Introduction To Iia - cia - part1, Internal Auditing Basics

The IIA-CIA-Part1, Internal Auditing Basics exam includes various features that are necessary for IPPF; It also includes various internal controls and other concepts of risks. Some techniques and tools are also required for performing the audits of internal other engagements.

I. Important rules and regulations (35 to 45%)

A. Explaining Auditing of Internals

Describing purpose, including the authority, as well as the responsibility of the various internal audit activities

B. Ethical codes

Abide by and promote compliance with The IIA Code of Ethics

C. Meeting all the Standards Internationally

1. Obey all the standards of IIA's Attribute

a) Determining if the authority, purpose, as well as the responsibility of the activities of the internal audits, all of them, are documented in audit charter.

b) Understanding the importance of the authority, along with the responsibility other activities of the internal audit.

2. Maintaining the independence as well as the objectivity

a) Promote independence

1. Understanding the independence in an organization

2. Getting familiar with the meaning of independence organization

3. Knowing the proper activity of the internal audit activity, in other words, it tells about the proper alignment in order to achieve independence of organization

b) Foster objectivity

1. Establishing various promotional policies

2. Charge objectivity of an individual

3. Maintain the person’s objectivity

4. Getting familiar and moderate impairments to the independence along with the objectivity

3. Knowing the required skills, competencies and knowledge availability

a) Recognizing the skills, knowledge, along with the competencies that are required by the internal auditor

b) discovering the competencies, skills, and knowledge, which are required to complete the all responsibilities of all the activities of internal audit

4. Develop and procure all the necessary information, competencies and other skills

5. Exercising because of professional care

6. Continuing to promote professional development

a) Development and implementation of a plan for ongoing professional growth for internal audit staff

b) Improve individual capability through continuing professional growth

7. Promote quality reassurance and development of the internal audit activity

a) Monitor the efficiency of the quality declaration and development program

b) Report the outcome of the quality assurance and development program to the board or another central body

c) Conduct value assurance methods and suggest improvements to the routine of the internal audit activity

II. Internal Control or Risk (25 to 35%) – Awareness Level (A)

A. Various controls (example, detective, preventive, output, input, etc.)

B. Getting to Techniques of Management Control

C. Usage and Characteristics of Internal Control Framework (example, COSO, Cadbury)

1. Develop and apply a control framework and organization-wide risk

D. Another Control Frameworks

E. Risk Vocabulary as well as Concepts

F. Risk Awareness of Fraud

III. Conducting Internal Audits Engagement – Audit Tools and Techniques (25 to 35%)

A. Data Gathering (Collection and analyzing data on the proposed engagements):

B. Data Analysis and Interpretation

C. Reporting the Data

D. Documentation / paper work

E. Mapping Process, Including Flowcharting

F. Evaluating Relevance, Competence of Evidence, and Sufficiency.

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