Driving Growth with Internal Audit: Reflections from Our Parliamentary Reception

By Gavin Hayes, Head of Policy and Public Affairs, Chartered IIA

On a warm and sunny evening in July, dozens of Chartered IIA members gathered at the Houses of Parliament in the Thames Pavilion for our summer Parliamentary Reception, themed ‘Driving Growth with Internal Audit’. The event was kindly hosted by Mary Glindon MP, with a fantastic line-up of speakers including Sandro Boeri, President of the Chartered IIA; Dame Meg Hillier MP, Chair of the Treasury Select Committee; and Sir Geoffrey Clifton-Brown MP, Chair of the Public Accounts Committee.

Anne Kiem, Chief Executive of the Chartered IIA, chaired the evening’s proceedings and opened the event by underscoring the critical role internal audit plays in enabling responsible risk-taking, strengthening governance, and building public trust. “Whether in the public or private sector, internal auditors are the guardians of accountability—helping organisations grow sustainably and with integrity,” she said.

Our host, Mary Glindon MP, followed with a powerful message. She explained that the event was inspired by a meeting she had with the Chartered IIA to discuss the collapse of construction firm ISG, which held £1bn in public sector contracts but lacked both an internal audit function and an Audit Committee at the time of its failure. “I found that quite shocking,” she said. “When public money is involved—especially on that scale—there must be proper oversight. Internal audit is already a requirement in the public sector, including local government, so it’s only right that those delivering public services on behalf of government are held to the same standards.”

Glindon emphasised that while we all want to see businesses grow and succeed, such growth must be built on solid foundations—with the right checks and balances in place. She also issued a timely warning to the Government regarding its deregulation agenda:

“We mustn’t forget the lessons of the past. It was excessive deregulation and unchecked risk-taking that helped cause the financial crash… and it was the weakening of standards that contributed to the Grenfell Tower tragedy, with devastating consequences for so many families. Growth is important, but it must never come at the expense of safety, accountability, or public trust. Crucially, growth must be sustainable. Internal audit has a vital role to play in all of this—helping organisations do the right thing, not just to protect their bottom line, but to serve their customers, wider society, and the economy as a whole.”

Next, Chartered IIA President Sandro Boeri delivered an impassioned speech, describing this as a “pivotal moment for internal audit” and urging the profession to seize the Government’s growth agenda as a call to action:

“Internal audit must now demonstrate its value as a strategic partner in supporting organisations to drive sustainable economic growth.”

He cautioned against repeating past mistakes:

“Growth requires taking risks—but not the reckless kind we saw before the Global Financial Crisis, nor a race to the bottom on governance or regulatory standards.”

Boeri emphasised internal audit’s role in enabling responsible risk-taking:

“Every successful business must take risks… but those risks must be taken responsibly. This is where internal audit plays a vital role—by providing independent insights, early warnings, and strategic assurance… not just on downside risks, but also upside opportunities.”

He challenged misconceptions:

“Let’s tackle the elephant in the room—the idea that internal audit is just red tape or the ‘No You Can’t Bureau’. When done right, internal audit is an enabler of growth.”

Boeri cited recent corporate failures—BHS, Bulb, ISG, Patisserie Valerie—where internal audit was absent:

“We can’t say for certain that internal audit would have prevented these failures… but it might have ensured boards received the independent assurance they needed… The Government has a duty to ensure a robust audit and governance framework.”

He concluded by reaffirming the Chartered IIA’s leadership on reform:

“We’ve led the debate… welcomed the commitment to an Audit and Corporate Governance Bill… and support the review of the non-financial reporting framework. Our long-term goal is for all public interest entities to have internal audit as an integral part of their governance structure.”

Dame Meg Hillier MP, Chair of the Treasury Select Committee, followed with a strong endorsement of the profession. She acknowledged the vital role internal auditors play in providing boards and audit committees with independent assurance that risks are being effectively identified, managed, and mitigated. In the private sector, she noted, this supports responsible risk-taking to drive growth; in the public sector, it ensures taxpayers’ money is spent wisely.

Hillier encouraged internal audit to lean in and enable the right kind of risk-taking—always with the consumer in mind. She also referenced our Risk in Focus 2025 survey, which identified AI as the fastest-rising organisational risk. With the Treasury Select Committee currently conducting an inquiry into AI and financial services, she noted there is important work ahead for internal auditors in this space. She concluded by calling for greater collaboration between Parliament, regulators, and the internal audit profession—particularly through events like this one.

Our final speaker was Sir Geoffrey Clifton-Brown MP, Chair of the Public Accounts Committee. He commended the Chartered IIA for “its tireless work in championing the internal audit profession and promoting high standards of corporate governance.”

Clifton-Brown emphasised internal audit’s role as a growth enabler:

“Across government departments and the public sector, internal audit supports good governance and helps drive efficiencies in the use of taxpayer money—which in turn supports growth.”

He added:

“As we look to reform public sector governance and improve service delivery in the digital age, internal audit must act as a change-maker—identifying inefficiencies, reducing waste, and ensuring taxpayer money delivers the best value.”

He closed with a forward-looking message:

“Over the coming years, the Chartered IIA and its members have a vital role to play in shaping the debate on economic growth and productivity. We look forward to continuing to work together.”

On that note, we couldn’t agree more. As the internal audit profession continues to grow in importance, events like our Parliamentary Reception are essential to ensuring our voice is heard at the highest levels of policymaking. They provide a platform to champion the value of internal audit in driving sustainable growth, strengthening governance, and safeguarding public trust. We look forward to building on this momentum—bringing our members into the heart of the policy conversation and continuing to raise the profile of the profession in Westminster and beyond.

If you’re interested in being part of this important dialogue, I encourage you to join our Audit Leaders’ Service to ensure you receive priority invitations to future parliamentary events. You can also keep informed about our latest advocacy work by reading our regular advocacy round-up blog.