How to prepare for and pass the CIA exam?

+

How  to  prepare  for  and  pass  the  CIA  exam?  

Iyad  Mourtada    

Online Conference

+Online Conference

+

• 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

+

+ THE CIA EXAM CONTENT

The Internal Audit Activity’s Role in Governance, Risk & Control Part 1

Conducting the Internal Audit Engagement Part 2

Business Analysis and Information Technology Part 3

Business Management Skills Part 4

+

+ 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)

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

+ Summary Of Changes

  Organizational Independence

  Quality Assessments

  Auditor opinions

  Audit responsibility

  Risk Management

  Additional Changes

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.)

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)

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)

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.)

Risk Management

  Revised Performance Standard 2120 – Risk Management

(Understanding of the organization’s risk management processes and their effectiveness.)

Additional Changes

Glossary:

  Add Value

  Chief Audit Executive

  Independence

+ 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

+ The CIA Exam Format

+ Changes to the Certified Internal Auditor (CIA) program scheduled for Mid of 2013

  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.

+

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

Eligibility & Requirements

+

• 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

Exam Preparation Tips

+

To pass the exam, you need:

• Knowledge

• Confidence

• Effective Time Management

Exam Strategy

+

•  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

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

Exam-Taking Tips

+ Questions

http://www.iiauae.org  

http://www.theiia.org/certification/certified-­‐internal-­‐auditor  

[email protected]