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It’s no secret that earning the CIA certification provides great benefits to internal auditors around the globe, but some may ask: Is now the right time?
Yes! Organizations across the globe are relying on their internal audit teams now more than ever for their risk-based and objective assurance, advice, and insight. CIAs are in demand, making now the perfect time to advance your career!
As certified experts in internal audit, CIAs are equipped to lead their teams and organizations toward a secure future by mitigating or eliminating business risk. Keep reading to learn why the CIA is valuable.
The primary role of internal audit is to provide organizations with objective evaluations of risk and contribute to the risk management process. Risk is defined by The IIA Glossary Opens in new window as “[t]he possibility of an event occurring that will have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood.”
CIA Part 1 focuses on the fundamentals of internal audit, with over a third of the exam content dedicated to risk management and control. The exam expects candidates to be proficient on the topics of risk management and control. This proficiency directly relates to helping an organization grow and navigate a path forward in a world full of opportunity.
Risks are not just monetary. Every big business decision comes with an opportunity cost. Additionally, organizations must navigate the health concerns of employees, consumers, and clients. While organizations are certainly concerned with their bottom line, CIAs are uniquely equipped to understand the risks beyond the current finances of the organization and ensure the health of the business as a going concern.
Certification as a CIA is the profession’s gold standard for recognition of risk management expertise.
Getting certified as a CIA lets management know that you have the skill to not only identify the risks, but also to investigate those risks’ sources, rank their severity, and provide assurance that adequate controls are in place.
One survey conducted to measure the impact of the pandemic showed that most industries expect their risk assessment frequency Opens in new window to increase and are prepared to update their internal audit plan. Knowledge of the fundamentals of internal audit and experience in the field are key to achieving both successfully.
The pandemic further exacerbated what was already a problem for senior management and boards – finding qualified and trusted risk management expertise. This is an opportunity for internal auditors to step up, establish themselves as trusted advisors, and certify that they are risk management experts
The sudden impact of COVID-19 on the world meant that many companies had to quickly make preparations to allow their employees to telecommute. Even now, the number of remote workers is massive compared to what it once was, and that can be a cybersecurity risk for organizations that are underprepared.
The CIA Part 3 exam ensures that CIAs have a strong foundation in everything from the purpose and use of information security controls (such as encryption, firewalls, antiviruses, etc.) to existing and emerging cybersecurity risks (such as hacking, piracy, ransomware attacks, etc.). CIAs are tested on the basics of cybersecurity and how to handle these changes.
Both on the CIA exam and around the world, there is currently a focus on the differences between employees using organization-owned and managed devices and using personal devices or a “Bring Your Own Device” (BYOD) policy.
Knowing the dangers these policies and devices can present to the safety of the organization is critical. While the IT department should be equipped to handle these threats, CIAs can assist in mitigating risk by finding problems before they occur.
CIA Part 3 is dedicated to understanding other aspects of the financial health of an organization. Topics include understanding how staffing processes and financial accounting are typically handled.
This focus ensures that CIAs are experts management can trust and leverage when they make decisions that have lasting impacts on the organization. Financial risk is high in the current economy, so CIAs are expected to look at the big picture and help reduce this risk, which will ensure the future of the organization.
The time is now for internal auditors to take the next step, become certified, and be recognized as the trusted risk advisors [in] their organizations to respond effectively to an ever-changing world.
When organizations review their business continuity plans and conduct internal assessments, many of them are focused on cutting costs to protect their bottom line. However, CIAs know to look past just the numbers and see the long-term effects of such decisions.
For example, one of the most drastic cost-saving techniques is a mass layoff or furlough. CIAs are able to understand the inherent risks that can come with staffing changes during economic turmoil beyond just the immediate benefit of saving costs. How will this affect productivity? How much will it cost to rehire talent if its needed? How long will it take to train these new hires if demand picks back up quickly?
CIA Part 2 emphasizes the importance of the internal audit activity carrying out its responsibilities in a systematic and disciplined manner. Doing so provides management with meaningful intelligence about the organizational state of risk management, which will impact the overall health of the organization.
This is another reason why the CIA is valuable. Without the insight from CIAs and internal audit teams, organizations may unknowingly seize short-term gains at a greater long-term cost. As such, internal auditors should strive to remain on top of industry innovations, emerging technologies, and use of agile auditing techniques to be the person or team that management looks to for solutions. If internal auditors don’t currently have these skills, developing them will prove beneficial for both themselves and their organization.
For an internal auditor, earning the CIA is the next logical step after sharpening these skills. With a complete review system, you can accomplish both at the same time!
Yes! Organizations continue to see why the CIA is valuable. They understand the value of having CIAs on staff and are prioritizing hiring certified individuals to perform key internal audit tasks.
For internal auditors, this means that earning your certification can increase your earnings. By talking to your employer, you may be able to get assistance with the exam costs. With a review system, such as the Gleim Premium CIA Review System, you can be sure to pass quickly and meet your career goals.
If you have ever considered getting the CIA to further your career, now is the perfect time to invest in yourself and achieve your goals.
If you have questions on the CIA exam and how to earn your certification, check out our free CIA Exam Guide. Inside, you’ll find a wealth of information to help you take the next step in your career.
