Accountants who hold the Chartered Accountant of Singapore – CA (Singapore) designation will soon have the opportunity to obtain the coveted Certified Internal Auditor (CIA) designation under the terms of a new agreement among three leading professional associations.
The Institute of Singapore Chartered Accountants (ISCA), The Institute of Internal Auditors (IIA) and The Institute of Internal Auditors, Singapore (IIA–Singapore) have established an accelerated pathway for holders of the CA (Singapore) designation, conferred by ISCA, to take a modified exam to earn the CIA certification, conferred by The IIA.
The CIA designation is a globally accepted certification for internal auditors, and it is commonly viewed as the standard by which individuals demonstrate their competency and qualifications in the internal audit field.
Under this pathway arrangement, Chartered Accountants of Singapore who successfully complete the CIA Challenge Exam will gain the certification as well as membership into IIA–Singapore.
After due consideration is given to the qualifications of CA (Singapore) holders, the CIA Challenge Exam will be customized by The IIA to include elements from all three parts of the traditional CIA exam.
The CIA Challenge Exam allows qualified candidates to earn the certification upon passing one condensed exam.
With the CIA designation, CA (Singapore) holders will gain professional recognition in the specialized field of internal audit, which will yield benefits in terms of their career progression and job enhancement.
Gerard Ee, ISCA’s President, said: “This partnership is in line with our strategy to develop more specialization pathways and expand the accountancy talent pipeline. It also supports the SkillsFuture national movement to provide Singaporeans with the opportunities to develop to their fullest potential throughout life, regardless of their starting points.”
“The IIA recognizes the close ties between the accounting and internal audit professions as well as the value that professional certifications offer practitioners in both fields,” said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA.
“The CIA Challenge Exam provides qualified candidates the opportunity to earn one of the most widely respected certifications in the internal audit profession.”
Important step towards proficiencies in corporate governance
Tan Boon Yen, President, IIA–Singapore, said: “It is important that professional bodies further their members’ interests and broaden their professional skill sets. Acquiring the CIA certification is an important step towards achieving proficiencies in corporate governance and internal controls.
“ISCA members who hold the Chartered Accountant of Singapore as well as the CIA designations will bring greater value to any organization and enhance their career progression. The partnership with ISCA to offer the CIA Challenge exam aligns well with IIA–Singapore's continuous efforts to advocate good governance practices and develop the profession.”