How to prepare for and pass the CIA exam?

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

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How to prepare for and pass the CIA exam?

  1. 1. + Online Conference How  to   prepare  for   and  pass  the   CIA  exam?   Iyad  Mourtada    
  2. 2. Online Conference+
  3. 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. 4. +
  5. 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. 6. +
  7. 7. + 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)
  8. 8. 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 changesChanges will be tested on the CIA exam effective July 1, 2011
  9. 9. + Of Changes Summary   Organizational Independence   Quality Assessments   Auditor opinions   Audit responsibility   Risk Management   Additional Changes
  10. 10. Organizational Independence  Revised Attribute Standard 1000 – Purpose, Authority and Responsibility(Nature of the chief audit executive’s functional reporting relationshipwith the board)  Revised Attribute Standard 1110 – Organizational Independence(Emphasis is placed on the Chief Audit Executive’s (CAE) organizationalindependence by recommending functional reporting to the board.)
  11. 11. 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 qualityinternal audit activity is maintained)
  12. 12. 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)
  13. 13. Audit Responsibility  New Performance Standard 2070 - External Service Provider and Organizational Responsibility for Internal Auditing(Ensure that organizations maintain responsibility for their internal auditfunction when it is outsourced.)
  14. 14. Risk Management  Revised Performance Standard 2120 – Risk Management(Understanding of the organization’s risk management processes andtheir effectiveness.)
  15. 15. Additional ChangesGlossary:  Add Value  Chief Audit Executive  Independence
  16. 16. + 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
  17. 17. + The CIA Exam Format
  18. 18. + Changes to the Certified Internal Auditor (CIA) program scheduled for Mid of 2013
  19. 19.   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 DesignationPracticing CIAs must complete a total of 80 hours of acceptable CPE every 2 years.
  20. 20. + Eligibility & Requirements To sit for the exams •  Have a bachelors 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
  21. 21. + 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
  22. 22. + Exam Strategy To pass the exam, you need: • Knowledge • Confidence • Effective Time Management
  23. 23. + 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
  24. 24. + 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
  25. 25. + Questionsiyad@openthinking.ae   http://www.iiauae.org   http://www.theiia.org/certification/certified-­‐internal-­‐auditor  

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