How to prepare for and pass the CIA exam?
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This document provides information about preparing for and taking the Certified Internal Auditor (CIA) exam. It discusses the exam content areas and format. It also provides tips for studying, including establishing a study schedule, using practice tests, and understanding concepts. Advice is given for exam strategies like managing time and answering questions. Requirements to sit for and pass the exam are also summarized, as well as how to maintain the CIA certification.
How to prepare for and pass the CIA exam?
- 1. + Online Conference How to prepare for and pass the CIA exam? Iyad Mourtada
- 3. + • Globally recognized certification for internal auditors • Sponsored by the IIA • Based on the IPPF 2011 • More than 100,000 CIAs worldwide • Computer-based testing (CBT) • Now in Arabic
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- 5. + THE CIA EXAM CONTENT Part 1 The Internal Audit Activity’s Role in Governance, Risk & Control Part 2 Conducting the Internal Audit Engagement Part 3 Business Analysis and Information Technology Part 4 Business Management Skills
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- 11. + Overview of the IIA Standards Attribute Standards: • Purpose, Authority and Responsibility_______________(1000) • Independence and Objectivity______________________ (1100) • Proficiency and Due Professional Care _____________ (1200) • Quality Assurance and Improvement Program______ (1300) Performance Standards: • Managing the Internal Audit Activity________________(2000) • Nature of Work _____________________________________(2100) • Engagement Planning______________________________(2200) • Performing the Engagement________________________(2300) • Communicating Results ___________________________ (2400) • Monitoring Progress_______________________________ (2500) • Resolution of Management’s Acceptance of Risks___ (2600)
- 12. IPPF Changed in January 2011: • 3 new Standards • 15 changes to existing Standards • 2 deletions of the existing Standards • 6 changes to existing Glossary terms Total = 26 changes Changes will be tested on the CIA exam effective July 1, 2011
- 13. + Of Changes Summary Organizational Independence Quality Assessments Auditor opinions Audit responsibility Risk Management Additional Changes
- 14. Organizational Independence Revised Attribute Standard 1000 – Purpose, Authority and Responsibility (Nature of the chief audit executive’s functional reporting relationship with the board) Revised Attribute Standard 1110 – Organizational Independence (Emphasis is placed on the Chief Audit Executive’s (CAE) organizational independence by recommending functional reporting to the board.)
- 15. Quality Assessments Revised Attribute Standard 1312 - External Assessments (The requirements of external assessments) Revised Attribute Standard 1321 - Use of “Conforms with the International Standards for the Professional Practice of Internal Auditing” (External service provider to demonstrate to management that a quality internal audit activity is maintained)
- 16. Auditor Opinions New Performance Standard 2010.A2 – Planning (CAE to understand key stakeholders expectations for opinions at the planning stage) Revised Performance Standard 2410.A1 - Criteria for Communicating (The requirements of communicating the opinion) New Performance Standard 2450 - Overall Opinions (The requirements of the overall opinion)
- 17. Audit Responsibility New Performance Standard 2070 - External Service Provider and Organizational Responsibility for Internal Auditing (Ensure that organizations maintain responsibility for their internal audit function when it is outsourced.)
- 18. Risk Management Revised Performance Standard 2120 – Risk Management (Understanding of the organization’s risk management processes and their effectiveness.)
- 19. Additional Changes Glossary: Add Value Chief Audit Executive Independence
- 20. + New Practice Guides: Auditing Executive Compensation and Benefits Evaluating Corporate Social Responsibility / Sustainable Development Internal Auditing and Fraud GTAG 15: Information Security Governance GTAG 14: Auditing User Developed Applications GTAG 13: Fraud Prevention and Detection in an Automated World IIA members can download them for free from the Standards and Guidance section of The IIA’s website: www.theiia.org/StandardsAndGuidance
- 21. + The CIA Exam Format
- 22. + Changes to the Certified Internal Auditor (CIA) program scheduled for Mid of 2013
- 23. Passing the Exam Exam scoring: Scale of 250-750; 600+ required to pass the exam. Professional Recognition Credit Professional Recognition Credit (PRC4) is available for Part 4 of the CIA Exam only. Full listing of approved certifications listed at: www.theiia.org/certification. Maintaining Your CIA Designation Practicing CIAs must complete a total of 80 hours of acceptable CPE every 2 years.
- 24. + Eligibility & Requirements To sit for the exams • Have a bachelor's degree or • Be in the final year of studies To become a CIA • Pass Parts I, II, III and IV of the CIA Examination • Complete two years of professional work experience (in internal audit or its equivalent) Note: A master’s degree or work experience in related business professions (accounting, law or finance) can be substituted for one year of experience
- 25. + Exam Preparation Tips • Establish a regular study schedule • Pace yourself – don’t cram • Create your own flashcards with formulas or terms • Use CIA practice tests • Be sure to completely understand all concepts
- 26. + Exam Strategy To pass the exam, you need: • Knowledge • Confidence • Effective Time Management
- 27. + Exam-Taking Tips • Budget your Time and don’t rush • Trust your first impressions & avoid over-analyzing • Pay close attention to wording of each question • Answer a question in your mind before looking at answer options • Look for words like “except,” “least” and “most” • Eliminate obvious distracters (wrong answers) • If uncertain, mark and return to question
- 28. + Exam-Taking Tips • Answer all questions - No penalty for incorrect responses • Biggest risk: Spending too much time on one question • Maintain a positive mental outlook! • Use all of your time - Review, correct, go back to more difficult questions
- 29. + Questions [email protected] http://www.iiauae.org http://www.theiia.org/certification/certified-‐internal-‐auditor