Speaking at the Institute of Internal Auditor’s Annual Dinner (21st July), Baroness Hogg, Chair of the Financial Reporting Council (FRC), said, “The role of internal audit was not in the spotlight after the financial crisis but I do believe that the Institute and its members will be an important part of the solution.” In a reference to the recently published UK Corporate Governance Code, she said, “The new Code is deliberately more explicit about the board’s responsibility for risk. The internal audit role is only going to grow as companies seek to manage risk better and to formalise their processes for doing so.”

The Dinner was attended by more than 200 people, including regulators, assurance providers, other professional bodies and internal auditors from across the public and private sectors, including central government departments.

Addressing the guests, Institute President, Dr Sarah Blackburn noted the degree of change in the political climate, in corporate attitudes to risk management and in the public response to those who abuse their position or behave incompetently. She predicted that, “All of these changes will increase the significance of internal audit:  As a resource for line management, to ensure that risks associated with change are effectively managed; As a tool for boards to ensure an organisation can manage the risks of operating effectively with fewer resources; And as a signal to policy makers, regulators and investors that the Board takes the management of risk very seriously.

Billed as an evening of celebration of achievement, Institute Chief Executive, Dr Ian Peters, hosted the presentation of awards to student and volunteer members. Victoria Webber of Ordnance Survey won the Institute’s Charles Duly Award for the highest marks in the IIA Diploma Examinations, whilst Matthew Chuck of Deloitte took the Peter Hook Prize for the highest marks in the IIA Advanced Diploma examinations. The Volunteer of the Year Award was presented to Aidan Allcock of Lloyds Banking Group, most notably for his initiative in creating a mentoring scheme for the Institute’s Scottish members. Professor Jeffery Ridley, of London South Bank University and a former president of the Institute, was presented with the Institute’s JJ Morris Award in recognition of his lifelong work for the Institute and the internal audit profession.

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Click here to view pictures of the 2010 Gala Dinner and read the President's speech