Continuing Professional Education Program Requirements
This document contains the mandatory Continuing Professional Education requirements for Certified Investment and Derivatives Auditors (CIDAs). It also specifies the method of reporting by CIDAs who wish to keep their designation in good standing. The program is designed to ensure that the skill and knowledge required to become a CIDA is professionally maintained on an ongoing basis. CIDAs are responsible for maintaining their knowledge and skills, as well as updating their knowledge and skills related to improvements and current developments in internal auditing standards, procedures, and techniques.
Annual CPE Requirement – The certification requires CIDAs to complete 15 hours of investment related training each year. Education hours must be investment/derivative oriented, however related subjects such as cash management, FAS133, securities regulations, energy derivatives, etc. apply also.
First Year CPE Requirement – CIDAs are exempt from the CPE requirements in the year the exam was passed. The 15 hour CPE requirement does not have to be completed until the end of the following year after the exam was successfully passed. As an example: If the exam was passed in May of 2012, the required 15 hours of CPE is waived for the 2012 calendar year. The 15 hours of CPE will be required by December 31, 2013.
If the candidate passed the exam but has not fulfilled the education and/or work experience requirements, the waiver of the CPE requirement is only extended in the year the exam was successfully passed. The 15 hours of CPE must be obtained in all additional years including the years until the education and/or work experience is acquired and the certification is actually awarded.
Contact Hours Calculation – Contact hours are the actual hours spent in connection with an activity. One contact hours represents a minimum of fifty minutes and a maximum of sixty minutes of active involvement in an educational activity. Time spent in breaks or at lunch does not qualify as contact hours unless further education activity is provided (e.g., luncheon speaker). One contact hours is equivalent to one CPE credit hour.