What are the steps of the internal auditor?

Although anyone with any kind of professional experience can work as an internal auditor as long as they complete the requirements, becoming certified as an esteemed internal auditor is essential to securing a high-paying position with widespread recognition. The Certified Internal Auditor (CIA) credential is one such in-demand qualification that is the gold standard of the internal auditor profile and demonstrates your skills, expertise, and knowledge in the area.

However, to become an internal auditor and achieve the credential from the CIA, a professional must follow a standard set of steps to streamline the process and achieve a scaling career.

The steps to become a certified internal auditor includes-

1. Be well acquainted with the CIA examination curriculum and structure

Understanding what subjects are relevant to internal auditing training is essential to improving your CIA preparation and constitutes the first step in becoming an internal auditor..The difficult CIA exam is divided into three sections:

Part 1: The Essentials of Internal Auditing (125 questions in 150 minutes)  

• Fundamentals of Internal Auditing
• Independence and Objectivity
• Proficiency & Due Professional Care
• Quality Assurance & Improvement Program
• Governance, Risk Management & Control
• Fraud Risks

Part 2: Internal Auditing Practice (100 questions in 120 minutes)

• Managing the Internal Audit Activity
• Planning the Engagement
• Performing the Engagement
• Communicating Engagement Results & Monitoring Progress

Part 3: Business Knowledge for Internal Auditing (100 questions in 120 minutes)

• Business Acument
• Information Security
• Information Technology
• Financial Management

1. Meet the Eligibility Criteria 

• Bachelor’s Degree (or Equivalent): A candidate must have a bachelor’s degree and two years or more of equivalent expertise in internal auditing.
• Master’s Degree Holders (or Equivalent) A master’s degree holder is eligible to take an exam with at least a year’s worth of expertise with internal audits, or something comparable.
• Candidates with an active internal audit practitioner designation and at least five years of experience in internal auditing, or the equivalent are eligible for the CIA exam.
• Candidates who have completed five years of internal auditing or have equivalent experience can also take the exam. 

2. Inculcate essential internal auditor skills

For CIA certification, an individual must possess a thorough awareness of internal audit standards, techniques, and audit procedures, along with the financial acumen to identify abnormalities. They must comprehend the ethical and legal stances that an organisation adopts. They should also possess excellent analytical, communication, and attention to detail skills. 

3. Complete the CIA application process and sign up for the exam

You need to register online for the exam, pay the CIA certification fee, and complete the following steps:

• Fill out the online forms and include documentation of your training and employment history.
• After your application is accepted, register for the exam and set a time that works for you. 

4. Be thorough with your CIA exam preparation

As the CIA exam demands a rigorous study routine, you should plan your time effectively. Use the practice exams and study guides, and create a plan to assist you prepare for the CIA certification exam.

You might also consider taking an instructor-led course to ease your preparation process. Netrika Consulting can help you with the preparation process and its CIA training program is considered an indicator of excellence in internal auditing. Netrika takes pride in its dedication to providing professionals with industry-relevant insights through specialized training programs. Our knowledgeable instructors combine theoretical ideas with real-world examples to assist applicants in getting ready for the test and achieving their objective of becoming certified internal auditors. 

5. Pass the CIA exam

You can take the exam once you feel you have adequately prepared for the CIA certification through a series of practice and mock tests. Every exam section is graded from 250 to 750, with 600 or more being considered a passing mark. Given the level of difficulty of the CIA exam, you need to make sure that you have a well-planned and rested exam day.