The Institute of Management Accountants has introduced a new finance, governance, risk and compliance research practice.

The research practice is being introduced at the same time the IMA is releasing a new discussion paper, "Accounting Control Assessment Standards: The Missing Piece in the Restatement Puzzle." The paper explores the high incidence of cases in which management and their external auditors attest to having an effective system of internal controls but later issue a material financial restatement.

The IMA's FGRC research practice is focused on broadening its advocacy initiatives and educating management accountants and organizations about producing reliable and relevant financial information using risk, performance and quality assessment techniques.

"The critical work performed by management accountants and finance professionals across the financial and information supply chain directly affects the quality of internal controls, financial reporting, and ultimately, a clean audit outcome," said Paul A. Sharman, IMA president and CEO (pictured), in a statement.

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