Background Institutes and qualifications Association of Chartered Certified Accountants (ACCA) Chartered Institute of Management Accountants (CIMA) Institute

of Chartered Accountants in England and Wales (ACA) Institute of Chartered Accountants of Scotland (ICAS) Chartered Institute of Public Finance and Accountancy (CPFA) Association of Accounting Technicians (AAT) The Institute of Internal Auditors UK and Ireland (IIA) Information Systems Audit & Control Association British Computer Society Academic qualifications

Background

In the internal audit recruitment market, qualifications are very important and are essential for many senior positions. There is a wide range of potential qualifications on offer, from long established and widely respected professional bodies, as well as a variety of academic institutions.

However, before embarking on a study course, it is vital to address a few key issues:

Cost

If you are going to finance the study programme, do you have the resources to fund it through to completion? It may be that children arrive, the anticipated salary increase does not materialise, or, most

commonly, alternative expenditures, such as buying a house, put pressure on finances. You need to know the costs and, as far as possible, ensure you are going to have the resources.

If your employer is going to provide the finance, check the terms and conditions. A not uncommon condition may dictate that you cannot leave your employment within a set period of time without repaying the costs. You need to think about this carefully, in case you have any plans to change job or move to another part of the country.

Time

Time is a key issue. Before you commit to any programme, make a realistic assessment of the time you have available to study. It is worth remembering that the value of a qualification is enhanced by being able to demonstrate that you completed it quickly and at the first attempt. In addition, most employers prefer to recruit people who are qualified rather than part-qualified. The sooner you start and the more time you make available, the sooner you will finish.

Jobs that involve long and irregular hours or excessive travel, both away from home and to your place of work, can make it very difficult to find the necessary time to study and starting a new job, irrespective of the location and working hours, brings inevitable pressures as you settle in, which can result in you failing to impress both your new employer and your examiner. Marriage, divorce, the arrival of children or other changes in your personal circumstances can also significantly affect the time you have available to study.

Make sure you have sufficient time to be able to study properly.

Commitment

Getting part way through a qualification and then abandoning it should be avoided, at all costs. From a recruitment point of view it is better not to have started than to have pulled out. If you have failed to complete a professional qualification it may be best to leave it off your CV and avoid the issue altogether.

There are a number of reasons why people fail to complete qualifications.

Occasionally money is the issue. However, if brought to the attention of the right people (employers, banks, professional bodies, etc.) at the right time and in the right way, this problem can generally be overcome.

Sometimes time is the issue, which is why we have already discussed this important issue above. Dropping out for this reason will not be viewed favourably, as it will be seen as something which should have been anticipated.

Another reason is not having the ability to complete a qualification. Whilst there is no shame in having made an honest effort to pass examinations that prove intellectually beyond you, there will often have been a lack of judgement in putting yourself in the situation in the first place. Therefore, it is vital that you investigate any proposed course of study carefully. Most professional and academic institutions, subject to you having the minimum entry requirements, are unlikely to advise you against their qualification. It is for you to make a judgement. Do not marvel at how easy the initial stages are; look very carefully at the final stages.

However, by far the most common reason for people failing to complete courses is a lack of commitment they simply drop out. Anyone who becomes aware that you have dropped out of a study course for lack of commitment will inevitably extrapolate that lack of commitment to your likely working behaviour and be less than impressed.

Approach

Once you have considered the key issues above, and decided on the qualification you are going to pursue, give it your all. This is not only to complete the qualification as quickly as possible, but also to give yourself the best possible chance of passing by focussing the greatest amount of attention to the subject in a short space of time a proven way to maximise your chances of retaining learning.

In many respects, passing examinations is as much a logistical as an intellectual exercise. For those with more modest intellectual abilities, judicious but concentrated effort applied at the right time can deliver the desired result.

Different qualifications

Qualifications break down into two groups.

Professional - the various accounting, auditing, IT and sector relevant qualifications

Academic - essentially diploma, degree, MSc and MBA qualifications.

Most professional qualifications are well established and highly respected. They are generally more specialised than academic qualifications and deliver a high level of competency in key business skills.

Academic qualifications carry a far lower risk of failure and are consequently less valuable in the recruitment market. Most MBA and MSc programs are widely advertised and are financially expensive to enrol on. Having paid for the course, you are in many respects a customer. Business schools operate in a different environment to professional institutions they are not in the business of failing their customers. Essentially, if you follow the course and the guidance of your tutors, the amount of work may be substantial, but the risk of failure is considerably less than with professional exams.

Having talked about the value of qualifications, we should make the point that collecting an excessive number of qualifications, particularly if they do not have a logical cohesion, can be self defeating. A long row of letters after your name may on the face of it look impressive. However, beyond a certain point, most employers will not be interested and may wonder if it is compensating for some sort of professional inadequacy. Get the qualifications necessary to compete in the recruitment market as quickly as possible and then get on with your career.

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Institutes and qualifications

There are a number of professional and academic institutions offering qualifications in accountancy, internal audit and computer audit.

Accountancy Qualifications

These 5 principal accounting bodies together form the CCAB Consultative Committee of Accountancy Bodies.

Association of Chartered Certified Accountants (ACCA)

Chartered Institute of Management Accountants (CIMA)

Institute of Chartered Accountants in England and Wales (ACA)

Institute of Chartered Accountants of Scotland (CA)

Chartered Institute of Public Finance and Accountancy (CPFA)

There is also a further professional body, which offers accountancy qualifications:

Association of Accounting Technicians (AAT)

Internal Audit qualifications

Specific internal audit qualifications are offered by:

The Institute of Internal Auditors UK and Ireland

Computer Audit qualifications

Specific computer audit qualifications are offered by:

The Institute of Internal Auditors UK and Ireland

Information Systems Audit & Control Association

British Computer Society

Academic qualifications

A number of academic institutions offer qualifications in accountancy, internal audit and computer audit:

Various academic institutions

For more detail on any of these institutions and the qualifications they offer, simply click on the respective links.

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The Association of Chartered Certified Accountants (ACCA)

www.acca.co.uk

ACCA (Associate) FCCA (Fellow)

The Association of Chartered Certified Accountants (ACCA) is a global accountancy body with over 300,000 students and members, and offers probably the most flexible of the accounting qualifications.

With 200 examination centres in 160 countries, students can chose between sitting UK specific accounting and auditing papers or International accounting and auditing papers. It also offers students the opportunity to sit examinations based on local tax and law. This universality of approach enables an ACCA trainee to work in any size or type of organisation in any country throughout the world.

The ACCA qualification is common in public practice and is held by many external auditors. Members of the Association, together with Chartered Accountants (ACAs and CAs) are allowed to sign Audit Reports. The historic relationship between external and internal auditing has resulted in the ACCA qualification being both widely recognised and held in internal auditing. Within the examination syllabus, paper 2.6 (Audit & Internal Review) and an optional paper 3.1 (Audit & Assurance Services) are relevant to internal auditing. In the past, the qualification was considered easier to acquire and many Chief Internal Auditors discriminated against the qualification in favour of the ACA or CA qualification. In recent years, this discrimination has faded.

ACCA

To qualify as an ACCA, candidates must pass the ACCA examinations, as well as demonstrating a minimum of 3 years supervised, relevant practical experience, which includes experience gained in internal auditing. It will be a workplace supervisor s responsibility to establish that the required standards of performance have been met.

The exams consist of 14 papers, all of which must be passed, split into 3 parts, as follows:

Part 1 - 3 papers

Part 2 - 6 papers

Part 3 - 3 core papers and 2 out of 4 optional papers

A maximum of 4 papers can be sat in any one sitting, but papers must be taken in order. At least one Part 3 optional paper must be completed before the core papers are attempted and the 3 core papers must be sat and passed together, subject only to a referral being granted.

Students have a maximum of 10 years to complete the examinations from their time of registration and examinations are set in June and December each year.

Entry requirements are a minimum of 5 GCE or GCSE passes or their equivalents (any 2 of which must be at A level) including Mathematics and English. Graduates with degrees from recognised institutions with relevant or related degrees can gain exemptions from the whole of Part 1 and some Part 2 papers. Relevant graduates could complete examinations within 1-2 years and non-relevant graduates within 23 years.

FCCA

After 5 years continuous membership Associate members (ACCA) advance to Fellowship (FCCA) automatically.

The ACCA Diploma in Financial Management (DipFM)

The ACCA Diploma is a postgraduate qualification, designed to equip managers with an understanding of how to compile, analyse and communicate financial information. The qualification has been completed by a number of non-accounting qualified internal auditors. The qualification consists of two modules that are each assessed via one 3-hour examination and a project. It is less valuable than a CCAB accounting qualification in the recruitment market, but does indicate to prospective employers an understanding of accounting and finance.

To enrol, candidates must hold a recognised degree, HND/C, NVQ Level 4 and/or membership of a nonaccounting professional body. Candidates over 23 can, however, be admitted on the basis of experience.

ACCA Accounting Technician qualification (CAT)

This qualification was launched in 1997 to enable candidates to acquire a technician level accounting qualification. It competes directly with the AAT qualification. There are no formal academic entry requirements.

Related academic awards

Because of the Association s relationship with Oxford Brookes University, a BSc honours degree in Applied Accounting is available to students who have completed Part 2. Students are required to demonstrate that they can research, analyse and use key skills, as determined by the University. They do this by completing a Research and Analysis Project, which comprises a 5,000 word Report and a 1,500 word Key Skills Statement.

After achieving ACCA membership, an MBA, ideally suited for qualified accountants is also available.

For more information on qualifications and courses, visit www.acca.co.uk

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The Chartered Institute of Management Accountants (CIMA)

www.cimaglobal.com

ACMA (Associate) FCMA (Fellow)

The Chartered Institute of Management Accountants (CIMA) promotes itself as the financial qualification for business. In many respects ACCA and CIMA are similar qualifications, however, the CIMA examination syllabus does not have any papers that are dedicated to either internal or external auditing and, consequently, it cannot be assumed that CIMA members have been trained in audit. CIMA examinations, along with ACCA examinations, are set on a worldwide basis. Approximately 40% of CIMA members are resident outside of the UK.

The CIMA qualification is not commonly held in internal auditing. However, any internal auditor who is CIMA qualified will find very little discrimination in the recruitment market. As a qualification, CIMA has developed a good reputation and has always been considered very business focused.

CIMA

The CIMA examinations consist of 15 papers, organised into 3 stages:

Foundation - 3 papers

Intermediate - 8 papers

Final - 4 papers which includes a case study

A maximum of 6 papers can be sat at each sitting. At the final stage, all 3 papers, subject to a referral in one paper, must be sat and passed together. The case study can either be sat with them or separately.

On completion of the foundation level, students are awarded the CIMA Certificate in Business Accounting and students who have completed the Intermediate level the CIMA Advanced Diploma in Management Accounting.

There is no time limit within which examinations must be completed and exams are held twice a year in May & November.

Entry requirements are a minimum of 5 GCE or GCSE passes or their equivalents (any two of which must be at A level) including Mathematics and English. BTEC National awards are also acceptable.

Graduate exemptions exist. The more relevant the degree, the more exemptions that are available. Relevant graduates could complete examinations within 1-2 years and non-relevant graduates within 23 years.

ACMA

To qualify as an ACMA, candidates must both pass the CIMA examinations and have gained at least 3 years relevant practical experience. This experience must cover three areas: Basic, Core and Supplementary. Not every element is required to be covered, the only requirement is for 18 months experience in core areas that are management accounting related. The Institute s formal guidance on the relevance of internal audit experience states, A membership application based predominantly on

internal audit experience is most unlikely to be approved, although it must be stressed that each application will be considered on merit. Practical experience is recorded as part of a Career Profile which must be submitted within 5 years of completing final exams. The Career Profile is made up of 3 sections: personal information, employment history and an enhanced Curriculum Vitae.

FCMA

To qualify as an FCMA, in addition to the 3 years experience required to become an ACMA, a minimum of a further 3 years experience in a senior and responsible position is required.

Related academic awards

CIMA members who meet Henley s entry requirements can gain over 50% exemption from the Henley MBA, leading straight into Part 3 of their MBA program.

For more information on qualifications and courses, visit www.cimaglobal.com

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The Institute of Chartered Accountants in England & Wales (ICAEW)

www.icaew.co.uk

ACA (Associate) FCA (Fellow)

The Institute of Chartered Accountants in England & Wales (ICAEW) is the largest professional accountancy body in Europe. The ACA qualification, together with its equivalent Scottish CA

qualification, remains the most sought after in the internal audit recruitment market. Historically, there were a significant number of companies who would only recruit ACAs into their internal audit departments. This tended to reflect the qualification held by the Head of Audit, the audit training provided by the larger accounting firms and a not unwarranted reputation that it represented the most difficult accounting qualification to acquire. Whilst this hegemony is slowly breaking down and many more companies are far more open on what they perceive to be appropriate qualifications, it still remains one of the most common and marketable qualifications for an internal auditor to hold in the private sector.

All ICAEW qualifications have to be completed within an authorised training office, of which there are over 2,000 offices of Chartered Accountants, as well as a rapidly growing number of commercial and public sector organisations authorised as training offices. There are also a limited number of training offices in selected countries overseas. Training contracts may last from 3 to 5 years.

There are two stages in the examination syllabus:

Professional stage

The Professional stage consists of 6 papers and devolved assessments in Commercial and Company Law. The Professional stage is flexible and can be taken within or outside a training contract. Exemptions are available for students with relevant degrees and qualifications. Examinations can be sat in any number or order and are set 4 times a year in March, June, September and December.

Advanced stage

The Advanced Stage consists of 2 papers that make up the Test of Advanced Technical Competence (TATC) and the Advanced Case Study. This is a 4-hour examination that cannot be attempted until a student has entered the final year of a training contract. Advanced stage examinations can be sat individually and are held in July and November. All examinations must be completed within 4 years of the end of a training contract.

Students are recommended to have 15 weeks study leave for the Professional stage and 7 weeks for the Advanced stage. Entry requirements are a minimum of two GCE A levels plus at least 3 GCSEs.

ACA

Candidates must pass both the Professional and Advanced stage examinations and have 450 days of technical work experience in a training organisation authorised by the Institute. The Institute recommends experience of a variety of technical areas e.g. accounting, audit / assurance, financial management and tax. Formally, it is unlikely that experience gained exclusively in internal auditing would be able to meet this requirement.

Students must also complete a work based learning framework which focuses on the development of 4 key skills: Communication, Business Awareness, Technical Knowledge and Professional Judgement and must complete structured training in professional ethics.

FCA

Associate members of 10 years standing who satisfy the continuing professional education requirements are eligible to become a Fellow.

For more information on qualifications and courses, visit www.icaew.co.uk

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The Institute of Chartered Accountants of Scotland (ICAS)

www.icas.org.uk

CA (Member)

Whilst the ICAEW can lay claim to being the largest professional accountancy body in Europe, ICAS can lay claim to being the oldest accountancy body in the world. The CA qualification, together with its English equivalent ACA, remains the most sought after qualification in the internal audit recruitment market. Historically, there were a significant number of companies who would only recruit CAs into their internal audit departments. This tended to reflect the qualification held by the Head of Audit, the audit training provided by the larger accounting firms and a not unwarranted reputation that it represented the most difficult accounting qualification to acquire. Whilst this hegemony is slowly breaking down and many more companies are far more open on what they perceive to be appropriate qualifications, it still remains one of the most common and marketable qualifications for an internal auditor to hold in the private sector.

To qualify as a CA, a three year training contract has to be completed with an authorised training office. The majority of these are within the offices of Chartered Accountants but there are an increasing number in industry and commerce.

The ICAS is the only accountancy body in the UK to teach and examine all its students. Training contracts usually last 3 years and classes and lectures are held in intensive and block format.

The syllabus consists of 3 levels:

Test of Competence - 5 papers.

Test of Professional Skills - 4 papers with each paper having two parts sat in the morning and afternoon.

Test of Professional Expertise - multi-discipline case study

The entry qualification for CA training is a UK university degree, or equivalent qualification from overseas. ICAS authorised degrees exempt you from having to take the Test of Competence. Those students who are not exempt take the Test of Competence during the first year of their training contract but may still be given single subject exemptions depending on the content of their degree.

The Institute has opened another route, the Vocational route for non-graduates. This is available to members of the AAT (the Association of Accounting Technicians).

CA

To qualify as a CA, candidates must have completed a 3-year training contract in a training office authorised by the Institute and have passed the CA examinations. The 3-year training must include at least 450 days relevant work experience, which is recorded in an Achievement Log. This is reviewed by the Institute on an annual basis and all Achievement Logs must be submitted to the Institute at the end of the contract.

For more information on qualifications and courses, visit www.icas.org.uk

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The Chartered Institute of Public Finance & Accountancy (CIPFA)

www.cipfa.org.uk

CPFA

The Chartered Institute of Public Finance & Accountancy (CIPFA), as its name suggests, has its origins firmly set in the public sector and, even today, the vast majority of the Institute s members will have gained their qualification in the public sector. However, although the syllabus contains subjects that are unique to the public sector, to obtain the qualification there is no requirement to have worked in the public sector and there are now a number of students in the private sector, most in the accounting profession, working for the Big 4. Some of the Big 4 even run their own CPFA training schemes. CPFA is not an international qualification and is not widely held by UK non-residents.

As a result of the importance of both internal and external auditing in the public sector, there are a significant number of CPFA qualified internal auditors working in the economy. The majority of those working in the private sector will have qualified whilst working in the public sector. The qualification is generally well regarded and the examinations considered at least on a par with CIMA or ACCA. Discrimination against the qualification in the private sector has centred not on the qualification per se, but on the public sector audit experience of its members. Once a CFPA qualified internal auditor has left the public sector (and we advise someone with ambitions in the private sector to do so sooner rather than later) CPFA is considered just another CCAB accounting qualification. CPFA qualified internal auditors working in the private sector are not significantly discriminated against in the recruitment market.

There are 12 papers and a case study in 3 stages.

The Certificate stage - 4 papers

The Diploma stage - 5 papers together with a further 2 half papers

Test of Professional Competence stage - Strategic Business Management paper and a 6-hour case study

At the Certificate and Diploma stages, papers can be sat in any order or combination. Examinations are set in June and December each year.

Minimum entry requirements are 5 GCE or GCSE passes or their equivalents (any two of which must be at A level), including Mathematics and English.

Business and accounting graduates from recognised institutions can gain exemptions. Graduates with relevant degrees could complete examinations within a year and non-relevant graduates within 3 years.

CPFA candidates must pass the CPFA examinations and also gain 3 years practical experience, which is called the Initial Professional Development Scheme. The requirements for this experience are

continually evolving, but many students who have worked exclusively in internal auditing during their training gain membership of the Institute.

For more information on qualifications and courses, visit www.cipfa.org.uk

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Association of Accounting Technicians (AAT)

www.aat.org.uk

MAAT (Member) FMAAT (Fellow)

The AAT was formed in 1980 and is sponsored by 4 of the 5 CCAB accounting bodies. The one exception, the ACCA, established their own technician qualification in 1997.

The AAT Accounting Qualification is common in internal auditing. It is most often held by non-graduate internal auditors, many of whom intend completing a CCAB accounting qualification or MIIA examination. Exemptions are available for AAT members moving onto CCAB study, and may be available if progressing onto MIIA study. AAT is seen as a practitioner qualification and, in the internal audit recruitment market, is more suited to employees fulfilling accounting technician roles.

The AAT Accounting Qualification is designed to provide maximum flexibility to suit students from a wide range of backgrounds and circumstances. The qualification can be taken via the NVQ/SVQ pathway or the Diploma pathway and each option consists of 3 levels: Foundation/Certificate

Intermediate/Advanced Certificate

Technician/Diploma

The AAT Accounting Qualification is designed to give you practical financial skills for the workplace. Most leading companies train staff with AAT because it creates highly skilled employees. That s why many AAT qualified people earn higher salaries than their unqualified colleagues. You can apply to do an AAT qualification irrespective of your age, experience or previous qualifications - and you can study full time; part time or at home. So whether you re thinking about a career in accountancy or already work in the industry and want greater recognition, an AAT qualification can really boost your career.

AAT has an open entry system, no formal qualifications are required but you will need to be competent in maths and English. UK accounting degrees and other equivalent qualifications may provide exemptions from parts of the course.

The course is assessed in two ways; exams and skills tests. Exams are held twice a year in June and December. Skills tests take place at college and may involve building a portfolio of evidence or taking a simulated work based exercise.

MAAT

To complete the qualification and become a full member (MAAT), most candidates must have completed all 3 levels of the qualification. However, some may be exempt from the first level depending on previous qualifications and experience. In addition, a minimum of one year s approved work experience is required.

FMAAT

Full members may apply to become fellow members 5 years after they have been admitted to membership with the recommendation of a senior professional who is familiar with their work

For more information on AAT qualifications, visit www.aat.org.uk

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The Institute of Internal Auditors UK and Ireland (IIA)

www.iia.org.uk

The Institute of Internal Auditors was established in the UK in 1948 and introduced a program of examinations leading to a qualification in 1981. Initially, the Advanced Diploma qualification was primarily sponsored by the public sector and specifically civil service internal audit departments. However, over the last 20 years the qualification has become increasingly widely held in both the public and private sectors. As the nature of internal audit changes and moves away from the review of purely financial risks and controls, the profile of the qualification continues to improve. The Advanced Diploma qualification remains strong in the public sector and is widely held by internal auditors working in financial services, the retailing, transport, leisure and utilities sectors and with the Big 4 consultancies and other public practice firms as an internal audit specialisation.

The portfolio of qualifications offered by the Institute of Internal Auditors UK and Ireland contains a flexible range of programmes that enable career development, whether working in internal audit for the first time or as an experienced practitioner.

Certificate in Internal Audit and Business Risk

The Certificate in Internal Audit and Business Risk is the ideal programme for people who are new to internal audit as well as those who are seconded to the function and need to build a firm foundation of practical skills with which to become more effective in their job.

The Certificate comprises four modules, a Personal Development Portfolio and an Assignment.

The four modules are:

Corporate Governance and Risk Management Internal Auditing Tools and Techniques Effective Delivery of an Audit Communication and Client-Auditor Relations

Students can complete the Certificate from six months up to a maximum of two years.

Diploma in Internal Audit Practice (PIIA)

The Diploma in Internal Audit Practice is designed for practising internal auditors who are considering a career in internal auditing. Employers regard it as the hallmark of a competent internal auditor.

The Diploma equips students with a thorough grounding in the knowledge and skills required to develop their internal auditing career. It covers the principles and practices of internal auditing, risk management, control and governance. It also provides an appreciation of the management and accounting practices that are essential for effective internal audit practice.

The Diploma in Internal Audit Practice comprises five Theory Modules, two Skills Modules and a Professional Experience module. The five Theory Modules are:

Organisation and Management - concepts and practices Accounting and Financial Systems Internal Auditing Business Information Systems Auditing Corporate Governance and Risk Management

The two Skills Modules are:

Effective Delivery of an Audit Communications and Client-Auditor Relations

The Professional Experience Module comprises a log of one year s experience, employment, training and development.

Students enrolling on the Diploma in Internal Audit Practice must take a formal course of study for the five Theory Modules, Tuition is available through a range of methods, including distance learning, full time study, part-time study, block release, or at the same time as taking another qualification, such as an MSc.

Students will have three years to pass all exams, complete their Skills Modules and their Professional Experience Module.

After completing the Diploma students are encouraged to continue their professional development by enrolling on the Advanced Diploma in Internal Auditing and Management, the qualification for senior and experienced internal auditors.

Advanced Diploma in Internal Auditing and Management (MIIA)

The Advanced Diploma in Internal Auditing and Management is designed for experienced and senior level auditors, and for qualified accountants who want a specific qualification in internal auditing.

It develops and tests students knowledge of strategic management, financial management, risk assurance and audit management, as well as their knowledge of core internal auditing practice.

Successful students are able to interact with directors and senior management at a strategic level on complex issues of risk, ethics and governance in the context of a global business environment.

The Advanced Diploma comprises four Theory Modules, one Skills Module, and one Professional Experience Module. The four Theory Modules are:

Strategic Management Financial Management Risk Assurance and Audit Management Advanced Internal Auditing Case Study

The Skills Module is:

Advanced Business Communication

Tuition is not compulsory when studying the Advanced Diploma in Internal Auditing and Management.

A student will have up to three years to pass all their exams, complete the Skills Module, and complete their Professional Experience Module.

The IIA also offers a qualification alongside the portfolio as an option for specialist information technology auditors.

Qualification in Computer Auditing

Following a review of the role of the information technology auditor, the IIA decided not to accept new regsitrations from the 1 April 2007. The information below provides information on those who have registered before this date and who have either completed the study programme or are still pursuing it.

The Qualification in Computer Auditing provides a recognised programme of study to equip specialist information technology internal auditors with the skills, knowledge and understanding for their role.

The Qualification in Computer Auditing comprises two Theory Modules and a Professional Experience Module. The two Theory Modules are:

Business Information Systems Auditing Specialist Information Systems Auditing

The Professional Experience Module comprises a log of 1600 hours of computer auditing work over at least two years.

If you would like any further information from the IIA contact 020 7498 0101, email info@iia.org.uk or visit www.iia.org.uk

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Information Systems Audit and Control Association (ISACA)

www.isaca.org

CISA

The Information Systems Audit and Control Association (ISACA) was founded in the United States in 1969 as the EDP Auditors Association. It is an international association of professionals involved in

information systems audit, control, quality assurance and security and the CISA qualification is set on a worldwide basis in 45 countries.

In the UK there are 2 recognised computer audit qualifications: QiCA and CISA. QiCA is awarded by the Institute of Internal Auditors UK and Ireland, and CISA is awarded by the Information Systems and Control Association. In the internal audit recruitment market, there is little to choose between the 2 qualifications, they both have equal standing. CISA is more practical and is a test of competence; it does not attempt to teach the theory or practice of computer auditing. QiCA is more academic and is probably better for developing students with limited computer audit experience. CISA requires applicants to sit only one 4-hour multiple-choice examination, whereas QiCA consists of two 3-hour written papers that cannot be completed at the same sitting. The QiCA examination syllabus therefore takes longer to complete.

There is no benefit in the recruitment market in holding both qualifications and, once membership fees are taken into account, it is more sensible for PIIA / MIIA qualified computer auditors to complete the QiCA qualification. CISA is an international qualification and is more likely to be recognised by overseas employers. In the recruitment market, it is becoming increasingly commonplace, and therefore ultimately necessary, for a computer auditor to hold one of these qualifications.

There is one paper in the syllabus, which consists of a 4-hour exam of 200 multiple-choice questions, covering 7 different specialist areas. Examinations are held in June each year and there are 4 examination centres in the UK. There are no minimum entry requirements.

CISA

To qualify for the CISA, students must pass both examinations and have 5 years computer audit or security experience recorded in a logbook and verified by an employer. One year of experience may be substituted by general audit or I.T. experience.

For more information on qualifications and courses, visit www.isaca.org

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British Computer Society (BCS)

www.bcs.org.uk

AMBCS (Associate) MBCS (Member) FBCS (Fellow)

The British Computer Society is the leading professional society in computers and information systems. It was formed in 1957 and enjoys Chartered status.

Up until recently, computer auditors were not expected to be professionally qualified. Computer audit was a relatively new discipline and a large number of practitioners simply had backgrounds in I.T., as, with the I.T. industry growing rapidly and rather unpredictably, experience and the demonstrable ability to do a job has often been far more important than qualifications.

However, there is now an increasing expectation that computer auditors should be professionally qualified. The obvious qualifications are QiCA or CISA, but the MBCS is a Chartered qualification widely recognised in the I.T. industry, and a worthy qualification for computer auditors who may wish to develop their career in I.T. A combination of QiCA or CISA and MBCS is not uncommon amongst computer auditors.

The BCS examination syllabus is modular and is set in 3 parts:

The Certificate is considered equivalent to the first year of an HND and consists of an examination in each of 3 compulsory modules.

The Diploma is considered equivalent to an HND and consists of an examination in one compulsory module plus 3 examinations from a choice of 12 further modules. A 5,000 word Professional Project also has to be submitted.

The Professional Graduate Diploma is considered equivalent to a university honours degree. It consists of an examination in 4 modules from a choice of 11. Alternatively, the Advanced Diploma can be taken by submission of a dissertation, along with a 10,000 word Professional Project.

There are no formal academic entry requirements. There is no requirement to register with the Society prior to sitting the examinations. Modules and Professional projects may be taken in any sequence and there are no limits on the number of attempts or Professional Project submissions. Examinations are held once a year in April.

AMBCS

The AMBCS is a professional but non-Chartered grade. In order to achieve this grade, candidates must pass, or be exempted from, the Certificate, the Diploma and the Professional Project. Eligibility is dependent on age (minimum 23 years) and experience. Computer audit experience, as with MBCS and FBCS grades, will qualify.

MBCS

The MCBS is a Chartered professional grade. In order to achieve this grade, candidates must pass or be exempted from, the Certificate, the Diploma, the Advanced Diploma (by examination or dissertation) and the Professional Project (Advanced Diploma level). Eligibility is dependent on age (minimum 25 years), experience and current level of responsibility. Experience will range between 4 and 10 years depending on academic qualifications and structured training. Routes are available for those with no formal qualifications. Members are entitled to use the title Chartered Information Systems Practitioner.

FBCS

Candidates must be at least 30 years old and have been an MBCS for at least one year. A minimum of 8 years practical experience is required, 5 of them in a position of substantial responsibility.

For more information on qualifications and courses, visit www.bcs.org.uk

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Academic Qualifications

In the internal audit recruitment market there are three types of qualifications that will substantially enhance your CV: First Degrees (BA / MSc), Masters Degrees (MA / MSc) and MBAs.

If choosing an academic qualification, pick a course that is going to complement your existing qualification(s) and one that is going to enhance your value in the recruitment market. In internal auditing this will generally mean a business, finance, management, systems or I.T. qualification. A qualification in a foreign language is also worthwhile, if it is going to result in business fluency.

MBA s in particular often offer a huge choice of programs together with the opportunity to specialise in specific subject areas such as finance, I.T. or risk management.

Unless there are compelling reasons, if you are already well into a career in internal auditing and, say, over the age of 25, do not give up work to study an academic qualification full-time. It is unlikely that you will ever get a return on your investment. The direct cost of the course together with the opportunity cost of not working for a year is unlikely to be subsequently repaid by an enhanced salary.

Investigate all the possibilities thoroughly and go for the most flexible course and the one that you are most likely to complete. You may wish to consider courses that offer an intermediate qualification, such as a degree course that offers a lesser diploma. The value of this is that if your circumstances change and you do not wish to or cannot complete an entire degree programme, you can still finish early and have a tangible qualification.

As long as you are confident you can complete the course, go for the best name that you can afford. An academic qualification is to a significant extent valued according to the reputation of the academic

institution that issued it. Degrees issued from traditional universities and business schools will have a higher value in the recruitment market.

All the professional qualifications covered above, with the exception of AAT and CISA, would be judged equivalent to a first degree. If you hold any of these, then you will be able to enrol, should you wish, onto a Masters Degree (MSc) course.

There are a wide variety of academic qualifications on offer. Here are some of the most relevant:

University of Central England Business School - block release, full time, part time or distance learning MSc and Post Graduate Diploma qualifications in Internal Auditing. (www.uce.ac.uk)

City University Business School full-time or part-time MSc or Postgraduate Diploma qualifications in Internal Auditing & Management. (www.city.ac.uk)

London Guildhall University - full or part time MSc qualification in Systems Auditing. (www.lgu.ac.uk)

Glasgow Caledonian University - Ordinary or Honours BA degree in Risk Management, which is a fulltime 3 or 4 year course and a full-time one year MSc or Post Graduate Diploma in Risk Management. (www.gcal.ac.uk)

University of Southampton - full or part-time MSc in Risk Management. (www.soton.ac.uk)

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