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#144616 - 12/31/03 05:08 PM Certified Internal Auditor
mfc Offline
Member
mfc
Joined: Dec 2003
Posts: 50
Oklahoma
Has anyone recently completed the certification for an internal auditor? What suggestions do you have for studying and what other certifications do you recommend? I am currently a staff internal auditor and would like to advance. Not necessarily in banking but maybe other industries.

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#144617 - 12/31/03 05:30 PM Re: Certified Internal Auditor
NotALawyer Offline
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NotALawyer
Joined: Nov 2001
Posts: 455
I sat for the exam a couple of years ago and used the Gleim publications - 4 manuals and 4 disks (probably have CDs now). I really liked their system. Lots of good material to read/review and the disks were invaluable for practice tests. Your amount of prep time will depend on your current skill/knowledge levels. I would strongly recommend setting up a 6-month study schedule. I did a five-month schedule one month for a general overview, one month for each section, last month did a one-week review of each section. There is a LOT of information to get down. Anything less than 3 months would not be advisable. Also, set aside 1-3 hours a day to study. Treat it like it really is - a major, 14-hour exam.

As for other certifications, it would really depend on where your interests lie. There are many different designations/certifications. CBA (certified bank auditor), CISA (certified information systems auditor), CFE (certified fraud examiner), CPA (especially if you want to go big four), CCSA, CGAP, CFSA, and many more. If you know where you want to go, tailor your certifications to that. Sometimes, we don't have as much control over what industry we work in. In that case, the CIA is still a great core certification. When you get into a different industry than you originally planned, you can look into additional certifications that can add to your value. Think of it as getting a medical degree and later specializing in one or more areas.

Just my 2 bits. . . and good luck!


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#144618 - 12/31/03 06:53 PM Re: Certified Internal Auditor
Anonymous
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MFC - I have proctored the CIA examination for about 8 years now. It is always interesting for me to hear comments from candidates at the end of the exam. One interesting challenge for candidates who have jobs as internal auditors is their struggle between real world and book world. The exam questions are geared toward the "book" answer but candidates struggle at times trying to apply real life answers. My suggestion is to ensure you approach the test from the "book" perspective. FYI, the CISA is a very popular and in demand designation. You will want to get hands on experience doing technical audits.

Best wishes.

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#144619 - 12/31/03 07:44 PM Re: Certified Internal Auditor
Risk Officer Offline
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Joined: Apr 2001
Posts: 205
Dallas
I would echo the previous posts. Start with the CIA, then consider the CISA. They are the most recognized international certifications for internal audit and IT audit, respectively. They will also serve you well across industries. From there, focus on more industry specific training and / or certifications.

One hint with the CISA, learn the technical terminology backwards and forwards! If you don't have hands-on technical experience, you're at a disadvantage. It's hard to make an educated guess on the test when you don't know the complex jargon.
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#144620 - 12/31/03 07:44 PM Re: Certified Internal Auditor
Rocky P Offline
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Joined: Jun 2003
Posts: 7,424
Florida
I'm a CIA & have proctored the same. I agree that Gleim would provide not only excellent study material, but reference material for years to come. I have the CBA and CRP too, but the Certified Internal Auditor is the best known.

You should look at the IIA's website www.theiia.com. There are chapters in Tulsa and Oklahoma City, and many times they will provide review courses just prior to the exam.

Good Luck!
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Integrity. With it, nothing else matters. Without it, nothing else matters.

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#144621 - 12/31/03 09:28 PM Re: Certified Internal Auditor
Risk Officer Offline
100 Club
Joined: Apr 2001
Posts: 205
Dallas
The Dallas IIA Chapter is also sponsoring a CIA review course that will be taught by one of the best known internal audit educators in the country...Dr. Glenn Sumners from Louisiana State University. The course is Feb 27-Mar 1. www.dallasiia.org
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#144622 - 01/02/04 03:37 PM Re: Certified Internal Auditor
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
mfc - I completed the CIA exam three years ago. I used the Gleim practice exam disks. I only took three parts (didn't have to take the audit environment section), but I felt the study program was excellent. I took the IT section first, and the audit theory/practice sections together on a second sitting. No problems at all. Also, the disks were very affordable - maybe $100 - $150 for the set?

If you qualify and have not done so already (or even if you don't qualify but would be willing to take some additional classes) I would certainly recommend sitting for your CPA. If you are looking to expand career opportunities, it will carry much more weight with employers. Good luck.

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#144623 - 01/04/04 09:36 AM Re: Certified Internal Auditor
Joe Offline
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Joe
Joined: Aug 2003
Posts: 74
Overseas
I am CIA, CISA and trying to finish the ACI Treasury Dealing Certificate. I am currently an Audit Manager for a major bank. Without certifications, I don't think that I would get that far within my career. However, a bet of advice for you Passing the exam and achieving the certification is just the beginning and now the really hard work of honing our craft begins. Professionalism is not a fixed point in space or time - it is a way of life. Those of us that truly believe that we are professionals will attest to the fact that knowledge gathering, networking with our peers, experiences and plain old hard work are the fundamental ingredients to maintaining our competence and capabilities" Think about what he said, the certification will get you an interview, your skills and hard work will get you a Job. Good luck.

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#144624 - 01/05/04 04:47 PM Re: Certified Internal Auditor
DebNP Offline
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DebNP
Joined: Oct 2001
Posts: 179
Eastern PA and NJ
I ditto the previous comments. I used Gleim. I have my CIA (since 2000). It is a difficult test, with alot of material. Three suggestions that helped me.
(1) Look at the 4 parts of the exam and the topics/material covered. Try to critically analyze where you may have any weaknesses. Hit those topics in depth and first. There is way too much material to cover each topic in the same amount of detail.
(2) A study group may be helpful, if you have others in your company, or area pursuing this certification.
(3) Read as much as possible in the audit field; like trade magazines, newsletters.......you never know; I was able to answer 1-3 questions based on material I had read a few weeks prior. Current events awareness may count for something.
Good Luck!

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#144625 - 01/05/04 06:29 PM Re: Certified Internal Auditor
NotALawyer Offline
Gold Star
NotALawyer
Joined: Nov 2001
Posts: 455
Quote:

The Dallas IIA Chapter is also sponsoring a CIA review course that will be taught by one of the best known internal audit educators in the country...Dr. Glenn Sumners from Louisiana State University. The course is Feb 27-Mar 1. www.dallasiia.org




I had the priviledge of attending local training (Utah) where Glenn Sumners was presenting. Definitely worth the price of admission! Ranked right up there with Andy's presentation at a local conference here two years back.

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#144626 - 01/05/04 08:00 PM Re: Certified Internal Auditor
Anonymous
Unregistered

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#144627 - 01/05/04 08:16 PM Re: Certified Internal Auditor
Anonymous
Unregistered

mfc - Certification Magazine www.certmag.com has some excellent certification assessment processes that you can use which provide impartial information, such as considering the certification name recognition; the size of the certified population; and the costs to obtain and maintain a particular certification and the resulting benefit to you from having gotten it.

The "gold-standard" audit leadership certifications included (obviously) the CPA; the CISA was second, with 11,900 people having sat for the exam last June; the CIA was third, having made a huge comeback after the passage of Sarbanes and in light of the whole focus on governance and internal control versus attestation.

The bad news is that the magazine notes that the pass rate for the CIA and CISA is below 50% for both, so being prepared is the way to go. Other certifications noted as strong for auditors were those that were fraud-related, information security, security and business resumption and continuity planning. Surprisingly, the IIA's CCSA (Certification in Control Self-Assessment) did not get a high mark, and it was viewed as more of a training certificate versus a certification. Other "certifications" not getting strong reviews from the magazine were those IT-related engineering-type certifications that were considered vendor related or vendor specific. Good luck with your preparations.

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#144628 - 01/06/04 04:38 PM Re: Certified Internal Auditor
mfc Offline
Member
mfc
Joined: Dec 2003
Posts: 50
Oklahoma
Thanks for all of the advice. I have been out of college now for 7 years and its been 6 years since I sat for the Series 6 and 63 tests. I will need to get myself in "STUDY" mode. Thanks again.

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