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New Memorandum of Understanding Promotes COSO Academy Asia

A memorandum of understanding (MoU) was recently signed between IMA® (Institute of Management Accountants), Protiviti Singapore, and the Institute of Internal Auditors (IIA) Singapore. The three parties were represented by Jeff Thomson, CMA, CAE, IMA president and chief executive officer; Sidney Lim, managing director, Protiviti Southeast Asia; and Tan Boon Yen, president, IIA Singapore.

In the MoU, the three parties will collaborate to design and develop training programs and learning resources based on the COSO Frameworks and to deliver them to relevant key stakeholders, including board members and senior management. The MoU reaffirms COSO Academy Asia’s commitment to advocating the COSO Frameworks as the international standard for effective internal control and risk management practices through training and thought leadership to stakeholders in Singapore and the rest of Asia.

“IMA is pleased to support COSO Academy Asia,” said Jeff Thomson. “This partnership offers a strong platform to share our knowledge of COSO enterprise risk management and internal control with our members across the region.” Initially launched in December 2014 by Protiviti Singapore and the Singapore Accountancy Commission (SAC), COSO Academy has helped to raise awareness of the COSO Frameworks through events organized with the support of SAC, IIA Singapore, Singapore Institute of Directors, Singapore Management University’s School of Accountancy, and the Securities Investors Association (Singapore) or SIAS.

Evan Law, SAC chief executive, said, “Singapore’s high standards of corporate governance have contributed to our reputation as a prominent financial hub in Asia. This collaboration to design and develop training programs to support the COSO Frameworks - the basis for effective internal control and risk management practices - further raises our corporate governance capabilities, bringing us closer to our vision of becoming a leading global accountancy hub.”

Tan Boon Yen added, “IIA Singapore has been a strategic partner of COSO Academy since its inception. We look forward to playing an active role to increase understanding and adoption of the COSO Frameworks among internal audit practitioners and relevant stakeholders in Singapore with COSO Academy Asia.”

COSO Academy has spearheaded initiatives such as the publication of The Singapore Guide to the COSO Frameworks 2016, arranged roundtable discussions with senior risk management professionals, and organized seminars specifically for directors of boards and internal audit professionals.

“We are grateful to all our supporting partners for facilitating COSO Academy’s progress thus far,” said Sidney Lim. “With IIA Singapore and IMA, we are ready to take COSO Academy Asia to the next level.”

To learn more about IMA’s partnership with COSO, visit: https://www.imanet.org/about-ima/advocacy/committee-of-sponsoring-organizations-of-the-treadway-commission-coso?ssopc=1.