Definition of Institute of Internal Auditors (IIA)
The Institute of Internal Auditors (IIA) is a global professional association established in 1941, aimed at providing leadership, certification, and educational services for internal auditors. Their mission is to promote and provide a standardized set of practices for internal auditing professionals, enhance their skills, and ensure adherence to the highest ethical standards in their work.
Key Responsibilities of the IIA:
- Establishing globally accepted standards and principles for internal auditing.
- Providing professional development opportunities and educational resources.
- Conducting certification programs like the Certified Internal Auditor (CIA).
- Publishing the journal The Internal Auditor.
- Promoting ethical practices within the industry.
Examples
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Certification: The IIA offers the Certified Internal Auditor (CIA) certification, a globally recognized credential for internal auditors. This certification helps auditors advance their professional standing and credibility.
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Educational Webinars: The IIA regularly conducts webinars to keep internal auditors up-to-date with the latest trends, regulations, and best practices in the industry.
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Publishing Research: The IIA publishes research and articles on various internal auditing topics in its journal, The Internal Auditor, which serves as a resource for continuing education and industry insights.
Frequently Asked Questions
What is the primary purpose of the Institute of Internal Auditors?
The primary purpose of the IIA is to promote the advancement and professionalization of internal auditing. They strive to enhance the practice through education, certification, research, and the establishment of ethical standards.
What certifications does the IIA offer?
The most notable certification offered by the IIA is the Certified Internal Auditor (CIA). They also offer other certifications such as the Certification in Risk Management Assurance (CRMA) and the Certified Government Auditing Professional (CGAP).
How can one become a member of the IIA?
Individuals can join the IIA by applying on their website and paying the applicable membership fees. Membership provides access to exclusive resources, discounts on certifications, and professional networking opportunities.
What kind of professional development does the IIA provide?
The IIA provides a variety of professional development services, including webinars, online courses, conferences, and publications. These resources help internal auditors stay informed about new industry standards and best practices.
Is The Internal Auditor journal available to all IIA members?
Yes, the journal The Internal Auditor is typically included with membership and offers valuable insights, research findings, and articles on the internal auditing profession.
Related Terms
Chartered Institute of Internal Auditors
The Chartered Institute of Internal Auditors is the British and Irish branch of the IIA, established in 1948. It provides similar services as the IIA but is tailored to professionals in the UK and Ireland.
Internal Auditing
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Certified Internal Auditor (CIA)
The CIA is the primary global certification for internal auditors, demonstrating an individual’s skills and knowledge in the field of internal auditing.
Online References
Suggested Books for Further Studies
- “Internal Auditing: Assurance & Advisory Services” by Urton L. Anderson, Michael J. Head, and Shon R. Head.
- “CIA Review, Part 1: Internal Audit Basics” by The Institute of Internal Auditors.
- “Sawyer’s Guide for Internal Auditors” by Sawyer, Dittenhofer, and Scheiner.
- “Internal Auditing: A Bridge to Success” by Felix Orinda.
Accounting Basics: “Institute of Internal Auditors (IIA)” Fundamentals Quiz
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