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Februari 27, 2010


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Home / Certification / Certified Internal Auditor / CIA Exam Content / Part 1 – The Internal Audit Activity’s Role in Governance, Risk, and Control

A. Comply with The IIA’s Attribute Standards (15-25%) (P)

  1. Define purpose, authority, and responsibility of the internal audit activity
    a.  Determine if the purpose, authority, and responsibility of the internal audit
    activity are clearly documented and approved
    b.  Determine if the purpose, authority, and responsibility of the internal audit
    activity are communicated to the engagement clients
    c.  Demonstrate an understanding of the purpose, authority, and responsibility
    of the internal audit activity
  2. Maintain independence and objectivity
    a.  Foster independence
    1) Understand organizational independence
    2) Recognize the importance of organizational independence
    3) Determine if the internal audit activity is properly aligned to achieve organizational independence
    b.  Foster objectivity
    1) Establish policies to promote objectivity
    2) Assess individual objectivity
    3) Maintain individual objectivity
    4) Recognize and mitigate impairments to independence and objectivity
  3. Determine if the required knowledge, skills, and competencies are available
    a.  Understand the knowledge, skills, and competencies that an internal
    auditor needs to possess
    b.  Identify the knowledge, skills, and competencies required to fulfill the
    responsibilities of the internal audit activity
  4. Develop and/or procure necessary knowledge, skills and competencies
    collectively required by the internal audit activity
  5. Exercise due professional care
  6. Promote continuing professional development
    a.  Develop and implement a plan for continuing professional
    development for internal audit staff
    b.  Enhance individual competency through continuing professional
  7. Promote quality assurance and improvement of the internal audit activity
    a.  Establish and maintain a quality assurance and improvement program
    b.  Monitor the effectiveness of the quality assurance and improvement
    c.  Report the results of the quality assurance and improvement program
    to the board or other governing body
    d.  Conduct quality assurance procedures and recommend improvements
    to the performance of the internal audit activity
  8. Abide by and promote compliance with The IIA Code of Ethics

B. Establish a Risk-based Plan to Determine the Priorities of the Internal Audit Activity (15-25%) (P)

  1. Establish a framework for assessing risk
  2. Use the framework to:
    a.  Identify sources of potential engagements (e.g., audit universe,
    management request, regulatory mandate)
    b.  Assess organization-wide risk
    c.  Solicit potential engagement topics from various sources
    d.  Collect and analyze data on proposed engagements
    e.  Rank and validate risk priorities
  3. Identify internal audit resource requirements
  4. Coordinate the internal audit activity’s efforts with:
    a.  External auditor
    b.  Regulatory oversight bodies
    c.  Other internal assurance functions (e.g., health and safety department)
  5. Select engagements.
    a.  Participate in the engagement selection process
    b.  Select engagements
    c.  Communicate and obtain approval of the engagement plan from board

C. Understand the Internal Audit Activity’s Role in Organizational Governance (10-20%) (P)

  1. Obtain board’s approval of audit charter
  2. Communicate plan of engagements
  3. Report significant audit issues
  4. Communicate key performance indicators to board on a regular basis
  5. Discuss areas of significant risk
  6. Support board in enterprise-wide risk assessment
  7. Review positioning of the internal audit function within the risk management framework within the organization
  8. Monitor compliance with the corporate code of conduct/business practices
  9. Report on the effectiveness of the control framework
  10. Assist board in assessing the independence of the external auditor
  11. Assess ethical climate of the board
  12. Assess ethical climate of the organization
  13. Assess compliance with policies in specific areas (e.g., derivatives)
  14. Assess organization’s reporting mechanism to the board
  15. Conduct follow-up and report on management response to regulatory body reviews
  16. Conduct follow-up and report on management response to external audit
  17. Assess the adequacy of the performance measurement system, achievement of corporate objective
  18. Support a culture of fraud awareness and encourage the reporting of improprieties

D. Perform Other Internal Audit Roles and Responsibilities (0-10%) (P)

  1. Ethics/Compliance
    a.  Investigate and recommend resolution for ethics/compliance complaints
    b.  Determine disposition of ethics violations
    c.  Foster healthy ethical climate
    d.  Maintain and administer business conduct policy (e.g., conflict of interest)
    e.  Report on compliance
  2. Risk Management
    a.  Develop and implement an organization-wide risk and control framework
    b.  Coordinate enterprise-wide risk assessment
    c.  Report corporate risk assessment to board
    d.  Review business continuity planning process
  3. Privacy
    a.  Determine privacy vulnerabilities
    b.  Report on compliance
  4. Information or physical security
    a.  Determine security vulnerabilities
    b.  Determine disposition of security violations
    c.  Report on compliance

E. Governance, Risk, and Control Knowledge Elements (15-25%)

  1. Corporate governance principles (A)
  2. Alternative control frameworks (A)
  3. Risk vocabulary and concepts (P)
  4. Risk management techniques (P)
  5. Risk/control implications of different organizational structures (P)
  6. Risk/control implications of different leadership styles (A)
  7. Change management (A)
  8. Conflict management (A)
  9. Management control techniques (P)
  10. Types of control (e.g., preventive, detective, input, output) (P)

F. Plan Engagements (15-25%) (P)

  1. Initiate preliminary communication with engagement client
  2. Conduct a preliminary survey of the area of engagement
    a.  Obtain input from engagement client
    b.  Perform analytical reviews
    c.  Perform benchmarking
    d.  Conduct interviews
    e.  Review prior audit reports and other relevant documentation
    f.  Map processes
    g.  Develop checklists
  3. Complete a detailed risk assessment of the area (prioritize or evaluate risk/control factors)
  4. Coordinate audit engagement efforts with
    a.  External auditor
    b.  Regulatory oversight bodies
  5. Establish/refine engagement objectives and identify/finalize the scope of engagement
  6. Identify or develop criteria for assurance engagements (criteria against which to audit)
  7. Consider the potential for fraud when planning an engagement
    a.  Be knowledgeable of the risk factors and red flags of fraud
    b.  Identify common types of fraud associated with the engagement area
    c.  Determine if risk of fraud requires special consideration when
    conducting an engagement
  8. Determine engagement procedures
  9. Determine the level of staff and resources needed for the engagement
  10. Establish adequate planning and supervision of the engagement
  11. Prepare engagement work program

P=Candidates must exhibit proficiency (thorough understanding and ability to apply concepts) in these topic areas.
A=Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these topic areas.

Home / Certification / Certified Internal Auditor / CIA Exam Content / Part 2 – Conducting the Internal Audit Engagement

A. Conduct Engagements (25-35%) (P)

  1. Research and apply appropriate standards:
    a.  IIA Professional Practices Framework (Code of Ethics, Standards,
    Practice Advisories)
    b.  Other professional, legal, and regulatory standards
  2. Maintain an awareness of the potential for fraud when conducting an engagement
    a.  Notice indicators or symptoms of fraud
    b.  Design appropriate engagement steps to address significant risk
    of fraud
    c.  Employ audit tests to detect fraud
    d.  Determine if any suspected fraud merits investigation
  3. Collect data
  4. Evaluate the relevance, sufficiency, and competence of evidence
  5. Analyze and interpret data
  6. Develop work papers
  7. Review work papers
  8. Communicate interim progress
  9. Draw conclusions
  10. Develop recommendations when appropriate
  11. Report engagement results
    a.  Conduct exit conference
    b.  Prepare report or other communication
    c.  Approve engagement report
    d.  Determine distribution of report
    e.  Obtain management response to report
  12. Conduct client satisfaction survey
  13. Complete performance appraisals of engagement staff

B. Conduct Specific Engagements (25-35%) (P)

  1. Conduct assurance engagements
    a.  Fraud investigation
    1)  Determine appropriate parties to be involved with investigation
    2)  Establish facts and extent of fraud (e.g., interviews, interrogations
    and data analysis)
    3)  Report outcomes to appropriate parties
    4)  Complete a process review to improve controls to prevent fraud
    and recommend changes
    b.  Risk and control self-assessment
    1)  Facilitated approach
    (a)  Client-facilitated
    (b)  Audit-facilitated
    2)  Questionnaire approach
    3)  Self-certification approach
    c.  Audits of third parties and contract auditing
    d.  Quality audit engagements
    e.  Due diligence audit engagements
    f.   Security audit engagements
    g.   Privacy audit engagements
    h.   Performance (key performance indicators) audit engagements
    i.   Operational (efficiency and effectiveness) audit engagements
    j.   Financial audit engagements
    k.   Information technology (IT) audit engagements
    1)  Operating systems
    (a)  Mainframe
    (b)  Workstations
    (c)  Server
    2)  Application development
    (a)  Application authentication
    (b)  Systems development methodology
    (c)  Change control
    (d)  End user computing
    3)  Data and network communications/connections (e.g., LAN, VAN,
    and WAN)
    4)  Voice communications
    5)  System security (e.g., firewalls, access control)
    6)  Contingency planning
    7)  Databases
    8)  Functional areas of IT operations (e.g., data center operations)
    9)  Web infrastructure
    10) Software licensing
    11) Electronic funds transfer (EFT)/Electronic data interchange (EDI)
    12) e-Commerce
    13) Information protection (e.g., viruses, privacy)
    14) Encryption
    15) Enterprise-wide resource planning (ERP) software (e.g., SAP R/3)
    l.  Compliance audit engagements
  2. Conduct consulting engagements
    a.  Internal control training
    b.  Business process review
    c.  Benchmarking
    d.  Information technology (IT) and systems development
    e.  Design of performance measurement systems

C. Monitor Engagement Outcomes (5-15%) (P)

  1. Determine appropriate follow-up activity by the internal audit activity
  2. Identify appropriate method to monitor engagement outcomes
  3. Conduct follow-up activity
  4. Communicate monitoring plan and results

D. Fraud Knowledge Elements (5-15%)

  1. Discovery sampling (A)
  2. Interrogation techniques (A)
  3. Forensic auditing (A)
  4. Use of computers in analyzing data (P)
  5. Red flag (P)
  6. Types of fraud (P)

E. Engagement Tools (15-25%)

  1. Sampling (A)
    a.  Nonstatistical (judgmental)
    b.  Statistical
  2. Statistical analyses (process control techniques) (A)
  3. Data gathering tools (P)
    a.  Interviewing
    b. Questionnaires
    c. Checklists
  4. Analytical review techniques (P)
    a.  Ratio estimation
    b.  Variance analysis (e.g., budget vs. actual)
    c.  Other reasonableness tests
  5. Observation (P)
  6. Problem solving (P)
  7. Risk and control self-assessment (CSA) (A)
  8. Computerized audit tools and techniques (P)
    a.  Embedded audit modules
    b.  Data extraction techniques
    c.  Generalized audit software (e.g., ACL, IDEA)
    d.  Spreadsheet analysis
    e.  Automated work papers (e.g., Lotus Notes, Auditor Assistant)
  9. Process mapping including flowcharting (P)

P=Candidates must exhibit proficiency (thorough understanding and ability to apply concepts) in these topic areas.
A=Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these topic areas.

Home / Certification / Certified Internal Auditor / CIA Exam Content / Part 3 – Business Analysis and Information Technology

A. Business Processes (15-25%)

  1. Quality management (e.g., TQM) (A)
  2. The International Organization for Standardization (ISO) framework (A)
  3. Forecasting (A)
  4. Project management techniques (P)
  5. Business process analysis (e.g., workflow analysis and bottleneck management, theory of constraints) (P)
  6. Inventory management techniques and concepts (P)
  7. Marketing – pricing objectives and policies (A)
  8. Marketing – supply chain management (A)
  9. Human Resources (Individual performance management and measurement; supervision; environmental factors that affect performance; facilitation techniques; personnel sourcing/staffing; training and development; safety) (P)
  10. Balanced scorecard (A)

B. Financial Accounting and Finance (15-25%)

  1. Basic concepts and underlying principles of financial accounting (e.g., statements, terminology, relationships) (P)
  2. Intermediate concepts of financial accounting (e.g., bonds, leases, pensions, intangible assets, R&D) (A)
  3. Advanced concepts of financial accounting (e.g., consolidation, partnerships, foreign currency transactions) (A)
  4. Financial statement analysis (P)
  5. Cost of capital evaluation (A)
  6. Types of debt and equity (A)
  7. Financial instruments (e.g., derivatives) (A)
  8. Cash management (treasury functions) (A)
  9. Valuation models (A)
    a. Inventory valuation
    b. Business valuation
  10. Business development life cycles (A)

C. Managerial Accounting (10-20%)

  1. Cost concepts (e.g., absorption, variable, fixed) (P)
  2. Capital budgeting (A)
  3. Operating budget (P)
  4. Transfer pricing (A)
  5. Cost-volume-profit analysis (A)
  6. Relevant cost (A)
  7. Costing systems (e.g., activity-based, standard) (A)
  8. Responsibility accounting (A)

D. Regulatory, Legal, and Economics (5-15%) (A)

  1. Impact of government legislation and regulation on business
  2. Trade legislation and regulations
  3. Taxation schemes
  4. Contracts
  5. Nature and rules of legal evidence
  6. Key economic indicators

E. Information Technology – IT (30-40%) (A)

  1. Control frameworks (e.g., COBIT)
  2. Data and network communications/connections (e.g., LAN, VAN, and WAN)
  3. Electronic funds transfer (EFT)
  4. e-Commerce
  5. Electronic data interchange (EDI)
  6. Functional areas of IT operations (e.g., data center operations)
  7. Encryption
  8. Information protection (e.g. viruses, privacy)
  9. Evaluate investment in IT (cost of ownership)
  10. Enterprise-wide resource planning (ERP) software (e.g., SAP R/3)
  11. Operating systems
  12. Application development
  13. Voice communications
  14. Contingency planning
  15. Systems security (e.g. firewalls, access control)
  16. Databases
  17. Software licensing
  18. Web infrastructure

P=Candidates must exhibit proficiency (thorough understanding and ability to apply concepts) in these topic areas.
A=Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these topic areas.

Home / Certification / Certified Internal Auditor / CIA Exam Content / Part 4 – Business Management Skills

A. Strategic Management (20-30%) (A)

  1. Global analytical techniques
    a.  Structural analysis of industries
    b.  Competitive strategies (e.g., Porter’s model)
    c.  Competitive analysis
    d.  Market signals
    e.  Industry evolution
  2. Industry environments
    a.  Competitive strategies related to:
    1)  Fragmented industries
    2)  Emerging industries
    3)  Declining industries
    b.  Competition in global industries
    1)  Sources/impediments
    2)  Evolution of global markets
    3)  Strategic alternatives
    4)  Trends affecting competition
  3. Strategic decisions
    a.  Analysis of integration strategies
    b.  Capacity expansion
    c.  Entry into new businesses
  4. Portfolio techniques of competitive analysis
  5. Product life cycles

B. Global Business Environments (15-25%) (A)

  1. Cultural/legal/political environments
    a.   Balancing global requirements and local imperatives
    b.   Global mindsets (personal characteristics/competencies)
    c.   Sources and methods for managing complexities and contradictions
    d.   Managing multicultural teams
  2. Economic/financial environments
    a.   Global, multinational, international, and multilocal compared and contrasted
    b.   Requirements for entering the global market place
    c.   Creating organizational adaptability
    d.   Managing training and development

C. Organizational Behavior (15-25%) (A)

  1. Motivation
    a.  Relevance and implication of various theories
    b.  Impact of job design, rewards, work schedules, etc.
  2. Communication
    a.  The process
    b.  Organizational dynamics
    c.  Impact of computerization
  3. Performance
    a.  Productivity
    b.  Effectiveness
  4. Structure
    a.  Centralized/decentralized
    b.  Departmentalization
    c.  New configurations (e.g., hourglass, cluster, network)

D. Management Skills (20-30%) (A)

  1. Group dynamics
    a.  Traits (e.g., cohesiveness, roles, norms, groupthink)
    b.  Stages of group development
    c.  Organizational politics
    d.  Criteria and determinants of effectiveness
  2. Team building
    a.  Methods used in team building
    b.  Assessing team performance
  3. Leadership skills
    a.  Theories compared and contrasted
    b.  Leadership grid (topology of leadership styles)
    c.  Mentoring
  4. Personal time management

E. Negotiating (5-15%) (A)

  1. Conflict resolution
    a.  Competitive/cooperative
    b.  Compromise, forcing, smoothing, etc.
  2. Added-value negotiating
    a.  Description
    b.  Specific steps

P=Candidates must exhibit proficiency (thorough understanding and ability to apply concepts) in these topic areas.
A=Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these topic areas.

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