Our Commercial Insights team are experts on the government’s commercial work, regulation and contract management.


Matthew Rees

Matthew returned to the NAO in 2021 to lead our Commercial Insights team, having previously overseen our work on the government’s corporate finance activities.

His commercial experience spans Big Four audit and valuations, global investment banking and as a non-executive director and audit and risk committee chair in an energy sector consultancy.

In the public sector Matthew has worked on merger and market investigations at the Competition and Markets Authority (CMA) and economic regulation in the telecoms, water, aerospace and defence sectors.

Matthew represents public sector issues as a co-opted member of the Institute of Chartered Accountants in England and Wales (ICAEW) Council.

Team members

Lilian Ndianefo

Lilian’s work at the NAO has included public sector company audits, audits of government departments, supporting the setting of the Local Audit Code and developing guidance for auditors of local government and NHS bodies.

Before joining the NAO, Lilian had many years of experience managing a large portfolio of corporate multinationals for one of the Big Four audit firms.

Iain Forrester

Iain has over 15 years’ experience of working on the NAO’s commercial and contracting related work. This has included the government’s response to COVID-19, cross-government work on grants, EU Exit and shared services.

Our work

The Commercial Insights team leads and supports work across the NAO on:

  • improving commercial and regulatory capability
  • the value of managing contracts well
  • how to use corporate finance appropriately
  • how to regulate effectively

For more on our work in these areas, see the following topics:

Contact the team

You can contact the team by email:


Other Insights teams

Find out about the NAO’s other Insights teams