IIA (Institute of Internal Auditors)
Definition
Global professional body for internal auditors, awarding the CIA (Certified Internal Auditor) credential. Its standards and guidance on fraud risk (IIA Standard 2120) overlap with forensic accounting in the fraud-prevention and detection space.
- Full name
- Institute of Internal Auditors
- Scope
- Global professional body for internal auditors
- Credential
- Certified Internal Auditor (CIA)
- Relevant standard
- IIA Standard 2120, fraud risk
Common questions
How does the IIA's role differ from that of a forensic accounting body?+
The IIA sets professional standards and certifies internal auditors, whose main function is ongoing risk and control assurance within an organisation. Forensic accountants typically step in after fraud is suspected to investigate and quantify it, though the two fields overlap where internal audit standards address fraud risk detection.
What does IIA Standard 2120 require of an internal auditor regarding fraud?+
It requires the internal audit activity to evaluate the potential for fraud and how the organisation manages fraud risk as part of its broader risk assessment, rather than treating fraud detection as a separate, optional add-on to routine audit work.
Related terms
- CFE (Certified Fraud Examiner)
- The primary fraud-specific credential, awarded by the ACFE. Covers financial transactions, law, investigation methodology, and fraud prevention. Available to accountants, lawyers, investigators,...
- CFF (Certified in Financial Forensics)
- An AICPA credential restricted to CPAs in good standing. Covers the full forensic accounting scope: fraud, litigation support, valuation disputes, bankruptcy, and...
- CPD (Continuing Professional Development)
- The ongoing training requirement attached to most professional credentials. For forensic accounting credentials, CPD typically covers emerging fraud schemes, changes in evidentiary...
- Independence
- The requirement that an expert's opinion is formed solely on the evidence and the expert's own professional judgment, free from pressure from...
- PCAOB
- Public Company Accounting Oversight Board, established by SOX to set auditing standards and inspect audit firms performing public-company audits. It replaced the...