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CIA Part 1: Essentials of Internal Auditing

Categories: CIA
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About Course

Basic Audit Concepts - (Critical for exams)

What Will You Learn?

  • After completing this course, you should have a strong understanding of the following topics:
  • Fundamentals of Internal Auditing
  • Mandatory Guidance and Code of Ethics
  • Governance
  • Risk Management
  • Internal Controls
  • Fraud Risks and Control

Course Content

Basic Audit Concepts – (Critical for exams)
In this video, you will understand the basic concepts of audit before moving to more complex concepts that are tested in the CIA exam.

  • 0. Basic concepts 1

1. Mandatory Guidance and Code of Ethics – (Critical for exams)
1. Define purpose, authority, and responsibility of the internal audit activity. 2. Abide by and promote compliance with The IIA Code of Ethics. 3. Determine if the purpose, authority, and responsibility of the internal audit activity are documented in audit charter, approved by the Board and communicated to the engagement clients. 4. Demonstrate an understanding of the purpose, authority, and responsibility of the internal audit activity.

2. Independence, Objectivity, Proficiency, Due Professional Care, QAIP – (Critical for exams)
1. Foster independence & objectivity. 2. Determine if the required knowledge, skills, and competencies are available. 3. Develop and/or procure necessary knowledge, skills and competencies collectively required by the internal audit activity. 4. Exercise due professional care. 5. Promote continuing professional development. (CPE) 6. Promote quality assurance and improvement of the internal audit activity.

3. Governance & CSR – (Important for exams)
1. ​​Describe the concept of organizational governance. 2. ​Recognize the impact of organizational culture on the overall control environment and individual engagement risks and controls. ​3. Recognize and interpret the organization's ethics and compliance-related issues, alleged violations, and dispositions. ​4. Describe corporate social responsibility.

4. Risk Management and Frameworks – (Important for exams)
1. ​Interpret fundamental concepts of risk and the risk management process.​ ​2. Describe globally accepted risk management frameworks appropriate to the organization (COSO - ERM, ISO 31000).​ 3. Examine the effectiveness of risk management within processes and functions. ​4. Recognize the appropriateness of the internal audit activity’s role in the organization's risk management process.

5. Control Types & Frameworks – (Critical for exams)
1. ​Interpret internal control concepts and types of controls. ​2. Apply globally accepted internal control frameworks appropriate to the organization (COSO, etc.) . ​3. Examine the effectiveness and efficiency of internal controls.

6. Application of Controls. (Critical for exams)
Segregation of Duties (SOD) and other related process cycles with respect to risks and controls.

7. Fraud Risks And Controls – (Critical for exams)
1. ​​Interpret fraud risks and types of frauds and determine whether fraud risks require special consideration when conducting an engagement. ​2. Evaluate the potential for occurrence of fraud (red flags, etc.) and how the organization detects and manages fraud risks. ​3. Recommend controls to prevent and detect fraud and education to improve the organization's fraud awareness. 4. ​Recognize techniques and internal audit roles related to forensic auditing (interview, investigation, testing, etc.).

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