How to prepare for and pass the CIA exam? www.openthinking.ae

1. +
Online Conference
How
to
prepare
for
and
pass
the
CIA
exam?
Iyad
Mourtada

2. Online Conference
+

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

4. +

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

6. +

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
iyad@openthinking.ae
http://www.iiauae.org
http://www.theiia.org/certification/certified-­‐internal-­‐auditor