Wiley CIAexcel Exam Review 2014 Focus Notes: Part 2, Internal Audit Practice

CIA Exam Content Specifications

Part 2 of the CIA Exam is called Internal Audit Practice and the exam duration is 2.0 hours (120 minutes) with 100 multiple-choice questions. The following is a breakdown of topics in Part 2.

Domain I: Managing the Internal Audit Function (40–50%)∗

A. Strategic role of internal audit

• Initiate, manage, be a change catalyst, and cope with change (P)∗∗
• Build and maintain networking with other organization executives and the audit committee (P)
• Organize and lead a team in mapping, analysis, and business process improvement (P)
• Assess and foster the ethical climate of the board and management (P)
• Educate senior management and the board on best practices in governance, risk management, control, and compliance (P)
• Communicate internal audit key performance indicators to senior management and the board on a regular basis (P)
• Coordinate internal audit efforts with external auditor, regulatory oversight bodies, and other internal assurance functions (P)

B. Operational role of internal audit

• Formulate policies and procedures for the planning, organizing, directing, and monitoring of internal audit operations (P)
• Review the role of the internal audit function within the risk management framework (P)
• Direct administrative activities (e.g., budgeting and human resources) of the internal audit department (P)
• Interview candidates for internal audit positions (P)
• Report on the effectiveness of corporate risk management processes to senior management and the board ...