and constant currency results, as well as free cash flow excluding certain items, are non-G

annual report 2015 - Glencore
Mar 7, 2016 - Strategic priority. Strategic objectives: • Continuously seek to increase the net present value of our b

2015 Annual Report
Feb 16, 2016 - debt protection administration; credit insurance; manufactured housing .... (2) The combined ratio is equ

Annual Report 2015 - AnnualReports.com
Aug 27, 2015 - The main items of expense for the Trust are borrowing costs and the fee paid to the responsible entity fo

Novartis Annual Report 2015
Jan 26, 2016 - through medicines, devices and solutions will be critical in the healthcare industry in the coming years

Annual Report 2015
KOITO MANUFACTURING CO., LTD. (Koito) is grateful to have celebrated its 100th anniversary in business in April 2015 aft

Annual Report 2015 - AirAsia
Dec 31, 2015 - Lumpur to Jakarta today. AirAsia and Perhimpunan BMT. (PBMT) Indonesia sign an agreement to support the d