Step by Step Process of Certified Internal Auditor CIA
Mon Jul 10 2023
What is a CIA qualification?
CIA (Certified Internal Auditor) is a certification offered to the candidates 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.
How do I earn CIA Certification?
Below are the steps to earn CIA certification.
- Fulfill the Educational Requirements
- Register for the CIA exam
- Study for the CIA exam
- Pass the CIA exam
- Complete the experience requirement
Fulfill the 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 the CIA exam.
Register for the CIA exam:
Only after submitting the satisfactory supporting documents, required forms, and the completion of experience verification does the Institute of Internal Auditors (IIA) issue access to schedule and register for the CIA exam.
After having the required educational qualifications and experience, you can register for the Certified Internal Auditor exam.
Pass the CIA exam:
Is the CIA exam difficult?
The CIA exam is not as difficult as you think and it is entirely computer-based, and it consists of 3 sections of CIA MCQs (Multiple Choice Questions).
Part: 1 – Essentials of Internal Auditing
- Foundations of Internal Auditing
- Independence and Objectivity
- Proficiency and Due Professional Care
- Quality Assurance and Improvement Program
- Governance, Risk Management, and Control
- Fraud Risks
Part: 2 –Practice of Internal Auditing
- Managing the Internal Audit Activity
- Planning the Engagement
- Performing the Engagement
- Communicating Engagement Results and Monitoring Progress
Part: 3 – Business Knowledge for Internal Auditing
- Business Acumen
- Information Security
- Information Security
- Information
| Section | No. of Questions | Exam Duration |
|---|---|---|
| Essentials of Internal Auditing (Part -1) | 125 | 2.5 hours |
| Practice of Internal Auditing (Part -2) | 100 | 2 hours |
| Business Knowledge for Internal Auditing (Part -3) | 100 | 2 hours |
Youtube: https://youtu.be/5YwefxepSXM?si=Yb8iaHBqGimf8yJ6
Upload the required documents:
The confirmation email from the Institute of Internal Auditors (IIA) provides all the instructions that are needed to submit the supporting documentation. To verify your identity, submit a copy of either your valid passport or national ID card. Expired documents are not accepted by the IIA. Make sure to scan and upload a clear image of your ID to the IIA’s Document Upload Portal.
Related Article: CIA Syllabus
Pay the CIA Exam Fees
How much does the CIA exam cost?
Given below is the certification fee structure of the Certified Internal Auditor exam.
| 2024 CERTIFICATION EXAM PRICE – EFFECTIVE 1 JULY 2024 | |||
|---|---|---|---|
| Exam | Member | Non-Member | Student |
| CIA Application | US $120 | US $240 | US $65 |
| CIA Part 1 Exam | US $310 | US $445 | US $245 |
| CIA Part 2 Exam | US $280 | US $415 | US $215 |
| CIA Part 3 Exam | US $280 | US $415 | US $215 |
Source: https://www.theiia.org/en/certifications/new-to-certification/Pricing/
Schedule your exam:
Once IIA has processed your CIA exam registration, then they will send an authorization test email to you. This email will help you to schedule your exam through a third-party vendor called Pearson VUE.
Sit for the exam parts:
Sitting for the CIA exam is the final step, when the exam day comes, you must have to show an appropriate ID.
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
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:
Earning the “CIA” title signals that you’re a skilled and qualified auditor, bringing you greater respect and credibility in the field. As a CIA, peers and supervisors recognize the effort and expertise gained, seeing you as someone who elevates the industry. In short, becoming a CIA places you among an elite group of auditors and secures the admiration of colleagues and leaders alike.
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.
Need more information on the CIA Exam? please feel free to Contact Simandhar Education +91 7780273388 or mail us at info@simandhareducation.com.