Senior Team Inspector (Audit Quality Review team)
|Job Title:||Senior Team Inspector (Audit Quality Review team)|
|Location:||City of London|
|Reference:||AQR - STI|
|Job Published:||January 09, 2020 12:21|
Permanent, Full Time (Part Time Considered)
The Financial Reporting Council (FRC) is responsible for promoting transparency and integrity in business. 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.
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 internationally in the promotion and development of audit regulation.
As a member of the AQR team, successful candidates will participate in reviews of and overseeing reviews at the Big 4 and other audit firms, dealing with senior partners and staff at those firms. AQR work covers both inspections of individual audits and reviews of firm-wide arrangements to support audit quality and meet ethical requirements. AQR also periodically undertakes thematic inspections which focus on particular aspects of audit across a sample of audits and firms.
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 provides a unique insight into how the major firms operate and how they are responding to current issues in the profession and the changes in regulatory requirements. Successful candidates will have the satisfaction of being able to influence the practices and procedures of the major audit firms to enhance quality. They will be given responsibility for significant elements of projects relevant to the regulation of auditors, including:
- Leading and contributing to key meetings with senior personnel at the audit firms.
- Challenging the appropriateness of key judgements made on key audit and accounting issues and the quality of the work performed in a confident and balanced manner
- Delegation to, supervision of and oversight of team inspectors
- Assessing the quality of the work carried out on major audits
- Communicating findings on the individual audits reviewed to the relevant audit firms and the Audit Committee Chair
- Undertaking firm-wide procedures and thematic inspections. These are wide-ranging in nature and include an assessment of the firms’ processes and audit methodologies and the impact these have on audit quality
- Building constructive and professional relationships with senior management and teams at the audit firms in an environment which can be challenging and potentially confrontational
An accounting qualification coupled with membership of ICAEW, ACCA, ICAS or ICAI (or equivalent) are required. Experience at Audit Director or above in public practice is essential with experience working in a large UK audit firm preferred. The ideal candidate will have:
- Recent experience of leading audits on UK listed companies and/ or other major entities
- Very strong technical auditing and accounting skills (including a good knowledge of IFRS)
- Excellent analytical 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. Can 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.
- Experience at managing the resolution of sensitive issues and can persuade senior personnel to accept and act on points raised
- Exceptional project management skills
- Experience of leading highly effective teams and recognises when it is appropriate to consult with /involve others
- Strong understanding of the regulatory and audit environment
The role is based in our central London office and at the London offices of the major firms. Flexible working arrangements will be considered, including occasional 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 with a copy of your CV and covering letter. 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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