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Iia-cia-part2, Getting Certified For Internal Audit Practice

By Author: Lena Wulf
Total Articles: 119

IIA-CIA-Part2, Internal Audit Practice exam has been formed for the Auditors that play the duties within an organization; this is a very tough job because it requires the detailing of minor components. The exam, takers should have wide knowledge for the task of auditing.

IIA-CIA-Part2, Internal Audit Practice exam features the main exam syllabus that has been given to the individuals as under:
In the first section of Managing the Internal Audit Function that covers forty to fifty percent in the exam, applicants get to learn related to the following exam topics:

First we have Strategic Role of Internal Audit which includes the task to Initiate, manage, be a change catalyst, and cope with change, Build and maintain networking with other organization executives and the audit committee, Organize and lead a team in mapping, analysis, and business process improvement, Assess and foster the ethical climate of the board and management, Investigate and recommend resolution for ethics/compliance complaints, and determine disposition of ethics violations, Maintain and administer business conduct policy and report on compliance, Educate senior management and the board on best practices in governance, risk management, control, and compliance, Communicate internal audit key performance indicators to senior management and the board on a regular basis, Coordinate IA efforts with external auditor, regulatory oversight bodies and other internal assurance functions and Assess the adequacy of the performance measurement system, achievement of corporate objective.

The IIA-CIA-Part2, Internal Audit Practice second topic is called the Operational Role of IA including which are the topics for policies and procedures for the planning, organizing, directing, and monitoring of internal audit operations, role of the internal audit function within the risk management framework, administrative activities such as budgeting, human resources of the internal audit department, the task to Interview candidates for internal audit positions, effectiveness of corporate risk management processes to senior management and the board, effectiveness of the internal control and risk management frameworks and how to Maintain effective Quality Assurance Improvement Program.

The IIA-CIA-Part2, Internal Audit Practice third topic is to Establish Risk-Based IA Plan in which applicants learn about product, and industry knowledge to identify new internal audit engagement opportunities, risk framework to identify sources of potential engagements such as audit universe, audit cycle requirements, management requests, regulatory mandates, Establish a framework for assessing risk, Rank and validate risk priorities to prioritize engagements in the audit plan, internal audit resource requirements for annual IA plan, areas of significant risk and obtain approval from the board for the annual engagement plan.

The applicants also learn about Types of engagements which are Risk and control self-assessments such as Facilitated approach, Audits of third parties and contract auditing, Quality audit engagements, Due diligence audit engagements, Security audit engagements, Privacy audit engagements, Performance audit engagements, Operational audit engagements, Financial audit engagements, Compliance audit engagements and Consulting engagements such as Internal control training, Business process mapping, Benchmarking, System development reviews and Design of performance measurement systems.

The IIA-CIA-Part2, Internal Audit Practice next section is called Managing Individual Engagements covering forty to fifty percent in which included are the topics given as:
Plan Engagements which includes engagement objectives/criteria and finalize the scope of the engagement, engagement to assure identification of key risks and controls, detailed risk assessment of each audit area, engagement procedures and prepare engagement work program, the level of staff and resources needed for the engagement and audit staff schedule for effective use of time.

Get to know more about the Latest and Workable Study Material for IIA-CIA-PART2 Study Guides and IIA-CIA-PART1 Test.

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