Audit Quality Review Inspector (inc ISQM1)

Financial Reporting Council Ltd; Birmingham; On-site; GBP 50,000 - 70,000; Full time

Job summary

A regulatory body for auditing and reporting in the UK seeks a qualified individual for the Audit Quality Review team. The successful candidate will conduct inspections of audit files, particularly for larger UK listed entities, and review quality management systems at audit firms. Candidates must have significant audit experience and an accountancy qualification along with strong communication and analytical skills. This position offers the opportunity to influence audit quality practices within major firms.

Qualifications

• Significant post qualification experience in audits of listed and public interest entities.
• Experience in testing quality management systems in audit firms.
• Broad business knowledge across multiple sectors.

Responsibilities

• Conduct audit file inspections focusing on larger UK listed entities.
• Review firms’ systems of quality management.
• Participate in thematic follow-up reviews.

Skills

Technical auditing and accounting skills

Strong written and oral communication skills

Ability to build professional relationships

Project and time management skills

Education

Accountancy qualification and membership of ICAEW, ACCA, ICAS or ICAI

Job description

The Financial Reporting Council (FRC) mission is to serve 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 regulation. We also set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work, and 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.

Audit Quality Review (AQR) is made up of suitably qualified and skilled staff with previous audit experience, including sector and IT specialists. It undertakes inspections monitoring the quality of Public Interest Entity (PIE) audits, but specifically those for UK listed entities. AQR can perform full scope inspections of the major Local Audits, National Audit Office, third-country audits and certain Crown Dependency audit firms.

Staff also participate in the monitoring activity performed by the Audit Market Supervision (AMS) team, particularly in the areas of inspection of firms’ systems of quality management (under ISQM1).

As a member of the AQR team, successful candidates will participate in reviews of audits conducted by the Big 4 and other large audit firms, demonstrating their technical experience and personal skills in dealing with senior partners and staff at those firms.

The Role:

The role provides an insight into how the major firms operate and how they are responding to current issues in the profession and changes in regulatory requirements. Successful candidates will also have the satisfaction of being able to influence the practices and procedures of the major audit firms to enhance quality. The successful candidate will:

• Conduct audit file inspections, focusing on larger UK listed entities. File inspections include analysis of audit workpapers, information gathering through informal and formal questioning of the audit team, discussion with the audit firm of potential issues identified, and conclude with final written reporting.
• Participate in other inspection activity such as follow up reviews and thematics – both at a whole firm and specific firm level.

• Reviewing firms’ systems of quality management by reviewing firms’ risk assessments, responses, and monitoring activities across the ISQM components, both independently and with the assistance of other inspection team members.

The Person:

An accountancy qualification coupled with membership of ICAEW, ACCA, ICAS or ICAI (or equivalent) are required as well as significant experience at least at Audit Senior Manager or above level in the external audit profession, or experience of risk management, internal audit or other regulatory field.

The ideal candidate will have:

• Significant post qualification experience in the audits of listed and other public interest entities
• Ideally some experience in testing or systems of quality management in a professional services firm or experience within an audit firm’s central quality team or audit regulation.
• Strong technical auditing and accounting skills.
• A demonstrable interest in an audit firm’s audit quality initiatives.
• Broad business knowledge and interests to facilitate working across multiple sectors.
• Ability to understand and assess significant volumes of information quickly and through this identify aspects of potential audit quality concern.
• Ability to build constructive and professional relationships with senior audit team and audit firm personnel.
• Ability to challenge the judgements made and quality of work performed by audit teams authoritatively, and to present and discuss issues arising on their merits in a calm and professional manner.
• Strong written and oral communication skills including report drafting, presenting AQR findings accurately, fairly and convincingly.
• Enthusiasm to work collaboratively with AQR and other FRC colleagues.
• Effective project and time management skills.
• General understanding of the audit regulatory environment in the UK
• Ability, with coaching, to be able to challenge the quality of firmwide policies and procedures at the audit firms.