CIA Flashcards

All 22 terms

CIA

Certified Internal Auditor - a credential from the Institute of Internal Auditors (IIA).

IIA

The Institute of Internal Auditors, the body that awards the CIA.

Internal audit

Independent, objective assurance and consulting that adds value by improving governance, risk and control.

Part 1

Essentials of Internal Auditing - 125 questions, 2.5 hours.

Part 2

Practice of Internal Auditing - 100 questions, 2 hours.

Part 3

Business Knowledge for Internal Auditing - 100 questions, 2 hours.

Passing score

A scaled score of 600 on a 250-750 range, on each part.

Independence

Freedom from conditions that threaten the audit function's objectivity.

Objectivity

An unbiased mental attitude of the individual auditor.

Due professional care

The care and skill expected of a reasonably prudent, competent internal auditor.

Assurance vs consulting

Assurance gives objective opinions; consulting is advisory work for the client.

Governance

Processes and structures by which an organisation is directed and held accountable.

Risk appetite

The amount of risk an organisation is willing to accept to pursue its objectives.

Inherent vs residual risk

Inherent risk is before controls; residual risk is what remains after controls.

Internal control

Processes giving reasonable assurance over objectives, reporting and compliance.

Segregation of duties

Splitting authorisation, recording and custody so no one controls a whole transaction.

Three Lines model

Operational management, risk/compliance functions, and independent internal audit.

Audit charter

Formal document defining internal audit's purpose, authority and responsibility.

Finding elements

Condition, criteria, cause and effect - the structure of an audit finding.

QAIP

Quality Assurance and Improvement Programme for the audit activity.

CPE

Continuing Professional Education: 40 hours/year practising (2 ethics), 20 if non-practising.

Pearson VUE

The test-centre network where the computer-based CIA exam is delivered.