The Institute of Internal Auditors and the International Federation of Accountants have renewed an agreement to collaborate on advancing auditing and accounting practices around the world.

The two organizations originally signed a three-year memorandum of understanding back in 2013 and renewed the deal last month during a signing ceremony at the IIA’s International Conference in New York. The goal is to support improved governance in both the private and public sectors and to restore the public’s confidence in business reporting. The agreement also calls for developing an annual work plan; share information and best practices for governance, risk management and control; and provide unified messages and responses to standard-setters, regulators and legislators.

“We are very pleased to be able to renew this relationship with IFAC,” said IIA president and CEO Richard F. Chambers in a statement Monday. “The formal agreement simply codifies the long and mutually beneficial relationship we have built with IFAC, a globally respected organization that embraces and promotes good governance with the same fervor as The IIA.”

IFAC president Olivia Kirtley delivered a keynote speech at the conference and joined Chambers and IIA chairman Larry Harrington onstage for the signing ceremony.

IFAC CEO Fayezul Choudhury sent a congratulatory message in a letter, while also marking the IIA’s 75th anniversary.

“Strong and vibrant accountancy and auditing professions are essential for advancing economic stability, promoting accountability, strengthening financial systems and architecture, and increasing long-term sustainability and growth,” Choudhury wrote. “Our natural partnership on these matters is embodied in the Memorandum of Understanding between IFAC and The IIA signed at this international conference.”

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