Essay Sample on The Institute of Internal Auditors Mission

Introduction

The Institute of Internal Auditors is the internal audit profession's global voice, acknowledged leader, principal educator and chief advocate whose members are responsible for governance, internal auditing, information technology audit, internal control, risk management, among other operation. The Institute of Internal Auditors' mission is to deliver dynamic leadership and management for the global profession of internal auditing (The Institute of Internal Auditors, 2019). However, in as much as the mission statement is involved, there are various activities in support of the IIA's mission. For instance, the Institute of Internal Auditors looks at proving a comprehensive professional knowledge and education along with other development opportunities, standards and additional professional practice guidance along with numerous certification programs. Also, it settles on researching, promoting and disseminating knowledge regarding internal auditing and its appropriate role in the practice of risk management, control, as well as governance to stakeholders and practitioners. Moreover, along with IIA's mission, it seeks to bring together internal auditors from all nations with the intention of sharing information and experience. Educating practitioners and other significant audiences on the best practices in internal auditing and advocating the value and need for internal audit professionals in organizations are other objectives linked to the mission of The Institute of Internal Auditors (The Institute of Internal Auditors, 2019).

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Differences Between the Certified Internal Auditor (CIA) Certificate and Certified Public Account (CPA) Certificate

In both cases, the Certified Public Account (CPA) Certificate and the Certified Internal Auditor (CIA) certificate are credentials that to acquire them; one needs to pass numerous examinations. In most of the cases, the Certified Public Account Certificate must be licensed by the state in which practice is intended while for the Certified Internal Auditor certificate; they do not need licensing. With a Certified Internal Auditor certificate, the individual is focused on overseeing a company's internal financing process with the intention of ensuring compliance. On the other hand, the Certified Public Account certificate enables an individual to perform a similar function as the Certified Internal Auditor; however, the CIA entails more micro skills in the auditing practice (William, Glover, & Prawitt, 2016). Since both CPAs and CIA have different designations, it is essential to consider their difference in different categories (such as Certificate time requirement differences, career path differences, cost of certification, and salaries).

CPA Versus CIA Certificate Career Path Difference

With the CIA certificate, an individual can work in an industry as well as for the government based on their practices. Some of the job titles include compliance manager, internal auditor, or audit manager. As the name describes, the CIA work internally as an employee of the involved organization. On the other hand, CPA certificate allows an individual to perform audits since it is a service offered in various accounting and consulting organizations. While the individuals with CPA certificates can acquire employment by a company and play the role of an auditor, it is common for them to come to the involved company (external) to perform the function of auditing. In one way or the other, the differences in terms of career paths are based on the tasks that either of the professionals can perform in a firm and may also define the nature of employment.

CPA Versus CPA Cost of Certification Difference

When it comes to the cost of certification for both CIA and CPA certificates, the prices are depended on various aspects. For example, depending on the place of study and the different states the cost of certification could differ. Also, since individuals have the freedom to choose the reading materials they require among other occurrences, some differences could develop. The fact that one had to pay for tuition and the examination is an occurrence that now delivers the difference in cost of certification between Certified Internal Auditor Certificate Certified Public Accountant certificate. In as much as CPA certificate is involved the price is based on the examinations administered and the different levels or parts. On the other hand, the certification of the CIA requires much fewer examinations and hours compared to those needed for CPA certification. Thus, it is evident that the cost of CPA certification is much higher than the price if CIA certification.

Salaries Difference

In every employment setting, salaries are determined differently depending on an individual's geographic position, job titles, and the years of experience as well. The rates or levels of salaries both CIA and CPAs relies on the different job titles; however, there is a boundary about most of the employment position. In most cases, the CPAs earn slightly more than the CIA even though salaries could be different in different job titles. The median salary for a Certified Public Accountant could range at approximately $63,000 while for an internal auditor could range at roughly $60,000.

Even though it is easier to obtain a Certified Internal Auditor Certificate than the Certified Public Accountant certificate, I would like to receive the Certified Public Accountant Certificate. It is because, a CPA certificate is more versatile compared to a CIA certificate since an individual has more career choices in areas relating to accounting, taxes and reporting along with other general auditing duties.

References

The Institute of Internal Auditors. (2019). The Institute of Internal Auditors. Retrieved from https://na.theiia.org/Pages/IIAHome.aspx

William Jr, M., Glover, S., & Prawitt, D. (2016). Auditing and assurance services: A systematic approach. McGraw-Hill Education.