Iia Certified Internal Auditor - Part 2, Conducting The Internal Audit Engagement

By Author: Thomas E Johns
Total Articles: 12
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The IIA-CIA-Part2 exam validates the knowledge of an individual in Internal Audit functions. This exam also establishes the strategic and operational roles of setting up a risk-based plan. This certification exam tests the knowledge of how to handle individual engagements such as Planning, monitoring and supervision alongside fraud risks and controls.
The IIA-CIA-Part2 exam tests the knowledge of candidates in three main topics, these are;
• Managing the Internal Audit function – this component comprises of 40-50% of the total score of the exam.
• Managing Individual Engagements – this exam also makes up between 40 and 50% of the exam score.
• Fraud Risks and Controls- This exam makes up between 5 and 15% of the total exam score.
Experts recommend adequate training in these three topics in conjunction with seminars, and practical hands-on experiences in order to prepare very well for the exam.
Managing The Internal Audit Functions is a course module where exam candidates will learn three major topics, these are; Strategic role of Internal audit, Operational role of IA, and Establishing ...
... Risk-based IA plan.
Managing Individual Engagements is a course module where candidates will acquire knowledge on topics such as ; Planning Engagements, Supervising engagements, Communicating Engagement Results, and Monitoring Engagement Outcomes.
Fraud Risks and Controls comprises of the least component of the IIA-CIA-Part 2 but it comprises of numerous topics which exam candidates must know very well , these are;
• How to consider the potential fraud risks and how to identify the common types of frauds associated with the engagement area within the engagement planning procedures.
•How to determine if fraud risks require special attention especially when conducting an engagement.
• How to determine if any suspect fraud case needs serious investigation.
• Completing the process review in order to improve the controls that can prevent fraud.
• How to detect fraud by deploying different Audit tests.
• How to promote the culture of detecting fraud as well as encourage the culture of reporting any improprieties.
• Awareness level A- How to deploy Interrogative and Investigative techniques, and
• How to conduct Forensic Auditing- Awareness level {A}.
The benefits of taking the IIA-CIA-Part2 exam and becoming a Certified Internal Auditor are quite huge. Internal auditors are often hired by corporations and organizations to evaluate fraud risks and conduct audit activities on financial statements and dealings of such organizations. Certified Internal auditors are hired for high fees , therefore they are well paid for their jobs. Certified Internal Auditors are also hired for risk control and such certified experts are assets to their employers because they prevent frauds and reduce risks of doing businesses. Certified Internal Auditors are also hired to be part of the mapping, analysis and business management control Personnel.
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