Details
»»Distinguish you from your peers.
»»Demonstrate your proficiency with internal staff and external clients.
»»Develop your knowledge of best practices in the industry.
»»Demonstrate your proficiency and professionalism.
»»Lay a foundation for continued improvement and advancement.
Earning the CIA designation is a valuable accomplishment and a professional advantage for auditors at all stages of their careers, including:»»chief audit executives,»»audit managers»»audit staff»»risk management staff
Outline
PART 1 – INTERNAL AUDIT BASICS
The new CIA exam Part 1 topics tested include aspects of mandatory guidance from the IPPF; internal control and risk concepts; as well as tools and techniques for conducting internal audit engagements.
Participants are given 2.5 Hours to answer 125 questions.
I. Mandatory Guidance (35-45%)
A. Definition of Internal Auditing
Define purpose, authority, and responsibility of the internal audit
activity
B. Code of Ethics
Abide by and promote compliance with The IIA Code of Ethics
C. International Standards
1. Comply with The IIA’s Attribute Standards
2. Maintain independence and objectivity
a. Foster independence
b. Foster objectivity
3. Determine if the required knowledge, skills, and competencies
are available
4. Develop and/or procure necessary knowledge, skills and
competencies collectively required by the internal audit activity
5. Exercise due professional care
6. Promote continuing professional development
7. Promote quality assurance and improvement of the internal
audit activity
II. Internal Control / Risk (25-35%) – Awareness Level (A)
A. Types of Controls (e.g., preventive, detective, input, output, etc.)
B. Management Control Techniques
C. Internal Control Framework Characteristics and Use (e.g.,
COSO, Cadbury)
1. Develop and implement an organization-wide risk and
control framework
D. Alternative Control Frameworks
E. Risk Vocabulary and Concepts
F. Fraud Risk Awareness
1. Types of fraud
2. Fraud red flags
III. Conducting Internal Audit Engagements – Audit Tools and Techniques (28-38%)
A. Data Gathering (Collect and analyze data on proposed
engagements)
B. Data Analysis and Interpretation
C. Data Reporting
D. Documentation / Work Papers
E. Process Mapping, Including Flowcharting
F. Evaluate Relevance, Sufficiency, and Competence of Evidence
The new CIA exam Part 2 topics tested include managing the internal audit function via the strategic and operational role of internal audit and establishing a risk-based plan; the steps to manage individual engagements (planning, supervision, communicating results, and monitoring outcomes); as well as fraud risks and controls. Participants are given 2.0 Hours to answer 100 questions.
I. Managing the Internal Audit Function (40-50%)
A. Strategic Role of Internal Audit
B. Operational Role of IA
C. Establish Risk-Based IA Plan
II. Managing Individual Engagements (40-50%)
A. Plan Engagements
B. Supervise Engagement
C. Communicate Engagement Results
D. Monitor Engagement Outcomes
III. Fraud Risks and Controls (5-15%)
A. Consider the potential for fraud risks and identify common types of fraud associated with the engagement area during the engagement planning process
B. Determine if fraud risks require special consideration when conducting an engagement
C. Determine if any suspected fraud merits investigation
D. Complete a process review to improve controls to prevent fraud and recommend changes
E. Employ audit tests to detect fraud
F. Support a culture of fraud awareness, and encourage the reporting of improprieties
G. Interrogation/investigative techniques – Awareness Level (A)
H. Forensic auditing – Awareness Level (A)
F. Evaluate Relevance, Sufficiency, and Competence of Evidence
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