Certified Internal Auditor (CIA) Exam
1. What is a Certified Internal Auditor?
CIA certification is offered to the accountants who conduct an internal audit. The CIA operates in the audit department of government agencies or corporations. They review financial records to see loopholes in internal control.
2. How can you become a certified internal auditor?
For approval in the CIA program, the candidate must have:
- Bachelor’s degree or higher degree to enroll
- You must hold the position of an active internal audit practitioner or
- You gain five years of internal audit experience.
3. Is a certified internal auditor exam difficult?
The first part of the CIA exam includes 125 questions and 2.5 hours to attempt them. The passing marks are 75%, so you must correctly answer 75 out of 100 questions. Exams in parts 2 and 3 are more complicated, so comparatively first part is easier than parts 2 and 3.
4. Is CIA easier than CPA?
CIA is easier than CPA. You need more time on the CPA exam to answer the questions. Therefore, the CIA exam is much easier when it comes to the test period because it takes half the CPA exam time.
5. Is CIA or CPA better?
CIA has more skills than CPA. CPA and CIA are both certificates that you obtain by passing an exam. CPAs are also trained to audit and can perform the same tasks as the CIA. However, the CIA has more skills.
6. Is a certified internal auditor worth it?
As a CIA, you can enjoy financial success. In the United States, CIAs earn an average of $38,000 more than those without certification, and CIAs worth it.
7. What qualifications need to become an internal auditor?
You can qualify by:
- Graduate training scheme after completing the degree of accountancy in the university
- National Audit Office 3 year training scheme for graduates in any subject
- National Audit Office 5 year training scheme for school dropouts with 3 A levels or equivalent qualification
8. Is CIA easy?
The CIA exam is complicated. The CIA exam is a challenging test with a pass rate of about 40%.
9. Is the CIA exam multiple choice?
Yes CIA exam is multiple choice. The CIA exam is computer-based, and it includes three sections of multiple-choice questions. Part 1 has 2.5 hours time limit of 125 questions, while parts 2 and 3 have a time limit of 2 hours of 100 questions.
10. How much money does a certified internal auditor make?
Entry-level certified internal auditors can expect to be paid between $52,000 and $66,000 for working in a medium-sized company. People working for a large company can expect to earn between $55,000 and $67,000.
11. What is the hardest part of the CIA exam?
Part 3 has a reputation for being part of the CIA’s most challenging exam. Part 3 focuses on topics including financial management and information technology, auditors who do not pay attention in these areas may struggle more with this part of the exam.
12. How long is the CIA exam?
The CIA exam is a computer-based exam of multiple-choice questions. Part 1 contains 125 questions to answer in 2.5 hours, while parts 2 and 3 each have 100 questions, and both have two hours long to answer.
13. How long it takes to pass three parts of the CIA exam?
You have three years to pass the CIA exam. But, once you register for the CIA exam, you must sit for it within 180 days.
14. How many parts include the CIA exam?
CIA exam consists of three parts:
- Part 1 is the essentials of internal auditing.
- Part 2 is internal auditing practice.
- Part 3 is business knowledge for internal audit.
15.How long time it takes to become a certified internal auditor?
You must complete the CIA in three years, and students typically spend nine months on each part. The maximum time to complete the CIA is three years.
16.What is the age limit for the CIA?
The individual must be a U.S. citizen of 35 years and not older than 35 (age limit may vary in few cases). If married, the candidates’ spouse must also be a US citizen.
17.Differentiate between the FBI and CIA?
The CIA operates outside the United States to gather intelligence through spy networks. Simultaneously, the FBI primarily works in the United States to collect intelligence and combat federal crime.
18.Is the CIA recognized globally?
Yes, the CIA is globally recognized. CIA qualification is equal to other globally recognized qualifications such as CPA, CMA, ACCA, CIMA, etc.
19.Is the internal auditor an accountant?
An internal auditor is the one who works independently to evaluate a company’s internal control structure’s performance.
20.What does the CIA do?
The CIA’s primary goal is to gather, analyze, investigate and disseminate foreign intelligence and carry out covert operations.
21. Who can be the internal auditor?
The internal auditor position holder will be either a chartered accountant or a cost accountant, or any other professional who the board can decide.
22. What if you fail the CIA exam?
If you have failed part of the CIA exam, you have to wait 90 days before retaking it. You can schedule a new date for this exam once your official score is published online. There is no limit to retake the CIA exam.
23. Where do you take the CIA exam?
The CIA exam is computer-based, and all three parts can be taken at any time of the year. You can take the exam through 500+ Pearson VUE centers around the world or a local testing provider.
24. What is a certified internal auditor exam?
The CIA exam covers the test taker’s abilities and knowledge in the field of internal audit.
25. What do internal auditors do?
Internal auditors help an organization to achieve its goals. The internal auditor’s duties are to prevent counterfeiting and theft of the organization’s assets.
26. How many certified internal auditors are there?
The number of awarded CIAs is from 1.5 million in 2018 to 160,000 worldwide.
- What will be the benefit to the candidates of the internal audit practitioner program?
The program examines a candidate’s knowledge of internal audit practices and internal audit issues, risks, and controls. This position indicates that the holder has a basic knowledge of international standards for the professional practice of internal audit and related qualifications.
The internal audit practitioner program provides a new approach through modified education requirements for internal audit practitioners. To complete the internal audit program, candidates will have two years from the date they are approved in the program.
28. Does the auditor need a CPA?
Most top-level accountants and auditors, at one time, pass the Certified Public Accountant exam. This requires 150 hours of post-secondary education, which is more than a bachelor’s degree and is close to getting a master’s degree.
29. How much does an internal audit practitioner program cost?
To check the registration fee, click here:
30. Do I have to become a member of IIA to apply?
IIA membership is required in the UK and Ireland, South Africa, Eswatini, and Lesotho. You can contact IIA affiliates in these countries by visiting the “find your local IIA” webpage. Although IIA membership is not required in other countries, it is better to take advantage of the membership benefits, including discounts on exam fees, networking opportunities, and more.
31. Will I get a paper certificate?
IIA does not provide a printed certificate; instead, you will receive a PDF that you can download and print. In some countries, you will also get a digital badge that represents your success. Candidates will be able to identify themselves through social badging. Social badging allows IIA qualified candidates to display their credentials digitally on social and professional networking sites free of cost.
32. How often is the CIA exam offered?
The CIA exam is offered on-demand throughout the year. Candidates have to schedule their exam within 180 days of registration for the exam.
33. How many CIA exams are there?
The CIA exam consists of three parts designed to test candidates’ abilities related to internal audits.
34. How do I pass the CIA exam?
Here are few ways that can help you to pass the CIA exam
- Consult IIA.
- Know the exam scope.
- Take a CIA exam preparation course.
- Practice exam questions.
- Take study breaks.
- Select study time.
- Set up study schedules.
- Discover ways to study and benefit from them.
35. How can I apply for the CIA exam?
You can apply for CIA by following these steps:
- Join IIA membership (compulsory).
- Pay membership invoice to get admitted into membership.
iii. Receive a welcome email including membership number and log-in details.
- Apply to take the CIA exam
- Upload your documents, including photo id, education certificates, or work record.
- Receive confirmation and start preparing for the CIA exam.