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The Chartered Institute of Internal Auditors (Chartered IIA) has urged the government to use the upcoming Autumn Budget to prioritise investment in skills and reaffirm its commitment to audit reform.
In a submission to HM Treasury, the Chartered IIA, which represents about 10,000 internal audit professionals across the UK and Ireland, outlined three priorities aimed at boosting productivity and supporting long-term economic growth.
It first called on the government to abandon plans to remove Apprenticeship Levy funding for Level 7 qualifications for apprentices over the age of 22, warning that removing this support would undermine the government’s growth plans.
The institute said greater investment in apprenticeships, skills and training would encourage lifelong learning and help close the UK’s skills gap, whilst ensuring employers had the skills to grow.
The Chartered IIA also called on the government to reaffirm its Audit Reform and Corporate Governance Bill, which was first announced in last year’s King’s Speech but is yet to be published. It warned that ongoing delays could damage confidence in UK markets and weaken economic stability.
Support for the Bill has recently gathered political momentum, with 66 MPs and peers from eight parties writing to the prime minister last month to urge its “swift passage” through Parliament.
Finally, the institute further called for proper resourcing of internal audit functions across the public sector, including adequate funding for internal audit functions across both local and national government.
It said that where internal audit teams are adequately resourced and empowered, they can help drive efficiencies and deliver better value for taxpayers.
Anne Kiem OBE, CEO of the Chartered IIA, said: “The budget is a critical opportunity for the Government to demonstrate its commitment to delivering growth and fiscal responsibility. Investing in skills, workplace training, and apprenticeships will help close the productivity gap, while delivering long-promised audit reform is vital to restoring trust in UK markets.
Equally, ensuring internal audit is adequately resourced across the public sector will support the efficient delivery of public services and help to ensure that every pound spent delivers maximum value for the British people.”
