|Job Title:||Inspections Director|
|Contact Name:||Lisa Newland|
|Job Published:||May 11, 2020 15:36|
The purpose of the FRC is to serve the public interest by setting high standards for corporate governance, reporting and audit and by holding to account those responsible for delivering them. We are the UK Competent Authority for audit and set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. Further information about the role of the FRC can be found at www.frc.org.uk.
The Audit Inspection & Supervision (AIS) team, formerly “Audit Quality Review (AQR)”, monitors the quality of listed and major public interest audits undertaken by the major UK audit firms and is a leading international audit regulator, playing a significant role globally in the promotion and development of audit regulation.
This team is being expanded to enhance our forward-looking supervision of the largest audit firms alongside an expanded programme of audit inspections/file reviews.
As part of these changes, we are creating a new role of Inspections Director, responsible for ensuring quality and consistency across all our audit inspections. The Director will also be responsible for identifying and implementing improvements in our inspection process.
This is an exciting time to work at the FRC as we respond to the government-led reviews of the audit market, enhance our effectiveness and transition to a stronger regulator.
The role is central to our assessment of audit quality. The jobholder is responsible for ensuring that our audit inspection process, findings and gradings are consistent across firms and over time. They will also seek to improve our inspection processes and work closely alongside audit firm supervisors and teams responsible for cross-firm analysis of audit quality and audit market resilience. In particular, the jobholder will be responsible for:
- Oversight of all audit inspections to ensure consistency and high standards
- Presenting audit inspection findings to audit firms, particularly in more contentious and difficult cases
- Supporting audit firm supervisors and contributing to annual public reports on audit firms in relation to inspection findings
- Working as a team, together with others across the FRC, to improve audit quality and increase confidence in audit in the UK
Significant experience in leading and undertaking audit inspections or audit quality control is essential.
The ideal candidate will have:
- An accounting qualification coupled with membership of ICAEW, ACCA, ICAS or ICAI (or equivalent)
- Significant experience at a senior level in the audits of listed companies and other major public interest entities (typically at least 15 years post qualification)
- Very strong technical auditing and accounting skills (including a good knowledge of IFRS)
- Excellent analytical and problem-solving skills and can quickly evaluate a significant amount of information, understand the bigger picture and identify what is really important
- Excellent attention to detail and accuracy and the ability to evaluate a significant amount of information in an objective and balanced manner
- Excellent oral communication skills with the confidence and the ability to challenge the judgements made by senior partners and engagement teams
- Exceptional report writing skills, able to express issues in a clear, balanced and concise manner
- Strong interpersonal skills, able to quickly establish credibility, and influence at senior levels at the audit firms
- Exceptional project management skills
- Experience of line managing professional staff and commitment to supporting the development of others in the team
The role is based in our central London office. Flexible working arrangements will be considered, including working from home where practicable.
Rewards and benefits
- The FRC offers competitive remuneration packages, with benefits including 30 days annual leave plus the ability to buy extra leave
- 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. The form is completed on a voluntary basis and we strongly encourage all job applicants to complete it.
Please apply by emailing a copy of your CV and covering letter to the FRC Recruitment team at firstname.lastname@example.org. In the covering letter, please set out, by reference to the person specification above:
- how you meet the required skillset
- confirm that you have the right to work in the UK
- confirm your current package and benefits, and
- tell us where you heard about this job
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