IIA-CFSA certification is a globally recognized professional certification for financial service auditors who demonstrate their competency in auditing, assessing, and evaluating financial service industry processes, procedures, and controls. The IIA-CFSA certification exam is designed to evaluate the skills, knowledge, and abilities of financial service auditors in performing their duties and responsibilities effectively. If you are planning to take the IIA-CFSA certification exam, this guide will provide you with the necessary information and tips to help you pass the exam.
Exam Objectives:
The IIA-CFSA certification exam is designed to test the knowledge and skills of financial service auditors in four domains:
- Domain 1: Financial Services Auditing Process (35%)
- Domain 2: Auditing Financial Service Products (20%)
- Domain 3: Auditing Financial Service Functions (20%)
- Domain 4: Auditing Financial Service Processes (25%)
The exam objectives are based on the International Professional Practices Framework (IPPF) and the Generally Accepted Accounting Principles (GAAP) for the financial service industry. The exam covers topics such as risk management, regulatory compliance, financial products, fraud, and information technology in the financial service industry.
The passing score for the IIA-CFSA exam is 600 out of 800, and candidates have four hours to complete the exam.
Exam Details:
The IIA-CFSA certification exam is a computer-based exam that is offered at Pearson VUE testing centers worldwide. The exam fee is $350 for IIA members and $450 for non-members. Candidates are required to have a bachelor's degree from an accredited university or college and two years of experience in financial services auditing or a related field. Candidates without a degree may substitute five years of experience in financial services auditing or a related field.
The exam format consists of 125 multiple-choice questions, and candidates have four hours to complete the exam. The exam is available in English, Spanish, French, and Chinese languages. Candidates can schedule their exam online through the Pearson VUE website.
Related Books:
There are several books and study materials available to help candidates prepare for the IIA-CFSA certification exam. Here are some of the recommended books:
- "Internal Auditing: Assurance & Advisory Services" by Urton Anderson, Michael J. Head, and Sridhar Ramamoorti
- "Auditing Financial Services: A Comprehensive Guide" by Timothy J. Lindquist and Douglas E. Ziegenfuss
- "Risk-Based Auditing" by Phil Griffiths
- "The Essentials of Risk Management" by Michel Crouhy, Dan Galai, and Robert Mark
- "Fraud Auditing and Forensic Accounting" by Tommie W. Singleton and Aaron J. Singleton
In addition to these books, candidates can also find online courses, practice exams, and study groups to help them prepare for the exam. It is essential to develop a study plan and stick to it to increase your chances of passing the exam.
In conclusion, passing the IIA-CFSA certification exam requires a combination of knowledge, skills, and preparation. Candidates need to understand the exam objectives, develop a study plan, and use the recommended study materials to increase their chances of passing the exam. With dedication and hard work,
candidates can earn the IIA-CFSA certification, which will demonstrate their competency and professionalism in financial services auditing.