IIA and ISACA pool resources and expertise
At the end of September the IIA and ISACA announced they had reached an agreement to “create a basis for cooperation and collaboration” between the organizations.
The agreement is formalized in a Memo of Understanding that has been signed by both parties. The MoU lists a few areas where this agreement makes cooperation possible:
- Speaking and exhibiting at each other’s conferences, seminars and events
- Conducting jointly sponsored events
- Mutually recognizing, where appropriate, each other’s continuing education programs for continuing education credits to satisfy requisite certification requirements
- Participating in training and educational programs offered by either association where such collaboration benefits the attendees
- Encouraging similar cooperation and collaboration among local chapters of ISACA and The IIA (an activity that already thrives in many places throughout the world)
- Identifying opportunities for joint projects that advance the global internal audit profession and the professional standing of its members
- Engaging in periodic discussions on matters of public policy that impact the internal auditing profession
- Where appropriate, coordinating and promoting unified messages and responses to standards setters, regulators, and legislators globally, and providing them with information regarding best professional practices
In order of value to each organization’s members, the top 3 in my mind are:
- Joint projects to advance the internal audit profession
- Recognizing each other’s continuing education
- Collaborating on continuing education
To me this is going to have the biggest impact on stakeholders because the combined knowledge and experience in both groups should lead to higher quality standards and improved best practices. Perhaps a combined set of standards down the road?
For members of both organizations this is huge. Program content frequently overlaps (e.g. the IIA’s GTAGs) and internal audit departments generally have staff with CIA and CISA designations (as well as CA and CPA, and others), so significant cost savings may be realizable.
This could open up each organization’s continuing education programs to the other one’s members, which immediately introduces fresh topics and facilitators to both groups. Synergy here will allow members to broaden their training, and provide an easier transition from one to both certifications.
The agreement should work out to be a win-win-win — for the organizations, members, and stakeholders. What do you think?
