Maintaining workplace effectiveness is essential for a company or department to go further. Internal auditors ensure a department complies with all legal and regulatory obligations while operating efficiently.
Comprehending the Certified Internal Auditor (CIA) certification may improve your auditing career. It will assist you to demonstrate that you are a trained expert in the field of Internal Auditing.
This post describes how to become a certified internal auditor.
What is the CIA?
Certified Internal Auditor (CIA) is the best way to convey knowledge, skills, and competencies to successfully carry out professional responsibilities for any internal audit, anywhere in the world. It is the only globally recognized internal audit certification.
Being set apart from your peers requires obtaining a professional internal audit accreditation since it will:
- Increase respect and credibility.
- Improve your knowledge and abilities.
- Boost opportunities for growth and compensation.
- Show commitment and comprehension
Now, we will discuss the step-by-step process for Certified Internal Auditor, so here are the steps of it:
Step:1 Obtain the membership
First of all, you should obtain the membership of The Institute of Internal Auditors (IIA). By becoming a member , you will get ample discounts in your application and examination fees.
While membership of IIA, India is most beneficial as it enables the highest discounts. Membership fees vary form chapter to Chapter. Like for IIA India, it is approx. INR 5000.
Step:2 Register for the CIA Course:
The Institute of Internal Auditors (IIA) will only allow register for the CIA test if all necessary paperwork has been submitted, experience has been verified, and all supporting documentation is satisfactory. You have to pay CIA Course registration fees as well which is approx. 100 US $.
You may sign up for the Certified Internal Auditor test once you have the necessary education and experience.
Step:3 Meet the educational and professional requirements:
To take the CIA exam, applicants for the CIA must fulfill the educational prerequisites like a candidate should possess an associate/ graduate degree that satisfies IIA criteria or must have graduated with a 3 or 4-year degree (or above), it is not necessary to get a degree in a certain subject. It might be in the areas of commerce, science or Arts.
Step 4: Upload the required documents:
You will get a confirmation email from the IIA along with guidelines for providing supporting paperwork. You must specifically provide identification and verification of your education and work history.
The following documents must be submitted for your enrolment in the CIA program to proceed:
- Proof of identity
- Proof of education
- Proof of character certificate duly signed by any of your colleagues (Current or earlier), manager (Current or earlier) or by a Qualified CIA.
Step:5 Pay the exam fees:
Once your course application gets approved, it is the time to pay the examination fees. In the CIA there are a total of three levels and there are separate fees for each level.
You may also need to pay program extension costs if your CIA test is about to expire. Remember that you must pass the Certified Internal Auditor program exam within three years of completing your online CIA application. Additionally, you only have 180 days to take the exam after completing your IIA CIA registration.
Step:6 Plan your examination:
You will receive an email with an authorization test once IIA has processed your registration for the CIA exam. This email will assist you in scheduling your exam with Pearson VUE, a third-party provider.
Step:7 Take the CIA exam and pass it:
The three sections of the CIA exam cover a range of internal auditing topics within certain thematic areas. Internal auditing components include the fundamentals, practice, and business understanding.
The test evaluates your understanding of internal auditing principles on two levels. To guarantee that applicants have in-depth familiarity with important ideas, the IIA has included the levels in the CIA test.
Step:8 No Study is required.
Ohh really ! You are understanding about how to enroll in a course, how to register for exams and how to schedule and appear into exams. But the very important point here is that you should study first, get the confidence in your studies, then follow steps No 1 to 8.
We, at Academy of Internal Audit, provide complete study materials, video lectures, live doubt clearing sessions, practice questions and conduct mock tests to help you obtain the sufficient knowledge and also to secure certification in one go.
Now, we will share four reasons that feel good to see you as a Certified Internal Auditor. Because the CIA gives auditors at any point in their careers a gauge of their professional success. Students studying accounting and finance as well as audit leaders, managers, personnel, and risk managers may all gain from this.
- Obtain respect and credibility:
CIA people are unique because of their certification and their personality. The CIA certification indicates that you are the best in your industry to companies and organizations that only work with the best.
In actuality, the CIA is the most significant credential offered in the field of internal audit. It is the only internationally recognized internal audit certification, thus its value is constant across borders. One advantage of being a CIA is the designation’s adaptability.
- More employment options for certified internal auditors:
Internal auditors who possess the CIA are eligible for additional work prospects than those who do not. For reputable job titles like auditing expert, compliance auditor, financial analyst, information systems auditor, internal controls auditor, senior internal auditor, and risk assessment specialist, CIA holders have a crucial prerequisite—even at the entry-level.
You’ll be in line for promotions to lead internal auditor and internal audits supervisor jobs, such as audit manager, internal audit director, risk manager, and senior internal auditor if you continue to show that you are competent.
- Gain a greater income:
You can climb the professional ladder to the top with the CIA, and you’ll be paid for it. Internal auditors with CIA accreditation may earn up to 40% more on average than their counterparts who do not.
The compensation perks increase as well because your pay increases the longer you keep your CIA license. With the CIA and your years of expertise, you might be considered for positions with significant salaries. Being a Certified Internal Auditor has several advantages, including this one.
- Demand for certified internal auditors:
The need for more and better internal auditors is growing as a result of the world economy’s rapid expansion and mounting compliance demands. Internal auditing is currently more focused on risk-based auditing that preserves and enhances the enterprise’s value than on financial audits.
Through 2024, an 11% growth in the auditing and accounting profession is predicted. Internal auditors are in high demand, according to the 2019 report, and the U.S. Bureau of Labor Statistics predicted a 10% rise in internal auditor employment through 2026.
Conclusion:
Even while you most likely aren’t required to join any institute of Internal Auditors after receiving your CIA certification. We will provide you access to a plethora of career-enhancing materials.
Access to video lectures, short study notes, preparation books for CIA, doubts solving sessions, questioning games and offer to avail exciting prizes. Academy of Internal Audit provides you with all the facilities that help you to become a CIA.