Chartered IIA concern over internal audit in broadband sector
In a letter directed to Ofcom's chief executive, Dame Melanie Dawes, the Chartered IIA has called for the establishment of a 'clear expectation' that broadband companies implement internal audit processes to strengthen governance, risk management, and internal controls.
The communication identifies six broadband companies—Community Fibre, Hyperoptic, Utility Warehouse, YouFibre, Glide, and CityFibre—that currently do not have internal audit capabilities.
These companies together cater to around two million customers and, in certain cases, are involved in the construction and maintenance of their own network infrastructures.
The Chartered IIA highlighted the absence of any regulatory framework or guidance from Ofcom that recognises the vital role of internal audit in ensuring effective governance and risk management within the sector.
The letter also draws attention to actions taken by other regulatory bodies. For instance, Ofgem has recently required energy suppliers to disclose their internal audit capabilities in its updated Financial Responsibility Principle Guidance.
The letter concludes: 'Setting a clear regulatory expectation for broadband companies to have appropriate internal audit arrangements would strengthen independent oversight of how key risks are managed, improve organisational resilience, build investor confidence, and support the growth of the UK's digital economy.'
Additionally, both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have made internal audit a requirement in the financial services industry.
Furthermore, the Independent Water Commission chair Sir Jon Cunliffe recently recommended the dissolution of Ofwat, advocating for improved governance and oversight in the water sector.
In light of these issues, the Chartered IIA has urged Ofcom to take immediate steps to enhance governance and oversight for broadband providers, given their critical role in the UK's digital infrastructure.
Chartered IIA chief executive Anne Kiem said: 'Broadband companies are now essential to daily life and the economy. Yet, nearly half of the UK's major broadband providers are operating without internal audit.
'This is a serious audit and governance weakness. We've seen time and again the damage caused when companies collapse due to failures that might have been prevented with proper internal controls. We cannot afford to make the same mistakes with broadband companies.'
"Chartered IIA concern over internal audit in broadband sector" was originally created and published by The Accountant, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
Emerging countries' debt payments to private lenders dwarf those to China
By Libby George LONDON (Reuters) -Lower-income countries' external debt payments to private lenders remain three times higher than payments to China, research shows, shedding light on the complex, costly web of creditors they face as they struggle to keep up repayments. The research, by advocacy group Debt Justice UK, underscores the power private lenders - from bondholders to commodity trading houses - have in countries across the developing world which juggle debt repayments with spending on other needs, from education to infrastructure. Tim Jones, policy director at Debt Justice, said the data countered a narrative that China has played a primary role in creating debt crises in lower-income countries. China has lent hundreds of billions of dollars for infrastructure and other projects in developing countries and has used earnings of commodity exports, or cash held in restricted escrow accounts, from borrower nations as security for the loans. "Commercial high-interest lenders are receiving the greatest debt payments by lower-income countries," Jones said in a statement. "Where debt payments are too high, all external creditors need to cancel debt, in proportion to the interest rates they charged." While a post-pandemic wave of defaults has largely crested, developing countries still struggle with unsustainable debt as concessional financing shrinks, borrowing costs remain high and spending needs for infrastructure and climate resilience rise. Ethiopia is locked in debt restructuring negotiations with bondholders who have rejected taking haircuts, while Ghana and Zambia are still negotiating deals with some private creditors. The International Monetary Fund also recently wrote that Malawi was in default on $439 million in loans to Afreximbank and $464 million to Trade and Development Bank. Debt Justice's research, using World Bank data, found that between 2020 and 2025, 39% of external debt payments by 88 lower-income countries and small island developing states - a total of $354 billion - went to private lenders, compared with 34% to multilaterals, 13% to Chinese public and private lenders and 14% to repay bilateral loans to other governments. Of the 32 countries with the highest external debt payments, 21 of them sent more than 30% of payments to private lenders. Only six of them - Angola, Cameroon, Congo Republic, Djibouti, Laos and Zambia sent more than 30% of external debt payments to Chinese lenders. The data also showed a sharp increase in repayments to multilateral lenders - from $30 billion in 2020 to $70 billion in 2025. Jones said the rise followed a rapid increase in multilateral lending from 2019, which accelerated during the COVID-19 pandemic. Many of those loans are starting to come due now, he said, while those with floating interest rates would have become more expensive during the global interest rate hiking cycle. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
12 minutes ago
- Forbes
The Art Of The Portfolio Career
Marian Evans, Managing Director at Elevate BC Ltd. The 'portfolio career,' once a niche path favored by creatives and consultants, is rapidly becoming a strategy for ambitious professionals navigating an increasingly fluid world of work. For some, it's a necessity born from pressures or shifting sectors. For others—like myself—it's a deliberate and long-standing choice. A portfolio career is a strategic approach to professional development. It's when individuals curate a mix of part-time roles, consulting engagements and entrepreneurial ventures. It's a means of diversifying skills, income and impact. From a young age, I found myself drawn to side ventures—what we now call 'side hustles'—and that curiosity has never left me. Over 25 years, despite having a corporate career, I've also founded businesses, served on boards, made direct investments and advised growth-stage companies. While the terrain has shifted over the decades, the fundamental challenge has remained the same: How do you lead a multifaceted professional life without losing your edge or burning out? I don't believe you can truly manage time—not in the literal sense. Time moves forward regardless of how many productivity tools or color-coded calendars we use. What you can manage is your energy, attention and priorities. These are the currencies of a successful portfolio career. Here are the disciplines that I have found keep me grounded and performing at a high level. They're as much about sustaining resilience as productivity. 1. Operate On Priorities, Not Noise One of the hardest but most important skills I've learned is to be selective. Early in my career, I said "yes" far too often. Sometimes out of politeness, sometimes out of fear that a better opportunity wouldn't come along. In a world of perpetual connectivity, the temptation to always be available is strong. But availability is not the same as effectiveness. I've learned to be decisive about what deserves my attention and, more importantly, what doesn't. That means saying "no," often. Not rudely but firmly and with purpose. Every 'yes' is a trade-off. The clearer you are about your goals and values, the easier it becomes to prioritize with intention. 2. Protect The Early Hours I guard my mornings religiously. This is when I tackle the most cognitively demanding work—strategic planning, writing and complex decision-making. In a portfolio career, where context-switching is constant and demands are diverse, preserving windows of deep focus is not just useful—it's essential. For me, the early hours offer clarity before the day fragments. Everyone has a different rhythm. The key is to identify your most productive window—and defend it. 3. Design Your Week With Intent If your calendar is running you, you're not leading—you're reacting. The difference between sustainable output and exhaustion often comes down to how you structure your time. I batch similar tasks together to reduce cognitive switching, build in meeting-free days where possible and ensure I've allocated time not just for delivery but for thinking. Strategy requires space. Creativity requires silence. In a world that rewards busyness, carving out that space is an act of leadership. 4. Prioritize Recovery And Reflection This might be the most undervalued aspect of high performance. Many professionals still associate rest with indulgence or idleness. I used to be one of them. But high performance—across any discipline—is unsustainable without recovery. Stamina in business, like in sport, depends on how well you recharge. These days, I protect time for sleep, movement and reflection with the same rigor I bring to board meetings or investment decisions. I've learned that clarity rarely comes in chaos. Stepping back isn't a retreat—it's a strategic pause. A Sustainable Model For The Future Of Work? So, is the portfolio career a future model or a personal indulgence? For me, it's pragmatic and purposeful but also lucrative. It offers autonomy, intellectual variety and resilience. It allows for cross-pollination—skills and insights from one sector often strengthen performance in another. It satisfies my entrepreneurial spirit without requiring me to fit into a single professional box. But it's not easy. It requires strong internal systems, clear external boundaries and the discipline to prioritize impact over activity. Above all, it demands a continual recalibration of what success looks like—not just in financial terms but in personal fulfilment and contribution. Not everyone wants to live this way. But for those of us who do, it's not about doing more—it's about doing the right things, in the right way, at the right time. I'm still refining. There's no perfect formula. But these principles have helped me build a life that feels aligned, expansive and deeply satisfying. And if you're exploring this path yourself—whether you're stepping down from an executive role, branching into non-executive work, launching a business or investing in others—ask yourself this: What structures, rituals and disciplines will you need to thrive? Because a portfolio career, done well, isn't chaotic. It's intentional. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Yahoo
13 minutes ago
- Yahoo
Why daughter of man who created Freddo bar hasn't bought one since he died: ‘Dad would roll over in his grave'
The daughter of the man who created the Freddo chocolate bar has revealed the reason why she hasn't bought one since he died. Leonie Wadin's father Harry Melbourne first crafted the frog-shaped bar around a century ago in Australia, naming it after his friend Fred. When it was first introduced to the market, it cost just a penny. But Ms Wadin, 74, said her dad 'was disgusted with how small it is now and how much they charge for it,' adding: "He'd roll over in his grave if he could see it now; he'd be disgusted. It was a penny chocolate. "Since Dad died, I haven't bought a Freddo," she told Sky News. The bar has become a symbol of 'shrinkflation' in the UK – a phenomenon that sees food products both increase in size whilst subtly becoming smaller. This has been particularly pronounced in chocolate products in recent years, as weather conditions affecting global cocoa production make the cost of producing them more expensive. Relaunched on the UK market in the 1990s costing just 10p, the Freddo remained at this price until 2005, when it was re-priced at 15p. But this year, it was spotted selling in supermarkets for £1, prompting outcry from fans. Some now also hold the sweet treat as an ironic barometer of the rising cost of living in the UK, which economists say continues to sit at unsustainable levels far past the peak of the Covid pandemic and cost of living crisis. Fluctuating interest rates and inflation over the past three decades makes it difficult to verify conclusively just how pronounced the 'shrinkflation' of the Freddo is. According to the Bank of England's official inflation calculator, a product worth 10p in 1990 should only cost 24.8p in 2025. While most Freddo bars in the UK sell for around 36p, that price is still higher than the amount at which it should stand when accounting for inflationary rises. The bar has also got noticibly smaller, remaining around 18g in the UK, but shrinking to 12g in Australia. Mondelez International, owners of Cadbury, told Sky News: 'Whilst it's important to stress that as a manufacturer we do not set the retail prices for products sold in shops, our manufacturing and supply chain costs have increased significantly over the past 50 years, and Freddo has become more expensive to make. 'We have absorbed these increased costs wherever possible, however on occasion we have made changes to our list prices or multipack sizes to ensure that we can continue to provide consumers with the Freddo that they love, without compromising on the great taste and quality they expect.'
