CPEA

The IIA's Certified Public Accountant (CPA) Exam, more accurately referred to as the Certified Internal Auditor (CIA) exam, doesn't have a "CPEA" designation. The Certified Internal Auditor (CIA) exam, administered by the Institute of Internal Auditors (IIA), covers three major areas:

• I: The Internal Audit Activity's Role in Governance, Risk, and Control: This section focuses on the internal audit profession's purpose, standards, and relationship with governance, risk management, and internal control. Key topics include:

  • The role and responsibilities of the internal audit activity (IAA).
  • Governance frameworks (COSO, COBIT, etc.).
  • Risk management concepts and methodologies.
  • Internal control frameworks (COSO, COBIT, etc.) and their implementation.
  • Professional ethics and standards for internal auditors.
  • Legal and regulatory considerations.

• II: Auditing: This part delves into the actual auditing process, methodologies, and techniques. Expect questions on:

  • Planning and performing audits (risk assessment, scoping, sampling).
  • Different audit approaches (e.g., compliance, operational, financial).
  • Audit evidence gathering and documentation.
  • Data analytics in auditing.
  • IT auditing concepts.
  • Communicating audit results effectively, including writing reports.

• III: Business and Industry Knowledge: This section requires broad understanding of business processes and various industries. The exam tests your capability to apply audit techniques in diverse contexts. Expect questions related to:

  • Financial accounting principles and practices.
  • Management accounting and budgeting.
  • Operations management and supply chain.
  • Information technology and its impact on business processes.
  • Legal, regulatory, and ethical frameworks relevant to specific industries.

Remember that the specific content and weighting of each section can change slightly over time, so always refer to the IIA's official exam guide for the most up-to-date information before you start studying.