The Institute of Internal Auditors (IIA) recently announced changes to CPE Credit Reporting Policies. It was deemed necessary to make the changes to meet the evolving needs of the CIA profession and to keep pace with the latest developments in the field. These changes have been approved by the IIA's Professional Certifications Board (PCB) to maintain IIA Certification credibility.
Soon, the "CPE Reporting Policy" will be known as the “Annual Certification Renewal Policy.”
Key IIA CPE Policy Changes:
- CIA CPE can be carried over for 20 hours maximum for the next year's reporting cycle, and other IIA designations can carry over for 10 hours.
- The grace period for CIA CE reporting has been extended from one to two years.
- When a certification holder does not report continuing professional education for 3 years, the certification will be "revoked."
- The certifications that have been rescinded cannot be reinstated; the individual must retake the examinations to receive a new certification.
“After a thorough review, the PCB decided to update our CPE Reporting Policy to align with credentialing best practices and maintain the credibility of The IIA’s certifications such as Certified Internal Auditor (CIA), Certification in Risk Management Assurance (CRMA),” said Dr. Lily Bi (Executive Vice President, Global Standards and Certification, IIA).
When is the policy changing?
All IIA certification holders and current candidates will be covered by the Annual Certification Renewal Policy by September 1, 2023.
What actions should a professional take?
- IIA CPE reporting is December 31: You are required to attend CIA CPE courses to report the required number of credits every year by December 31.
- TIn order to reinstate a certification, it must be in active status by December 31, 2023. There will be no more chances for reinstatement after that.
Comparison between Current policy & Revised Policy:
Current Policy | Revised Policy | |
Policy Name | CPE Reporting Policy | Annual Certification Renewal Policy |
Certification Reinstatement | Individuals in Expired status may reinstate their designation by reporting required CIA CPE hours. |
|
Surplus (Carryover) CPE | CIAs and other IIA designations may use any surplus CPE acquired during a calendar year for the following year's reporting cycle (20 hours). | |
Grace Status | 1 Year | 2 Year |
Impact of Policy Changes on Certified Internal Auditors:
The impact of policy changes on CIAs is twofold. On the one hand, increased IIA CPE requirements will require CIAs to spend more time and resources on professional development activities. On the other hand, the expanded range of activities that qualify for CPE credits may make it easier for CIAs to meet the revised requirements.
The requirement for at least two ethics credits is a significant change, as it underscores the IIA's commitment to ethical conduct in the profession. The IIA recognizes that ethical behavior is essential to internal auditing. By requiring CIAs to complete ethics training, it ensures they are equipped to make informed decisions in their work.
What if I do not report CPE?
Individuals with IIA certifications must complete their first report by December 31, 2023. In case of failure to meet the CPE requirement or submitting the report by December 31, 2023, you will move into grace status for the next two years. Upon failing to report for 3 years, the individual will move into revoked status and must recertify.
The importance of annual certification renewal:
Continuing professional development is essential for IIA certification holders to keep up with developing trends and the ever-changing risk landscape. By renewing their certifications annually, certification holders demonstrate their commitment to maintaining their knowledge and skills. Their annual reports include credit hours earned for continuing professional education (CPE). By supporting continued education, the IIA helps maintain the reputation of the internal audit profession for providing objective and ethical assurance and insight, which benefits certification holders, employers, and stakeholders.
Wrapping up:
The change in CPE policies by IIA is to ensure that certified internal auditors (CIAs) and other professionals certified by IIA to remain up-to-date with the latest trends, practices, and standards. These changes include allowing surplus CPE credits to be rolled over.
In addition, the new Annual Certification Renewal Policy goes into effect on September 1, 2023, and individuals who do not report CPE may move into grace or revoked status. The policy changes may require CIAs to spend more time and resources on professional development activities but also offer an expanded range of activities that qualify for CPE credits.