Institute of Internal Auditors offers fast track internal auditor certification

The Institute of Internal Auditors (IIA) is offering its globally recognised internal auditor certification through a single exam, against the more comprehensive three part certified internal auditor (CIA) exam.

The new CIA challenge exam will be available to members of 13 qualified accounting bodies

around the world, including the Institute of Chartered Accountants India (ICAI), the IIA said in a release.

The certification enhances domain knowledge in the areas of governance, risk, and internal controls and is expected to provide global job opportunities to certified professionals.

The IIA is a globally recognised body that provides standards, guidance and certifications in the field of internal audit.

The move was in response to firms turning to internal auditors for insight and advice on key risks and other challenges.

Earlier this month, the Reserve Bank of India (RBI) asked banks to align their internal audit function with international best practices, like those issued by the IIA and the Basel Committee on Banking Supervision.

“Banks are encouraged to adopt the International Internal Audit standards, like those issued by the BCBS and the Institute of Internal Auditors (IIA),” RBI said in a circular dated January 7.

Lenders are required to put in place a risk based internal audit (RBIA) system as part of their internal control framework that relies on a well-defined policy for internal audit, functional independence with sufficient standing and authority within the bank.