What Is Certified Internal Auditor (cia) About?

By Author: shinde simandhar
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CIA (Certified Internal Auditor) is a certification offered to the accountants who conduct internal audits. Becoming a CIA will help the candidate enhance his auditing career to the next level. It’s a designation conferred by IIA (Institute of Internal Auditors). CIAs work in the audit department of financial institutions, corporations and government agencies.

Educational Requirements

CIA aspirants must meet the following educational requirements to sit for the CIA exam.

The candidate must graduate with a 3 or 4-year degree (or higher) or should have an associate’s degree satisfying the requirements of IIA.
The degree is not needed to be in a specific field. It may be in the fields of applied science, business, health-care, or any other field.
Candidates having seven years of experience of internal auditing or its equivalent can also be eligible for CIA exam.
CIA Exam Format

The CIA exam is entirely computer-based, and it consists of 3 sections of MCQs (Multiple Choice Questions).

Part 1 – Internal Audit Basics

Internal Control Risk (25-35%)
Mandatory ...
... Guidance (35-45%)
Audit Tools & Techniques – Conducting Internal Audit Engagements (25-35%)
Part 2 – Internal Audit Practice

Managing Individual Engagements (40-50%)
Managing the Internal Audit Function (40-50%)
Fraud Risks and Controls (5-15%)
Part 3 – Internal Audit Knowledge Elements

Business ProcessesOrganizational Structure(15-25%)
GovernanceBusiness Ethics (5-15%)
Communication (5-10%)
Risk Management (10-20%)
ITBusiness Continuity (15-25%)
LeadershipManagement Principles (10-20%)
Global Business Environment (0-10%)
Financial Management (10-20%)
Sections No. of Questions Exam Duration
Internal Audit Basics (Part -1) 125 2.5 hours
Internal Audit Practice (Part -2) 100 2 hours
Internal Audit Knowledge Elements(Part -3) 100 2 hours
CIA Course Benefits

The benefits of the CIA course are listed below.

1. Higher Income

The salary of a Certified Internal Auditor is one of the most appealing aspects of the CIA course. According to the IIA reports, CIAs earn an average of $38,000 annually. This shows that CIAs are getting more than 50% salary than non-certified peers. The CIA certification qualifies you for higher positions such as Internal Audit Director or Chief Audit Executive when combined with years of experience.

2. More Job Opportunities

With the CIA certification internal auditors can reach the top of the corporate ladder. Also, with this certification, entry-level internal auditors can be placed in roles such as

Compliance auditor
Information systems auditor
Lead internal auditor
Auditing specialist
Financial analyst
Internal controls auditor
Risk assessment specialist
The experienced internal auditors with CIA certification will be up for promotions to higher internal audit supervisor positions like

Internal audit director
Senior internal auditor
Audit manager
Risk manager
Chief Financial Officer
Finance Director
Chief Audit Executive
Controller
Internal Audit Director
3. Job Security

Internal Auditors are considered a hot commodity in the accounting and finance hiring market. Organizations improve their transparency and internal controls which leads to higher demand for internal auditing professionals. CIAs are good in supply assurance on corporate governance, risk management, and internal controls in all kinds of business conditions. Hence, companies want to recruit and retain CIAs.

4. Heightened Respect and Admiration

CIAs know how to improve the business, hence they can experience privileges such as admiration and universal credibility.

Conclusion

Hope the above information helps you know more about the CIA course details including educational requirements, exam format, CIA course benefits and so on. Although if you have any queries, please comment below.

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