In response to the commitment to audit reform in the Queen’s Speech today, John Wood the CEO of the Chartered Institute of Internal Auditors said:
“We are delighted that the Government has committed to a draft Audit Reform Bill in the Queen’s Speech. We believe putting the audit regulator on a statutory footing with the legal powers it needs to do its job effectively, is vital to restoring trust in audit and corporate governance.
However, while this is a step in the right direction, we are somewhat disappointed that the important proposal for stronger internal company controls may now not be delivered by legislation.
We urge the Government to get on and swiftly issue its full response to the White Paper it published over a year ago, including full details on how it plans on progressing some of the other key proposals, along with a clear timetable for implementation.”
For more information or further comment, contact Gavin Hayes, Head of Policy And External Affairs on Gavin.Hayes@iia.org.uk or 07900 195591
About the Chartered IIA
The Chartered IIA represents around 10,000 internal audit professionals in organisations spanning all sectors of the economy, across the UK and Ireland. It champions the contribution internal audit makes to good corporate governance, strong risk management and a rigorous control environment leading to the long-term success of organisations, including those in the public sector.