Senior Audit Advisor

The Financial Reporting Council (FRC) serves the public interest by setting high standards of corporate governance, reporting and audit and holding to account those responsible for delivering them. We are the UK Competent Authority for audit.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing, and actuarial work. We also monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. Further information about our role can be found at www.frc.org.uk.

As the UK Competent Authority for audit, the FRC’s Enforcement Division conducts investigations and takes enforcement action into breaches of audit standards under the Audit Enforcement Procedure (AEP).  As the independent disciplinary body for the accountancy and actuarial professions in the UK, the Division also undertakes professional disciplinary investigations and enforcement action in cases involving accountants, accountancy firms and actuaries which raise important issues affecting the public interest in the UK.

Many of the investigations are large, complex, and high-profile and our cases regularly require liaison with other investigators including the Serious Fraud Office, the Financial Conduct Authority, the Insolvency Service, and the Pensions Regulator.  Examples of recent case outcomes for audit cases can be found here and for accountant and actuary cases here.

More information on the work of the Division can be found in our Annual Enforcement Review 2022

This is an exciting time to join the FRC. The proposals to transform the FRC into the Audit, Reporting and Governance Authority (ARGA) are being implemented and once legislation is passed, the completion of that transformation work will take place. The proposed reforms include wider and more extensive enforcement powers for ARGA.  

The Role: 

This is an important advisory role, which helps to support delivery of the Enforcement Division’s objectives.  The Senior Audit Advisor will help to ensure that investigations and enforcement action are conducted efficiently, effectively and to the highest standard. 

The Senior Audit Advisor will provide audit expertise to support the Enforcement Division’s casework and case strategy in complex and often high-profile investigations under the Audit Enforcement

Procedure and Accountancy Scheme. The role will involve advising across a portfolio of investigations and enforcement proceedings handled by multi-disciplinary teams of forensic accountants, lawyers, and legal assistants.

The role includes:

• Assisting in identifying issues of potential non-compliance with the regulatory framework, including Auditing, Ethical and Quality Control Standards and Audit Regulations 
• Assisting investigation case teams to determine key focus areas at commencement of an investigation 
• Liaising with forensic accountants and lawyers during the investigation and advising on any change in focus or additional lines of enquiry
• Reviewing sections of complex audit files and aspects of firm-wide policies and procedures as necessary
• Drafting reports/advisory memoranda for case teams or external advisors as required to explain complex accounting or auditing issues  
• Advising case teams on the seriousness/significance of breaches identified
• Assessing the reasonableness of judgements made by fellow audit professionals on cases under investigation 
• Advising case teams of issues requiring external expertise 
• Considering the external expert’s initial conclusions and providing insight on possible areas for clarification or expansion 
• Helping investigations to progress in a fair and professional manner.

The Person: 

The successful candidate will be a qualified accountant with substantial experience at director level (acting as Responsible Individual) or above in the audit of listed and other public interest entities. Candidates will be expected to demonstrate the competencies set out below:

• Strong technical auditing and accounting skills
• Strong written and oral communication skills, including drafting reports/memoranda on individual investigations to be used by internal case teams and external advisors
• Ability to explain complex accounting and auditing concepts in an easily comprehensible manner to a non-accounting audience 
• Capable of working with minimal supervision and taking sole responsibility for the accuracy and quality of the work product
• Ability to challenge the judgements and quality of work performed by engagement partners and other members of the audit teams whose files are subject to investigation, including the largest and most complex audits
• Effective project and time management skills to complete assignments within the timetable set and meet a complex series of deadlines for the different stages of an investigation
• Ability to provide valuable and timely input into drafting precise and challenging questions for audit team members, for either written or oral questioning
• Good understanding of the requirements of a regulatory or disciplinary process including a thorough understanding of the difference between the requirements of audit and investigation  

Previous experience working with, or acting for, a regulator or disciplinary body would be an advantage. 

The FRC has announced to employees that it will open a second location in Birmingham with plans being at very early stages.  No location or scope for the Birmingham office  has been agreed.  We expect the FRC to remain at the current premise of 125 London Wall to the end of our lease which runs to early 2025.

The post holder should be able to work flexibly to support the team’s activities and also provide cover within the FRC as necessary. The FRC operates a hybrid working arrangement with its workforce, with precise arrangements to be agreed between the employee and the line manager. FRC operates a four-day fortnight in the office.

Rewards and benefits

• The FRC offers competitive remuneration packages, including 30 days annual leave plus ability to buy extra leave.
• Generous employer pension contribution of 10%.
• Staff Employee Assistance Programme including confidential counselling and work life services.
• The FRC offers staff the opportunity to save at least 25% on the purchase of a new bike through the Cycle to work scheme.
• The FRC has a strong work/life balance ethos.

The FRC believes that equality of opportunity and diversity is important in the work that we do and we are strongly committed to being an inclusive employer. Our values of being fair and independent supports this commitment. We're a signatory to the Government's Disability Confident scheme, which means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.

Equal opportunities monitoring is an important means of demonstrating and implementing our commitment to promoting equality of opportunity and diversity. Completing our diversity form will assist the FRC to identify any barriers that prevent access to employment and career development for certain groups of people, and to develop solutions, such as action plans, new policies and practices.

Note to agencies:

The FRC has a commitment to building relationships directly with candidates and only engages with agencies who are on our preferred supplier list to support us in sourcing quality candidates. We do not accept speculative CVs from agencies that are not on our preferred supplier list. Any speculative or unsolicited CVs which are submitted without FRC instruction will be deleted and will not be considered as an introduction.