Advocacy Round-up: June 2026

Advocating for Internal Audit: Driving Influence Where It Matters Most

Over the past few months, we have stepped up our efforts to champion internal audit and ensure our members’ voices are heard in the policy debates shaping the future of the profession. Through targeted engagement, research and advocacy, we are making a clear and compelling case for the strong, independent assurance that internal audit provides as a cornerstone of good corporate governance.

Internal Control Failure! Putting internal audit at the centre of delivering stronger controls

In April, we launched our latest research report, Internal Control Failure!, analysing Financial Conduct Authority fines over the past five years.

Our findings are stark. Over half of all fines issued during this period were linked to internal control failures, with a total value exceeding £1bn.

We are using this evidence to press the case with financial services regulators for stronger, more effective internal audit functions across the sector. The report secured strong media coverage in City AM, Board Agenda and Accountancy Age, and has been shared with parliamentarians through a dedicated briefing.

Strengthening cyber assurance across the energy sector

In May, we responded to the Government’s consultation on reshaping cyber regulation in downstream gas and electricity, making the case for stronger oversight and assurance across the sector.

Recent cyber incidents underline the urgency. In the UK, the National Cyber Security Centre handled a record 204 nationally significant incidents last year, almost double the previous year, with nearly half affecting national infrastructure.

Against this backdrop, we have called for the regulatory framework to explicitly recognise the role of internal audit in supporting boards and senior management to oversee cyber risk, and in providing independent, objective assurance.

Aligning the framework with the Cyber Governance Code of Practice would embed this approach and ensure greater consistency in expectations across sectors.

Engaging government on audit, governance and business resilience

In June, our Chief Executive, Anne Kiem OBE, and Head of Policy and Public Affairs, Gavin Hayes, met with Blair McDougall MP, Minister for Small Business and Economic Transformation.

During our discussions, we made the case for: stronger corporate reporting on internal audit and assurance capabilities; rapid progress on putting the Financial Reporting Council on a statutory footing and recognition of internal audit’s role in tackling late payment practices

We look forward to continuing this engagement in the months ahead.

Audit Scotland reinforces the case for ‘robust’ internal audit

We also welcomed the publication of Audit Scotland’s new Code of Audit Practice.

While focused on external audit, the Code sends a clear signal on internal audit, placing strong emphasis on the need for public bodies to maintain a “robust” function.

Importantly, it confirms that internal audit should align with the Global Internal Audit Standards, a position we strongly advocated for in our consultation response.

Parliamentary Reception: Modernising corporate governance with internal audit

We are delighted to be hosting our Summer Parliamentary Reception this September, kindly sponsored by Mary Glindon MP.

The event will bring together senior policymakers, regulators and industry leaders to explore how internal audit can support more effective and modern corporate governance.

Taking place from 15:00–17:00 on Tuesday 8 September in the Thames Pavilion at the House of Commons, confirmed speakers include Richard Moriarty, Chief Executive of the Financial Reporting Council, with further speakers to be announced.

This is an exclusive, invite-only event for members of our Audit Leaders’ service.

Highlights of recent press coverage

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