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Institute of Management Accountants

ciplined approach to evaluating and improving the effec- INSTITUTE OF
tiveness of risk management, control, and governance MANAGEMENT
processes. The PPF comprises the International Standards
for the Professional Practice of Internal Auditing, the ACCOUNTANTS
Code of Ethics, Practice Advisories, and development and The Institute of Management Accountants (IMA) is the
practice aids. largest educational, nonprofit association in the world
devoted exclusively to management accounting, finance,
In 2002 the IIA added the financial services auditor
and information management. It was founded in 1919 in
group and the certified financial services auditor designa-
Buffalo, New York, as the National Association of Cost
tions.
Accountants by a group of businesspeople to expand the
The IIA’s mission is to provide dynamic leadership knowledge and professionalism of people specifically
for the global profession of internal auditing. Activities in interested in cost accounting.
support of this mission include, but are not limited to: Subsequently its name was changed to the National
Association of Accountants and then in 1991 to the cur-
• Advocating and promoting the value that internal
rent name. These changes were made to reflect its broad-
audit professionals add to their organizations
ened mission to disseminate the latest knowledge in
• Providing comprehensive professional educational accounting and finance to all those professionals
and development opportunities; standards and other employed in public and private companies as well as gov-
professional practice guidance; and certification pro- ernmental and educational organizations. In its statement
grams of mission, the IMA states that it will “provide to mem-
bers personal and professional development opportunities
• Researching, disseminating, and promoting to prac-
through education, association with business profession-
titioners and stakeholders knowledge concerning
als, and certification in management accounting and
internal auditing and its appropriate role in control,
financial management skills and ensure that IMA is glob-
risk management, and governance ally recognized by the financial community as a respected
• Educating practitioners and other relevant audiences institution influencing the concepts and ethical practices
on best practices in internal auditingBringing of management accounting and financial management.”
together internal auditors from all countries to share As an international educational organization, the
information and experiences IMA sponsors two certification programs: certified man-
agement accountant (CMA) and certified in financial
The IIA is organized as a nonprofit association gov- management (CFM). These certification programs are
erned by a volunteer board elected by its membership. In administered by an affiliate, the Institute of Certified
2006 the institute had 246 affiliates that served IIA mem- Management Accountants, which was established in
bers at the local level, with members in 160 countries and 1972.
chapters or institutes in more than 90 countries. Volun- The flagship publication of the Institute is a monthly
teer committees support the local chapters, national insti- magazine, Strategic Finance. The IMA also publishes
tutes, and the international board. Management Accounting Quarterly four times per year and
In addition to offering a variety of membership a quarterly newsletter, Focus, which goes to all members.
options, certification programs, and standards and other Through another affiliate, the IMA Foundation for
Applied Research (FAR), it conducts research and pub-
guidance, the IIA provides professional development, pro-
lishes field-based research and analysis. It also publishes,
motes academic relations, publishes periodicals, offers an
in conjunction with other organizations, a series of guides
employment referral service, generates benchmarking
called Statements on Management Accounting. As part of its
information, provides audit services, and maintains part-
professional responsibilities, the IMA contributes to and
nerships with other professional organizations.
comments on the accounting rule-making process
Additional information is available from the IIA at through a senior-level committee.
247 Maitland Avenue, Altamonte Springs, FL 32701- The IMA offers its 65,000 members an opportunity
4201; 407-937-1100 (phone); 407-937-1101 (fax); or, to join three member interest groups—the Controllers
http://www.theiia.org. Council, Cost Management Group, and Small-Business
Council. Each group publishes a newsletter ten times per
SEE ALSO Auditing
year featuring information on industry trends and prac-
tices, emerging technologies, and financial and manage-
Trish W. Harris ment reporting issues. Members’ surveys are conducted to

392 ENCYCLOPEDIA OF BUSINESS AND FINANCE, SECOND EDITION