Certified Internal

Auditor

What is a certified internal auditor?

Acertificationoffered
to
accountants
who
conductinternalaudits.Certified Internal Auditors(CIA) must meet
several requirements to obtain this designation, such as passing a fourpart exam that covers all issues, risks and remedies that pertain
tointernalaudits.
The CertifiedInternal Auditordesignation is conferred by theInstitute of
Internal Auditors(IIA) and is the only such credential that is accepted
worldwide.

Six Steps to Certification

Step 1: Decide Which Certification is Right for You
The IIA also offers four specialty certifications:
Certification in Control Self-Assessment (CCSA)
Certified Government Auditing Professional (CGAP)
Certified Financial Services Auditor (CFSA)
Certification in Risk Management Assurance (CRMA
)Step 2: Determine Your Eligibility and Skill Level

Step 3: Register for the Exam

Step 4: Prepare for the Exam
Step 5: Take the Exam
Step 6: Receive Your Certificate

History and Background

Fraud detection and control assessment are the basic
components of internal auditing. Auditing techniques and
control methods from England migrated to the United States
during theIndustrial Revolution. In the 20th century, auditors'
reporting practices and testing methods were standardized.
The IIA launched in 1941 and solidified theinternal audit
practice as a profession. In 1950, Congress required that each
executive agency include internal audits in the agency's
system of internal controls. Internal auditing emerged as a
separate accounting function in the middle of the 20th
century.
In
1977,
theForeign Corrupt Practices Actcompletely
overhauled the internal auditing industry. The act prevented
companies from hiding funds and conducting bribery. The act
required companies to keep adequate systems of internal
control and keep complete and correct financial records.

CIAs
usually
work
in
the
audit departmentof
government
agencies,financial institutionsor
corporations. They review financial
records to look for deficiencies in
internal
controls.
The certified internal auditors
work
in the accounting field
and usually provides services to a single company at a time,
considering all financial records in order besides helping to
ensure state and federal compliance to accounting and tax
laws. Moreover, a certified internal auditor can work for an
auditing firm and come in to conduct annual audits, or might
even be employed directly by a company.

Jobs offered

Some other aspects forming the job duties of a certified internal auditor include:

Accounting review: One part of a CIAs job is reviewing the

accounting data for the company thus identifying any improper
accounting practices and errors in reporting or documentation.
Compliance: Another duty of a CIA is monitoring compliance
adherence inside the company.
Reporting: a CIA is expected to give a comprehensive reporting
of all their findings throughout the auditing process.

Accountants seeking the CIA certification are

required to get a bachelors degree and have no
less than two years work experience. They must
have at least two years of work experience in a
field related to internal auditing, such as internal
control, compliance and quality assurance.
CIAs have a wide range of career options. A CIA
can move into an executive position, such vice
president, chief audit executive or director. A CIA
can specialize as aninternal auditor, an audit
manager, a compliance auditor, investigation
auditing and information technology auditing.

What CIAs Do?

The Institute of Internal Auditors (IIA) is the foremost international
professional association for internal auditing. The IIA's globally
accepted definition of internal auditing states that:
"Internal auditing is an independent, objective assurance and
consulting activity designed to add value and improve an
organization's operations. It helps an organization accomplish its
objectives by bringing a systematic, disciplined approach to
evaluate and improve the effectiveness of risk management,
control, and governance processes."

Anauditorensures that organizations maintain accurate and

honest financial records.
An auditor protects businesses from fraud. They verify a
business records and statements, pointing out discrepancies
and ensuring that its accounting methods are precise.
Governments, the IRS, accounting firms and other private
sector organizations employ auditors. Internal auditors are
usually employees or contractors of the company theyre
auditing. External auditors usually work for or in conjunction
with government agencies.
The SEC requires publicly traded companies to comply with
official auditing procedures, including regular reviews
conducted by external auditors.
Auditors play a crucial role in an organizations success. They
assure potential investors that a companys finances are in
order and accurate. They also provide a clear picture of a
companys worth to help investors make informed decisions.

In simplest terms, the duties of an internal auditor are to:

Objectively review an organization's business processes
Evaluate the efficacy of risk management procedures that are
currently in place
Protect against fraud and theft of the organization's assets
Ensure that the organization is complying with relevant laws and
statutes
Make recommendations on how to improve internal controls and
governance processes

Line of Specialization
Auditing is a specialized form of accounting for an
organization's financial information, which includes systems,
policies and records. Certified auditors handle this data in a
variety of ways that range from monitoring to managing.
Certified auditors are in demand by many businesses and
government agencies. Auditors typically need a bachelor's
degree in accounting or a related field; certification requires
several years of work experience and passing an exam.

Requirements for board exam

CIA candidates must meet the following eligibility requirements for
education, character, work experience, and identification. Before a
candidate application can be approved, ALL documentation (proof of
education, character reference, and identification) must be received
and approved by The IIAs Certification staff.
Education
Acceptable Documents
Download the Certification Education
Requirement Exceptions FAQ and
Application
Work Experience
Candidates may now become eligible for the CIA, subject to
approval, who possess:
Two years post-secondary education and five years verified
experience in internal audit or its equivalent, OR
Seven years verified experience in internal audit or its
equivalent.

Salary Trends
An Internal Auditor earns an average salary of PHP 239,276
per year. People in this job generally don't have more than
10 years' experience.