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22 December 2014

ECIIA: Audit bodies deepen cooperation


ECIIA Board Member: “We are aiming to help auditors in the two bodies provide better assurance at a lower cost to their organisations.”

The European Confederation of Institutes of Internal Accounting (ECIIA) recently deepened its cooperation with the EUROSAI at a meeting in Riga, Latvia, when both bodies agreed on a further raft of joint initiatives.

These included creating a team of key people across the two organisations to coordinate their shared efforts, exploring the establishment of professional courses on matters of common interest and collecting information on the implementation of audit standards as well as planning for a range of co-organised events and publications.

Melvyn Neate, an ECIIA Board Member involved in the collaboration, said: “There is a grey area where the two professions overlap and our work together can help better clarify and coordinate the auditors’ respective roles and responsibilities so there are fewer black holes and little duplication of effort.”

Neate says that while supreme audit institutions are external auditors and tend to focus more on financial management in public bodies, they often rely on the work of internal auditors at the organisations they audit. By sharing knowledge and working practices, he says, they can improve the effectiveness of both corporate governance and their own audit work.

In June, ECIIA and EUROSAI, which groups 50 supreme audit institutions under its aegis, renewed their cooperation agreement. The document set the grounds for how knowledge sharing and consultation on issues important to each body is facilitated.

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