While anyone with relevant skills can become an internal auditor, it is not an entry-level role for just anyone; it generally requires a bachelor’s degree in accounting, finance, or business, along with strong analytical abilities. While accounting backgrounds are common, professionals from IT, law, engineering, and operations are also highly valued.
The minimum entry requirement is a Bachelor's degree, or an Advanced Diploma, or an equivalent qualification at NQF Level 7, in a commerce- and/or finance- related field of study, with a mark of at least 60% for each of the final-year core modules of the qualification.
On average, it takes six to seven years to meet the combination of education and experience requirements to become a Certified Internal Auditor. It's possible to overlap your three-year eligibility period and pass the CIA exam before completing your experience requirement.
Internal Employees: As per Rule 13, Companies (Accounts) Rules, 2014, Companies can appoint a qualified employee with relevant experience to serve as the internal auditor. Statutory Auditor: A statutory auditor cannot be an internal auditor as per Section 144(b) of the Corporations Act 2013.
Internal auditor requirements
Most employers require internal auditors to earn at least a bachelor's degree. The degree focus can be in accounting, finance or a related field. Some employers prefer to hire candidates with a master's degree in accounting or business administration with a concentration in accounting.
The pass rates hover between 40-50% meaning on average, more candidates fail the exam than pass. Since a career as a CIA requires a sophisticated and technical skill set, this exam is intentionally difficult. Don't let that discourage you! If you do fail any portion of the test, not all hope is lost.
Types of Internal audits include compliance audits, operational audits, financial audits, and an information technology audits.
While AI can automate many routine tasks, its primary benefit is enhancing what auditors do—enabling deeper, broader, and more frequent analyses. Rather than replacing auditors, AI should be seen as a tool that allows auditors to do more valuable, strategic work.
Is CIA harder than CFA? No, the CIA is considered easier compared to the CFA course because it addresses some of the significantly challenging financial topics.
The CIA exam costs about $740-1,515 depending on your IIA membership status. The CIA exam is offered around the world via Pearson VUE testing centers. A CIA exam review course can help you earn a passing score. Candidates have a maximum of three years to pass the exam and meet all exit requirements.
Essential Internal Audit Skills
Internal Auditing is a specialised skill that is greatly in demand within South African businesses as well as international organisations.
Based on Career Goals
A successful internal audit function relies on four fundamental pillars, often referred to as the “4 C's”: Competence, Confidentiality, Communication, and Collaboration. These principles guide auditors in delivering meaningful and impactful results.
Earn your internal audit certification. Become an Internal Audit Practitioner™ (IAP™), a Certified Internal Auditor ® (CIA®), or earn your Certification in Risk Management Assurance ® (CRMA®) to strengthen your knowledge base and distinguish yourself from your peers.
While ZipRecruiter is seeing annual salaries as high as $120,000 and as low as $33,500, the majority of Entry Level Internal Auditor salaries currently range between $59,500 (25th percentile) to $90,000 (75th percentile) with top earners (90th percentile) making $108,000 annually across the United States.
CIA vs CPA: Exam Difficulty
On one hand, the CPA covers more information. On the other hand, the CIA goes much more in-depth. The average CIA exam pass rate in the last few years is around 41%. The cumulative pass rates for the 2023 CPA Exam on all four sections were between 41-50%.
How much does an Internal Auditor make at KPMG in India? Average KPMG Internal Auditor yearly pay in India is approximately ₹ 13,53,061, which is 119% above the national average.