Certificate in Internal Auditing for Financial Institutions (CIAFIN)

What is Certificate in Internal Auditing for Financial Institutions (CIAFIN)?


The CIAFIN is an introductory specialist qualification that equips candidates with the prerequisite knowledge and skills to function more effectively as an internal auditor in a financial institution, as well as to have an understanding of the ethical values and rules guiding internal auditing practices.

What is the coverage & weightage?

The course of study covers 3 subject areas: Weightage %
(a) Malaysian Financial System, Legislation and Guidelines 30
(b) Internal Audit Framework 40
(c) Internal Audit Process and Techniques 30

 

How is it assessed?


The CIAFIN is assessed by a two and a half (2 ½) hour multiple-choice examination covering the above subjects. The examination is held once a year refer to the examination time-table for the date.

Note
CIAFIN examination on 19th August, 2017 will be the LAST examination based on the current syllabus.  Examinations conducted in 2018 and subsequent to that will be based on the new CIAFIN syllabus.  The new CIAFIN syllabus is expected to be launched in November 2017 and hence, will take effect from that point onward.

Section A: Malaysian Financial System, Legislation and Guidelines (30%)


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1. The Malaysian Financial System
1.1 The banking system
1.2 Functions and responsibilities of the banking system: monetary and non-monetary institutions
1.3 Functions and responsibilities of non-bank financial intermediaries
1.4 Offshore banks
2. Financial Products and Services
2.1 Deposits
2.2 Loans and advances
2.3 Remittances
2.4 Treasury
2.5 Credit cards
2.6 Non-banking services
2.7 Delivery channels
3. Introduction to Islamic Banking
3.1 Shariah concepts and principle
3.2 Differences between conventional and Islamic banking systems
4. Legislation and Guidelines
4.1 Bank Negara Malaysia guidelines
4.2 Other Significant Guidelines and/or Circulars
4.3 Financial Services Act 2013
4.4 Islamic Financial Services Act 2013
4.5 Foreign Exchange Administration Rules
4.6 Bill of Exchange Act 1949
4.7 Companies Act 1965
4.8 Hire-Purchase Act 1967
4.9 National Land Code 1965
4.10 Unclaimed Monies Act 1965
4.11 Anti-Money Laundering and Anti-Terrorism Financing Act 2001
4.12 Bankruptcy Act 1967

Section B: Internal Audit Framework (40%)


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5.Definition of Internal Audit
5.1 Assurance activities
5.2 Consulting activities
6. Guidelines on Internal Audit Function of Licensed Institutions
6.1 Organisation of internal audit function
6.2 Duties and responsibilities
6.3 Scope of audit work
6.4 Reporting and documentation
7. Internal Control Framework
7.1 Corporate governance
7.2 Objective and purpose
7.3 Responsibility
7.4 Audit trail
7.5 Segregation of duties
7.6 Compliance with policies and procedures
7.7 Cost and benefit of controls
8. Critical Areas of Operations: Risk Assessment and Management
8.1 Credit operations
8.2 Treasury operations
8.3 Derivatives
8.4 Branch operations
8.5 Head office operations
8.6 Investment in debt and equity securities
8.7 Information systems
8.8 Insurance underwriting
8.9 Insurance claims
8.10 Business continuity management
8.11 Islamic banking
8.12 Outsourcing services
8.13 Compliance with Basel II

Section C: Internal Audit Process and Techniques (30%)


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9.Management and Organisation of the Audit Function
9.1 Audit charter
9.2 Management of the Audit Department
9.3 Internal auditors’ training
9.4 Communications with management, directors and others
9.5 Audit Committee
9.6 Risk ranking
9.7 Planning audit engagement
9.8 Audit tools and techniques
9.9 Audit evidence
9.10 Audit confirmation
9.11 Audit findings
9.12 Audit working papers
9.13 Problem-solving skills for internal auditors
10.Reporting Internal Audit Findings
10.1 Internal audit reports
10.2 Types of audit reports
10.3 Reporting of significant findings and frauds
10.4 The structure of the reports
10.5 Distribution of reports

Programme Fees (Inclusive 6% GST)


2018 Price
(RM)
Exam Re-sit Fee
(RM)
TBA TBA

*Payment includes CIAFIN study manual and first examination enrolment fee.

ENROLMENT & EXEMPTION


(a) In order to enrol as a candidate for the Certificate in Internal Auditing for Financial Institutions qualification an applicant must satisfy the following requirement:

  • holds the SPM or equivalent or higher-level qualification.

(b) A candidate is not required to be a member of AICB to enrol for the Certificate in Internal Auditing for Financial Institutions qualification.

Certificate in Internal Auditing for Financial Institutions


(a) Examination Format
Question Format  Multiple choice questions
No. of Questions 100
Duration of Exam 2.5 hours
Pass Mark 75%
Examination Type Closed book.
Question paper is collected and returned after the examination.
(b) Grade Bands
Grade Band Marks
Distinction 85% and above
Pass 75%-84%
Fail 1 65%-74%
Fail 2 50%- 64%
Fail 3 30%-49%
Fail 4 29% and below
(c) Award Requirements

Candidates must pass the examination to be awarded the Certificate in Internal Auditing for Financial Institutions qualification.

Certificate in Internal Auditing for Financial Institutions (CIAFIN)

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EXAM ACTIVITY SCHEDULE 2017 EXAM SITTING
AUGUST 2017
Enrolment Closing Date (New Applicant) 23 Jun 2017 (Friday)
Last Day to Register for Exam
(With Payment / LND Approval)
7 Jul 2017 (Friday)
Exam Dates 19 Aug 2017 (Saturday)
Exam Time 9:30 am – 12:00 pm
Exam Result Release 21 Sep 2017 (Thursday)

Disclaimer:

AICB reserves the right to cancel, suspend, interrupt or reschedule any examination to another date and will not be liable for any claims, actions, costs, charges, expenses, damages, loss and liability due to the cancellation/deferment of these examinations.

DOCUMENTATION


The applications submitted will only be processed upon receipt of the full documentations.  Candidates who submit incomplete applications (i.e. incomplete details or incomplete supporting documents) will be given five working days to provide the required information and/or documentation.  If the candidate fails to submit the required information or complete set of relevant supporting documents within the five working days, the application will not be processed.

Below is the list of documents that are required for each qualification.

Qualification Documents Required
 Standard Route (Enrolment)  Accelerated Route (Exemption)
Certificate In Internal Auditing For Financial Institutions (CIAFIN)
  • Certificate of highest qualification (min SPM or equivalent certificate)
N/A

Important notes:

Qualification certificates/transcripts submitted must be certified true copy by one of the following:

  • University Official; OR
  • Notary Public; OR
  • Commissioner for Oaths; OR
  • Officer of the employing organization; OR
  • Such other persons or agents as may be approved by Institute.

The signatory must sign and date the document(s) and provide the following details:

  • Name:
  • Designation:
  • E-mail:
  • Contact Number:

a) If the documents are not in English or Bahasa Malaysia, they must be accompanied by translation of the documents which is done by a certified translator. The credentials and contact information of the certified translator must be stated.

b) Qualifications submitted for enrolment as a candidate for a qualification or for exemption must be awarded by universities/higher education institutions recognised by the awarding country’s Ministry of Higher Education or equivalent authority or the National Qualification Accreditation Agencies.

c) Malaysian qualifications should be listed in the Malaysian Qualifications Register or in Finance Accreditation Agency (FAA) website.

d) AICB reserves the right to contact the awarding institution to verify a candidate’s qualification awards.