The Institute of Internal Auditors and the Professional Standards Committee of the International Organization of Supreme Audit Institutes (INTOSAI) have entered into a Memorandum of Understanding. The agreement documents the alignment of the organizations' strategic objectives, acknowledges each other's global standards, and outlines the process for ongoing collaboration and cooperation.

Recently signed by INTOSAI Professional Standards Committee Chair, Henrik Otbo, and IIA Chairman of the Board, Güther Meggeneder, this agreement supersedes a previous MOU signed in 2007, which created a structure for cooperation and collaboration between the two global standard-setting bodies. That earlier MOU also facilitated two INTOSAI Guidance for Good Governance papers: INTOSAI Gov 9140 Internal Audit Independence in the Public Sector and INTOSAI Gov 9150 Co-ordination and Co-operation between SAIs and Internal Auditors in the Public Sector, which are available here.

“It is critically important that our two organizations work closely together to ensure consistency and continuity, and this formal agreement will serve as a conduit for that work," said Meggeneder. 

The new MOU expands collaboration between the two global entities, leveraging the work, experience, credibility, and impact of each. A major element of the MOU is the mutual acknowledgment that each organization's standards—INTOSAI's International Standards for Supreme Audit Institutions (ISSAIs) and The IIA's International Standards for the Professional Practice of Internal Auditing (Standards)—are recognized globally.

The two bodies will not only work toward a common language in regard to global standards, but also will offer insights and share information, research, tools, and other materials and resources. In addition, IIA and INTOSAI representatives agree to observe each other's standard-setting boards and activities.