The International Federation of Accountants and the Institute of Internal Auditors said Wednesday they have signed a memorandum of understanding to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance.

The MoU agreement was signed Wednesday at the IIA's International Conference. The 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 organizations noted they are engaged in the restoration of public confidence in business reporting and enhancing governance processes in the private and public sectors.

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