Welcome!

The main purpose of this blog is to keep the reader/visitor up to date with current information and events that are related to the Internal Auditing, my friends and me. I welcome you to give me your feedback and suggestions so that I can you best in a near future.

With warm regards,

Mehmood Diwan

Increasing Your Chances of Passing the CIA Exam

CIA Overview

Only globally recognized certification for internal auditors

• First exam administered in August 1974
• More than 85,000 have earned the certification
• More than 80,000 exam parts administered each year
• No registration deadlines
• Exam offered via computer-based testing (CBT) since May 2008
• 500+ testing centers in 90+ countries through Pearson VUE
• Register and monitor CIA application progress with online
Certification Candidate Management System (CCMS)

CIA Benefits

• Distinguish yourself from your peers
• Gain instant professional credibility with internal and external customers
• Broaden your knowledge
• Enhance your image
• Grow your confidence
• Demonstrate your passion and commitment
• Increase your earning potential
• Advance your career
“The CIA represents professionalism at its very best. It is the embodiment of what it takes to be a good leader.”

CIA Exam Overview

•Four exam parts
• Exams offered year-round with CBT through Pearson VUE
• Two years to complete the CIA program
• 180 days to take an exam part after registering
• 100 multiple choice questions per part
• Exam length: 2 hours and 45 minutes per part
• Exam scoring: Scale of 250-750; 600+ required to pass

CIA Exam Content

CIA Exam Content
• Part 1: The Internal Audit Activity’s Role in Governance, Risk, and Control
• Part 2: Conducting the Internal Audit Engagement
• Part 3: Business Analysis and Information Technology
• Part 4: Business Management Skills
(may be given Professional Recognition Credit)

Exam Weightings – Part 1

Exam Content Part 1:

The Internal Audit Activity’s Role in Governance, Risk, and Control
Comply with The IIA’s attribute standard 15% - 25%
Establish a risk-based plan to determine the priorities of the internal audit activity 15% - 25%
Understand the internal audit activity’s role in organizational governance 10% - 20%
Perform other internal audit roles and responsibilities 0% -10%
Governance, risk, and control knowledge elements 15% - 25%
Plan engagements 15% - 25%

Exam Weightings – Part 2

Exam Content Part 2:

Conducting the Internal Audit Engagement
Conduct engagements 25% - 35%
Conduct specific engagements 25% - 35%
Monitor engagement outcomes 5% - 15%
Fraud knowledge elements 5% - 15%
Engagement tools 15% - 25%

Exam Weightings – Part 3

Exam Content Part 3:
Business Analysis and Information Technology
Business processes 15% - 25%
Financial accounting and finance 15% - 25%
Managerial accounting 10% - 20%
Regulatory, legal, and economics 5% - 15%
Information technology 30% - 40%

Exam Weightings – Part 4

Exam Content Part 4:
Business Management Skills
Strategic management 20% - 30%
Global business environments 15% - 25%
Organizational behavior 15% - 25%
Management skills 20% - 30%
Negotiating 5% - 15%

Professional Recognition Credit

• Granted to candidates who have met all other CIA exam requirements.
• Professional Recognition Credit (PRC4) is available for
Part 4 of the CIA Exam only.
• PRC4 is available to all CCSAs, CGAPs, and CFSAs.
• Full listing of approved certifications

Steps to Take the Exam

1. Create a profile in the Certification Candidate Management System
(CCMS).
2. Apply to the CIA program. This costs US$60 for IIA members.
3. Provide documentation to verify you meet the education,
experience and other requirements.
4. When approved, Register for the exam. This costs US$130 per
Part for IIA members.
5. When authorized, Schedule the exam with Pearson VUE. There is
no additional cost to schedule.
Create Apply Provide Register Schedule

Maintaining your CIA Designation with

Continuing Professional Education

• Practicing CIAs must complete a total of 80 hours of acceptable CPE every 2 years
• 80 CPEs awarded upon passing exam
– 40 awarded year passed
– 40 awarded subsequent year
• Self-certification program
• Forms must be submitted every 2 years

Did you know?

• Retention of new information without periodic review:
– 47% forgotten in 20 minutes
– 62% forgotten in one day
– 75% forgotten in 15 days
– 78% forgotten in 31 days
A single encounter with a given concept is not sufficient to ensure the type of long-term learning
that is necessary for success on the exam.

How Long Will You Need To Study?

•On average, users of the Learning System require the following hours to study:
– Part 1: 20 hours
– Part 2: 22 hours
– Part 3: 31 hours
– Part 4: 15 hours
• Study times vary based on
– Years of experience
– Expertise in accounting or IT
– Study method

Prepare Your Test-Taking Skills

• Budget your time and don’t rush
• Think of your answer before reading the choices
• Trust your first impressions & avoid over-analyzing
• Eliminate obvious distracters (aka wrong answers)
• If uncertain, mark and return to question

Summary

• Four part exam – taken in any order
• No “magic bullet” for passing the exam
• Discipline is the key
• Develop a realistic and actionable study plan
• Commit to passing the exam

Around the globe: Pakistan Internal Auditing is Promoted as means to counter corruption

WHEN PAKISTAN gained independence in 1947, the state-owned Pakistan Railways had a formal internal audit function. Other government and semi-government organizations at the time featured an inspection department, whose role resembled that of internal auditing.

After the promulgation PROMULGATION. The order given to cause a law to be executed, and to make it public it differs from publication. (q.v.) 1 Bl. Com. 45; Stat. 6 H. VI., c. 4. 2. of Pakistan's 1973 constitution, the Office of the Auditor General of Pakistan The Auditor General of Pakistan is a position established under the Constitution of Pakistan. The Auditor General is appointed by the Head of State. The Auditor General can be removed by the recommendations of the Supreme Judicial Council in the same manner as a judge of the was formed. The auditor general had the authority to audit receipts, expenditures, and the use of any public funds at the federal and provincial level. Before long, an internal audit function was added to other mature public-sector organizations.

The political and social wave against corruption in the society as a whole led to a culture of public accountability and transparency in decision-making--an environment for which internal auditing was well-suited.

AUDITING LEGISLATION

During the past several years, internal auditing has been introduced gradually in the public sector. In 2001, a local-government ordinance was promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates

1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce.

2. that requires all district-level bodies to have an internal audit function led by a chief audit executive.

Also in 2001, the federal government hired foreign and local consultants to help draft the Public Sector Internal Audit Act of 2003, which will make having an internal audit function mandatory for all local, provincial, and federal government institutions. When finalized, the act will be applicable to all institutions to which the government provides funds.

Pakistan's private sector is also subject to audit legislation. In March 2002, the Securities and Exchange Commission of Pakistan issued a code that required all companies listed on any of Pakistan's three stock exchanges to have an internal audit function.

RISING TO THE CHALLENGE

Issues such as transparency, accountability, and quality management are of top concern to Pakistan's internal audit professionals. Audit practitioners are also struggling to cope with recent legislative changes and to help management discharge its responsibilities to stakeholders. Organizations such as the Institute of Chartered Accountants of Pakistan the Auditor General of Pakistan, and The Institute of Internal Auditors are holding seminars and conferences to boost awareness of the profession and to share professional knowledge. The auditor general's office has even provided financial assistance for its staff to take the Certified Internal Auditor (CIA CIA:

Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). ) exam.

HIGHER EDUCATION

The University of Punjab, one of the largest universities in the country, is introducing a master's degree program--M.Sc. in Auditing--specific to internal auditing. Internal auditing is also being introduced as a subject in the university's master's in commerce and bachelor's in commerce degree programs. These programs will help prepare students for taking the CIA exam, which many organizations in Pakistan are now stressing as an important requirement.

FUTURE OF THE PROFESSION

Recently, Pakistan has witnessed an awakening in the need for transparency and accountability. The push for improved quality management is creating a positive environment for expansion of the internal audit profession as well as ample opportunity for practitioners to broaden their scope and influence.