You might not know this, but there are different internal audit certifications that auditors can choose from in order to further their careers. In particular, credentials for auditors include the Certified Public Accountant (CPA) and Certified Internal Auditor (CIA) designations. To decide which qualification is preferable for reaching your job goals, you must understand more about these programmes. So let’s do a comparative analysis of CIA and CPA including CIA course eligibility, CPA Salary, and many more so that you can make informed decisions.
The CIA vs. CPA: What Is the CIA?
The Certified Internal Auditor (CIA) qualification was developed by the Institute of Internal Auditors (IIA). The CIA is the only internal audit certification that is accepted worldwide. Additionally, this qualification proves that internal auditors possess the information, abilities, and competencies required to carry out any audit everywhere.
What Is the CPA?
The CPA is the Certified Public Accountant licence that is granted to accountants by the 55 boards of accountancy in the United States. Because CPAs are trusted to protect the public interest as accounting experts, the state boards subject CPA applicants to extremely high standards. Before being granted a licence, CPA applicants must adhere to a stringent set of standards established by their state board in order to demonstrate their capacity to carry out the duties of the post.
CIA VS CPA: Work and Education Requirements
A 4-year post secondary degree from an authorised university is required of CIA candidates. You will be needed to provide documentation of your completion, such as a copy of your diploma, transcripts, or a letter from your university.
In fact, there was a time when there was no way to replace the school requirement with any amount of job experience, but the laws have since altered. Candidates can now take and study for the CIA exam if they have any of the following qualifications: finished 7 years of confirmed job experience in the auditing field; completed 2 years of post-secondary education in addition to having 5 years of work experience in the auditing industry.
The educational requirements for CIAs and CPAs are one of the key distinctions between them. The level of education you need depends on the state in which you want to work as a CPA. For instance, to become a CPA in California, you must have a graduate degree (150 credits) and one year of accounting work experience. CPAs are required to obtain a licence for each state in which they conduct business, unlike CIAs who are nationally qualified.
CIA vs. CPA: Job Roles
Internal Auditing (CIA) Internal audits of a company’s finances and internal controls are virtually always carried out by certified internal auditors. They can audit compliance, information systems, and other important internal procedures.
On the other hand, Certified Public Accountants(CPAs) are required to carry out their duties morally. They are in charge of public accounting and financial reporting, which includes making financial statements, filing taxes, and maintaining records all in accordance with GAAP guidelines.
CIA vs. CPA: Pay
As you can see, getting a CIA or a CPA requires extensive training and work experience. However, in both situations, the prospective increase in pay and income justifies the expenditure.
Salary varies tremendously depending on where you work and where you are in your career, as usual. The following wage ranges were determined by the compensation research company PayScale. CPAs often earn a little bit more, but your specific salary will depend on your work, employer, geography, and goals.
If you have any queries related to CIA certification requirements, consult with AKPIS Professionals. We are a leading institute providing virtual training on various accounting certifications such as US CIA, US CMA, and more.