Part I – Internal Audit Basics
In part I, basics about internal audit is tested. The topics included in the examination include IPPF, internal control and risk concepts. The examination includes 125 questions and lasts for 2.5 hours.
The details of the topics covered are provided below:
| TOPIC | WEIGHTAGE | SUBJECT |
|---|---|---|
| Mandatory Guidance | 35-45% | Definition of Internal Auditing |
| Code of Ethics | ||
| Internal Standards | ||
| Internal Standards | ||
| Internal Control/Risk – Awareness Level | 25-35% | Types of controls |
| Management control techniques Internal Control Framework Characteristics and Use | ||
| Internal Control Framework Characteristics and Use | ||
| Alternative Control Frameworks | ||
| Risk Vocabulary and Concepts | ||
| Fraud Risk Awareness | ||
| Conducting Internal Audit Engagements – Audit Tools and Techniques | 25-35% | Data Gathering |
| Data Analysis and Interpretation | ||
| Data Reporting | ||
| Documentation/Work Paper | ||
| Process mapping | ||
| Evaluate relevance, sufficiency and competence of evidence |
Part II – Internal Audit Practice
The part II of the examination consists of 100 questions and is conducted for 120 minutes. The topics on which knowledge is tested include managing internal audit function, steps to manage individual engagements, fraud risk and controls.
The details of the topics covered include the following:
| TOPIC | WEIGHTAGE | SUBJECT |
|---|---|---|
| Managing the Internal Audit Function | 40-50% | Strategic role of internal audit |
| Operational role of IA | ||
| Establish risk based IA plan | ||
| Managing individual engagements | 40-50% | Plan engagements |
| Supervisor engagement | ||
| Communicate engagement results | ||
| Monitor engagement outcomes | ||
| Fraud risks and controls | 5-15% | Consider potential for fraud risks |
| Determine whether a fraud requires special consideration | ||
| Determine if a suspected fraud deserves an investigation | ||
| Complete a process review to improve controls for preventing fraud | ||
| Employ audit tests to detect fraud | ||
| Support a culture of fraud awareness | ||
| Interrogation/investigative techniques | ||
| Forensic auditing |
