Certified Internal Auditor Qualifications
The Certified Internal Auditor (CIA) designation is granted to those who can demonstrate competency and professional achievements in the field of internal auditing. Certification involves passing a four-part exam that tests the candidate's knowledge of internal auditing practices, risks, business analysis and professional practices on the global scale.
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Significance
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The Certified Internal Auditor designation is a globally accepted designation for professionals who work in the internal auditing field, and is only granted to those who can successfully complete the 400-question examination administered by the Institute of Internal Auditors, an organization established in 1974, currently comprised of over 60,000 internal auditors (see Resources below).
Function
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The CIA exam is administered in an electronic format at over 500 locations around the world. In order to meet Certified Internal Auditor Qualifications, candidates must be knowledgeable and proficient in the following key areas: internal audit roles, planning and supervising an auditing engagement, information technology, statistics and sampling, financial accounting, managing resources and pricing controls, structural analysis and strategies, strategic decision making, organizational structure, and time management and negotiation. Candidates must hold a bachelor's degree from an accredited college or university, and agree to adhere to the code of ethics outlined by the Institute of Internal Auditors (see Resources below).
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Types
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Qualifying to take the CIA exam requires successful completion of internal auditing classes at the undergraduate level and applying specific methodologies and techniques in a company setting. Candidates must have strong problem-solving and communication skills, as well as a background in the financial services industry. Most accountants already have the skills needed to be successful as internal auditors, since much of the work consists of examining financial statements and reports, and analyzing large amounts of financial data.
Considerations
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The pass rate for the CIA exam averages approximately 45 percent; all candidates must earn a score of 600 points or more in order to pass the exam. The examination is 3 hours in length; candidates are required to complete the four part within 2 hours and 45 minutes, and use the final 15 minutes to complete a survey and practice test-taking techniques with a tutorial. Candidates can register online to take the CIA exam directly through the Institute of Internal Auditors. After earning the CIA designation, candidates will need to complete at least 80 hours of continuing education courses every two years to maintain certification.
Benefits
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Candidates who complete all necessary qualifications and earn the designation of the Certified Internal Auditor can apply for several attractive positions in the field of internal auditing and advance more rapidly in their career. Meeting all qualifications and obtaining certification allows the professional to undertake both administrative and managerial roles in the field; they may also assume leadership positions to supervise a team of auditors.
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