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Wiley CIAexcel Exam Review 2014: Part 1, Internal Audit Basics by S. Rao Vallabhaneni

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CIA Exam Content Specifications

Part 1 of the CIA Exam is called internal audit basics. The exam duration is 2.5 hours (150 minutes) with 125 multiple-choice questions. A breakdown of topics in the Part 1 follows.

Domain I: Mandatory Guidance (35–45%)1

A. Definition of Internal Auditing (P)2
B. Code of Ethics (P)
C. International Standards (P)

Domain II: Internal Control and Risk (25–35%)

A. Types of Controls (e.g., preventive, detective, input, and output) (P)
B. Management Control Techniques (A)
C. Internal Control Framework Characteristics and Use (e.g., COSO and Cadbury) (A)
D. Alternative Control Frameworks (A)
E. Risk Vocabulary And Concepts (A)
F. Fraud Risk Awareness (A)
  • Types of fraud (A)
  • Fraud red flags (A)

Domain III: Conducting Internal Audit Engagements—Audit Tools and Techniques (28–38%)

A. Data Gathering
  • Review prior audit reports and other relevant documentation as part of a preliminary survey of the engagement area (P)
  • Develop checklists/internal control questionnaires as part of a preliminary survey of the engagement area (P)
    • Conduct interviews as part of a preliminary survey of the engagement area (P)
    • Use observation to gather data (P)
    • Conduct engagement to assure identification of key risks and controls (P)
    • Use nonstatistical (judgmental) sampling method (P)
B. Data Analysis and Interpretation
  • Use computerized audit tools and techniques (e.g., data mining and extraction, and continuous monitoring) (P)
  • Conduct spreadsheet analysis (P)
  • Use analytical ...

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