|The International Federation of Accountants (IFAC) and The Institute of Internal Auditors (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. |
Signed today at The IIA’s International Conference, 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 organizations. 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 recognize that the following are fundamental to an organization 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.
Read the Memorandum of Understanding