IIA Diploma in Internal Audit Practice
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.
Successful Diploma students will be able to:
-
Demonstrate professional competence across the range of contemporary internal audit skills and knowledge
-
Identify risk and provide assurances
-
Apply solid accounting and management knowledge and understanding to their audit assignments
-
Develop professional business and organisational awareness and apply these in their professional practice.
What are the features and contents of the qualification?
The Diploma in Internal Audit Practice comprises five theory modules, two skills modules and a professional experience module. The five theory modules are:
-
P1 Organisation and Management - Concepts and Practices
-
P2 Accounting and Financial Systems
-
P3 Internal Auditing
-
P4 Business Information Systems Auditing
-
P5 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.
What level is the qualification?
The academic level of the Diploma in Internal Audit Practice is equivalent to that of the first year of a postgraduate degree.
How long will it take to complete?
You will have three years to pass all exams, complete your skills modules and submit your professional experience module. Depending on your personal situation, it could take between 800 and 1000 hours to complete the Diploma, plus the time to complete your professional experience module. The theory modules should each take about 150 to 200 hours. This includes your formal course of study, reading, research, discussions, reflection, assignments and exam preparation. The skills modules should each take about 22 hours.
Will it give me a designation?
Yes, the designation for the Diploma in Internal Audit Practice is PIIA.
What are the entry requirements?
Entry to the Diploma in Internal Audit Practice requires five GCSE passes including Mathematics and English, plus two A levels. Equivalent Irish Leaving Certificate grades, equivalent Scottish National Qualifications and vocational equivalents are all similarly acceptable.
If you do not hold the minimum entry requirements, your employer must endorse your application to register for the Diploma, and confirm your ability to cope with the demands of the programme in a letter accompanying your application.
What happens after I achieve the Diploma in Internal Audit Practice?
Successful students are entitled to use the designatory letters PIIA and become voting members of the Institute.
After completing the Diploma, we encourage students to continue their professional development by enrolling on the Advanced Diploma in Internal Auditing and Management, the qualification for senior and experienced internal auditors.
How will I be assessed?
Each of the five theory modules of the Diploma is examined through a three-hour exam. The papers might include short answer questions, multiple choice questions, essays and case studies. Exams are held twice a year in November and June in locations around the UK and Ireland, overseas sittings are also possible.
You must also attend two two-day workshops for the skills modules and complete a professional experience module recording one year's internal auditing experience.
Will I be eligible for any exemptions?
You will be if you have completed the Certificate in Internal Audit and Business Risk. You may also be eligible to apply for other exemptions through previous academic or professional qualifications.
Where do I go for tuition?
Students enrolling on the Diploma in Internal Audit Practice must take a formal course of study for the five theory modules. There are a number of tuition providers in the UK and Ireland offering courses of study. For the most part, your tuition provider will be your main study support mechanism. 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.
Do I have to become an IIA member?
Yes, you must become a student member of the Institute before enrolling on an IIA qualification.
When should I apply to enrol on the qualification?
First, you need to register with the Institute as a student member. You can do this at any time. Next, you need to select and register with a tuition provider - you should check the enrolment deadlines with your chosen provider.
Our exams are held twice a year, in November and June. You must allow yourself enough time to register as a student, and to prepare for and enter the exams.
For example, if you wish to take tuition from IIA Learning for the November exams, you must become a student member and enrol on the programme by April. If you want to take exams in June, you must become a student member and enrol on the programme by October.
How much will it cost to complete the Diploma?
Membership fees depend on the time taken to complete the qualification. The skills modules will cost about £700 each and the examinations themselves will cost around £95 each. Tuition for the five examined modules can cost between £4000 and £7000, depending on your choice of tuition provision. VAT is payable on some elements of these costs. Exemptions will clearly reduce the costs substantially.
Where do I go for more information?
If you have any further questions, email the student support coordinator or telephone 020 7819 1907.