• Maintaining their knowledge and skills.
• Updating their knowledge and skills related to improvements and current developments in internal auditing standards, procedures, and techniques.

New CPE Requirement Regarding IIA International Standards

1. In order to encourage understanding of and compliance with The IIA's International Standards, the Board of Regents has instated a requirement that CFSAs stay abreast of The IIA's International Standards as part of their CPE.
2. CFSAs must review or receive training on The IIA's International Standards at some point during their CPE reporting period.
3. If you are completing your CPE reporting form and have not already met this requirement, please take a moment to review the International Standards before submitting your form.
4. While there, we also encourage you to review the Practice Advisories (accessible with an IIA member password) and other sections of The IIA's Professional Practices Framework.

Certificate holders are required to self-certify as to the completion of the required continuing education hours. It is the CFSA's responsibility to assure that the CPE hours claimed conform to the guidelines established by The IIA's Board of Regents. Forms are submitted by CFSAs on a biennial basis and serve as signed statements that all applicable continuing professional development requirements have been met. 

At the beginning of each year, notification letters are sent to all CFSAs who are scheduled to report in that year. CFSAs may submit CPE reporting forms via mail, fax or electronically. CPE hours for the prior two-year period must be reported by May 31 of the year determined by the the CFSA's membership or customer identification number. If a CFSA's membership or customer identification number ends with an even number, the CFSA will report in even years. If the CFSA's membership or customer identification number ends in an odd number, the CFSA will report in odd years.

In order to facilitate reporting, CFSAs who also hold the Certified Internal Auditor (CIA) designation can satisfy the requirements of both programs by reporting appropriate CPE for the CIA designation only. The Institute will issue an acknowledgment of compliance to each CFSA meeting the requirements of this guidance. The Institute will keep information on the active/inactive status of CFSAs. The Board of Regents, upon request, may grant partial or complete exemption from CPE requirements for individuals when good cause exists, such as military service or individual hardship. 

Each CFSA should submit to The Institute an appropriate CPE reporting form, without supporting documentation, in compliance with CPE requirements. Each CFSA should maintain a copy of the CPE reporting form, along with all supporting documentation, for at least three years after the records no longer apply to filed CPE reports. Records must be made available to The Institute or its designee at The Institute's request. The records maintained by the CFSA in support of the reporting form filed with The Institute should include, as appropriate, the following information:

1. Title of program and/or description of content
2. Dates attended
3. Location of course or program
4. Sponsoring organization
5. Contact hours of credit as recommended by the course sponsor
6. A letter, certificate, or other written independent attestation of course completion
7. Documentation supporting publications, oral presentations, and committee or other participation

CFSA Reporting Categories

Practicing CFSAs
A CFSA who is practicing financial services auditing must complete a total of 40 hours of acceptable CPE every two years. 

Non-practicing CFSAs
A CFSA who is not practicing financial services assessment auditing may request non-practicing status by notifying the Certification Department in writing. Non-practicing CFSAs must complete a total of 20 hours of acceptable CPE every two years. As long as their CPE requirements are met, non-practicing CFSAs may use the CFSA designation; however, if they resume practicing financial services auditing, they must report as a practicing CFSA.

Pending CFSAs
Candidates who have passed the examination but have not yet met all the requirements to become a CFSA must be in compliance with CPE requirements (40 CPE hours for the prior two-year period) when applying for a certificate. The CPE requirement is waived for the year the exam is passed and for the subsequent year.

Retired CFSAs
A CFSA who is not practicing financial services auditing because of retirement may request retired status by notifying the Certification Department in writing. Retired CFSAs are not responsible for completing CPE requirements. Retired CFSAs may use the CFSA designation; however, if they resume employment, they must report as a practicing or non-practicing CFSA, as appropriate.

Inactive Status
The Certification Department automatically places a CFSA in inactive status when the CFSA fails to meet established CPE requirements. CFSAs in the inactive status may not use the CFSA designation. Any wrongful use of the CFSA designation will be reported to the IIA's Ethics Committee for disciplinary action.

Restoration to Active CFSA Status
Inactive CFSAs may request a return to active CFSA status by notifying the Certification Department in writing. Inactive CFSAs must complete and report 40 CPE hours for the prior two-year period when applying for restoration to active status.

Qualifying CPE Activities

It is anticipated that CFSAs will maintain the high standards of the profession in selecting quality educational programs to fulfill the CPE requirements. The following general criteria are to be satisfied in order for a continuing education program to be accepted: 

1. The overriding consideration in determining whether a specific program is acceptable is that it shall be a formal program of learning which contributes directly to the professional competence of a CFSA.
2. Acceptable formal programs should:
• Contribute to the professional competence of participants;
• State program objectives which specify the level of knowledge the participants should have attained, or the level of competence to be demonstrated upon completing the program;
• State education or experience prerequisites, if appropriate for the program;
• Be developed by individuals qualified in the subject matter and instructional design;
• Provide program content which is current;
• Be on a professional level and related to the CFSA Topic Outline.

The CFSA Examination Topic Outline includes: 

1. Financial services auditing
2. Banking
3. Insurance
4. Securities

Activities other than those listed in this guidance may be deemed acceptable if the CFAS can demonstrate that they contribute to professional competence. Substantiating that a particular activity qualifies as acceptable and meets the requirements is the responsibility of the CFSA. 

CPE credit will be awarded for whole hours only with a minimum of 50 minutes constituting one hour. As an example, 100 minutes of continuous instruction would count for two hours; however, more than 50 minutes but less than 100 minutes of continuous instruction would count for only one hour. Only class contact or acceptable self-study hours are allowable. For chapter meetings throughout the reporting period or continuous conferences/conventions when individual segments are less than 50 minutes, the sum of the segments should be considered one total program. For example, five 30-minute presentations would equal 150 minutes and should be counted as three contact hours. 

CFSA Examination

Education

1. Professional education and development programs, such as seminars and conferences, provided by national/federal, state, and local auditing and accounting organizations.     
2. Technical sessions at meetings of national/federal, state, and local auditing and accounting organizations and chapters.     
3. Formal in-house training programs.     
4. Programs of other sponsors (industrial, professional societies, etc.).     
5. College or university courses passed (credit and non-credit courses).
   • Fifteen hours of CPE credit are awarded for each semester hour of college/university credit earned;
   • Ten hours of CPE credit are awarded for each quarter hour of college/university credit earned.     
6. Other certification examinations passed.    
   • A maximum of 40 hours may be awarded in the year passed.    
   • 20 CPE hours are awarded for passing each part of another appropriate professional certification examination. 
7. Formal correspondence and self-study programs relevant to financial services auditing that include evidence of completion.

Publications

Oral Presentations

1. The hours reported for the first presentation will be based on the presentation time, plus credit for preparation time equivalent to three times the presentation time.     
2. Subsequent presentations of the same material may be reported as presentation time only, up to a maximum of 10 CPE hours in each two-year period.

External Quality Assessments

1. Independent (external) validation of an internal audit activity’s self-assessment (as defined in the Professional Practices Framework): maximum of 5 CPE hours per review.
2. One-week external quality assurance review: maximum of 10 hours per review.
3. Two-week external quality assurance review: maximum of 20 hours.

No CPE hours will be awarded for activities such as preparation time and writing the report.