What is an Internal Audit?
Internal Auditing is an independent activity that studies the accounting records of any organization and ensures that companies have accurate accounting throughout the year. It prepares the compliance reports that ensure that everything has been done according to the rules & regulations set by industry standards. It is an independent process that adds more value to the organization’s operations.
Internal Auditing provides a defense mechanism for any organization in finding out the violations of rules, regulations, and provision of contracts and agreements. The main purpose of an internal audit process is to provide assurance on the organization’s risk management, governance, and control process to maintain the operational and functional aspects of any business. Internal Audits may be carried out on a daily, weekly, monthly, or annual basis. It may take place more frequently for some departments than others. The internal audit results can help the management to improve the processes that are not functioning properly.
What does an Internal Auditor do?
Internal Auditors can analyze the financial documents of the company and identify the problems like risks, fraud, and inaccuracies in the data. After reviewing all the documents, they investigate any problem they find. Internal Auditors can identify compliance-related issues, fund misappropriation, and other risks to the business by using their knowledge of laws, rules & regulations of the industry.
Internal Auditors can be engaged with issues that are fundamentally important to the survival of any organization. They look into the organization’s growth, reputation, and the way the company treats its employees. Generally, Internal Auditors evaluate and provide assurance services in the following ways:
- Analyses Operations
- Reviews Compliance
- Recommends Controls
- Assures Safeguards
Internal Auditing is a rewarding career and by earning your CIA certification you can expand your skills and knowledge, which will take your career to the next level.
What is a Certified Internal Auditor?
The Certified Internal Auditor (CIA) is a globally recognized certification provided to accounting professionals who conduct internal audits. The CIA designation is offered by the Institute of Internal Auditors (IIA) and is the only Internal Auditor Certification recognized around the world. Irrespective of your career stage, the CIA Credential will be a valuable asset & will boost your CV, help you to gain credibility, and help you meet your career goals.
CIA designation offers many opportunities. After getting your CIA certification, you can get jobs in MNCs and Big4s in India. Professionals with a CIA credential can become an auditor, internal auditor manager, chief internal auditor, and internal audit director and they can contribute to the key areas of any business like risk management, governance, internal auditing, fraud detection and prevention, operations, etc. According to Payscale, the average salary for the CIA certification is INR 835k per year.
Certified Internal Auditor (CIA) Certification in Internal Auditing
Certified Internal Auditor (CIA) is the only global certification in Internal auditing, so its value does not change from country to country. It is the most important qualification available in the internal auditing profession.
Considering the increasing demand for internal auditors, CIA is the most valuable Internal Auditor Certification course in India which sets the standards for excellence within the profession. The Certified Internal Auditor Course in India which is offered by the Institute of Internal Auditors (IIA), is the premier designation for more than 40 years in India and all around the world. The CIA certificate helps you to demonstrate proficiency as an internal auditor and external auditor, develops knowledge of best practices in the industry, and lays the foundation for continuous improvement in your career. Internal Auditing is an irreplaceable process in Corporate Governance, Risk Management, Fraud Detention & Prevention, and CIA certification has become a gold standard of internal auditing.
Benefits of CIA Certification
As an accounting or finance professional, you want to enhance your career, and for that, you may have considered earning an internationally recognized certification. There are several accounting certification options available to you, but if you want to pursue your career in internal auditing, then the CIA certification is for you.
While working as an auditor, you will meet many non-certified internal auditors who do not have the expertise in auditing. The CIA qualification separates you from those non-certified auditors & competitors and proves to employers that you are a top-dog internal auditor. As compared to the other accounting & finance certifications like CPA or CFA, CIA is much easier in terms of how much time candidates require to prepare for the exam and pass.
Is CIA certification worth it? I think the following career benefits of an internal auditor with a CIA certification will make the answer to that question clear
- Gain Credibility
- More Job Opportunities
- Higher Salary
- Greater Job Security
- Increased Skills and Abilities
- International Recognition
Why CIA Certification
Following are some of the reasons to earn your CIA certification.
- As Internal Auditors are in high demand globally, so professionals with CIA certification have an added advantage over their non-certified peers.
- Earning your certification can open doors to vast opportunities in the profession of internal auditing.
- Getting your CIA designation can improve your internal auditing skills and knowledge and prove your willingness to invest in your own development.
- According to the Payscale, the average salary of an Internal Auditor in the US is $60,950 as of August 2022. As with most other professions, the salary of an Internal Auditor may vary based on location, industry, and experience.
- It is one of the most valuable credentials for internal auditing professionals at any stage of their careers, including chief audit executives, audit managers, audit staff, and risk management staff as well as students from accounting or finance degree programs.
The Bottom Line
Now that you know all the benefits of Certified Internal Auditor (CIA) certification in internal auditing, then you can take steps to get your CIA.
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