Chartered Institute of Management Accountants

10 October 2006

The International Federation of Accountants’ PAIB (Professional Accountants in Business) committee has issued ‘Internal controls: A review of current developments’ - a publication warning firms that they need to strengthen and develop their internal control systems if they are to minimise business risk and protect shareholder value (see www.cimaglobal.com/icreview).

The paper builds on work by CIMA (the Chartered Institute of Management Accountants) and IFAC published in the report ‘Enterprise Governance: Getting the Balance Right’ (see www.cimaglobal.com/enterprisegovernance). Launched in 2004, the publication identified the need for companies to strike the correct balance between conformance and organisational performance.

Charles Tilley, Chief Executive CIMA and IFAC Board Member, said:

“This new paper describes much of the current thinking on internal control from countries around the world and is the first step in the PAIB Committee’s programme to develop practical guidance on internal control. CIMA welcomes the PAIB committee’s report. In order to create value within the workplace and minimise risk, it is essential that accountants in business have established internal frameworks in place.”

 ENDS

For further information, please contact:
Katie Scott
Senior Press Officer, CIMA
+44 (0) 20 8849 2347
Katie.Scott@cimaglobal.com

Notes to editors

1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business.  It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. CIMA is the voice of over 155,000 members and students in 158 countries and is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body.  CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business.  It is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy.  For more information about CIMA, please visit www.cimaglobal.com.

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