The Institute of Internal Auditors and ACCA Renew MoU

LAKE MARY, Fla., Dec. 13, 2021 /PRNewswire/ -- Today the Institute of Internal Auditors (IIA) and the Association of Chartered Certified Accountants (ACCA) signed a renewal of their existing memorandum of understanding (MOU).

The three-year agreement will further strengthen and extend the current cooperation agreement and allow both bodies to continue to work closely together to advance their respective professions.

The Memorandum of Understanding was signed today by IIA President and CEO Anthony Pugliese, CIA, CPA, CGMA, CITP and ACCA Chief Executive Helen Brand. Under the terms of the agreement, The IIA and ACCA will focus on advancing their members' careers, enhancing governance practices and serving the public interest.

"This MOU builds on an already strong working relationship with ACCA," said Pugliese. "We look forward to our ongoing collaboration together. Internal audit plays a vital role in providing the independent, internal assurance that supports all types of external disclosures, so our global organizations represent complementary functions in many areas."      

The IIA and ACCA are partnering on joint research that will uncover new insights and solutions to address the ongoing impacts of digital transformation on internal control frameworks. The report will be released in 2022 and will provide important perspectives and guidance for internal auditors, Boards of Directors, regulators and other stakeholders. In addition, the organizations are exploring opportunities to conduct global research related to environmental, social and governance (ESG) and diversity, equity and inclusion (DEI). This research will seek to identify data and trends that will help advance the role and impact of internal auditors as leaders in these emerging areas, which are of vital importance to effective corporate governance and public trust.

"We're delighted to be signing this new MOU with The IIA," said Brand. "We believe that we can develop research together that resonates with a global audience of finance professionals across different disciplines. We already have strong links with The IIA and we look forward to strengthening those in a range of areas for the benefit of our memberships.

The IIA has been collaborating with ACCA for a number of years in offering a challenge exam to ACCA members so they can receive The IIA's prestigious Certified Internal Auditor (CIA) designation. The CIA is the only globally recognized certification for internal audit practitioners. Since 2015, more than 5,000 ACCA members sat for the CIA challenge exam. The IIA is willing to make this opportunity available to qualified ACCA members because earning the CIA represents an important level of achievement for individuals practicing internal auditing.

The parties will advocate for each other's qualifications and use their own channels to promote their partnership. They'll also raise awareness and promote advocacy of respective initiatives and programs to reflect the distinct but complementary roles played by professionals in the fields of accounting, public financial management, external audit and internal audit, in respect to effective governance; including The IIA's International Standards for the Professional Practice of Internal Auditing, as well as The Three Lines Model. 

About The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is the internal audit profession's most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 210,000 members from more than 125 countries and territories. For more information, visit www.globaliia.org.

About ACCA
ACCA is a thriving global community of 233,000 members and 536,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values. Since 1904, being a force for public good has been embedded in our purpose. In December 2020, we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report. 

SOURCE The Institute of Internal Auditors