Institute of Internal Auditors (IIA)
Introduction to Institute of Internal Auditors
The Institute of Internal Auditors (IIA) implies a guidance-setting organization. Providing service to members in 165 countries, the Institute of Internal Auditors is the internal audit’s global voice, chief advocate, principal educator, and recognized authority, with global headquarters featured in Altamonte Springs, Fla., US.
Mission of the Institute of Internal Auditors
The most important objective of the IIA is providing “dynamic leadership” for the global profession of internal auditing. This consists of:
- Advocating and promoting the value added by internal audit professions to their organizations.
- Providing wide-ranging professional education and development opportunities, standards, and other professional practice guidance, as well as certification programs.
- Researching, distributing, and promoting knowledge of practitioners and stakeholders in relation to internal auditing and its appropriate role in control, governance, and risk management.
- Educating practitioners and similar germane audiences on best practices in internal auditing.
- Bringing together internal auditors from around the world to share info and experiences.
Certificates offered by the Institute of Internal Auditors
The most important professional designation proffered by the Institute of Internal Auditors includes the Certified Internal Auditor (CIA). The CIA designation holds international recognition as a certification for internal auditors. Also, it is a standard through which individuals can demonstrate their competency and professionalism in the field of internal audit.
Winning a CIA qualification is projected to exhibit a professional knowledge about the internal audit profession. CIAs are required to take enduring education courses.
Maximum number of present day CIAs include senior internal audit managers, Vice Presidents, Directors, and Chief Audit Executives in top global MNC Companies motivating internal audit functions in their respective companies.
Other Certificates proffered by the Institute of Internal Auditors
Some other certificates offered by the Institute of Internal Auditors are:
- Certification in Control Self-Assessment (CCSA)
- Certified Government Auditing Professional (CGAP), for Government performance auditing and Government Auditors
- Certified Financial Services Auditor (CFSA)
Principles of the Institute of Internal Auditors
The main principles expected to be held and applied by the internal auditors include:
- Debt ratios
- Liquidity ratios
- Profitability ratios
- Asset management ratios
- Cash Flow Indicator Ratios
- Market value ratios
- Financial analysis
- Business Terms
- Financial education
- International Financial Reporting Standards (EU)
- IFRS Interpretations (EU)
- Financial software
Most WantedFinancial Terms
- Most Important Financial Ratios
- Debt-to-Equity Ratio
- Financial Leverage
- Current Ratio
- Interest Coverage Ratio (ICR)
- Solvency Ratio
- Break-even Point
- Debt Service Coverage Ratio
- Receivable Turnover Ratio
- Return On Capital Employed (ROCE)
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