how to prepare for and pass the cia exam?
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How to prepare for and pass the CIA exam? www.openthinking.aeTRANSCRIPT
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How to prepare for and pass the CIA exam?
Iyad Mourtada
Online Conference
+Online Conference
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• 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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+ 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
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+ 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.
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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
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• 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
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To pass the exam, you need:
• Knowledge
• Confidence
• Effective Time Management
Exam Strategy
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• 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
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• 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