CIA Challenge ExamPresented by IIA SingaporeGoh Puay Cheh, Executive Director

Sia Nam Chie, Governor

20 September 2016

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IntroductionThe Institute of Internal Auditors (IIA) Global

• Established in 1941.

• An international professional association with global headquarters in Altamonte

Springs, Florida, USA.

• >180,000 professionals in over 170 countries and territories.

• IIA is the standard setter in certification, education, research, and technical

guidance.

• Celebrates 75th year anniversary.

The IIA Singapore

• Established in 1976

• >2,700 members from the private and public sector

• Board of Governors comprising 12 elected Governors and the Immediate Past

President

• Secretariat team of 9 staff

• Celebrates 40th year anniversary.

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Global IIA in 2015

>180,000 MEMBERS

>170COUNTRIES

>100INSTITUTES

Global IIA @ May 2016

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Global IIA in 2015

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Board of Governors

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Qial: 141

CIA: 134,883

CRMA: 14,410

CCSA: 6,952

CFSA: 6,445

CGAP: 4,287

Global Certifications & DesignationsNovember 2015

SINGAPORE

CIA 1,424

CCSA 95

CGAP 2

CFSA 110

CRMA 160

1791

Global Certifications & DesignationsDecember 2015

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Challenge Exam • Program objective

• Benefits – why CIA?

• Differences between challenge and normal exam

• Eligibility

• Steps to register

• Coverage & syllabus

• Taking the exams

• Preparatory classes

• Q&A

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Unique Opportunity to Earn the Globally Recognised CIA Designation.

• Partnership between The Institute of Internal Auditors (IIA) Global, The Instituteof Internal Auditors (IIA) Singapore and The Institute of Singapore CharteredAccountants (ISCA).

• Offer full ISCA members a unique opportunity to earn the globally recognisedCertified Internal Auditor® (CIA®) professional designation.

• A one-time offering, customised exam that includes elements of the CIA examsyllabus.

Program Objective

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Benefits - Why CIA?

CIA qualification enhances your value:

• Demonstrate insights and capabilities of internal auditing

• Globally recognised certification

• Professional recognition, job enhancement and career progress

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Differences between Challenge and Normal Exam

Normal Examination ISCA CIA Challenge

3 parts (or 3 Exams) 1 part (1 Exam)

125 questions for part 1100 questions each for part 2 & 3

150 questions

2.5 hours for part 12.0 hours each for part 2 & 3

3.0 hours

US$2,057 (for non IIA member)US$1,657 (for IIA member)

US$1,500* (for non IIA member)US$1,300 (for IIA member)

Regularly organised Specially organised; One-timeoffering

*Includes one year free IIA Singapore membership valid from 1 Jan 2017 to 31 Dec 2017.

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Eligibility

Eligible:

• Chartered Accountants of Singapore (CA)

• Fellow Chartered Accountants of Singapore (FCA)

Not Eligible:

• ISCA Associates

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Steps to Register

ACTION

LETTER of Good Standing from ISCA

Candidate to request Letter of Good Standing from ISCA and submit it to The IIA via the Document Upload Portal along with other required documents. ISCA will also provide a copy of the letter to IIA Singapore.

CREATE a Profile in CCMSStarting 1 September

Access CCMS and follow the instructions to create a profile or to retrieve existing CCMS profile login information or password.

APPLY to the program1 September – 31 October

Applications are accepted 1 September through 31 October 2016.

SUBMIT documentation

Letter of Good Standing from ISCA, signed Character Reference Form, and valid government issued photo identification.

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Steps to Register (Cont’d)

ACTION

REGISTER for the examOpen until 30 November

After APPLICATION approval, candidates can immediately REGISTER for the exam. REGISTRATION is open until 30 November.

SCHEDULE the exam Candidates are asked to wait 48 hours after REGISTRATION confirmation is received before contacting Pearson VUE to SCHEDULE to sit for the exam.

SIT for the exam1 November – 16 December

Arrive at the Pearson VUE test center on the scheduled date and time. Candidates must SIT for the exam from 1 November to 16 December 2016. The CIA Challenge Exam will not be available after this date.

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Syllabus of CIA Challenge ExamFrom CIA Part 1 (30%)

I. Mandatory Guidance (20%)

a. Definition of Internal Auditing

b. Code of Ethics

c. International Standards

• Comply with the IIA’s Attribute Standards.

• Maintain independence and objectivity.

• Determine if the required knowledge, skills, and competencies areavailable.

• Develop and/or procure necessary knowledge, skills andcompetencies collectively required by the internal audit activity.

• Exercise due professional care.

• Promote continuing professional development.

• Promote quality assurance and improvement of the internal auditactivity.

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Syllabus of CIA Challenge ExamFrom CIA Part 1 (30%)

II. Internal Control/Risk (8%)

a. Types of Controls (e.g., preventive, detective, input, output, etc.)

b. Management Control Techniques

c. Internal Control Framework Characteristics and Use (e.g., COSO,Cadbury)

d. Alternative Control Frameworks

III. Conducting Internal Audit Engagements – Audit Tools and Techniques (2%)

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Syllabus of CIA Challenge ExamFrom CIA Part 2 (55%)

I. Managing the Internal Audit Function (25%)

a. Strategic Role of Internal Audit

b. Operational Role of IA

c. Establish Risk-Based IA Plan

II. Managing Individual Engagements (25%)

a. Plan Engagements

b. Supervise Engagements

c. Communicate Engagement Results

d. Monitor Engagement Outcomes

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Syllabus of CIA Challenge ExamFrom CIA Part 2 (55%)

III. Fraud Risk & Controls (5%)

a. Consider the potential for fraud risks and identify common types offraud associated with the engagement area during the engagementplanning process.

b. Determine if fraud risks require special consideration when conductingan engagement.

c. Determine if any suspected fraud merits investigation.

d. Complete a process review to improve controls to prevent fraud andrecommend changes

e. Employ audit tests to detect fraud.

f. Support a culture of fraud awareness, and encourage the reporting ofimproprieties.

g. Interrogation/investigative techniques.

h. Forensic auditing

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Syllabus of CIA Challenge Exam

From CIA Part 3 (15%)

I. Risk Management (4%)

a. Risk Management Techniques

b. Organisational Use of Risk Frameworks (e.g. COSO and ISO 31000)

II. Management/Leadership Principles (4%)

a. Conflict Management

b. Project Management/Change Management

III. IT/Business Continuity (7%)

a. Security

b. Application Development

c. System Infrastructure

d. Business Continuity

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Sample Question (1)

Which action best exemplifies internal auditing objectivity?

a. Strategic synergies

b. Win-win conflict resolution

c. Periodic communication with the engagement client

d. Independent mental attitude

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Sample Question (1)

Which action best exemplifies internal auditing objectivity?

a. Strategic synergies

b. Win-win conflict resolution

c. Periodic communication with the engagement client

d. Independent mental attitude

Answer: d.

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Sample Question (2)

Which of the following statements exemplifies due professional care in an assurance engagement?

a. Understanding the performance goals of the client

b. Recognizing the needs of management

c. Being alert to significant risks that affect objectives, goals, andstrategies

d. Check all transactions

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Sample Question (2)

Which of the following statements exemplifies due professional care in an assurance engagement?

a. Understanding the performance goals of the client

b. Recognizing the needs of management

c. Being alert to significant risks that affect objectives, goals, andstrategies

d. Check all transactions

Answer: c.

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Sample Question (3)

Which of the following statements describes an important role that the chief audit executive (CAE) plays in regard to external auditors?

a. The CAE informs the external auditors of their responsibilities inregard to the Standards and The IIA's Code of Ethics and ensurescompliance.

b. The CAE is responsible for ensuring that the work of internal andexternal auditors is carried out in a coordinated, cost-effectivemanner.

c. The CAE reviews results of all external financial audits and assignsaudit staff to design controls to prevent recurrence of problemsidentified in the external audit.

d. The CAE generally selects and provides oversight of the externalauditors.

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Sample Question (3)

Which of the following statements describes an important role that the chief audit executive (CAE) plays in regard to external auditors?

a. The CAE informs the external auditors of their responsibilities inregard to the Standards and The IIA's Code of Ethics and ensurescompliance.

b. The CAE is responsible for ensuring that the work of internal andexternal auditors is carried out in a coordinated, cost-effectivemanner.

c. The CAE reviews results of all external financial audits and assignsaudit staff to design controls to prevent recurrence of problemsidentified in the external audit.

d. The CAE generally selects and provides oversight of the externalauditors.

Answer: b.

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Taking the ExamThe Pearson VUE staff will guide candidates through the steps developed by

The IIA, many of which are designed to ensure candidate security and the

security of the exam itself. Here are what candidates can expect when they

arrive at the test centre:

• The test centre administrator will show candidates where to store their

personal items.

• The administrator will provide the candidate with a copy of the candidate

rules agreement.

• Candidates will be offered certain tool to use during the exam: an erasable

note board and pen and an on-screen calculator.

• Candidates will be required to sign the test center log before being admitted

to the test.

• There are no scheduled breaks during the exam.

For more information, you may refer to the Candidate Conduct at Pearson VUE

Test Centres under Full Guide to Certification on the IIA Singapore website.

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Preparatory Classes (Optional)Dates: 24 September (Saturday) and

15 October 2016 (Saturday)

Venue: Ardent/IIA Singapore Office

[TBC nearer to date, please refer to IIA Singapore website “News &Events” section for more information]

Time: 9am – 5pm

CPE Hours: Not applicable

Fee: S$160.50 per participant (inclusive of GST)

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CPE Reporting

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Additional Questions

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Thank YouIn case you have questions, please feel free to contact IIA Singapore.

SECRETARIAT & ADMINISTRATION

IIA Singapore is located at:

The Institute of Internal Auditors Singapore

6 Shenton Way

#41-04, OUE Downtown 1

Singapore 068809

Tel: 6324 9029 | Fax: 6220 5972

www.iia.org.sg

Monday to Friday: 8.30am – 5.30pm

DEPARTMENT

For enquiries on:

Certification

Tel: 6324 9027

Email: certification@iia.org.sg

IIA Academy, Technical and Training

Tel: 6324 9031 | 6324 9030

Email: iia-academy@iia.org.sg

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Q & A