17 July 2013

IFAC signs strategic agreement with the IIA

This collaboration further strengthens IFAC's and the IIA's commitment to restore confidence to the general public in business reporting and enhancing governance processes in the private and public sectors.

The IFAC and the IIA have signed a Memorandum of Understanding (MoU) to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance. The IFAC-IIA MoU outlines a new plan for enhanced coordination, collaboration and resource-sharing that will draw on the strengths and expertise of the two organisations. Both are engaged in the restoration of public confidence in business reporting and enhancing governance processes in the private and public sectors.

“This Memorandum of Understanding further strengthens the important relationship between The IIA and IFAC. It represents our united commitment to serve the public interest and restore the confidence of the general public in business reporting”, said Richard Chambers, president and chief executive officer of The IIA.

As outlined in the MoU, IFAC and IIA recognise that the following are fundamental to an organisation fulfilling its objectives, implementing reliable financial management and reporting, and serving its stakeholders and the public interest:

• the implementation of international auditing and accounting standards;
• strong risk management practices, including the design and implementation of effective and efficient internal controls; and
• an effective governance process.

“IFAC welcomes this opportunity to continue our collaboration with the IIA”, said IFAC President Warren Allen. “Our professions are closely related; we share common goals, and address the same issues. Joining our efforts and voices therefore makes sense.”

Through the development of an Annual Work Plan, the organisations will create structures and processes appropriate to share information and best practices in government, risk management, and internal control as well as in audit methods and the application of international standards.

Press release

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