What is CIA and to whom it is meant for?

The Certified Internal Auditor (CIA) exam conducted by the Institute of Internal Auditors (IIA) USA is one of the most sought after global certification especially for those who want to pursue a career in Internal Auditing. In fact, this is the only recognized and widely accepted certification in Internal Audit in the world. Earning the CIA designation is a valuable accomplishment and a professional advantage for auditors at all stages of their careers, including Chief Audit Executives, Audit Managers, Audit staff, Risk Management staff, as well as students enrolled in any of the accounting or business or financial programs. Generally, CIAs are most sought after for positions in internal auditing, risk management, governance, internal control, information technology audit and security.

The IIA believes in and promotes the importance of “collective wisdom” within internal audit activity, rather than restricting it to  finance professionals alone  in the audit team and therefore, it may be noted that CIA certification is open to all those aspirants, having adequate experience and or knowledge on any one or more of subjects like governance, risk management, business management, IT, information security, law, engineering, etc.  and they can  become a “subject expert/a specialist” within large internal audit activity or service providers of contemporary audit across the globe.

About IIA (Institute of Internal Auditors)

The IIA (www.theiia.org) is one of the oldest and reputed international professional associations established in 1941 at USA. The syllabus, exams, membership, certification and all allied activities are managed and controlled by the IIA. It is the internal audit profession’s global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. It has more than 190,000 members worldwide. IIA is also responsible for developing and maintaining International Professional Practice Frame work, (IPPF), encompassing the international standards for internal auditing, Code of Ethics, mission and principles of internal auditing.

 What are the benefits of becoming CIA?

The well-thought over and detailed syllabus, together with rigorous testing methodology of the institute ensures that successful candidates will be competent enough to render internal auditing services expected by today’s audit committees and major stakeholders of  all type of organizations. Internal Auditors, who have CIA certification, convey that they have the necessary  knowledge, insight, competency  and can demonstrate high  ethics in discharging their professional responsibilities, while continually focusing on adding value to the organizations. 

The IIA certification is like having a key to the world of opportunities the profession of internal auditing offers. Ultimately, becoming certified will help to earn credibility and respect in the field. Further, it will provide more opportunities for advancement and improve one’s internal audit skills and knowledge expected from a successful internal auditor.

The CIA designation is well recognized as a valuable accomplishment and a professional advantage for auditors at all stages of their careers. CIA certification provides one of the most rewarding careers, as it has the potential and leverage to survive in any complex business environment.

The syllabus encompasses Internal audit fundamentals, Internal audit practice and business knowledge essential for internal auditors. To ensure that the exam’s content remains current and valid, IIA periodically conducts a CIA global job analysis study, to determine the knowledge, skills, and abilities most relevant to today’s internal audit professionals and accordingly make necessary amendments to the syllabus. (The last revision has been done in 2018 and the revised syllabus is effective Jan, 2019). Therefore, aspirants always are required to prepare for the exam based on most relevant syllabus aligned to industry requirements.

In addition to providing the knowledge required for conducting finance and operational audits, the syllabus addresses other audit requirements of modern enterprises, which includes Information Security Audit, Compliance Audit, Quality Audit, Analytical Audit, Performance Audit, Privacy Audit, Security Audit, Environment, Health and Safety (EH&S) Audit, Due Diligence, Forensic Audit etc. Over and above extensive coverage of governance, risk management and controls, the current syllabus includes topics on business knowledge, IT, Information security, and business analytics, which are essential ingredients to meet the current and future requirements of dynamic and complex business environments. The standards and IPPF are periodically reviewed by IIA and updated to support all types of audits required by the modern enterprises.

CIA syllabus is undergoing change from January 2019. All exams after that date will be under the new syllabus. Below is a brief overview of the new CIA syllabus:

Part 1 Exam: Essentials of Internal Auditing

Duration: 2.5 hours
Objective  Questions: 125

Part 2 Exam:  Practice of Internal Auditing

Duration: 2.0 hours
Objective  Questions: 100

 

Part 3 Exam:  Business knowledge

Duration: 2.0 hours
Objective  Questions: 100

 

Topical focus areas include:

  • Foundations – (Definition, code of ethics, principles, charter etc)
  • Independence and objectivity
  • Proficiency and due care
  • Quality assurance and improvement program (QAIP)
  • Governance, Risk management and control
  • Fraud risk
Topical focus areas include:

  • Managing IA activity
  • Planning engagements
  • Conducting engagements
  • Communicating audit results
  • Follow-up and monitoring
Topical focus areas include:

  • Business Acumen
  • Finance management & Management Accounting
  • Information technology
  • Information security
  • Business analytics

Exam Pattern

The online exams with a multiple choice question pattern can be taken anytime through authorized Prometric centers spread across the country in all major cities.(one center is in Chennai).

The exams can be taken up the three parts, one at a time or complete all in one single shot. The candidate, however should clear all parts (done at one go or individually) within 4 years from the date of registration.

Membership and Exam Fees

The student should become a member of the Institute of Internal Auditors – India, to get fee concessions from IIA Inc.

To obtain membership, one time Membership Registration fee of Rs. 1500 (plus 18% GST) and Annual fee of Rs. 3500 (plus 18% GST) is payable.  You are advised to check at the website of IIA India (www.iiaindia.org) if there is any change in the rates.

Those who have become Member in IIA India will be eligible for concessional Exam fee payable to IIA – Inc, Florida.

One time Exam  Registration fee payable to IIA Inc is $86

Exam fee as applicable to IIA India members and is payable to IIA Inc.

Part-1 $209

Part- 2 $173

Part-3 $173

(The above are current rates and are subject to revision periodically)

The regular CIA classes will be held on Sundays from 8.30 am to 1.30 pm only as below:

Course Details No. of days No. of Hours Total Hours
Part I Classes 7 (Sun) 5 35
Part II Classes 6 (Sun) 5 30
Part III Classes 12 (Sun) 5 60
Additional Class by External Faculty 1 (Sun) 5 05
Total 26 Sundays 130

Prepare yourself to take the exams confidently by attending our classes for New 3 part format of Examinations by Institute of Internal Auditors, Florida.

With an aim to make it easier for those CIA aspirants who do not have professional qualifications-(CA, ICWA, MBA or PG equivalent) and/or industrial experience, Grey Matter Academics conducts regular Bridge program to help and prepare such candidates with a certain level of proficiency demanded for an international certification course such as CIA.

The next Bridge Program starts on 17th June 2018

With an objective to support aspirants who could not attend regular classes and for those who would like to have a last-minute brush up before taking the CIA exam, GMA will be periodically conducting Crash Courses. The eligible student should have either attended regular classes or gone through self-study program. Freshers or those who are new to CIA will not be considered.

For Part 1 and 2, classes will be held on two consecutive days and for Part 3, classes will be on three consecutive days between 8 AM to 1 PM. Dates of the classes will be announced in the website or communicated to those who have informed us of their interest to attend.

Teaching methodology– A quick review of all important topics for four hours followed by one hour of doubt clarification and/or discussions each day. Participants will be permitted to undergo mock-test. The students may seek additional exam related guidance/ input after crash course hours from the faculty.

Fee structure- (Inclusive of detailed notes and refreshments)

Part 1 Part 2 Part 3
INR. 5,000/- plus GST  INR. 5,000/- plus GST INR. 7,000/- plus GST

Normal fees Rs. 50,000 plus GST. (GST will be 18%)

Detailed Fee Structure Details of Bank

    • Next batch of classes commences on 6th January 2019
    • Registration on or before  15th December 2018 will be eligible for Early Bird Offer of Rs. 5,000 discount from Normal fees
    • Payment by installments (subject to conditions) will be permitted.
    • For 2 installments, fees will be Rs. 52,000 plus ST.(Rs. 27,000 plus GST+one month PDC for Rs. 25,000 plus GST)
    • For 3 installments fees Rs. 55,000 plus GST. (Rs. 25,000 plus GST+2 monthly PDCs for Rs. 15,000 each with GST)
    • Installment scheme will not be available for those availing Early Bird Offer.
    • Light refreshments, Course materials and hand outs will be provided.
A few successful CIA studentsView