Certified Financial Services Auditor

By applying to become a candidate in the CGAP programme, an individual agrees to accept the conditions of the programme. These include eligibility requirements, examination confidentiality, Code of Ethics, continuing professional education, and any other conditions enacted by the Board of Regents or Certification Department.

The Certified Financial Services Auditor® (CFSA) is one of The IIA’s specialty certifications that measures an individual’s knowledge of, and proficiency in, audit principles and practices within the banking, insurance, and securities financial services industries. The examination format offers candidates a choice of three financial services disciplines — banking, insurance and securities.

Eligibility Requirements

Registration & Application

Examination Fees

Examination Content & Format

Examination Administration

Examination Dates

Eligibility Requirements

By applying to become a CFSA candidate, an individual agrees to accept all conditions of the programme including eligibility, examination confidentiality, ethics, and continuing professional education requirements, along with other conditions enacted by the Board of Regents or Certification Department.

 

Eligibility Requirements
A CFSA candidate must meet the following eligibility requirements:

 

Education 
A CFSA candidate must have a bachelor’s (four-year) degree or educational equivalent. Two years of post-secondary schooling with an accredited organisation plus three years of financial services experience may be substituted for a bachelor’s degree. A copy of the degree or transcripts must accompany the application.

 

Character Reference
A CFSA candidate must exhibit high moral and professional character and must submit a Character Reference form signed by a CFSA, a Certified Internal Auditor (CIA), a CCSA (Certification in Control Self-Assessment), a CGAP (Certified Government Auditing Professional) or the candidate’s supervisor. The completed character reference form must accompany the application.

 

Work Experience 
A CFSA candidate must obtain two years of auditing experience in a financial services environment. Work experience must be verified by a CFSA, a CIA, a CCSA, a CGAP or the candidate’s supervisor. Experience Verification form may accompany the application or be submitted before or after taking the examination.  However, the form must be completed and received by The IIA before a candidate can become certified and use the CFSA designation.

 

Special Consideration for CIAs, CCSAs, and CGAPs Who Wish to Take the CFSA Examination: 
Based on previously met requirements, individuals who hold the CIA, CCSA or CGAP designations are assumed to have met the education and character requirements of the CFSA program. These individuals will only be required to submit proof of auditing experience in a financial services environment in order to meet the eligibility requirements.

 

IIA Membership
Candidate must be individual members of The Institute of Internal Auditors Malaysia.

 

Code of Ethics
CFSA candidates agree to abide by the Code of Ethics established by The IIA.

 

Eligibility Period
Once a candidate’s application to the CFSA programme has been approved, the candidate has an eligibility period of four years. The candidate must complete all examinations and fulfil all certification requirements within the four year period. If a candidate fails to complete the certification process within four years, all fees and examination parts passed will be forfeited. If a candidate’s programme eligibility expires, the candidate loses credit for any examination parts previously passed. In order to re-enter the CFSA programme, the candidate must submit a new CFSA application and pay the appropriate fees.

 

Confidentiality
The CFSA examination is a nondisclosed examination. Candidates in the CFSA programme agree to keep the contents of the examination confidential and therefore may not discuss the specific examination content with anyone except The IIA’s Certification Department. Unauthorised disclosure of examination material will be considered a breach of the Code of Ethics and may result in disqualification of the candidate or other appropriate censure.

Registration & Application

Initial Registration and Application

Candidates must complete and sign the Application Form, Character Reference Form and Experience Verification Form* and submit them with the following:

  • A registration fee in cheque/bank draft payable to The Institute of Internal Auditors Malaysia. Payment by credit card can be made by completing the Payment Form.
  • A copy of candidate’s highest qualification, transcripts, or other written proof of completion of degree programme.
  • The CSA Facilitation Validation Form (only for CCSA candidates)

*may be submitted later when criteria have been met. 

 

IIA Malaysia cannot guarantee a candidate’s right to sit for the examination if the above procedures are not followed. The registration fee will be refunded to candidates who are denied entrance into the programmes.

Examination Fees
Type of FeeAmount
*Registration FeeRM 1590
**Examination FeeUSD 380
*Registration Fee includes Processing, Graduation and 6% GST.
** Examination fee are to be paid directly to IIA Global via CCMS
  • Fees are subject to change and is subject to GST.
  • All fees must be prepaid before application and registration can be processed.
  • Fees paid are not refundable, unless an application is rejected.
  • Fees may vary in certain countries where the examination is administered under the direction of an IIA affiliate.
  • Grades will be withheld pending payment of any outstanding fees.
Examination Content & Format

EXAMINATION CONTENT
The CFSA examination tests a candidate’s knowledge of current auditing practices and understanding of internal audit issues, risks, and remedies in the financial services industry.

  • The examination consists of 115 multiple-choice questions.
  • The testing period is 2 hours and 55 minutes.
  • The first 100 questions cover all three disciplines – banking, insurance, and securities – at the awareness level.
  • The remaining 25 questions relate to the candidates’ chosen discipline and will be at the proficiency level.
  • CFSA candidates may choose any one of the three disciplines as part of their CFSA exam test.
  • Candidates may not choose to be tested on more than one discipline.
  • The CFSA designation does not distinguish one chosen discipline from another.

The CFSA examination core content covers four domains:

Domain I Financial Services Auditing 25-35%
Domain II Auditing Financial Services Products
25-35%
Domain III Auditing Financial Service Processes
25-35%
Domain IV The Regulatory Environment
10-20%

Individual Financial Services Discipline Sections (25 Questions – Proficiency Level)

Banking Products, Processes, and The Regulatory Environment
Insurance Products, Processes, and The Regulatory Environment
Securities Products, Processes, and The Regulatory Environment
Examination Administration

Authorisation to Test

  1. Upon approval of application, IIA Malaysia will provide candidate ID number and “Authorisation to Test” notification to candidate, along with the information on how to schedule an examination on the Pearson VUE’s (PV) website.
  2. A candidate’s registration for an examination part will be valid for 180 days from the date the registration is processed at IIA HQ, and the examination part fee is non-refundable.
  3. Candidates can sit at Peason VUE testing centres in almost any country, regardless of country of registration.
  4. Candidates who do not pass the examination must wait 90 days to retest.

Scheduling

  1. Once “Authorisation to Test” notification is received, candidates can begin scheduling their testing appointments with Pearson VUE.
  2. Candidates will need to create a login and password to access the Pearson Vue’s website to schedule an examination.
  3. Visit www.pearsonvue.com and click on “Locate a test centre“.
  4. Then click “Schedule a Test”. Choose the examination that you want to schedule from a list of tests that Pearson VUE conduct. Then choose your test centre.
  5. Once the test centre is determined, the candidate will see a calendar with the available testing days and times based on the availability at the chosen location.
  6. Once a candidate is scheduled for an examination, he/she will receive a confirmation from Pearson VUE via e-mail with directions to the chose examination centre.
  7. Candidates must choose an examination date that is within their 180-day testing period for the examination part.
  8. Candidates can postpone the examination and/or change the examination centre, as long as the change is made at least 45 hours prior to the scheduled examination appointment.
  9. Candidates cannot schedule or re-schedule the examination beyond the 180 days testing period.

Examination Eligibility Period 

Once a candidate’s application to the CFSA programme has been approved, the candidate has an eligibility period of four years. The candidate must complete all examinations and fulfil all certification requirements within the four year period. If a candidate fails to complete the certification process within four years, all fees and examination parts passed will be forfeited. If a candidate’s programme eligibility expires, the candidate loses credit for any examination parts previously passed. In order to re-enter the CFSA programme, the candidate must submit a new CFSA application and pay the appropriate fees.

Examination Experience

  1. Candidate arrives at the testing site 30 minutes in advance of the assigned testing time.
  2. Candidate is checked in by a Pearson VUE (PV) test administrator.
  3. Candidate is assigned a locker and required to leave all unapproved items in the locker.
  4. Candidate is escorted into the testing room, assigned a testing station, and logged onto the computer by the PV test administrator.
  5. An initial screen displays the name of the examination, and candidate is asked to verify that he/she is receiving the correct examination.
  6. Candidate is required to agree that he/she will not disclose examination questions and that he/she may be videotaped or audio-taped in the testing center.
  7. Before beginning the examination, candidate is presented with a tutorial (10 minutes maximum).
  8. Candidate then begins the exam, with each question presented one at a time on the computer screen.
  9. Candidates will be able to indicate/mark questions that they would like to review prior to completing the examination.
  10. After viewing all examination questions, the candidate can access a review screen, from which he/she can choose to review all examination questions, review only unanswered examination questions, or review only marked examination questions.
  11. From the review screen, the candidate may choose “End Examination” button.
  12. Examination also ends if the candidate runs out of time.
  13. Candidate cannot return to the examination once it has ended.
  14. Candidate will then receive a short survey pertaining to the testing experience.

Results

  1. Candidates will receive unofficial results at the examination site when they complete their examination.
  2. An official result will be sent by the Institute upon confirmation of result from Pearson VUE.

Passing Score

Statistical information from pre-tested questions is used to maintain comparable difficulty among versions of the examinations. Because the exact number of questions required to pass the examination may be slightly different from one examination to another, all raw scores are converted onto a reporting scale of 250 to 750 points, in order to ensure a common standard. A scaled score of 600 points or higher is required to pass the CIA, CCSA, CFSA or CGAP examination. (A scaled score of 600 would be equivalent of achieving 75 percent correct on an examination of appropriate difficulty).

Examination Dates

With the implementation of computer-based testing in 2008, all certification examinations are available throughout the year. Candidates schedule their examinations online via Pearson Vue website at www.pearsonvue.com