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CIA USA®

CERTIFIED INTERNAL AUDITOR COURSE

Certified Internal Auditor – A certification awarded by IIA USA (The Institute of Internal Auditors – USA). www.theiia.org

The CIA designation is the only globally accepted certification for internal auditors and remains the standard by which individuals demonstrate their competency and professionalism in the internal auditing field. It has opened up countless doors of opportunity for practitioners around the world as it communicates their ability to serve as a key player in their organization’s success. The CIA credential can be your master key to professional success, opening doors for career opportunities and earning you increased credibility and respect within the profession and your organization.

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 IIA’s Certification staff. To earn the CIA, you need to follow the following steps; 1. CIA candidates must hold a 4-year post-secondary degree (or higher) or its educational equivalent from an accredited university 2. CIA candidates with a 4 year post secondary degree must obtain a minimum of 24 months of internal auditing experience or its equivalent. A Masters degree can substitute for 12 of the required 24 months 3. Candidates must exhibit high moral and professional character and must submit a Character Reference Form signed by a CIA, CGAP, CCSA, CFSA, CRMA, 4. Candidates must provide proof of identification in the form of a copy of the candidate’s official passport or national identity card 5. Effective November 2010, the certification program’s eligibility requires candidates to complete the program certification process within four years of application approval. 6. CPE Hours per for Practicing CIAs – 40 hours per year & 20 hours per year for Non-Practicing CIAs.

Course Contents Part-I (Internal Audit Basics)

The CIA exam Part I topics tested include aspects of mandatory guidance; internal control and risk concepts; as well as tools and techniques for conducting internal audit engagements.

Course Contents & Outline Part-I (Internal Audit Basics)

Mandatory Guidance

  1. Applicable Standards
  2. Code of Ethical Conduct for Professionals
  3. Internal Audit Ethics – Introduction & Principles
  4. Internal Audit Ethics – Integrity
  5. Internal Audit Ethics – Objectivity
  6. Internal Audit Ethics – Confidentiality
  7. Internal Audit Ethics – Competency
  8. Internal Audit Charter

Independence, Objectivity and due care

  1. Independence of the Internal Audit Activity
  2. Objectivity of Internal Auditors
  3. Impairment to Independence and Objectivity
  4. Auditor Proficiency
  5. Internal Audit Resources
  6. Due Professional Care and Continuing Professional Development
  7. Quality Assurance & Improvement Program
  8. Reporting on Quality Assurance
  9. Internal & External Assessments

Control Types and Techniques

  1. Overview of Control
  2. Classifying Controls
  3. Accounting Cycles and Associated Controls
  4. Management Controls

Control Frameworks and Fraud

  1. Control Frameworks
  2. Enterprise Risk Management
  3. Risk Management Processes
  4. Fraud – Nature, Prevention and Detection
  5. Frauds – Indicators

Sampling

  1. Statistical Concepts
  2. Sampling a Population
  3. Attribute Sampling
  4. Variables Sampling
  5. Selecting the Sampling Method
  6. Process Control Techniques

Data Gathering & Data Analysis

  1. Preliminary Survey
  2. Questionnaires
  3. Interviewing
  4. Other Data Gathering Techniques
  5. Identification of Key Risks and Controls
  6. Computerized Audit Tools and Techniques
  7. Analytical Review Techniques
  8. Benchmarking
  9. Analytical Procedures – Interpreting Results
  10. Drawing Conclusions

Reporting, Work Papers and Evidence

  1. Data Reporting
  2. Working Papers – Overview
  3. Working Papers – Preparation
  4. Working Papers – Control
  5. Working Papers – Retention
  6. Flow Charts & Process Mapping
  7. The Four Qualities of Information
  8. Judging the Suitability of Information
  9. Nature of Information
  10. Sources of Information
  11. Degree of Persuasiveness

Course Contents Part-II(Internal Audit Practices)

This Part covers knowledge of basic financial decision making techniques and in-depth knowledge of these tools. After getting this knowledge, you will be able to take part in Financial Decision Making in your organization. The concepts will help to understand how to analyze the financial data and financial statements of the organization, which helps in improving the overall efficiency of the organization.

Course Contents & Outline Part-I (Internal Audit Basics)

Strategic & Operational Roles of Internal Audit

  1. Change Management
  2. Stakeholders Relationship
  3. Internal Audit Ethics – Introduction & Principles
  4. Ethical Climate
  5. Education in Best Practices
  6. Coordination
  7. Policies & Procedures
  8. Role of Internal Audit in Risk Management
  9. Internal Audit Administrative Activities
  10. Quality Assurance and Improvement Program(QAIP)

Establish Risk Based Internal Audit Plan

  1. Risk Based Audit Plan
  2. Identify Internal Audit Resource Requirement
  3. Reporting to Senior Management and the Board

Assurance & Compliance Engagements

  1. Assurance Engagement
  2. Risk & Control Self-Assessment
  3. Audit of Third Parties and Contract Auditing
  4. Quality Auditing
  5. Due Diligence Auditing
  6. Security & Privacy Audits
  7. Performance & Operational Auditing
  8. Compliance Auditing

Financial, Environmental, and Consulting Engagements

  1. Environmental Auditing
  2. Financial Engagements
  3. Consulting Engagements-Overview
  4. Consulting Engagements-Specific Types

Plan & Supervise the Engagement

  1. Engagement Objectives
  2. Plan Engagement
  3. Detailed Risk Assessment
  4. Engagement Procedures and Work Program
  5. Staff & Resources
  6. Engagement Supervision
  7. Work Papers, Exit Meetings and Staff Evaluations

Communicate Results and Monitor Outcomes

  1. Communication with Clients
  2. Recommendations
  3. Prepare Reports & Other Communication
  4. Approve & Distribute Reports
  5. Obtain Management’s Response
  6. Report Outcomes
  7. Monitor Engagement Outcomes

Fraud Risks and Controls

  1. Fraud – Risks and Types
  2. Fraud – Investigation
  3. Fraud – Control
  4. Fraud – Procedures
  5. Fraud – Awareness

Course Contents Part-III (Business analysis & IT)

This Part covers is a mixture of Business processes, financial accounting, cost & management accounting and IT related topics. The knowledge of basic financial decision making techniques and in-depth knowledge of these tools will help in understanding and making good business decisions. After getting this knowledge, you will be able to take part in Financial Decision Making in your organization which help in improving the overall efficiency of the organization.

Course Contents & Outline Part-III (Business analysis & IT)

Business Processes

  1. Overview of Quality
  2. Costs of Quality
  3. Tools for Assessing Quality
  4. Total Quality Management
  5. ISO Framework
  6. Regression and Correlation
  7. Forecasting – Time-Series Models
  8. Forecasting – Probabilistic Models
  9. Selecting the Forecasting Method
  10. Project Management
  11. Business Process Analysis – Efficiency & Workflow
  12. Business Process Analysis – Managing Constraints
  13. Business Process Analysis – Reengineering

Managing Business Resources

  1. Managing Inventory Costs and Quantities
  2. Inventory Management Methods
  3. Pricing
  4. Supply Chain Management
  5. Managing Human Resources
  6. The Balanced Score Card

Financial Accounting – Basic

  1. The Accrual Basis of Accounting
  2. Revenue Recognition – Timing
  3. The Accounting Cycle
  4. Concepts of Financial Accounting
  5. Revenue Recognition – Methods
  6. Accounts Receivables
  7. Inventory – Fundamentals
  8. Inventory – Cost Flow Methods
  9. Inventory – Estimation & Errors
  10. Financial Statements
  11. Statement of Cash Flows
  12. Property, Plant & Equipment – Acquisition & Measurement
  13. Property, Plant & Equipment – Depreciation
  14. Property, Plant & Equipment – Disposal

Financial Accounting – Advanced

  1. The Time Value of money
  2. Bonds
  3. Leases & Pensions
  4. Deferred Taxes
  5. Other Liabilities
  6. Contingencies & Warranties
  7. Equity
  8. Accounting Changes
  9. Accounting Errors
  10. Exchange Rates
  11. Business Combinations
  12. The Equity Method and Consolidated Reporting
  13. Partnerships

Finance

  1. Financial Statements Analysis – Liquidity Ratios
  2. Financial Statements Analysis – Activity Ratios
  3. Financial Statements Analysis – Solvency Ratios
  4. Financial Statements Analysis – ROI & Profitability
  5. Financial Statements Analysis – Corporate Valuation
  6. Financial Statements Analysis – Comprehensive
  7. Investments – Risk & Returns
  8. Investments – Derivatives
  9. Corporate Capital Structure – Debt Financing
  10. Corporate Capital Structure – Equity Financing
  11. Corporate Capital Structure – Cost of Capital
  12. Short Term Financing
  13. Business Development Life Cycles

Managerial Accounting

  1. Cost & Management Terminology
  2. Cost Behavior & Relevant Range
  3. Absorption(Full) Vs Variable(Direct) Costing
  4. Capital Budgeting
  5. Budget Systems
  6. Operating Budget Components
  7. Transfer Pricing
  8. Relevant Costs
  9. Cost Accumulation Systems
  10. Process Costing
  11. Activity Based Costing
  12. Short Term Financing
  13. Responsibility Accounting

Regulatory, Legal and Economic Issues

  1. Regulation of Business
  2. International Trade
  3. Currency Exchange Rates and Markets
  4. Methods of Taxation
  5. Economic Indicators
  6. Legal Rules of Evidence
  7. Contracts

IT Controls, Networks and Business Applications

  1. Control Frameworks
  2. Aspects of Automated Information Processing
  3. IT Controls
  4. Data Communications, Networks and Client-Server Systems
  5. Electronic Funds Transfer (EFT)
  6. E-Commerce
  7. Electronic Data Interchange(EDI)

IT Roles, Software and Application Development

  1. Functional Areas of IT Operations
  2. Encryption
  3. Information Protection
  4. Investment in IT
  5. Enterprise Wide Resource Planning (ERP)
  6. Systems Software
  7. Application Development
  8. Program Change Control
  9. End-User Computing(EUC)

IT Contingency Planning, Systems Security and Data Bases

  1. Voice Communications
  2. Contingency Planning
  3. Systems Security
  4. Data Bases
  5. Software Licensing
  6. Web Infra-structure
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