To qualify as an internal auditor, individuals typically need a bachelor’s degree in accounting, finance, or a related business field. While not always mandatory for entry-level, holding or pursuing certification—most notably the Certified Internal Auditor (CIA) from the Institute of Internal Auditors (IIA)—is highly preferred. Strong analytical skills, knowledge of risk management, and experience in auditing or compliance are essential, with some employers requiring 2-5 years of relevant experience.
Requirements to Become a Certified Internal Auditor
To become a Certified Internal Auditor (CIA), one must meet the following requirements: Education – Hold a Bachelor's degree or higher, possess an active Internal Audit Practitioner designation, or have five years of internal audit experience.
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 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.
Class of companies Sub-section (1) of section 138 provides that such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit ...
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.
The internal auditor can be: A Chartered Accountant (CA) A Cost Accountant. Or any other professional decided by the Board.
You can work on an audit without being a CPA. Many firms outsource and/or hire interns to do parts of the audit. These guys don't always have a CPA. The audit report needs to be signed by a CPA (or CPA firm, which should require that partners are CPAs).
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.
Essential Internal Audit Skills
If you are interested in internal auditing, the CIA program may be the way to go. And if you are interested in fraud examination or forensic accounting, the CFE program may be the best choice. In addition to the specific designations, each program offers unique benefits and opportunities.
The IAP is an entry-level, foundational exam ideal for university students, beginner internal auditors, and professionals without degrees. It is one exam with 125 multiple-choice questions. IAP holders wishing to pursue the CIA can apply for a waiver for CIA Part 1. The CIA is a 3-part exam.
If the person to be appointed or his partner holds even a single share (or other securities) of a company, he is not eligible to be appointed as an auditor. However, if a relative of such person holds securities of face value not exceeding Rs.
To become a Certified Internal Auditor (CIA), you must apply to the Institute of Internal Auditors (IIA) (IIA), meet educational and experience prerequisites (like a bachelor's degree plus 2 years' experience), pass the three-part CIA exam, and agree to the IIA's code of ethics, maintaining it with continuing education. You can take the exams before finishing your experience, but must complete all steps to earn the certification.
Based on Career Goals
The CFA is often seen as the most rigorous and respected credential, but designations like FMVA® and CPA are also highly valued depending on the career path.
Who gets more salary, CA vs CFA? Salaries for both CAs and CFAs can vary based on experience, industry, and location. On average, a CA in India earns between INR 6 to 10 LPA, whereas a CFA can earn anywhere between INR 5 to 20 LPA depending on the company and the role.
In a number of states, anyone can call themselves an "accountant." However, all states require CPA candidates to pass the Uniform CPA Examination in addition to meeting education, experience, and ethical requirements. State boards of accountancy only then grant individuals licenses to practice.
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.
It's not uncommon for internal auditors in major organizations to visit five, six, or even 10 countries in a year, conducting audits in various locations and interacting with different people and cultures all the while. You'll be busy, but if you like to travel, there are few jobs more rewarding.
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.
Anyone can call themselves an Accountant, even though they may have no qualifications or experience, although most accountant and auditor posts will require applicants to be either ACCA, ACA, AIA,CIMA, CIFPA, CPA, IIA, ICAS, ICAEW or CCAB registered.
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.